Market Wizards : Interviews with Top Traders
Author: Jack D. Schwager
List Price: $17.00
Our Price: Click to see the latest and low price
ISBN: 0887306101
Publisher: HarperBusiness (27 January, 1993)
Sales Rank: 6,307
Average Customer Rating: 4.64 out of 5
Customer Reviews
Rating: 5 out of 5
A GOOD VIEW ON UNIQUE TRADING EXPERIENCES
This book contain the interview of some of the more 'senior' well-known personalities in the trading world. Sometimes I share my view on something and people tell me they don't think it is possible. One such area is the idea that it is possible to pick tops and bottoms accurately, which goes against the conventional wisdom. I am happy to quote from the interview of Mr. Paul Tudor Jones who says: I believe that the best money is to be made at the market turns. I have caught a lot of bottoms and tops."If you believe that you have a view on a subject matter which is being shunned by the majority, then this book may have just about the same idea given in one of the interviews, thus strengthening your confidence in what you stand for.. Remember, in this business it pays to be unconventional, because 95% of traders follow the standard principle and thats just about the same percentage of traders that lose their money in trading commodities!
Rating: 3 out of 5
Good for psychology
I bought Market Wizards because I am working at an Ibank trading bonds this summer. But what I found is not so much a book that tells about stochastics, models, spread swaps, or other technical stuff , but what I did find is a book that takes you into the mind of a trader. Some of these guys have made and lost millions in a day, and the thoughts that must go through their head are mind-boggling when you control millions of demanding investors' money. The value of Schwager's book lies in its potential to teach you about what mental qualities these guys all possess that make them such good traders. Using real-life examples, they preach seemingly easy tenets all traders should follow but often do not. A lot of these psychological mindframes are difficult to maintain - cutting losses, trading without emotion, confidence in positions, and above all, not to be greedy. The interview with Ed Seykota (consummate yet eccentric trader) almost makes the book worth the money. A lot of what they say seems very simple and straightforward, but until you manage millions like these guys have, you will have to settle with a vicarious lesson that teaches you these important mental traits. All of his lessons should be absorbed before you step onto the trading floor thinking you are going to own Wall Street.
Rating: 5 out of 5
This book may save you money!!
I was told about this book from a friend of mine who worked at Chase in the FX market, he calls it his bible. If I didn't already have a bible, this would be it for me. Had I read this book before I started trading (FX - Euro/Sterling/Yen) I would have saved thousands!! This book is a must read for anyone who is going to trade.
I have read Murphy (Technical Analysis), Jiler (Charts), and Zweig (Winning on Wall Street). And while these books are also very good, this book by Schwager really speaks to my experiences in the market.
I have read other customer reviews on this book, most of them giving a well deserved 5 stars, some of them complaining that this book didn't disclose 'secrets' or 'how to', there is no book that is going to tell you the 'secrets' of 'how to' win, but this book tells you how to look in yourself to make a winner.
Forget fundementals and technical, if you can't understand timing, risk, loss, entry, etc., your dead, or will be soon!!
I did attempt to look up each of these people who were interviewed to see where they are now. Many of them seem to have stopped trading, or I simply couldn't find any info on them. I also bought the book "New Market Wizards" but haven't read it yet. I wish there was a book like this that was written after 2000, as the market place is a whole lot different now with the Internet and the computing power that we have in order to do research.
Mr. Schwager if you are reading this PLEASE write another book, I would like to understand how the Internet has changed the market (for both big and small players). As many of you know, a lot of publicly traded companies that exist today would not have had an IPO had it not been for the ability for millions of small investors (via eTrade, Ameritrade, etc.) to invest into these companies. The small investor can play where only the big boys used to.
Bottom line if you want to play in the markets you should read this book. Hey if you don't like the book you can always sell it on Amazon (or ebay - but Amazon won't be happy!!).
Good luck to you, and remember it is only money!!
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