Market Wizards

by Jack D. Schwager

Book Overview

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... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0887306101
• ISBN13: 9780887306105
• Release Date: January 1993
• Publisher: HarperBusiness
• Length: 480 Pages
• Weight: 0.83 lbs.
• Dimensions: 1.1" x 5.4" x 8.0"

Customer Reviews

Essential Reading for all Investors

I'm the Market Strategist for a NYC Investment Bank (billions under management). Someone gave me this book when I first got into the industry a decade ago; I find myself rereading it every 5 years. I highly recommend it to anyone who is involved in the markets. Simply stated, this is THE book for anyone who wants to learn about trading or investing -- It is simply a must read. What's so utterly compelling about the interviews is how consistent the themes are that arise from so many different traders; This is true regardless of the markets they work in (commodities, equities, currencies, bonds) or the style they employ (technical, macro-economic, fundamental, quantitative). The basic concepts revealed by the Wizards are Discipline, Capital Preservation, Risk Management, Individual Responsibility, Flexibility, Intellectual Honesty and Consistency. Please note that these ideas have nothing to do with coming across a hot tip, or getting a big IPO allocation, or chasing the "darling of the day." It's especially relevant, given some of the speculative excesses of the most recent (March '03) rally. This book should cause all investors, both novice and experienced, to step back and consider their strategies and methodologies. These are much more important than finding the next "flavor of the month." This is especially true now that a new group of stock pickers have been inundating the airwaves.7/21/03

The best trading book that doesn't tell you trading tips.

You read this book not to learn technical patterns or techniques that work. Actually, many of the traders interviewed have opposing views on some techniques. Some say one method won't work and another trader in the book uses that method and is making a killing.No, you read this book to realize several things about yourself. If you want to make a success, you will have to work at it and stay committed. There is no way around it. Sometimes things will be difficult. Learn from your mistakes and learn that your biggest enemies are emotions and, in some cases, lack of knowledge. One common trait I see in this book is that the traders make it perfectly clear they have self-discipline. Some techniques are common between the traders, and they involve controlling their emotions after bad streaks or winning streaks.

The best headstart for real traders

This work is a masterpiece.It describes exceptionaly well the complexity of the art of trading. To be good at trading you need to adopt a stragegy that suits you personally.Then,you have to master it. Only then,you have a shot at dealing with "fear and greed"that are every trader's enemy. This books gives you some idea about how real great traders operate.In some cases( the wizards David Ryan,William O'Neil)you could get a clear idea about their specific strategy.Then you could go ahead and learn more and only then join the trading force. This book helped me tremendously. It makes you humble,yet hopeful as well.I wish I read it earlier