Market Wizards: Interviews with Top Traders

Market Wizards: Interviews with Top Traders

Hardback Wiley Trading

By (author) Jack D. Schwager

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  • Publisher: Marketplace Books
  • Format: Hardback | 458 pages
  • Dimensions: 163mm x 229mm x 30mm | 794g
  • Publication date: 2 February 2006
  • ISBN 10: 1592802974
  • ISBN 13: 9781592802975
  • Sales rank: 39,044

Product description

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 knowledge, lucky winners in a random market lottery, natural-born virtuosi--Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In "Market Wizards" Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right. Features interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and moreTells the true stories behind sensational trading coups, including the one about the trader who turned $30,000 into $80 million, the hedge fund manager who's averaged 30% returns every year for the past twenty-one years, and the T-bond futures trader who parlayed $25,000 into $2 billion in a single day!"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"

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Author information

JACK D. SCHWAGER is a recognized industry expert on futures and hedge funds, and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. He is also an advisor to MarkeTopper Securities, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm that specialized in creating customized hedge fund portfolios for institutional clients. His prior experience also includes over twenty years as a director of futures research for some of Wall Street's leading firms.

Back cover copy

THE INVESTMENT CLASSIC"I've read "Market Wizards" at several stages of my career as it shows the staying power of good down-to-earth wisdoms of true practitioners with skin in the game. This is the central document showing the heuristics that real-life traders use to manage their affairs, how people who do rather than talk have done things. Twenty years from now, it will still be fresh. There is no other like it." --NASSIM N. TALEB, former derivatives trader, author of "The Black Swan," and professor, NYU-Poly""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, PhD, Editor, "The Zweig Forecast""It is 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, "The Elliott Wave Theorist"

Flap copy

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? And 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?Featuring interviews with seventeen of the most successful market-beaters, including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michael Steinhardt, Ed Seykota, Marty Schwartz, and Tom Baldwin, "Market Wizards" is packed with real-life anecdotes from the trading world. From the electrical engineer from MIT whose computerized trading earned returns of 250,000% over sixteen years to the trader who, after wiping out several times, successfully turned a $30,000 investment into an $80 million fortune, Schwager identifies the factors that define the Market Wizards."Market Wizards" takes the reader into the minds of a few of the most successful traders of all time, explaining that while markets may change and techniques may change, the underlying core principles that lead to trading success stay the same. The best testament to the continued relevance of "Market Wizards" in today's markets is that so many money managers who read the original edition early in their careers make it required reading for new traders.

Table of contents

Preface, ix Prologue, xiii My own story, xv Part 1: Futures and Currencies Taking the mystery our of futures, 3 The interbank currency market defined, 7 Michael Marcus: Blighting never strikes twice, 9 Bruce Kovner: The world trader, 51 Richard Dennis: A legend retires, 85 Paul Tudor Jones: The art of aggressive trading, 117 Gary Bielfeldt: Yes, they do trade T-bonds in Peoria, 141 Ed Seykota: Everybody gets what they want, 151 Larry Hite: Respecting Risk, 175 Part 2: Mostly Stocks Michael Steinhardt: The concept of variant perception, 193 William O'Neil: The art of stock selection, 219 David Ryan: Stock investment as a treasure hunt, 237 Marty Schwartz: Champion trader, 257 Part 3: A Little Bit of Everything James B. Rogers, Jr.: Buying value and selling hysteria, 283 Mark Weinstein: High-percentage trader, 321 Part 4: The View From the Floor Brian Gelber: Broker turned trader, 345 Tom Baldwin: The fearless pit trader, 367 Tony Saliba: "One lot" triumphs, 387 Part 5: The Psychology of Trading Dr. Van K. Tharp: The psychology of trading, 411 The trade: A personal experience, 431 Postscript: Dreams and trading, 437 Final Word, 439 Appendix1: Program trading and portfolio Insurance, 441 Appendix 2: Options--understanding the basics, 443 Glossary, 447