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Market Wizards: Interviews with Top Traders Kindle Edition
The world's top trader's reveal the secrets of their phenomenal success!
How do the world's most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi—Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right.
- Features interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more
- Tells the true stories behind sensational trading coups, including the one about the trader who turned $30,000 into $80 million, the hedge fund manager who's averaged 30% returns every year for the past twenty-one years, and the T-bond futures trader who parlayed $25,000 into $2 billion in a single day!
"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
- LanguageEnglish
- PublisherWiley
- Publication date9 Jan. 2012
- File size948 KB
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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
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.
From the Back Cover
THE INVESTMENT CLASSIC
"I′ve read Market Wizards at several stages of my career as it shows the staying power of good down–to–earth wisdoms of true practitioners with skin in the game. This is the central document showing the heuristics that real–life traders use to manage their affairs, how people who do rather than talk have done things. Twenty years from now, it will still be fresh. There is no other like it."
NASSIM N. TALEB, former derivatives trader, author of The Black Swan, and professor, NYU–Poly
"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, PhD, Editor, The Zweig Forecast
"It is difficult 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, The Elliott Wave Theorist
About the Author
Mr. Schwager is the author of the highly regarded A Complete Guide to the Futures Markets, and the Schwager on Futures series that includes the titles Fundamental Analysis and Technical Analysis, all published by Wiley. His writing has appeared in many publications, including the Handbook of Futures Markets, The New York Times, and Forbes. Much in demand as a speaker, he has lectured on a range of analytical topics, with a particular focus on great traders, technical analysis, and trading system evaluation.
Product details
- ASIN : B006X50OPW
- Publisher : Wiley; 1st edition (9 Jan. 2012)
- Language : English
- File size : 948 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Enabled
- Word Wise : Enabled
- Print length : 481 pages
- Page numbers source ISBN : 1592802974
- Best Sellers Rank: 496,001 in Kindle Store (See Top 100 in Kindle Store)
- 285 in Job Interviews
- 582 in Investing
- 989 in Marketing & Sales (Kindle Store)
- Customer reviews:
About the authors
Mr. Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is perhaps best known for his best-selling series of interviews with the greatest traders and hedge fund managers of the last three decades: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), The Little Book of Market Wizards (2014), and Unknown Market Wizards (2020). A revised edition of his first book, A Complete Guide to the Futures Markets (1984), was published in 2017. His other books include Market Sense and Nonsense (2012), a compendium of investment misconceptions, and 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 Co-founder and Chief Research Officer of FundSeeder, a firm that seeks to find undiscovered trading talent worldwide via its trader platform (FundSeeder.com), and a Co-founder of FundSeeder Investments (FundSeederinvest.com), which seeks to connect properly regulated traders with sources of investment capital. Previously, Mr. Schwager was a partner in the Fortune Group (2001-2010), a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street’s leading firms, most recently Prudential Securities.
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).
Discover more of the author’s books, see similar authors, read book recommendations and more.
Customer reviews
Customer Reviews, including Product Star Ratings, help customers to learn more about the product and decide whether it is the right product for them.
To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyses reviews to verify trustworthiness.
Learn more how customers reviews work on AmazonCustomers say
Customers find the book easy to read and enjoyable for both beginners and experienced traders. They appreciate the insightful advice and valuable strategies provided by seasoned traders. The interviews are well-received, with the author providing good questions and summaries. Readers also mention that the book will change their trading style.
AI-generated from the text of customer reviews
Customers find the book easy to read and engaging for beginners and experienced traders. They say it's a good primer that shows different trading styles and approaches. However, some readers feel the content becomes repetitive after a while.
"A great book and really insightful. It is structured in such a way that makes it easy to read and analyse...." Read more
"I consider this book a MUST read for all those people interested in trading the markets...." Read more
"Very enjoyable book. It made me laugh several times...." Read more
"Great book, full of insights that still hold...." Read more
Customers find the book insightful and valuable. They say it provides valuable trading wisdom for beginners and veterans, with knowledge from experienced traders and investors. The book offers valuable insights into strategies and approaches used by seasoned traders. It provides useful ideas and concepts to be aware of. Readers appreciate the psychology of a successful trader and mention that the book is full of information.
"...There are also many different personalities, thought the stereotype seems to be mostly people totally obsessed with money who are super stressed and..." Read more
"...room doing the interviews with top traders and the sense of humanity you feel from the traders...." Read more
"A great book and really insightful. It is structured in such a way that makes it easy to read and analyse...." Read more
"Lots of wisdom in this book which is still applicable today! Buy it, read it, study it!" Read more
Customers appreciate the author's good questions and thoughts.
"...The author asks good questions and also offers some of his own thoughts and summaries. I found the structure of the book to be very good...." Read more
"...Also the interviews are very good with really thought out questions. I do not give it 5 stars just because of the book's age." Read more
"Extraordinary interviews with some of the top traders who rarely if ever share their thoughts and plans...." Read more
"2nd time reading , brilliant interviews ...." Read more
Customers find the book insightful into the lives and trading styles of great traders. They say it will change their way of trading, as they view it as a game rather than money making.
