Revered by many, reviled by some, technical analysis is the art and science of deciphering price activity to better understand market behavior and identify trading opportunities. Yes, I knew it was something I loved to do. I liked the idea that it was me against the markets. I just didn’t care for the markets I was trading.

I was just an order taker, which was very boring. The customer was making the decision, and the floor broker was executing the trade; I was nothing more than an intermediary. I always laugh when brokers on the sell side of the stock business call themselves traders. Well they are not traders; they are just order takers. None of them are taking positions for the house or with their own money.

Trend Following reveals the truth about a trading strategy that makes money in up, down, and surprise markets. Schwager’s wizards firmly reject the belief in market efficiency. As one trader says, “I’d like to do a better job at monetizing other people’s irrational euphoria.” Holes in efficiency are identified by taking dissenting views of the same data others are analyzing. Jaffray Woodriff applies the concept of secondary variables propounded by baseball numbers guru Bill James. As the wizards see it, all market participants are constantly adapting to gain an edge, much as depicted in Michael Lewis’sMoneyball7 race.

market wizards series

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. Stuart Walton’s career as a trader is marked by a string of contradictions and paradoxes.

Disappointed given the stellar reviews I’ve read

Canadians are more laid-back; they are more concerned about etiquette than going for the jugular or getting their point across. There were traders on the desk who would just scream at me all the time. Maybe it was because they needed someone to take it out on when their positions went bad, or maybe it was because I didn’t do things quickly enough for them. I would go home every night upset because someone had shouted at me. Each have earned a unique degree of success. I think the big kicker of this book is that you get so many different trader types and styles, sometimes even contradicting each other, but they are all successful.

Schwager presents a simple and highly effect source for strategic optimizations in your trading approach. Although most of the traders interviewed in this volume specialize in options and foreign exchange markets, the underlying principles of their approach is easily transferable to other markets. I especially enjoyed the section on trading psychology. Many of the conversations are both insightful and entertaining. From best-selling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from 15 traders who’ve consistently beaten the markets.

market wizards series

Some traders seemed to have made it because of luck; their methods should not be passed off as advice. One of the longest books I’ve read, undoubtedly worth the time spent. Very interesting interviews of tp investors in America. Interesting follow up to his first book – these interviews are useful and informative in a way that only strikes one after completing the book.

In The Little Book of Market Wizards, Jack Schwager seeks to distill what he considers the essential lessons he learned in conducting nearly four dozen interviews with some of the world’s best traders. Material that does successfully capture the essence of how speculators think is the coding careers for beginners by Jack D. Schwager. These interviews provide a sense of realism about how traders think. This book is a collection of interviews with many successful traders. Personally, I didn’t find it that interesting. Most of these strategies are not easily replicable, or even worse, they do not make logical sense that they will continue to profit in the future.

It is very interesting to hear various opinions from successful traders and investors on what works in the market. 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 . “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.

To Sir Phillip, With Love

It’s a long book but it’s easily digestible in the chapters format.. Each trader gets a chapter that are roughly 35 to 40 mins long so if you cant spare hours to listen then 35 or 40 mins should get you through a chapter.. “Should be required reading for anyone who selects managers for institutional or even personal portfolios.” An exception is Reminiscences of a Stock Operator by Edwin Lefèvre (John Wiley & Sons, 1923), the gold standard of confessionals, which provides insight on speculation through following the career of trading legend Jesse Livermore.

market wizards series

When he started college, he couldn’t even play a guitar, and now he is sold out at every concert. I like the comforts of life, and for me this business is the best way to acquire them. Although, eventually, I will probably pursue some of these other interests, it’s not something I see happening in the immediate future. The result is an engrossing new collection of trading wisdom, brimming with insights that can help all traders improve their outcomes. Very interesting book for aspiring traders and investors. There is not a lot more than I can say than the title.

