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The New Market Wizards: Conversations with America's Top Traders Paperback – January 12, 1994

4.5 out of 5 stars 151 customer reviews

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Editorial Reviews

From Publishers Weekly

In these absorbing interviews with star performers in the financial markets, Schwager ( Market Wizards ) humanizes the mechanics and psychology behind billion-dollar daily world trading in such sophisticated instruments as currencies, stock options, commodity futures, and mutual-fund accounts by individuals, investment firms and group-trading computerized "money machines." One trader focuses on market response to news events, another calculates mathematical probabilities--one even cocks an ear to the noise level on the exchange floor. All rank assiduous research, self-confidence, a specific plan and the courage to cut losses among essentials to success. Few consider their work gambling, but Schwager entertainingly argues that a successful trader needs many of the qualities of a good poker player. Though the subject matter is esoteric, there is much here to attract the general reader, and Schwager appends a "primer" of technical basics.
Copyright 1992 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

Review

"Should be required reading for anyone who selects managers for institutional or even personal portfolios.""--Futures Industry""Are great traders born or do they acquire their kills on the way up?..."The New Market Wizards provides some interesting insights.""--Wall Street Journal"
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Product Details

  • Paperback: 512 pages
  • Publisher: HarperBusiness; Reprint edition (January 12, 1994)
  • Language: English
  • ISBN-10: 0887306675
  • ISBN-13: 978-0887306679
  • Product Dimensions: 5.3 x 1.2 x 8 inches
  • Shipping Weight: 14.1 ounces (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (151 customer reviews)
  • Amazon Best Sellers Rank: #35,761 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By L. Carol on February 15, 2005
Format: Paperback
Along with its prequel, "The New Market Wizards" is not just a book featuring top traders and their killer strategies that brought about their raging success. The two are no less self-help books giving the much needed pointers to anyone who wants to become a better trader as it repeatedly dissects what constitutes fatal emotional pitfalls and helps readers achieve an acute state of naked realization and, perhaps taken to the extreme, self-actualization. This observation is best captured in Jack Schwager's closing interview with Dr. Van K. Tharp in "Market Wizards": "When people approach the markets, they bring their personal problems with them".

For fundamentalists, "Market Wizards" is the more appropriate book to peruse. My favorite section in the book is "A Little Bit of Everything" where views of long-term investors are discussed at length. The longest write-ups in part one of the series, perhaps purposely so, are also the most useful as interviewees proffered their tricks of their trades with great candor - Michael Marcus (42 pages), James Rogers (38), Bruce Kovner (34), Michael Steinhardt (26). Other concise but equally useful comments were aired by David Ryan (20 - and check out the wealth of investment/trading books mentioned in the interview) and William O'Neill (18).

"The New Market Wizards" is in broad terms a general rehash of ideas propounded in the first book, except that it was more geared toward trading styles than investment techniques, plus the myriad traders highlighted were newer to the game at the penning of the book and in this sense their views less impressive/thought-provoking compared to its prequel where the most legendary / creme de la creme were handpicked to go into the definitive book.
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Format: Paperback
This book effectively takes the same format as the original Market Wizards. I do not rate it as highly, firstly because I don't think the quality of the traders is quite as high (although they are still very good), and secondly I found the book did not add enough original concepts above and beyond those covered in the first volume. However, this book still contains some excellent interviews; William Eckhardt's discussion of trend-trading systems, and Stanley Druckenmiller's recollections on running the Quantum fund are particularly interesting. Interestingly, Schwager does cover some new ground by interviewing some arbitrageurs and options traders - although these sections are informative, they provide only limited information of use to the position trader/speculator. One grouch I have with this book, and the previous "Market Wizards", is its bias towards trend-following trading. Whilst this has proven an extremely profitable concept for many traders, i would have liked to hear more from contrarian speculators, as well as short-term traders in markets like US T-Bonds, where trend-following techniques are often not as effective as counter-trend trading. Also I would have liked to have seen interviews with some foreign traders - the thoughts of big traders at the Japanese banks on their stock/bond market turmoil in the 80s/90s, or the experiences of traders on the relatively new London Futures Exchange (LIFFE) would have added an interesting international perspective. Despite this I think Schwager has produced another good book, one well worth reading. Don't be put off if you are a novice - this was the first trading book I ever read, and although it didn't all sink in at once, I found it extremely interesting and informative.
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Format: Paperback
This is the BEST of the 3 volume series. This book was absolutely outstanding and worth not only buying but keeping. I did not like volume #1 at all; there was really nothing in that & I doubted whether the traders interviewed had anything of value to give the reader. This book though is of a much higher quality as it delves more into Trading Systems & their psychology than previously.
A key thing you will learn from these interviews is best exemplified by Mike Carr a Turtle: Don't care what the market will do, Care what you will do when the market does it.
The gem in this series is Warren Eckhardt. In the first book the Ritchie Dennis & Will O'Neil interviews were the real gems. The others in vol#1 were totally without value including the GREAT Ed Seykota who is just a wise-acre with flippant answers and a juvenile sense of humour. Here in volume 2 even minor traders have more to say, perhaps Jack got better in getting information out of them?
Anyhow, remember more than HALF of these people have since gone the way of Livermore and blown up and those that haven't are RETIRED and teach at high costs.
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Format: Paperback
This follow up to his best seller "Market Wizards" includes many more insights into many more of America's best Futures and Stock traders. Through candid interviews these self-made mulit-millionaires explain the discipline and strategies involved in trying to wrestle with the financial bull that comprise our capital markets.

We novices who have ever dreamed about becoming a full time investor or just wanted to know how these financial wizards do it, have in this book further proof that fortunes can be made given enough discipline, patience, and sheer stamina.

Each interviewee explains how they place trades, what they look for, and when they exit. The 4 tenets that come up over and over again is: 1) Follow the Trend 2) Cut your losses short 3) Let your profits run 4) Manage risk.

One thing each professional points out is the sheer naivette of the inexperienced trader or investor who comes into the tumultuous financial jungle expecting to make 50 to 100% a year. They are undercapitalized and inexperienced but most importantly do not know themselves.

This is a fantastic book if you want to know how the best of the best tackle our financial markets
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