Market Wizards: Interviews with Top Traders

Submitted by Book Library on 8 March, 2010 - 22:54

How do some of the world's most successful traders amass millions of dollars in a year—or sometimes in hours? Are they masters of a priceless wizardry or simply the very lucky winners in a random market lottery that allows only a few players to become fantastically wealthy? What are the secrets of their unheard-of successes? After interviewing top traders in a variety of markets, market expert Jack D. Schwager concludes that while method undoubtedly accounts largely for trading success, no one approach is used by all, or even most, of the traders interviewed. Some are technicians, monitoring price action. Others are fundamentalists, trying to forecast future price levels based on what they know of a market, an industry, or a company. Some act largely on personal initiative and intuition, while still others rely completely on automated systems. Even more interesting is Schwager's finding that, as great a role as method plays, it must be accompanied by the "proper" mental posture—a notion that surfaces frequently in the interviews. The secret seems to have more to do with personal attitude than with approach.

What mental disciplines, what emotional responses, what intangible personal ingredients make these top traders so mysteriously effective? What enables them to work financial magic while so many others walk away losers?. Market Wizards: Interviews with Top Traders (Hardcover) allows the reader to delve into the minds of these professional traders. It explains the very elements of their success…different approaches used in different markets…trading rules that each of them adhere to…personal advice for other traders. Understand what it takes to become a successful trader. Hear it in the very words of the MARKET WIZARDS.

Positive Review of Book

A book containing fascinating insights into the thought processes, psychology, early failures, successes and experiences of 17 or so successful traders in several markets; futures, currencies, shares, pit trading, etc. Almost entirely American, covers mainly the 1970's and 1980's situation. All wrapped up within the framework of interviews by the author, who gives us the impression of bringing a high degree of knowledge as he guides the interviewees into revealing their experiences and principles of operating.

A refreshing antidote to the ten-a-penny instant opinions so readily put out by teenage scribblers everywhere. This book should certainly be of interest to aspiring traders, probably also to investors who wish to understand more about who they're sharing the market with, and I think to anyone with more than a passing interest in financial markets and psychology - all written in an accessible style. I enjoyed it hugely.

Negative Review of Book

I think it is crazy how you make one think that they are going to be able to get a little more info on things, only to find out that it is an advertisement to buy a book, i think it is cheap.

Author Biography

Jack Schwager is a managing director and principal of The Fortune Group, an alternative asset management firm regulated in the UK and the United States. Schwager is the Senior Portfolio manager for Fortune's Market Wizards Funds of Funds, a broadly diversified series of institutional hedge fund portfolios. He also serves on the board of Fortune's research affiliate Global Fund Analysis, a leading source of independent hedge fund research. His prior experience includes 22 years as the director of futures research for some of Wall Street's leading firms and 10 years as the co-principal of a commodity trading advisory firm.

Mr. Schwager is perhaps best known as the author of the best-selling Market Wizards (1989), and the equally popular The New Market Wizards (1992). A third volume in this series, Stock Market Wizards, published by Harper Collins, was released in early 2001. Mr. Schwager's first book, A Complete Guide to the Futures Markets, which was published in 1984, is considered to be one of the classic reference works in the field. More than a decade later he revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of the following titles: Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading: Myths and Truths (1996). He is also the author of Getting Started in Technical Analysis (1999), which is part of John Wiley's popular "Getting Started" series.

Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics with particular focus on the characteristics of great traders, hedge fund investment, performance measurement, technical analysis, and trading system evaluation. He holds a B.A. in Economics from Brooklyn College and an M.A. in Economics from Brown University.

Table of Contents

  • TRADING PERSPECTIVES.
  • Misadventures in Trading.
  • Hussein Makes a Bad Trade.
  • THE WORLD'S BIGGEST MARKET.
  • Bill Lipschutz: The Sultan of Currencies.
  • FUTURES--THE VARIETY-PACK MARKET.
  • Randy McKay: Veteran Trader.
  • The Silence of the Turtles.
  • Al Weiss: The Human Chart Encyclopedia.
  • FUND MANAGERS AND TIMERS.
  • Gil Blake: The Master of Consistency.
  • Victor Sperandeo: Markets Grow Old Too.
  • MULTIPLE-MARKET PLAYERS.
  • THE MONEY MACHINES.
  • CRT: The Trading Machine.
  • Mark Ritchie: God in the Pits.
  • Blair Hull: Getting the Edge.
  • THE PSYCHOLOGY OF TRADING.
  • Zen and the Art of Trading.
  • Charles Faulkner: The Mind of an Achiever.
  • CLOSING BELL.
  • A Personal Reflection

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