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The New Market Wizards
By: Schwager, Jack D.

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Item #: 5725049
Pages: 614
Publisher: Marketplace Books
ISBN: 1592803377
Type: Book - Hard Cover
Publish Date : 9/15/2008
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In this sequel to the bestselling Market Wizards, Jack Schwager taps into the minds of top financial wizards and reveals the secrets of their astonishing success. Asking the questions that readers with an interest or involvement in the financial markets would love to pose to these financial superstars, Schwager gets the answers and shares their valuable insights. Entertaining, informative, and invaluable, The New Market Wizards is a must-have for any trader’s bookshelf.

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Jacket Description:

In this sequel to the bestselling Market Wizards, Jack Schwager taps into the minds of top financial wizards and reveals the secrets of their astonishing success. Asking the questions that readers with an interest or involvement in the financial markets would love to pose to these financial superstars, Schwager gets the answers and shares their valuable insights. Entertaining, informative, and invaluable, The New Market Wizards is a must-have for any trader’s bookshelf.

“Are great traders born or do they acquire their skills on the way up?...The New Market Wizards provides some interesting insights.” --Wall Street Journal

“Provides unique insight into the arcane world of currency trading as well as other fast-moving markets such as options and commodities.” –U.S. News & World Report

“Should be required reading for anyone who selects managers for institutional or even personal portfolios.” – Futures Industry

“Jack Schwager simply writes the best books about trading I’ve ever read.” – Richard Dennis, President, The Dennis Trading Group, Inc.


As he did in his acclaimed national bestseller, Market Wizards, Jack D. Schwager interviews a host of supertraders, spectacular winners whose success occurs across a spectrum of financial markets.

Meet a few Market Wizards:

Stan Drucken Miller, who as manager of the Soros Quantum Fund, realized an average annual return of more than 38 percent on assets ranging between $2.0 and $3.5 billion.

William Eckhardt, a mathematician who, in collaboration with trader Richard Dennis, selected and trained the now-legendary circle known as the Turtles.

Bill Lipschutz, a former architect who, for eight years, was Salomon Brothers’ largest and most successful currency trader.

Blair Hull, a one-time blackjack player who began an options trading company with a starting stake of $1 million, and went on to realize cumulative net profits of over $90 million.

Jeff Yass, who applies mathematical game theory principles to assess the skill and knowledge of the person on the other side of the trade—and adjusts his winning strategy accordingly.

Randy McKay, a veteran trader whose starting account of several thousand dollars has yielded gains in the double-digit millions—earning profits an astounding 18 out of 20 years.

These traders use different methods, but they all share an edge. How do they do it? What separates them from the others? What can they teach the average trader or investor?
In The New Market Wizards, these wildly successful traders relate the financial strategies that have rocketed them to success as well as the embarrassing losses that have proven them all too human.

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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Table of Contents:



PART I Trading Perspectives
Misadventures in Trading
Hussein Makes a Bad Trade

PART II The World's Biggest Market
Bill Lipschutz: The Sultan of Currencies

PART III Futures—The Variety-Pack Market
Futures—Understanding the Basics
Randy McKay: Veteran Trader
William Eckhardt: The Mathematician
The Silence of the Turtles
Monroe Trout: The Best Return That Low Risk Can Buy
Al Weiss: The Human Chart Encyclopedia

PART IV Fund Managers and Timers
Stanley Druckenmiller: The Art of Top-Down Investing
Richard Driehaus: The Art of Bottom-Up Investing
Gil Blake: The Master of Consistency
Victor Sperandeo: Markets Grow Old Too

PART V Multiple-Market Players
Tom Basso: Mr. Serenity
Linda Bradford Raschke: Reading the Music of the Markets

PART VI The Money Machines
CRT: The Trading Machine
Mark Ritchie: God in the Pits
Joe Ritchie: The Intuitive Theoretician
Blair Hull: Getting the Edge
Jeff Yass: The Mathematics of Strategy

PART VII The Psychology of Trading
Zen and the Art of Trading
Charles Faulkner: The Mind of an Achiever
Robert Krausz: The Role of the Subconscious

PART VIII Closing Bell
Market Wiz(ar)dom
A Personal Reflection



Here's what I believe:

1. The markets are not random. I don't care if the number of academicians who have argued the efficient market hypothesis would stretch to the moon and back if laid end to end; they are simply wrong.

2. The markets are not random because they are based on human behavior, and human behavior, especially mass behavior, is not random. It never has been, and it probably never will be.

3. There is no holy grail or grand secret to the markets, but there are many patterns that can lead to profits.

4. There are a million ways to make money in markets. The irony is that they are all very difficult to find.

5. The markets are always changing, and they are always the same.

6. The secret to success in the markets lies not in discovering some incredible indicator or elaborate theory; rather, it lies within each individual.

7. To excel in trading requires a combination of talent and extremely hard work—(surprise!) the same combination required for excellence in any field. Those seeking success by buying the latest $300 or even $3,000 system, or by following the latest hot tip, will never find the answer because they haven't yet understood the question.

8. Success in trading is a worthy goal, but it will be worthless if it is not accompanied by success in your life (and I use the word success here without monetary connotation).

In conducting the interviews for this book and its predecessor, Market Wizards, I became absolutely convinced that winning in the markets is a matter of skill and discipline, not luck. The magnitude and consistency of the winning track records compiled by many of those I interviewed simply defy chance. I believe the Market Wizards provide role models for what it takes to win in the markets. Those seeking quick fortunes should be discouraged at the onset.
I have strived to reach two audiences: the professionals who have staked careers in the markets or are serious students of the markets, and the lay readers who have a general interest in the financial markets and a curiosity about those who have won dramatically in an arena where the vast majority loses. In order to keep the book accessible to the layperson, I have tried to avoid particularly esoteric topics and have included explanations wherever appropriate. At the same time, I have strived to maintain all core ideas so that there would be no loss of meaningful information to those with a good working knowledge of the markets. I think this book should be as meaningful to the layperson as to the professional simply because the elements that determine success in trading are totally applicable to success in virtually any field or to achieving any meaningful goal.

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