Shop now Shop now Shop now Cloud Drive Photos Shop now Learn More Learn more Shop now Learn more Fire Kids Edition Shop Kindle Listen with Prime Pre-order now Shop Men's Shop Women's

Customer Reviews

4.5 out of 5 stars
4.5 out of 5 stars
Your rating(Clear)Rate this item

There was a problem filtering reviews right now. Please try again later.

on 25 June 2016
I decided to purchase this book for my husband who is very interested in trading. He is still learning and reading all possible material about this. Decided to purchase Market Wizards after doing small research about the best books about trading in the market.

Book arrived quickly and in good package as usually. This book is question-and-answer conversations with traders who talk about their thought processes, how they entered the business, their trading styles, and market battles they have undertaken. These interviews provide a sense of realism about how traders think. To read this you really need to have understanding about trading, it will not be good for people who do not know anything about the trading market. It is a good book about mistakes now succesfull traders have made. You will not find strategies here, but it gives you many many ideas. Different experiences, different views - all is in this book.

Have to mention that book is a bit outdated but you still get a lot of useful information and uderstanding from this book.
0Comment| 3 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 12 November 2003
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.
0Comment| 22 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 12 September 2006
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.

The book does not provide trading systems as most traders talk around rather than about their proprietary technology, however they all do emphasise trading systems should be developed or studied so as to at least comprehend how they may influence other market participants. In this respect, a majority of traders makes extensive use of technical analysis in addition to fundamental analysis.

Finally, the book highlights the need for aspiring traders to be aware of their inner self, i.e. the psychological dimension of trading and the interaction with our character traits. In this respect, the book did neatly set the scene for the later and better books "Traders" and "The Psychology of Trading" by Brett Steenbarger.

All in all, the book deserves its place on an aspiring trader's bookshelf and has certainly pointed me to further areas of study and related books.
0Comment| 27 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 13 July 2012
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.
0Comment| 5 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 23 November 2007
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.
0Comment| 6 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 5 March 1998
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.
0Comment| 5 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 17 May 2002
EVERYONE who is serious about trading needs to read this book. And you need to read it again and again on a regular basis.
It isn't about systems (the people Schwager interviews use a variety of fundamental analysis, technical analysis and gut instinct), but it is about the psychology you need to trade and the standard rules everyone needs to follow to be successful. Ignore this book at you peril.
0Comment| 9 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 20 June 1999
AWESOME inspiration and a true treasure trove of information and tips. I take it everywhere I go, and re-read it as often as possible. I've read almost every book or article on the markets ever written since Bachelier's 1900 paper on random-walk theory, but this remains my personal favorite.
0Comment| 4 people found this helpful. Was this review helpful to you?YesNoReport abuse
on 26 May 2012
I consider this book a MUST read for all those people interested in trading the markets. There are nuggets of wisdom in all the interviews in the book, which cover successful traders who trade using wildly different trading strategies covering different markets. One common thread in virtually all the interviews is the importance of appropriate risk management and the psychology involved in becoming a profitable trader. Each trader describes how they trade (without going into specifics), some 'war stories' of huge wins and losses, including the 1987 stock market crash, and in a lot of cases, how they overcame early difficulties to become successful.

Although the book was originally published over 20 years ago, the principles talked about remain as timeless and important as ever. For me (and countless others) who are trend followers the book introduced famous traders such as Ed Seykota and Larry Hite to the general public. My own dog-eared copy still gets read on a regular basis, and is a great resource for traders of all types.
0Comment| One person found this helpful. Was this review helpful to you?YesNoReport abuse
on 12 December 2010
This is just one of those books I could not put down, this is rarity in my case as I usually have three or four books on the go.

What I like about market wizards is the way I felt as if I was in the room doing the interviews with top traders and the sense of humanity you feel from the traders. The guys interviewed in this book don't come across as cool ice machines or calculating fiscal generals. In fact you get the real sense that they could just have easily failed if it wasn't for a strong lucky streak in the beginning of their careers or being in the right trade at the right time to set them on their way.

I'm sure most traders make fair losses when staring out and it's reassuring to realise that this is normal even for the most successful of traders. It makes it feel okay to, have a go - lose - change system - have another go.

The advice in this book is also excellent and has helped me already. This book will pay for itself in successful trades so long as you stick to its principals.

I would say that this is not and introductory book to trading and that some understanding of basic trading principals and language will be a great help when reading this book. If you are a complete beginner I would recommend this as your second book, your first being an introductory read.
0Comment| One person found this helpful. Was this review helpful to you?YesNoReport abuse

Sponsored Links

  (What is this?)