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Summary: A GOOD VIEW ON UNIQUE TRADING EXPERIENCES
Review: This book contain the interview of some of the more 'senior' well-known personalities in the trading world. Sometimes I share my view on something and people tell me they don't think it is possible. One such area is the idea that it is possible to pick tops and bottoms accurately, which goes against the conventional wisdom. I am happy to quote from the interview of Mr. Paul Tudor Jones who says: I believe that the best money is to be made at the market turns. I have caught a lot of bottoms and tops."If you believe that you have a view on a subject matter which is being shunned by the majority, then this book may have just about the same idea given in one of the interviews, thus strengthening your confidence in what you stand for.. Remember, in this business it pays to be unconventional, because 95% of traders follow the standard principle and thats just about the same percentage of traders that lose their money in trading commodities!
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Summary: Good for psychology
Review: I bought Market Wizards because I am working at an Ibank trading bonds this summer. But what I found is not so much a book that tells about stochastics, models, spread swaps, or other technical stuff , but what I did find is a book that takes you into the mind of a trader. Some of these guys have made and lost millions in a day, and the thoughts that must go through their head are mind-boggling when you control millions of demanding investors' money. The value of Schwager's book lies in its potential to teach you about what mental qualities these guys all possess that make them such good traders. Using real-life examples, they preach seemingly easy tenets all traders should follow but often do not. A lot of these psychological mindframes are difficult to maintain - cutting losses, trading without emotion, confidence in positions, and above all, not to be greedy. The interview with Ed Seykota (consummate yet eccentric trader) almost makes the book worth the money. A lot of what they say seems very simple and straightforward, but until you manage millions like these guys have, you will have to settle with a vicarious lesson that teaches you these important mental traits. All of his lessons should be absorbed before you step onto the trading floor thinking you are going to own Wall Street.
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Summary: This book may save you money!!
Review: I was told about this book from a friend of mine who worked at Chase in the FX market, he calls it his bible. If I didn't already have a bible, this would be it for me. Had I read this book before I started trading (FX - Euro/Sterling/Yen) I would have saved thousands!! This book is a must read for anyone who is going to trade. I have read Murphy (Technical Analysis), Jiler (Charts), and Zweig (Winning on Wall Street). And while these books are also very good, this book by Schwager really speaks to my experiences in the market. I have read other customer reviews on this book, most of them giving a well deserved 5 stars, some of them complaining that this book didn't disclose 'secrets' or 'how to', there is no book that is going to tell you the 'secrets' of 'how to' win, but this book tells you how to look in yourself to make a winner. Forget fundementals and technical, if you can't understand timing, risk, loss, entry, etc., your dead, or will be soon!! I did attempt to look up each of these people who were interviewed to see where they are now. Many of them seem to have stopped trading, or I simply couldn't find any info on them. I also bought the book "New Market Wizards" but haven't read it yet. I wish there was a book like this that was written after 2000, as the market place is a whole lot different now with the Internet and the computing power that we have in order to do research. Mr. Schwager if you are reading this PLEASE write another book, I would like to understand how the Internet has changed the market (for both big and small players). As many of you know, a lot of publicly traded companies that exist today would not have had an IPO had it not been for the ability for millions of small investors (via eTrade, Ameritrade, etc.) to invest into these companies. The small investor can play where only the big boys used to. Bottom line if you want to play in the markets you should read this book. Hey if you don't like the book you can always sell it on Amazon (or ebay - but Amazon won't be happy!!). Good luck to you, and remember it is only money!!
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Summary: Fun to read
Review: Schwager's classic is fun to read. Many useful and practical hints for traders. After reading some investment books written by college professors, I know why they are only teaching. They treat trading as other academic subjects like Physics or Astronomy. They just waste all the time to prove or disprove some theories like EMH. They don't know (or they know it but just don't mention it) there are lots of techniques traders need to know in order to make money. If you want to be a successful trader, reading the two MW is certainly much more useful than going college. And it is also much more enjoyable and timesaving. I like the interviews with Ed seykota, Larry Hite and O'Neil. But the section about floor traders confused me. Since I didn't know anything about this area, I found it was quite hard to understand the first time I read it! Personally, I like the New Market Wizards more. Anyway, this one still deserves 5 stars.
