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Market Wizards Paperback – 23 Feb 2012

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Product details

  • Paperback: 512 pages
  • Publisher: John Wiley & Sons; 1 edition (23 Feb. 2012)
  • Language: English
  • ISBN-10: 1118273052
  • ISBN-13: 978-1118273050
  • Product Dimensions: 15.2 x 3.3 x 22.9 cm
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (43 customer reviews)
  • Amazon Bestsellers Rank: 5,953 in Books (See Top 100 in Books)
  • See Complete Table of Contents

More About the Author

Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients. His prior experience includes 22 years as Director of Futures research for some of Wall Street's leading firms and 10 years as the co-principal of a CTA.

Mr. Schwager has written extensively on the futures industry and great traders in all financial markets. He is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001). The latest book in the series, Hedge Fund Market Wizards is due to be released in May 2012. Mr Schwager's first book, A Complete Guide to the Futures Markets (1984) is considered to be one of the classic reference works in the field. He later revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading (1996). He is also the author of Getting Started in Technical Analysis (1999), 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 including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation. He holds a BA in Economics from Brooklyn College (1970) and an MA in Economics from Brown University (1971).

Product Description

Review

Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the Wizards are my friends and Jack Schwager has nailed their modus operandi on the head. Martin W. Zweig, Ph.D., Editor The Zweig Forecast

It s diffi cult enough to develop a method that works. It then takes experience to believe what your method is telling you. But the toughest task of all is turning analysis into money. If you don t believe it, try it. These guys have it all: a method, the conviction and the discipline to act decisively time after time, regardless of distractions and pressures. They are heroes of Wall Street, and Jack Schwager s book brings their characters vividly to life. Robert R. Prechter, Jr., Editor of The Elliott Wave Theorist

--This text refers to the Hardcover edition.

From the Inside Flap

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? And 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?

Featuring interviews with seventeen of the most successful market–beaters, including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michael Steinhardt, Ed Seykota, Marty Schwartz, and Tom Baldwin, Market Wizards is packed with real–life anecdotes from the trading world. From the electrical engineer from MIT whose computerized trading earned returns of 250,000% over sixteen years to the trader who, after wiping out several times, successfully turned a $30,000 investment into an $80 million fortune, Schwager identifies the factors that define the Market Wizards.

Market Wizards takes the reader into the minds of a few of the most successful traders of all time, explaining that while markets may change and techniques may change, the underlying core principles that lead to trading success stay the same. The best testament to the continued relevance of Market Wizards in today′s markets is that so many money managers who read the original edition early in their careers make it required reading for new traders.

--This text refers to the Hardcover edition.

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Customer Reviews

4.3 out of 5 stars

Most Helpful Customer Reviews

5 of 5 people found the following review helpful By Darren O'Connell on 23 Nov. 2007
Format: Hardcover
Back in 1997, a friend and colleague introduced me to the markets for the very first times, futures markets at that. He told me that to become a successful trader, I needed to read far and wide. I was given, as an introduction, two suggestions, "Reminiscences of a Stock Operator" and anything by Jack D Schwager. I got hold of the first one ok (an awesome book, read in one day on a cold wet day at Phillip Island) but the other never made the priority. Until now, nearly ten years later. I grabbed Schwager's three volumes on the "market wizards" in one fell swoop and after reading this volume can't believe I never purchased it earlier. Whilst the trading scenarios are now dated the insights into trading are very relevant and I gleaned many insights into trading that had previously eluded me. Schwager's interview style and writing ability is first rate (for an American), and I enjoy his laid back, humourous approach. This is a valuable volume and a must for all serious traders.
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5 of 5 people found the following review helpful By A Customer on 5 Mar. 1998
Format: Paperback
This book is absolutely essential reading for traders just beginning and those experienced traders who "just can't get over the hump". Schwager asks the top traders all the questions that any other trader would want to ask, and pushes the pros to reveal their money and risk management tips and "rules", philosophies, discipline, psychological traits, and general characteristics of successful traders. In addition, there are plenty of good stories the successful traders relate to Schwager, which makes the reading more interesting. Most importantly, the reader will learn the mistakes that most traders make during their careers, and thus why most people never become successful traders. These characteristics of losing traders are compared to those characteristics of the successful traders, and the reader will learn what it takes to make it in the markets, straight from the pros.
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22 of 24 people found the following review helpful By JKH on 12 Nov. 2003
Format: Paperback
A book containing fascinating insights into the thought processes, psychology, early failures, successes and experiences of 17 or so succesful 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.
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26 of 29 people found the following review helpful By Kurt Steiner on 12 Sept. 2006
Format: Paperback
Market Wizards is the first in a series of three edited collections of interviews of professional traders with fellow trader Jack Schwager. The latter has already earned a reputation as the author of a comprehensible and comprehensive guide to financial futures trading. This book reproduces the first set of interviews taken around 1988 and concerns mainly US futures traders.

The spectrum of interviewees covers both self-made men, career traders and the more academically educated traders who switched to trading. It also includes, quite rightly, a psychologist/trader coach. Some of the names still ring a bell today, Ed Seykota, Paul Tudor Jones, Jim Rogers, Marty Schwartz and Mark Weinstein. Others have been all but forgotten since, but that does not devalue their two cents' worth.

My interest in this book was to assess the drivers that make these traders what they are/were - reputedly highly profitable and successful individuals. The book does deliver in this respect; it distils the interviews down to some of the more pertinent questions.

So, what makes a good trader? A willingness to learn, to dedicate oneself, ability to exercise emotional control and apply trading systems without second guessing, the energy to develop a trading system and to perfect it continuously, the commitment to continuously study the market and develop what-if scenarios, and the courage to cut losers quickly and manage your money, and finally the willigness to suffer the excruciating delay of the gratification coming from locking into profits as they evolve. All in all - hard work, hard work and hard work - as well as some technical knowhow.
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Format: Paperback Verified Purchase
I thought the book was ok. I bought it from reading another review somewhere else. You do get little bits of wisdom throughout the book, however, some may not make sense, unless your in that stage of your development as a trader. The best thing about it, is that it shows you the different types of traders out there, and how they found their way through trying and learning different things. It shows that they are all human, and makes you realise that it is possible to succeed. They show you that it takes dedication, patience, and a willingness to learn. Also it makes you realise how vast trading is as many of them trade a number of things other than your usual currencies and commodities. Many of them trade stocks therefor it sounds as if people were more about researching what 'was hot'. If your looking only for technical analysis or money management or trading psychology (self image etc) then maybe something else will be better. So, I dont think it will improve your 'skill set' or make you a better trader, however it will motivate you a little, inspire you a bit, and give you an understanding of how things were back in the day with the people that had to be careful, because when they placed an order, it could move the market. On the plus side most of them are very genuine and brutally honest with the things they say, so things like cutting your losses and letting your profits run may start to have more meaning to you, when you hear them say it.

Some good material to straighten you out would be:

Keys To Emotionless Trading by Larry Lewin
The Disciplined Trader by Mark Douglas
Japanese Candlesticks Charting Techniques by Steve Nison.

Oh and some stuff on money management, so we can learn to behave sensibly.
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