- Audible Audio Edition
- Listening Length: 16 hours and 1 minute
- Program Type: Audiobook
- Version: Unabridged
- Publisher: Jack Schwager
- Audible.com Release Date: May 16, 2016
- Whispersync for Voice: Ready
- Language: English
- ASIN: B01FN8IAQE
- Amazon Best Sellers Rank:
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The New Market Wizards: Conversations with America's Top Traders Audiobook – Unabridged
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Top customer reviews
As in his last book, Market Wizards, Schwager presents detailed interviews 18 individuals. He includes many explanatory sections and comments to help lay readers understand advanced concepts, all without being pedantic. Questions are printed in boldface type making it easy to grasp who is talking during the interview. Schwager is a wizard himself at getting people to talk about not only formative events in their trading lives, but about how they thought and felt as those events evolved, and what lessons they learned as a result.
It is obvious that these people are the winners in "the battle for investment survival" as Gerald Loeb titled his investment classic. What one sees after reading these interviews is that it does not matter what market you trade or what method you use. Schwager says "there is no holy grail or grand secret to the markets, but there are many patterns that can lead to profits." It is the way these traders think that shows consistency from person to person. Limit risk, ride winners, cut losses and more.
Someone said "analysts are masters of observation; traders are masters of themselves." Each of the traders interviewed in this book has, with great consistency year after year, managed to limit their risk exposure while leaving the upside open. This takes tremendous emotional discipline, deep humility, phenomenal resilience and high self-esteem. These are desirable qualities to possess at the outset of one's trading career. Developing them on the fly could prove painful.
The New Market Wizards is full of trading wisdom for both professional traders and students of the markets. One key observation is: "don't trade if you can't afford to lose." I remember a sentence written by Bernard Baruch in his autobiography "My Own Story." Writing about one individual with whom he was familiar from Baruch's days as partner in a Wall Street brokerage firm, he said of one client, "he was the only non-professional that I ever knew who consistently made money in the market." Readers may note that all of those interviewed in this book are professional traders who have dedicated their lives, some since childhood, to investments and trading, often under the tutelage of an outstanding mentor and in the employ of a high-quality investment firm.
Of the many things I really like about Jack Schwager's interviews, I am particularly fond of re-reading from time to time the interview summaries and the overall lessons-learned section at the end of the book. In other words, you don't have to re-read the whole book to periodically refresh yourself on the major lessons; just read the summaries.
I have read this book at least three times over the past eight years. It always seems fresh and never out-of-date, regardless of the state of the markets. The New Market Wizards is an investment classic and a five star book.
For comparative purposes, I much prefer Schwager's first book on Market Wizards. It just seemed to me there were more pearls of wisdom there, particularly from interviews with Ed Seykota and Dr. Van K. Tharp. Still this book has great interviews too. I liked Druckenmiller and the Turtles a lot. If Schwager produces another Market Wizards book, I'll surely get it.
These were the most amazingly informative and encouraging books I have read about trading.