The new market wizards conversations with americas top traders năm 2024
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In The New Market Wizards, successful traders relate the financial strategies that have rocketed them to success. Asking questions that readers with an interest or involvement in the financial markets would love to pose to the financial superstars, Jack D. Schwager encourages these financial wizards to share their insights. Entertaining, informative, and invaluable, The New Market Wizards is destined to become another Schwager classic. Show
Market Wizards Series5 primary works • 5 total works Related series3 primary works • 3 total works Following up on the Market Wizards Book review is a review on the New Market Wizards book by Jack Schwager. Of particular interest for our funds are the interviews in Part IV of the book covering Stanley Druckenmiller, Richard Driehaus, Gil Blake and Victor Sperandeo. Interestingly when I first read these interviews I dismissed Part VII on the Psychology of Trading. Over time when I have revisited this book I actually find the three chapters on Psychology of Trading the most interesting and there are also references in these chapters to additional material that is very useful for potential investors. Part VIII Closing Bell is also very interesting. You could almost read this book from the back first and make your way forward to the interviews. Compulsory reading….! In The New Market Wizards, successful traders relate the financial strategies that have rocketed them to success. Asking questions that readers with an interest or involvement in the financial markets would love to pose to the financial superstars, Jack D. Schwager encourages these financial wizards to share their insights. Entertaining, informative, and invaluable, The New Market Wizards is destined to become another Schwager classic. on In The New Market Wizards, successful traders relate the financial strategies that have rocketed them to success. Asking questions that listeners with an interest or involvement in the financial markets would love to pose to the financial superstars, Jack D. Schwager encourages these financial wizards to share their insights. Entertaining, informative, and invaluable, The New Market Wizards is destined to become another Schwager classic. I found these interviews enjoyable, and there were several good tips and lessons that came through. But lets face it, these people for the most part are trading huge lot sizes, lots so big that they will move the market with their trades, and the types of things they take into account don't have all that much to do with the kinds of things that a small trader faces. Some things carry over, but very much does not. Also, the book is kind of dated, and many if not most of these traders started trading in the pits. My guess is that trading in the pits is a very, very different activity than sitting alone in a study and staring at a computer screen. Here are two common threads that I find very interesting. First, almost every trader seems to agree that psychology is more important than the trading system a person uses. The important things are stuff like confidence in your system, discipline to trade it properly, not second guessing yourself, resisting greed and fear, etc... That's all well and good. And yet, every trader in the book has had Schwager agree not to reveal proprietary stuff about the systems that they trade, and often they refuse to answer specific questions because it will reveal secrets about the systems they trade. Anyone else see the tension in these two positions? Back to my original thought. It's OK to interview a bunch of really successful people and then say what they all have in common. There's a whole aisle of business books that do exactly that, with dreadful names like "The Top 10 Secrets of Highly Successful People". Guess what -- they work hard; they take risks; they have self-confidence; and blah blah blah. But what about the failures? How many budding entrepreneurs shared all of the same "secrets", and yet did not make a go of it? Why isn't anyone interviewing the failures? It seems to me that their stories would be at least as interesting and probably more educational. And if you could find a common thread in why people fuck up (other than that bad shit just happens to lots of people), that would be information that was really worth having. trading 12 reviews5 followers December 26, 2008 This is the fourth time that I've read this book and I will say that all of the necessary disciplines for trading are withing it and each time I read it they sink a little deeper into my subconscious. The first time I read these interviews I was an intern on a trading desk and the topics are no less relevant as a full analyst for an alternative platform that generally has his head buried in math than they were for a green nineteen year old hoping to grasp the basic concepts of an industry. Given the incredible explosion in volatility Mr. Market displayed in 2008 it is especially prescient to revisit the basic principles of what makes active investing a superior approach. 140 reviews97 followers May 28, 2016 Re-read of the second book in the Market Wizards series. Schwager continues where he left off interviewing top investors covering different investment styles. The big one in this book is Stanley Druckenmiller--one of the very few best investors of all time who managed George Soros's Quantum Fund for many years. It's a great read and almost as good as the first one. Five easy starts. 254 reviews1,171 followers August 2, 2015 Much better than the first book. The responses are more varied as are the traders' backgrounds. However, most of the success stories boil down to discipline, contrarianism, and superior knowledge of pricing models in an era where nobody knew how options pricing worked. An interesting look at a point in history but, don't be fooled- it's history. 1,073 reviews286 followers April 8, 2021 Summary: Excellent book particularly for those that are looking to make a career in trading or the markets in general. This was recommended to me by my mentor to improve my abilities. There are a few different ways to take this book:
