Market Wizards, Updated: Interviews with Top Traders

As the title indicates this book consists of a series of interviews with some of the best most successful traders in the world. Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is very intriguing to read one very successful trader present opposite techniques than the next trader being interviewed. A must read for any serious investor. This book is filled with wisdom from start to finish - for both novice and advanced traders. One will also find that much of this wisdom applies to any career. Below are excerpts from this book that I found particularly insightful: 1- "You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weaknesses...As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else's style, you often wind up with the worst of both styles. I've done that a lot." 2- "Don't ever feel that you are very good. The second you do, you are dead." 3- "What are the traits of a successful trader? The most important is discipline - I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courage to go into the market, and courage comes from adequate capitalization. Fourth, you must have a willingness to lose; that is also related to adequate capitalization. Fifth, you need a strong desire to win." 4- "I have two basic rules about winning in trading as well as in life: (1) If you don't bet, you can't win. (2) If you lose all your chips, you can't bet." 5- "The stock market is neither efficient nor random. It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends." 6- "I don't see how you can invest in American steel without understanding what is going on in Malaysian palm oil. As I explained before, it is all part of a big, three-dimensional puzzle that is always changing." 7- "Although the styles of the traders are very different, many common denominators were evident: 1- All those interviewed has a driving desire to become successful traders - in many cases, overcoming significant obstacles to reach their goals. 2- All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money. 3- Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned. 4- The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy. 5- Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed. 6- In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself. 7- The importance of acting independent of the crowd was a frequently emphasized point. 8- All top traders understand that losing is part of the game. 9- They all love what they are doing."

Very interesting information from so many different points of view. It is very helpful and enjoyable to read. Looking forward to next book!

I recently finished reading "Market Wizards, Updated: Interviews with Top Traders," and it was a fascinating journey into the minds of successful traders. The book offers a collection of interviews with top traders from various markets, providing valuable insights into their strategies, mindset, and approach to trading. One aspect that stood out to me was the heavy focus on options traders throughout the book. While options trading may not be of personal interest to me, I still found the principles and rules discussed by these traders applicable to trading in general. The emphasis on risk management, discipline, and psychological aspects of trading were universal and can be valuable to traders across different markets. The interviews were engaging and well-structured, offering a mix of personal anecdotes, trading experiences, and practical advice. The author, Jack D. Schwager, did an excellent job of capturing the essence of each trader's unique style and approach. Although the book leaned towards options traders, it didn't detract from the overall value of the insights shared. "Market Wizards" remains a must-read for anyone interested in trading, regardless of their preferred market or trading instrument.

There is plenty of experience and knowledge shared throughout the pages of this book from successful traders. Though a great deal of this knowledge is timeless, at moments it reads a bit outdated, looking forward to Schwager's next book to be more contemporary.

Great book! Not as detailed in a particular strategy or technique as a book from a single author, but the enormously wide scope of information and strategies plainly outlined from such a wide ranging assortment of top traders in modern times seems invaluable in comprising the best strategies for the individual trader.

S'il faut avoir lu un livre dans sa vie sur le trading, c'est bien celui-ci avec l'autre de la même série "New Market Wizards : conversations with America's Top Traders toujours de Jack Schwager. A travers ces interviews de grands traders américains, Jack Schwager transmet une quantité hallucinante d'informations plus utiles les unes que les autres. Ce livre renferme grand nombre de sagesses sur le trading, la conception d'un système de trading, la gestion du risque, le money management. A lire absolument, ne serait-ce que pour l'interview de Richard Dennis et de Paul Tudor Jones.

Must have for all new traders out there!

I work as a commodities analyst and want to improve my knowledge of the trading world. This book, although old, remains a very helpful insight into a wide variety of trading topics and trading personalities. What I got out of the book most is that you can be successful in different ways - trade very often and very carefully with technical analysis. Or use fundamentals and trade big when you think the market will move. There are also many different personalities, thought the stereotype seems to be mostly people totally obsessed with money who are super stressed and have nothing happening in their personal lives. In order to be a good trader you have to be absolutely obsessive about the markets everyday. These people have lost everything and gained it back again. I think that was a bit of a takeaway from me - I don’t really admire too many of the people in the book. Trading was and remains a form of professional gambling without any real world tangible benefits that I can see. I would love to read more of the authors books as I find trading very interesting and this is super helpful insight, but this book turned me off the idea of being a trader full time more than anything. That in itself is very valuable insight.

This book is an investing and trading classic. Lots of interesting bits of wisdom and ideas in here. I re-read it every few years.

Esse é um dos melhores livros sobre trade. Muito bom mesmo. É repleto de ensinamentos. Livro fundamental para qualquer pessoa que goste do mercado financeiro.