"...the book most is that you can be successful in different ways - trade very often and very carefully with technical analysis...." Read more
"...to all traders out there who hold passion to trading and view trading as a game rather than money making machine or get rich quick scheme...." Read more
"...Insightful to the lives and trading styles of another great traders...." Read more
"This book will change the way you trade...." Read more
Customers find the book valuable and a good buy. They say it will pay for itself in successful trades if you stick to its principles.
"...This book will pay for itself in successful trades so long as you stick to its principals...." Read more
"...may have been less useful earlier in my career, I have found it immensely valuable now, especially with the trading experiences I have accumulated..." Read more
"...A series of interviews with some of the best and most successful traders in the world...." Read more
"Good buy. People's experiences shared." Read more
Top reviews from United Kingdom
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- Reviewed in the United Kingdom on 4 June 2023I work as a commodities analyst and want to improve my knowledge of the trading world. This book, although old, remains a very helpful insight into a wide variety of trading topics and trading personalities.
What I got out of the book most is that you can be successful in different ways - trade very often and very carefully with technical analysis. Or use fundamentals and trade big when you think the market will move.
There are also many different personalities, thought the stereotype seems to be mostly people totally obsessed with money who are super stressed and have nothing happening in their personal lives. In order to be a good trader you have to be absolutely obsessive about the markets everyday. These people have lost everything and gained it back again.
I think that was a bit of a takeaway from me - I don’t really admire too many of the people in the book. Trading was and remains a form of professional gambling without any real world tangible benefits that I can see.
I would love to read more of the authors books as I find trading very interesting and this is super helpful insight, but this book turned me off the idea of being a trader full time more than anything. That in itself is very valuable insight.
- Reviewed in the United Kingdom on 12 December 2010This 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.
- Reviewed in the United Kingdom on 15 August 2020A great book and really insightful.
It is structured in such a way that makes it easy to read and analyse. What would have been great is if the author provided a study guide as there are so many lessons in this book I cant keep up.
I also purchased the audible session via amazon because it was on offer. I would recommend reading this book whilst listening to audible because it makes it so much better.
- Reviewed in the United Kingdom on 21 November 2024Lots of wisdom in this book which is still applicable today! Buy it, read it, study it!
- Reviewed in the United Kingdom on 26 May 2012I 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.
- Reviewed in the United Kingdom on 2 April 2023Having traded for three years, I have found this book to be incredibly beneficial. It offers valuable insights into the strategies and approaches used by seasoned traders. While it may have been less useful earlier in my career, I have found it immensely valuable now, especially with the trading experiences I have accumulated over time.
- Reviewed in the United Kingdom on 19 June 2019I initially read this book (the original edition) in the early 1990s. To say it was influential in my life was an understatement - it led to a change of career and I ended up working for the firm of one of the traders interviewed in the book.
Even today - over 25 years since I first picked it I refer to it frequently. I have also recommended or bought copies for juniors over the years.
Jack Schwager has written a number of 'Market Wizards' books but this one is still considered the classic.
For anyone interested in trading (or investing) I would recommend going through this book line by line. There are a lot of insights in the book that take a lifetime to appreciate.
If I met Jack I would thank him from the bottom of my heart - it changed my career path etc.
Top reviews from other countries
- CharbelReviewed in Canada on 15 April 2022
5.0 out of 5 stars Good quality information
Very good book for anyone that would like to become a professional trader or partial trader
- Leon Tatic'Reviewed in Italy on 27 January 2025
5.0 out of 5 stars Trading
Insane book on trading strategies and psychology one of the few books really interesting about trading and everything that head funds manager don't tell you
- Rawand MariwanReviewed in Germany on 8 September 2024
5.0 out of 5 stars You need it as a trader.
All the experts in this book are veteran traders with a strong background in fundamental analysis. However, it's important to acknowledge that these traders did not have the same opportunities as today's traders to understand chart patterns and identify liquidity manipulation zones, often referred to as "false breakouts" or "liquidity grabs." Modern traders have access to a wide range of tools that can assist them in their trades. Regardless of the era, risk management remains crucial. Mastering it and adhering to it strictly can make you a successful trader, even if you're using less advanced technical analysis tools. Continuous learning, regular reviews of capital management, accumulating experience, and then earning profits are essential.
The reason why many experts struggled in their early days was due to their lack of proper education or clear risk management when they first entered the market. Everyone dreams of becoming a doctor, but not everyone has the discipline to achieve that goal and enter university. Instead of focusing on taking trades, build a long period of study and discipline for yourself.
- Carlos João SousaReviewed in Spain on 4 August 2024
5.0 out of 5 stars Good service
Great book and fast shipment. Keep it up
Carlos João SousaGood service
Reviewed in Spain on 4 August 2024
Images in this review
- DeepReviewed in India on 2 November 2023
5.0 out of 5 stars Great Read!
Nice insights into super successful traders!