finance 23 reviews4 followers Want to read November 4, 2007 I have the 2006 version of Market Wizards and it is an EXCELLENT book. My intentions are to get all his Market Wizard books and read them. There are a lot of things I learned from the 2006 copyrighted version, so I look forward to reading his prior versions. I love the style in which Schwager interviews each top trader, psychologist. One can gain much insight from those who go before you and how they came about their success, but also more importantly, the pitfalls. Schwager does a good job summarizing the common trades of all top traders, which are the traits I have learned to develop. 4 reviews3 followers February 24, 2014 Pretty good, but the book was mixed. Honestly there are a lot of styles that don't mesh well with mine, and a lot of interviews that probably confused me more than helped me. The clear standout is the interview with Stanley Druckenmiller. The guy's brilliant, and it's so hard to find interviews with him that any insight into what he thinks is greatly appreciated. Really wish the whole book was just picking Druckenmiller's brain. One that I was not expecting, but was really good, was Vic Sperandeo. He really made an impression on me. I might check out Sperandeo's book after this; I like the way that guy thinks. November 19, 2015 Excellent insight that is still prevalent today. I enjoyed learning about the emotional aspect of trading stocks and the importance of finding your own way. 262 reviews8 followers March 1, 2018 More than practical advice, this is a must read for anyone interested in psychology of investments, trading, human behavior and insights that can be applied to other areas. economics 52 reviews1 follower June 13, 2021 I find the Market Wizards book series great because they offer practical advice coming directly from the world's top traders. The entire book is based on real experiences from decades ago (I read this book in 2021), which I found interesting as I learned how professionals dealt with periods of high volatility back then. Each trader interviewed has a unique style and approach to trading, so you won't fine the "perfect approach" in this book but rather a set of principles that they all share and partly explain their success. November 15, 2023 The book gives a different point of view of trading. While most of trading book taught us the theory and how to trade, this book shows us not the theory but the experience. We will learn not the steps to be a trader or the calculation or anything like that, we will learn how’s trader’s life. Personally, I learned a lot about psychology and emotion from this book, some rule of thumb in trading, and more trading book recommendations from the pros. I really like the book as the content is also easy to understand 329 reviews16 followers June 3, 2022 Another fine book, which I enjoy reading, and usually comes with useful stuff for your trading. An interview on the first half of the book, by William Eckhardt, "the mathematician", was very pleasant, as he does mechanical trading, and is very successful at it. Another good interview is one by Stanley Druckenmiller and how he said that Soros didn't care if he wins or loses, because he is confident that he would be able to win on other trades. Also, Soros traded very big and would get angry at his traders that are doing fine and happy with small positions, not wanting them to take profits yet, but to ride them. I liked Gil Blake style of trading too, as he says, a critical ingredient to be a good trader is to have a maverick mind, a blend between an artistic side and a scientific side. Some so and so interviews with institutional options traders and a useless interview about NLP and other not very interesting about hypnosis and trading. This book is a bit worse than the first book, but still I recommend it. Estimated reading time: 12h Author 2 books23 followers March 4, 2023 Always few very interesting stories withing these pages but unfortunately quite few and far between. Must read for traders but some insights for long-term investors as well. Druckenmiller one was clearly the best. March 6, 2017 From Top 12 Investment Books to Start Off 2017 The New Market Wizard, by Jack Schwager, was the first finance related book I read prior to starting my internship at UBS. It’s a collection of interviews with traders that have a proven track record of overwhelmingly positive returns. It’s not just about stocks. The author also interviews traders that deal with commodities, currencies, and options. Some are well known, while others are less so, but they all give you a good idea of the different principles and thought processes of veteran traders. Every trader in this book has his own method of trading and you’ll be surprised at how different these strategies are, some even contradicting each other. It should be noted that the book was released in 1992, prior to the implementation of Dodd-Frank Reform, which restricts depository banks from participating in proprietary trading. Nowadays, banks deal with client execution trades and work off of commission. Nonetheless, the advice in this book is still relevant to traders who are developing their own core principles and strategies; find which trader’s goals align with yours and modify your approach to the market based on that. Although I prefer this version, the prequel to this book, The Market Wizard, is worth checking out as well. 313 reviews15 followers May 16, 2016 Just as good as the first book of the series "Market Wizards". You get hard and undeniable facts about trading, you get different perspectives and different styles that you can relate to and also you get a little