I prefer to enjoy my audiobooks at a normal reading speed that allows me to think through what I’m listening to. Book was good, but the editing of the audio was the worst I’ve encountered in a book from audible. The narrator repeats words and sentences and there are a couple times where you hear him make XM Forex Broker Review a mistake, stop and then read the line over again. It was as if no one gave it a proof listen before it was released. “Jack Schwager’s deep knowledge of the markets and his extensive network of personal contacts throughout the industry have set him apart as the definitive market chronicler of our age.”

Jack Schwager has spent the past 25 years interviewing the market legends in search of the answers – a quest chronicled in four prior Market Wizards volumes totaling nearly 2,000 pages. What separates the world’s top traders from the vast majority of unsuccessful investors? The job in the foreign exchange department didn’t help matters at all. If anything, it turned me off to trading because of all the day-today friction. The job was my first introduction to Americans; I had been surrounded by Canadians all my life.

Trading with the Market Wizards: The Complete Market Wizards Series and Trading Seminar

The lack of such insight is a minor disappointment in a work that shines in showing the individual’s triumph in devising ways to outwit the markets. This fourth book in the Market Wizards series includes 15 interviews with hedge fund traders. 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. The author also interviews traders that deal with commodities, currencies, and options.

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In the preceding eight years, he had achieved an astounding 115 percent average annual compounded return in trading profits , with annual returns ranging from a high of 274 percent to a low of 63 percent . An interesting look into the minds of successful traders. However, while much of the underlying psychology / philosophy still remains true, a lot of the examples are naturally dated by the age of the book. This interview-style audiobook from a financial expert is a must-listen for traders and professional financiers alike, as well as anyone interested in gaining insight into how the world of finance really works. The greatest investment advisor of the 20th century, Benjamin Graham taught and inspired people worldwide.

When I arrived at the interview, I had no idea what to expect. He asked me about my background, and I told him what I’ve just told you. When we were at Lake Tahoe, we took a side trip to San Francisco. We loved the city and decided to move there. When we returned to Toronto after the end of our trip, we thought it would be a good idea to revisit San Francisco before actually moving, just to make sure that we still liked it as much as we had on our visit. While we were there, we looked for jobs, and we were both offered positions.

Jack Schwager, Author of Market Wizards series and Trader Meet The Managers

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Super Trader, Expanded Edition: Make Consistent Profits in Good and Bad Markets

Pickup from our Tullamarine Warehouse your order will be ready the next business day. I was hired to be an institutional stockbroker, but I had no accounts. I had to cold-call in front of other people, which really got to me. I had gone from being Mister Bond Trader, whom everybody wanted to take out to dinner, to cold-calling no-name institutions to buy our lousy stock ideas. No, but he saw the jobs I’d held previously, and I don’t think he felt right offering me as little as I was asking. The person who had received my résumé convinced his friend who ran the sales and trading unit for Volpe, Welty & Co., a regional brokerage firm, to give me a shot at an interview.

He liked the variety—a combination of financial jobs and artistic interests. Absolutely, although there wasn’t a huge slew of jobs anyway. I couldn’t believe that I had gone from a status position to the verge of working at Starbucks. I went to the library and microfiched every financial-sounding company and sent them my résumé. Eventually, I got a call from someone who liked my résumé. I don’t have a job for you myself, he said, but I have a friend who I think might be interested.

It is this Darwinian struggle that promotes efficiency. As Dalio puts it, “Drivers are the cause, correlations are the consequence.” Unpredictable “stuff” happens, so all trades must have a margin of safety. This recurring theme is consistent with the what is fx choice view that the probability of any trade is not easily measurable, no matter how smart the trader is or how much information is gathered. When uncertainty or unknown risks increase, the expected payoff has to increase; more “gain to pain” is required.

A Complete Guide to the Futures Market is the comprehensive resource for futures traders and analysts. From bestselling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from fifteen traders who’ve consistently beaten the markets. This book will feature interviews with a variety of traders who achieved phenomenal financial success during the glory days of the Internet boom.

Although the book was written long ago, it still makes sense to read it now. 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. 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. Just as good as the first book of the series “Market Wizards”. It’s a great read and almost as good as the first one. To ask other readers questions aboutThe New Market Wizards,please sign up.