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Summary: An important book
Review: There are 1000's of trading books available. They can be divided into four categories: books about trading written by non traders (most are in this category; don't waste your time or money on them), books about traders written by non traders (most are worthless), books about trading written by traders, and books about traders written by traders. This book is the best book available in the latter category. If you need a book about technical indicators, this isn't it. If you need a book to get a glimpse at the thought processes of successful traders, this is it. Jack has the remarkable ability to ask relevant and productive questions of some of the most successful traders of out time.
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Summary: A Great Book to Learn about Important Trading Rules
Review: Getting into the mind of some of the best traders, they all have several things in common. When reading Market Wizards, you keep saying to yourself, "Yes, that makes sense." Just make sure you follow these rules in the real world. A little older, the same rules still apply today. It is even fun to read about how some of the trading was done over 10 years ago. Definitely an investment classic. This book should be read by everyone who is serious and committed to managing at least a portion of his or her own money.
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Summary: This is a classic
Review: Insightful interviews with the greatest traders & investors of our time. This one is much better than the Money Masters books. Market Wizards taught me that success in trading was more than just luck, as the efficient market people would say and my finance classes at Brown taught. There is skill, education, and a level of learned maturity involved. This is another book I re-read constantly to get inspiration and tips to succeed as an investor.
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Summary: A Trully Great Book!
Review: This is one of the few books that I have read over and over again. You find a lot of valuable resources and it is a very entertaining read. I always find something new. Being a succesfull trader, I recomend this book to anybody that is interested in this bussines.
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Summary: Stop everything else until you read Market Wizards
Review: Just stop trading. Stop watching the Big Board. Stop looking at the futures. Stop checking your quotes every hour. Turn off E*Trade. Do NOT make one more move until... you read what the MASTERS OF THE GAME DO. Why in the WORLD would you want to keep trading and investing without hearing what the most successful investors in the world do? Here, they share their strategies, they tell you what makes and what breaks them. One rule that PERMEATES almost every Market Wizard in this gem: Plan your Trades and Trade your Plan. Without a trading plan you will fail or be far less successful (but you'll probably fail). When will you enter the trade? When will you exit the trade? What are your stops? ONLY until you know these answers should you make a move in the market. Here is FREE (less the cost of the book) TRAINING AND ADVICE FROM THE WORLD'S BEST TRADERS EVER. PERIOD. Why do we sometimes think we know more than they??? STOP now and read Market Wizards. Then, you may be included in a future edition! (Be sure to thank me if that happens, I don't mind large bills!)
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Summary: As good as it gets
Review: If you are interested in philosophy you read about the great philosophers, if you are interested in coaching sports read about the methods of great coaches, and if you are interested in financial market success, you should read market wizards. The author of this book has done all traders and investors an extremely valuable service by interviewing some of the best speculators of our time. This book is really a collection of wisdom from people who at the time this book was written, had extraordinary results in the financial markets. While the traders interviewed in Market Wizards do not reveal some "holy grail" trading strategy for making millions, there are many speculation related philosophical insights that should certainly point you towards a proper frame of thinking about what it takes to trade succesfuly. Some of the basic insight common to all traders interviewed in this book are: Cut your losses short, let your profits run, The value of patiently waiting for the right trading opportunity, personal discipline, getting your ego out of trading decisions, and many more. This is not the type of book you read only once. To become a successful market speculator, one must have a sound trading philosphy, a valid technique, and most importanlty the discipline to implement it. I believe market wizards, allows you to read about many different individuals who each have a valid trading philosophy, a valid method, and the discipline to execute. While one cannot expect to become a market wizard simply by reading a book about them, I believe one will certainly point themselves in the right direction of achieving the goal of understanding what it will take to succeed in the financial markets by reading this book.
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