bit of "mysticism" a little bit of the intangibles and the "zen" part about trading. "Trading without trading". Credit must be given to Jack D. Schwager because he has an excellent ability to ask questions and he can even change the subject and get off topic and still give great value by the information he gets out of people. He asks same things over and over but a little different and he gets the very deep and true answers out of everyone. When you are reading the book you feel like you are actually at the place of the interview, is almost like you were part of the conversation. MUST read for anyone that is interested in trading of the financial world. July 22, 2009 Another great read for any trader who is interested in the views of some of the greatest traders there are/have been. This was a follow up to the first book and takes place about 3-4 years later. He does a good job of referencing back to the first book rather than repeat any information and as a result I find it a great compliment to the previous material. 2009 biographical-real-life investing-trading Author 1 book25 followers July 5, 2010 Interesting follow up to his first book - these interviews are useful and informative in a way that only strikes one after completing the book. Drawing together the common threads throughout is where the utility lies. bio finance non-fiction 2 reviews November 11, 2014 I found it even more amazing than the first one. After reading both books, it became clear that what I have been doing wrong, and where should I start looking for my edge. It also gave me numerous psychological and technical tipps. A must read. Thank you Mr. Schwager! March 11, 2015 Inspiring and great, as all the market wizards books I read so far. You wont learn much about trading, but if you are a trader it will keep you inspired and going.. and it makes for a great bedside book, to read and relax. October 12, 2012 This book is a little dated these days, but the interviews are fantastic. I didn't use it as a how to guide for trading. However, the insight into the great traders interviewed is invaluable. Read August 7, 2015 very good book, inspiring, shud be a good start for anyone especially trader 676 reviews47 followers May 10, 2021 Listening/reading a Jack Schwager book is like listening to a bunch of podcast episodes of a show, some useful information, but ultimately it’s unclear if you really should be paying for the “privilege”. This is not to say that the content isn’t enjoyable (or occasionally informative). Yet, when I purchase a book on finance or investing, I’m hoping to gain some kind of practical knowledge, and despite the age of these interviews (the *first* Gulf War is fresh in everyone’s minds), I think there is some value here (indirectly), in hearing how professional and successful traders navigated unexpected events, or handled losing (and winning) streaks to deliver consistent portfolio growth. This is the third of Schwager’s series I’ve listened to/read, the first two being his first “Market Wizards” and “Hedge Fund Market Wizards''. I don’t recall the first book at all, it was so long ago (and may have to see if it makes sense to revisit it). “Hedge Fund Market Wizards” I read just under 2 years ago, and felt it was a bit of a mess. One thing that makes reading & retaining information easier is if there’s some kind of transparent pattern/well-defined narrative to the text. In a book like this, that may be challenging to achieve, given that the text is literally a collection of interviews of disparate peoples in the industry. I recall thinking the “Hedge Fund” text was challenging in this regard. That being said, Schager does organize his interviews by theme, so that confusion may come from the lack of work I’ve had in the industry. This text is different, although similarly organized, I found the material here significantly easier to contextualize and understand, again probably because the topics here are “bread and butter” with respect to any trader, whether you engage in it professionally, academically, or in some retail capacity. Unlike the Hedge Fund wizards, I even got some interesting insights out of the text, the primary thing being that the contemporary debate between discretionary and system trading seems to be skewed way towards the discretionary among Schwagger’s gaggle, and there may be a simple explanation for this: namely they represent the extreme tail of performers, and the ‘tried and true’ advice often given to “ordinary folks” to have a well-defined system, that one abides to and maintains fidelity to with respect to triggers and execution is a system that will get you “80%” of the way there in terms of your potential net. What I mean by this is that perhaps “systems” trading is good ‘up to a point’, and does deliver a net profit significantly higher than the mean. However, there may be a dramatic difference between the top performing systems-traders and the even the lower-performing elite discretionary ones, because even the ‘systems’/quantitative options traders Schwagger interviews admit to engaging in a fair amount of discretionary actions. One might argue that these people were discussing trading events 30+ years ago, with many of the “big events” discussed being how the various individuals traded the Gulf War, and the 87’ crash. Stll, there are some familiar names in here, including: Drukenmiller, Bill Lipschutz, and BIll Hull, who have done well for themselves in relatively modern times. Though Drukeniller sees me to have incorrectly called the latest Covid-recession, and I recall him having some alarmist (and overly negative) statements on the nature of that recession in the first few weeks of the event (but then again you can’t win them all). There were a couple of traders I hadn’t heard of that were interesting here too, including Jeff Yass and William Ekhardt, who apparently studied mathematical logic at the PhD level prior to starting his trading