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Synopsis:
What fellow traders are saying about Market Wizards:
“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 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 of
The Elliott Wave Theorist
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Jacket Description:
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?
After interviewing top traders in a variety of markets, market expert Jack D. Schwager concludes that while method undoubtedly accounts largely for trading success, no one approach is used by all, or even most, of the traders interviewed. Some are technicians, monitoring price action. Others are fundamentalists, trying to forecast future price levels based on what they know of a market, an industry, or a company. Some act largely on personal initiative and intuition, while still others rely completely on automated systems.
Even more interesting is Schwager's finding that, as great a role as method plays, it must be accompanied by the "proper" mental posture—a notion that surfaces frequently in the interviews. The secret seems to have more to do with personal attitude than with approach. 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?
MARKET WIZARDS allows the reader to delve into the minds of these professional traders. It explains the very elements of their success…different approaches used in different markets…trading rules that each of them adhere to…personal advice for other traders.
Understand what it takes to become a successful trader. Hear it in the very words of the MARKET WIZARDS.
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Table of Contents:
About the Author:
Jack Schwager is an executive director and senior portfolio manager at Fortune Group, an international hedge fund advisory firm. He is the principal investment manager of Fortune's Market Wizards Funds. His prior experience includes over 30 years on Wall Street, including 22 years as director of futures research for some of Wall Street's leading firms, and ten years as the co-principal of a commodity trading advisory business. Mr Schwager began his career with Reynolds Securities as a research analyst (1971 to 1973), and then moved to Loeb Rhoades Hornblower where he became director of futures research (1973 to 1979). From 1979 to 1983 he was director of futures research at Smith Barney, and from 1983 to 1984 he was director of research (for one trading group) at Commodities Corporation. He was director of futures research at Paine Webber from 1984 to 1988, and director of futures research at Prudential Securities from 1988 to 1996. Between 1996 and 1999 he continued to work for Prudential as a consultant.
Mr Schwager has written extensively on the futures industry and great traders (in all financial markets). His first book, A Complete Guide to the Futures Markets, published in 1984 and is considered to be one of the classic reference works in the field. More than a decade later he revised and expanded this original work into the three-volume series, Schwager on Futures, consisting of Fundamental Analysis (1995), Technical Analysis (1996), and Managed Trading: Myths and Truths (1996). He is also the author of Getting Started in Technical Analysis (1999), which is part of John Wiley's popular “Getting Started” series. Mr Schwager is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades, which includes Market Wizards (1989 and 2006), The New Market Wizards (1992), and Stock Market Wizards (2001). Mr Schwager is a frequent seminar speaker and has lectured on a range of analytical topics with particular focus on the characteristics of great traders, fallacies of hedge fund investing, 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).
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Review:
How do some of the world's most successful traders amass millions of dollars in a year...or sometimes in just 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 success? Market expert Jack D. Schwager interviews top traders in a variety of markets and determines that an interesting mix of method and mental posture is largely responsible...and presents Market Wizards in a way that allows the reader a glimpse into the minds of these most remarkable traders. Understand what it takes to succeed, and hear it in the words of the Market Wizards themselves. Hear the stories of:
· Turning a $30,000 account into $80 million!
· Having a fund average a 30% annual return over 21 years!
· Parlaying $25,000 into $2 billion worth of T-bond future trading in a day!
· Managing funds that have registered triple-digit gains five years in a row!
· Realizing an astounding 250,000% return on accounts over 16 years!
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