Market Wizards: Interviews with Top Traders | Jack D. Schwager

Market Wizards: Interviews with Top Traders | Jack D. Schwager | Great insight into the minds of the stars

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Market Wizards: In...

	Market Wizards: Interviews with Top Traders Jack D. Schwager Marketplace Books, 2006 - 457 pages average customer review:based on 115 reviews view larger image
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highly recommended

Lessons between the lines

A read through Market Wizards will magically transform the way you think about making money in the market. This is not an academic book presenting theories on trading. Market Wizards allows you to learn from the experience of the pros, showing you the thinking that went into their strategies to make them a success. Most of these traders started with nearly scratch and compounded their winnings to millions. Now through the eyes of Jack Schwager, decades of lessons learned from trial and error are handed to you within this small book.

To get the full benefit, it is necessary to read from beginning to end. What strikes me most is both the depth and breadth covered by the interviews. The book is divided into several segments, covering futures, equities, investors who follow economy-wide trends, and a little bit of psychological analysis. The key to learning from this book is linking the ideas from all the separate interviews together.

By the end, you will see subtle differences in the thinking behind futures, equities, and even stock option trading. Despite the various traders having a wide range of opinions and philosophies, you will find many commonalities in each interview. Though each trader used radically different methods, they all had a standardized set of rules that were followed and led to success. Most of these rules involved some benchmark for cutting losses.

Interestingly enough, this book is not written or condensed in anyway. It consists of outright transcripts of interviews Schwager conducted with the actual traders. I believe this style kept each page exciting because it actually felt as if I was present during the interview.

This is one of the essential reads for any young or old person wanting to engage the trading field, whether as a part time endeavor or as a career. Study Market Wizards, and use the wisdom of its pages to your money-making advantage!

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Great insight into the minds of the stars

It doesn't tell you detailed methods of trading, it doesn't tell you what technical indicators to look for, it doesn't tell you the magic parameters for your indicators (if there's ever any). What it does is to give you great insignt into the extremely succussful traders' mind.
If you want to be succussful at trading, it doesn't hurt to see how the stars have done it.
Highly recommended!

Lucy Chen

Best Trading Books

I have read a lot of books on trading, and this one has got to be one of the top 3. It is easy to read, and gives some great, and very easy to understand, insights on what differentiates a great trader from an average one. I have read the book numerous times over the years, and combined with my own trading experience, have found it extremely useful.

My only complaint is that Mr Schwager has not written a recent update, which of he did I would buy.

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Not so great

I was never a fan of this book. Most of the interviews are with traders who actually worked in the pits and discuss "some" of their techniques(although many avoid going into much detail). The advice, when given, really can't be used by the average investor because most don't have the same access to the markets that these wizards did; however, it was somewhat interesting reading about their successes and failures. Bottom line: if you're looking to improve your investment acumen you should probably skip this book, but if you are merely looking to understand what these guys do during the course of a trading day it's worth a look.

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