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Market Wizards Paperback – January 1, 1900

4.5 out of 5 stars 278 customer reviews

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Editorial Reviews

Amazon.com Review

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 Paperback edition.


"One of the most fascinating books ever written about Wall Street." -- --Martin W. Zweig, Market Forecaster

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Product Details

  • Paperback: 480 pages
  • Publisher: HarperBus; Reissue edition (January 1, 1900)
  • Language: English
  • ISBN-10: 0887306101
  • ISBN-13: 978-0887306105
  • Product Dimensions: 8 x 5.4 x 1.1 inches
  • Shipping Weight: 12 ounces
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (278 customer reviews)
  • Amazon Best Sellers Rank: #101,644 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Paperback
I'm the Market Strategist for a NYC Investment Bank (billions under management). Someone gave me this book when I first got into the industry a decade ago; I find myself rereading it every 5 years.
I highly recommend it to anyone who is involved in the markets. Simply stated, this is THE book for anyone who wants to learn about trading or investing -- It is simply a must read.
What's so utterly compelling about the interviews is how consistent the themes are that arise from so many different traders; This is true regardless of the markets they work in (commodities, equities, currencies, bonds) or the style they employ (technical, macro-economic, fundamental, quantitative).
The basic concepts revealed by the Wizards are Discipline, Capital Preservation, Risk Management, Individual Responsibility, Flexibility, Intellectual Honesty and Consistency. Please note that these ideas have nothing to do with coming across a hot tip, or getting a big IPO allocation, or chasing the "darling of the day." It's especially relevant, given some of the speculative excesses of the most recent (March '03) rally.
This book should cause all investors, both novice and experienced, to step back and consider their strategies and methodologies. These are much more important than finding the next "flavor of the month." This is especially true now that a new group of stock pickers have been inundating the airwaves.
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Format: Paperback
You read this book not to learn technical patterns or techniques that work. Actually, many of the traders interviewed have opposing views on some techniques. Some say one method won't work and another trader in the book uses that method and is making a killing.
No, you read this book to realize several things about yourself. If you want to make a success, you will have to work at it and stay committed. There is no way around it. Sometimes things will be difficult. Learn from your mistakes and learn that your biggest enemies are emotions and, in some cases, lack of knowledge. One common trait I see in this book is that the traders make it perfectly clear they have self-discipline. Some techniques are common between the traders, and they involve controlling their emotions after bad streaks or winning streaks.
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Format: Paperback
"Market Wizards" was the first of 3 Market Wizards books in which Jack Schwager interviews top traders in the financial markets about their backgrounds, experiences, and techniques. Published in 1989, the interviews in this book were conducted while the stock market crash of October 1987 was fresh in people's minds, which I found added some interest. Some of those interviewed made money on the crash, some lost money, and many have something to say about it. The book is divided into 5 sections, each containing a series of interviews. Jack Schwager introduces each interview by telling us a little about the trader, then we get an edited transcript of the interview, followed by a brief summary of that trader's philosophy. The information the traders provide about their techniques is enough to give a general impression of what they do, not enough to tip their hand, but is outdated in today's market anyway.

Perhaps because Jack Schwager was a commodities analyst, the first and largest section, "Futures and Currencies", is dedicated to commodities traders. Jack Schwager provides brief explanations of the futures and currency markets, then moves on to interviews of 7 commodities traders. Interview subjects include the great Michael Marcus, who multiplied his company account 2500-fold in a decade, and his protégé Bruce Kovner, perhaps the world's largest currency and futures trader at the time. Larry Hite tells some great stories about what not to do when playing the markets. Part 2, "Mostly Stocks", features interviews with 4 traders of stocks or index futures, including William O'Neil, his protégé David Ryan, and the man who won big several times in the U.S. Trading Championships, S&P futures trader Marty Schwartz.
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You have studied chart patterns as well as technical and fundamental analysis. You have built and tested hundreds of trading systems. You have read and re-read every issue of your favorite trading magazine. You actively trade. However, you still feel that you are missing something important that will help you improve your game. Then perhaps it is time to round out your trading education by reading Market Wizards and learning from some of the world's greatest traders.

This book examines a side of trading rarely addressed: the human side. In it some of the world's greatest traders and investors respond candidly to questions regarding their experiences growing up, how they became involved in trading, how they honed their skills and developed as traders, their trading experiences, philosophies and styles, and even some of the considerations that go into their daily selection of trades. A wide variety of personalities and trading methods are represented; whether you scalp the e-minis on Globex or leisurely trade stocks on the NYSE, you will find something of value. This book should be especially valuable to anyone who aspires to trading success but lacks a trading mentor.

Break away from your TradeStation or C-Trader, put on a pot of coffee, and read this book. It will expand your mind regarding the markets and improve your trading immeasureably. I have read it several times, and continue to learn from it. Highly recommended.

Jeffrey Owen Katz, Ph.D.

Author: "The Encyclopedia of Trading Strategies" (McGraw Hill, 2000)
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