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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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:
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 currently engaged as a consultant in the construction and management of managed account portfolios with a particular emphasis on liquid trading strategies. He is also an advisor to an Indian quantitative trading firm, supervising a major project that will adapt their trading technology to trade a global futures portfolio.
Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients. Mr. Schwager was one of three partners with direct responsibility for selecting managers and constructing portfolios. The Fortune Group was fully acquired by the Close Brothers Group, a U.K. merchant bank, in 2010. His previous experience includes 22 years as Director of Futures research for some of Wall Street’s leading firms and 10 years as the co-principal of a CTA.
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” (1984) is considered to be one of the classic reference works in the field. He later 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” (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 perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last two decades: “Market Wizards” (1989), “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, 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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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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