career. Though again, an interesting observation made by all of these quants is that they had to adjust significantly their expectations that formalism would extract significant dividends in terms of predicting/modeling real-life behavior. In effect, their technical training was valuable, but only indirectly. In the case of Mark/Joe Ritchie, they weren't even formally trained, yet they apparently developed one of the most sophisticated options trading systems to that date, what they did have was a “technical intuition” (as contradictory as that may sound). Overall, the book was an interesting read. I don’t know if I learned much from it, though I gained the “knowledge” or a reflection of some experiences on how the careers of these men (and one woman) so that itself is valuable for someone who may be engaged in amateur trading (or just interested in the field). I think this book mates well with a more formal text, or as an enrichment reading after training on technique or after a year or two of trading experience. Conditional recommend February 15, 2021 When I was about 25 years old, at the time of great inflation in Mexico, I was a successful investor in the Mexican stock market, increasing my investment 5 times in 9 months. But as always when things are done unconsciously and without knowing, in 1987, in the stock market crash in October, I lost everything I gained. It was a great life experience that I don't think I have recovered from yet, in the sense of never seeing investing again as something that I can have fun with and make money on. But I learned a lot about how to handle and behave in a catastrophic situation of the magnitude that I suffered. Many memories of those times brought me the book "The New Market Wizards: Conversations with America's Top Traders" by Jack D. Schwager. The author mentions interviews with great and successful traders from the 80s and early 90s. Memories of those when trading was done by phone, contracts had to be signed at the brokerage houses, checks were collected when necessary. Other times. I was surprised to see that many of these traders had a good October in that year. But I learned something: to be successful in investments you have to have a system, and follow it. At that time my system was not fundamental or technical analysis but the "tips" that my friends from the stock market gave me. That is why I was not successful. Can I ever be a good trader? At the end the book brings 42 rules that I think you have to read and reread carefully to make the reading worthwhile. lecturas-2021 27 reviews December 25, 2023 Like a seasoned trader charting the ever-shifting tides of the market, I've dived into this book's wisdom four times now. With each immersion, the principles of successful trading have etched themselves deeper into my trading soul. My initial encounter with these insights came as a wide-eyed intern on a trading desk, but the relevance to my current role as a full-fledged analyst remains as poignant as ever. Even with my head perpetually immersed in the world of numbers, the book's teachings continue to illuminate the path ahead. And in a world where Mr. Market's volatility knows no bounds, revisiting these fundamental principles is akin to safeguarding a priceless treasure map. This book is published in Persian and online bookstore, 30book sells it with discount https://www.30book.com/book/35691/%DA... 50 reviews1 follower May 1, 2022 Although the book was written long ago, it still makes sense to read it now(in 2022). The book contains a series of interviews with top traders in the markets and it neatly describes their thought processes in a series of questions relevant to that trader. For those looking for trading strategies, this is not the right book to read, this book only gives a gist into the life of the traders and their lifestyles, thought processes and overall journey in trading. One of the longest books I’ve read, undoubtedly worth the time spent. The interview with Charles Faulkner was the one that was interesting for me as I got to learn a lot of nitty-gritty details of NLP, psychology is something that is not understood fully and hence anybody coming up with their own theories or study results is something interesting to read for me and oh the person who does know a little bit better about their mind definitely become good traders as well. trading 14 reviews5 followers May 21, 2018 It is very interesting to hear various opinions from successful traders and investors on what works in the market. The one thing I learned from this book is the importance of making your own investing principles, that fit your character, and then stick to those principles through thick and thin. You are likely to lose more than you earn during the learning period, but when you get hang of it, you may find a reliable pattern for growing your investments. Most interesting of all is the focus of investors on their own character rather than the market. It's a psychological game, learning about your own flaws, strengths and weaknesses, using critical thinking and finding opportunities that may not be visible at first. Who are the traders in market wizards?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. Is Market Wizards a good book?"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." What is the difference between market wizards and the new market wizards?Strongly recommend Jack Schwager's fist book "Market wizards". In that book interviewed traders talk more about their trading strategies while in the second book "new market wizards" they just talk about their experience which less useful for us as readers. What is the summary of market wizards by Jack Swagger?Brief summary The Little Book of Market Wizards by Jack D. Schwager is a compilation of interviews with successful traders. It offers valuable insights into their strategies and mindset, providing readers with a unique perspective on the world of investing. |
