Some traders distinguish themselves from the herd. These supertraders make millions of dollars - sometimes in hours - and consistently outperform their peers.
As he did in his acclaimed national best seller, Market Wizards, Jack Schwager interviews a host of these supertraders, spectacular winners whose success occurs across a spectrum of financial markets. 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.
A sampling of the traders you will meet in The New Market Wizards:
Asking the questions that listeners with interest in the financial markets would love to pose to the financial superstars, and filled with candid appraisals, The New Market Wizards takes its place as a classic.
©1992 Harper (P)2016 Jack Schwager
The start of the book is a bit boring but as it moves to the dialogues with the top traders it gets immensely instructive.
this is a great book to listen to about the stock market. this is very insightful and takes a look at those big players that are in the stock market.
"Good insight, even for experienced traders"
I always look for advanced books on investing and trading. It's hard for me to find. This isn't very advanced as far as the technical content, but there are gold nuggets mentioned.
The main concepts covered with trading is beneficial because these traders outline their success and basic principles. This can be a big help if you get stuck or in indecision
I listen to my books +2x speed.
"Must read (listen)"
This book is an absolute must read if you take trading seriously. It gives some important insights in the way the 'Market Wizards' think and act.
"best book on trading by far. this book > ur mentor"
This is best book on trading by far. this book > ur mentor, trading group. ppl would save thousands of dollars if they take the time to read this book first.
"oh my gosh...definitely something to fall asleep."
OK, I have been a member for many years. my 40+ books mostly on money,banks,educational is a library that I am proud of. But believe me, once in a while I come across a book that is just over the top. In this case NOT in a good way. The information in this book is minimal, but seems to me a huge ego trip by the Author. Save your money!
I also recommend that you take note of and buy all the other books mentioned inside. Dig deeper.
"All of the Market Wizards Books are Essential"
All of the Market Wizards Books are Essential if you want to know the common characteristics of top traders and figure out which strategies fit you.
"Market Wizards: Perennial MVP of Trading Books"
I have recommended this book and the others in the MW series since I first read them decades ago. Since then, I've purchased these books as gifts for friends and students and I re-read them a few times per year.
Trading is largely a psychological activity and the technical "how to" part of it is very easy to learn. Harder is to do is to develop thick skin, persevere and maintain a level of determination to succeed.
Market Wizards and New Market Wizards are the best books on the planet for anyone who ever wanted to trade. They explain, in the trader's own words, how they had to overcome family problems, trading losses, bad markets, slippage, and emotional breakdowns to get to the level of success we now know them for. No one is immune from trading losses - it's the tuition you have to pay early on to learn to be a trader. For a pro, losses are part of the business.
I think anyone can learn trading, but not everyone can actually do it because of the emotional and psychological aspects of managing risk. The intellectual or academic aspect of trading is not terribly difficult to grasp. How a trader learns to handle losses is probably the most striking aspect of this book. Each trader had to find his own way to learn to deal with being wrong 60+% of the time, find a way to be profitable, and still function as a person.
Smart people don't like being wrong and in New Market Wizards you learn how such individuals leave the world of 'accuracy' and thrive in the world of 'Expected Values' despite having wildly different trading rules
You learn, ultimately, that the trader is the system.
Victor Sperandeo. I'm still struck by his run of 18 consecutive years of profitability. He is the first trader who I heard say that the first order of business as a trader is to focus on "not losing." Playing superior defense is job #1.
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