The New Market Wizards

Submitted by Book Library on 9 April, 2010 - 08:33

Some traders distinguish themselves from the herd. How do these spectacular winners whose success occurs across a spectrum of financial markets do it? What separates them from the others? What can they teach the average trader or investor? In The New Market Wizards, these wildly successful traders some largely unknown--relate the financial strategies that have rocketed them to success.

Asking questions that readers with an interest or involvement in the financial markets would love to pose to the financial superstars, Jack D. Schwager gets these financial wizards to share their insights. Entertaining, informative, and invaluable, The New Market Wizards: Conversations with America's Top Traders is destined to become another Schwager classic.

Positive Review of Book

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 naivety 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.

Negative Review of Book

Some of the richest and most succesful traders were not presented in this book. Toby Crabel- for example is not listed here and the guy according to the hedge fund industry is the best money manager around.I read couple of his articles on Ebay and seriously he is gives much more detail than any of the Market Wizards.

Author Biography

Jack D. Schwager is the author of the books Market Wizards, New Market Wizards, Stock Market Wizards, and Getting Started in Technical Analysis. In the Wizard book series, the author interviews other successful traders that he meets while working at Commodities Corporation. He currently manages fund of hedge fund portfolios called the Market Wizards Funds for the Fortune Group, a fund of hedge funds business based in London.

Table of Contents

  1. Part I: Trading Perspectives
    • Misadventures in Trading
    • Hussein Makes a Bad Trade
  2. Part II: The World's Biggest Market
    • Bill Lipschutz: The Sultan of Currencies
  3. Part III: Futures - The Variety-Pack Market
    • Futures - Understanding the Basics
    • Randy McKay - Veteran Trader
    • William Eckhardt: The Mathematician
    • The Silence of the Turtles
    • Monroe Trust: The Best Return That Low Risk Can Buy
    • Al Weiss: The Human Chart Encyclopaedia
  4. Part IV: Fund Managers and Timers
    • Stanley Druckenmiller: The Art of Top-Down Investing
    • Richard Driehaus: The Art of Bottom-Up Investing
    • Gil Blake: The Master of Consistency
    • Victor Sperandeo: Markets Grow Old Too
  5. Part V: Multiple-Market Players
    • Tom Basso: Mr. Serenity
    • Linda Bradford Raschke: Reading the Music of the Markets
  6. Part VI: The Money Machines
    • CRT: The Trading Machine
    • Mark Ritchie: God in the Pits
    • Joe Ritchie: The Intuitive Theoretician
    • Blair Hull: Getting the Edge
    • Jeff Yass: The Mathematics of Strategy
  7. Part VII: The Psychology of Trading
    • Zen and the Art of Trading
    • Charles Faulkner: The Mind of an Achiever
    • Robert Krausz: The Role of the Subconscious
  8. Part VIII: Closing Bell

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