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Market Wizards: Interviews with Top Traders Kindle Edition
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The world's top trader's reveal the secrets of their phenomenal success!
How do the world's most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi—Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right.
- Features interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more
- Tells the true stories behind sensational trading coups, including the one about the trader who turned $30,000 into $80 million, the hedge fund manager who's averaged 30% returns every year for the past twenty-one years, and the T-bond futures trader who parlayed $25,000 into $2 billion in a single day!
"Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the 'Wizards' are my friends—and Jack Schwager has nailed their modus operandi on the head."
--Martin W. Zweig, Ph.D., Editor, The Zweig Forecast
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Q & A with Jack D. Schwager, author of Market Wizards: Interviews with Top Traders
More than twenty years have passed since the first edition of this book was released. Is it as relevant today as it was then?
Absolutely. Markets may change and the specific techniques or systems that work best may change, but the underlying core principles that lead to trading success stay the same. And there is a good reason for that. Through all periods, market price moves reflect some combination of underlying fundamentals and human behavior. Since human nature doesn't change, the market's basic behavioral patterns don't change either. I believe that every conclusion I reached about the factors important to trading success in the first edition remains equally valid today. Perhaps the best testament to the continued relevance of Market Wizards in today's markets is that so many of the managers I meet who read the original edition early in their careers make it required reading for new traders in their organization.
Has trading fundamentally changed with the rise of the quants and algorithmic traders?
The growing role of algorithmic trading may have eliminated some market inefficiencies as sources of profitable strategies, and it may even have impacted the efficacy of some trading systems, but I don't believe it has changed fundamental market behavior. The same basic concepts that are critical to trading success remain as valid now as they were a generation ago when computerized trading was in its infancy.
What are these basic concepts?
Well that's what this book is all about. But to offer one example, I believe that developing a trading methodology that fits your personality, as opposed to seeking someone else's approach, is an absolutely critical element to succeeding as a trader.
Why do most traders fail?
There are many reasons. They seek easy answers. They listen to "experts" and chase trading fads instead of doing the hard work of developing their own methodology. They focus almost all their energy on determining trade entry points and all but ignore the more critical questions of trade exit and risk management. They listen to other people. These are a few of the reasons. Readers will find a lot more in the book.
Which trader interview in the book has been the most popular?
Readers will often tell me that a certain chapter was their favorite and by far the most important in improving their own trading. The interesting thing is that they always seem to mention a different trader. There is no consensus. Different readers will find different things in the book important. They will relate to different traders. It all goes back to the importance of finding your own approach in the market.
Have the interviews you did for Market Wizards been important to your own trading?
The interview and writing process has helped solidify in my own mind the principles that are important to trading success. At times, it has also had a very specific influence. A great example occurred last summer. At the time, the stock market was approaching the high end of a long-term trading range, and for a variety of reasons, I expected the rally to fail and was positioned on the short side of stock index futures. Then the government released an extremely bearish employment report. It was so negative that commentators couldn't even cite one offsetting bullish consideration, as they usually do. The market initially sold off sharply in response--"perfect," I thought of my trade--but by the end of the day, it nearly recovered the entire loss, ending the week near the recent high. From the perspective of a short, this was terrible price action. I thought I was in trouble. I was prepared to cover most of my position when the market opened on Sunday night. On Sunday night, however, the market opened lower. I immediately thought of Marty Schwartz's advice in this book: "If you're very nervous about a position overnight, and especially over the weekend, and you're able to get out at a much better price than you thought when the market trades, you're usually better off staying with the position." I did, and Schwartz's insight saved me a lot of money, as the market proceeded to move sharply lower in the ensuing weeks.
--This text refers to an alternate kindle_edition edition.
“Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the “Wizards” are my friends—and Jack Schwager has nailed their modus operandi on the head.” —Martin W. Zweig, Ph.D., Editor The Zweig Forecast
“It’s diffi cult enough to develop a method that works. It then takes experience to believe what your method is telling you. But the toughest task of all is turning analysis into money. If you don’t believe it, try it. These guys have it all: a method, the conviction and the discipline to act decisively time after time, regardless of distractions and pressures. They are heroes of Wall Street, and Jack Schwager’s book brings their characters vividly to life.” —Robert R. Prechter, Jr., Editor of The Elliott Wave Theorist--This text refers to an alternate kindle_edition edition.
- ASIN : B006X50OPW
- Publisher : Wiley; 1st edition (January 9, 2012)
- Publication date : January 9, 2012
- Language : English
- File size : 948 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 514 pages
- Best Sellers Rank: #59,093 in Kindle Store (See Top 100 in Kindle Store)
- #1 in Futures Trading (Kindle Store)
- #5 in Options Trading (Kindle Store)
- #10 in Futures Trading (Books)
- Customer Reviews:
About the author
Reviewed in the United States on May 22, 2021
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Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is very intriguing to read one very successful trader present opposite techniques than the next trader being interviewed.
A must read for any serious investor. This book is filled with wisdom from start to finish - for both novice and advanced traders. One will also find that much of this wisdom applies to any career.
Below are excerpts from this book that I found particularly insightful:
1- "You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weaknesses...As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else's style, you often wind up with the worst of both styles. I've done that a lot."
2- "Don't ever feel that you are very good. The second you do, you are dead."
3- "What are the traits of a successful trader? The most important is discipline - I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courage to go into the market, and courage comes from adequate capitalization. Fourth, you must have a willingness to lose; that is also related to adequate capitalization. Fifth, you need a strong desire to win."
4- "I have two basic rules about winning in trading as well as in life: (1) If you don't bet, you can't win. (2) If you lose all your chips, you can't bet."
5- "The stock market is neither efficient nor random. It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends."
6- "I don't see how you can invest in American steel without understanding what is going on in Malaysian palm oil. As I explained before, it is all part of a big, three-dimensional puzzle that is always changing."
7- "Although the styles of the traders are very different, many common denominators were evident:
1- All those interviewed has a driving desire to become successful traders - in many cases, overcoming significant obstacles to reach their goals.
2- All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money.
3- Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned.
4- The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy.
5- Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed.
6- In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself.
7- The importance of acting independent of the crowd was a frequently emphasized point.
8- All top traders understand that losing is part of the game.
9- They all love what they are doing."
If, and only you are serious about trading, should you buy this book. Trade on!
I'm reading New Market Wizards now, and I'm not finding it as compelling as it's predecessor, however it is holding my attention. Both are hardcover, bought in December 2011 at Amazon. The publisher is the same, although they indicate different home cities. What's surprising is the difference in the quality of the printing. The first book is very peculiar in its printing, sometimes it's off, not terribly clear, but still readable. It almost looks like it was desktop published on a cheap printer. It's inconsistent. The two books are amazingly different in the quality of print on the page. However, New Market Wizards' printing is professional and consistent to the point of being mechanical. It's perfect, but I have to say I think I actually prefer the the printing in my hardbound copy of Market Wizards.
Jack Schwager is very knowledgeable concerning the world of investing. The questions he asks the interviewees are often sophisticated and complex. I feel that he sometimes fails to keep from injecting some of himself into the discussions, but by and large he's very successful in his role as an interviewer and commentator (he injects his own comments and explanations at times into and after the interviews). There is a glossary of investment terms at the end of the book, so if you read the book, be aware of that from the start. I was not, however I already knew most all of the terms.
For the person who's interested in trading any markets I'd say this is required reading.
Top reviews from other countries
Even today - over 25 years since I first picked it I refer to it frequently. I have also recommended or bought copies for juniors over the years.
Jack Schwager has written a number of 'Market Wizards' books but this one is still considered the classic.
For anyone interested in trading (or investing) I would recommend going through this book line by line. There are a lot of insights in the book that take a lifetime to appreciate.
If I met Jack I would thank him from the bottom of my heart - it changed my career path etc.
But of course most importantly you get to hear in their own words what approach top traders take to make large amounts of money from trading. The methods of the individuals was actually a lot more diverse than I was expecting and it soon becomes clear that many different paths can be taken.
I've found with some other trading books that the writers are not always top traders themselves and with so much info out there, it can be difficult to find quality advice. With trading books and any informative non-fiction, I would always say check your authors. See if they have the credentials. The traders interviewed in this book certainly do. Highly recommended to anyone with an interest in improving their trading.
It is structured in such a way that makes it easy to read and analyse. What would have been great is if the author provided a study guide as there are so many lessons in this book I cant keep up.
I also purchased the audible session via amazon because it was on offer. I would recommend reading this book whilst listening to audible because it makes it so much better.