Rating: 
Summary: fluctuates in accordance with volatility.
Review: "Adopting a formula that limited both my profits and drawdowns by notching back the number of contracts traded in each market ... the key is that the number of contracts traded fluctuates in accordance with each market's volatility."Tom Basso How long is it going to take me to learn this one?
Rating: 
Summary: Gravy book without the meat and potatoes
Review: A book with a lot of hype. When direct questions were asked of turtle traders, ALL refused to answer except one who does in generally vague statements. However the author does admit after all the interviews that there are no real trading advice given in the book, but just trading psychology which in my terms are just more ways to confuse the readers...Moreover, not really suited for anybody who trades. Period. I say this because of 3 reasons: First, all of these traders who tell of their way of thinking, is theirs and tailored personally to their trading ideas and plans--it may not be suitable for anybody else. Second, most of these traders can cut back on trading, still be in the markets and make money and take losses and suffer large drawdowns in order for the trades to work, most of us will never be in that position, nor do we manage millions or even billions in funds. And third, the big traders don't really need to listen to others. They're big themselves already. The little guy really can't move the markets much at all without deep pockets. Warren Buffett can and did so with silver in Feb. 1998. The book really comes down to the big boys keeping the secrets to themselves and telling us to practice good money management and develop our own trading plan while the reader can read and awe the interviewees like they're some idol or god....would not reccommend.
Rating: 
Summary: CareerDayTrader.com - Brilliant Follow Up to Original Book
Review: A brilliant follow up to the classic, more traders, more lessons, and more insights.
Rating:
Summary: This was too technical for novices.
Review: A good attempt, but if you're a novice trying to understand the market this isn't the book to read
Rating:
Summary: Is Michael Lauer still in this edition?
Review: A great book and one that will teach you more about investing than most of the other so-called investment books that promise much and deliver little. I'm not sure if Michael Lauer has been taken out of the book now. When I read his chapter I remember thinking he seemed a) extremely arrogant and b) extremely talented. Not sure what went wrong - maybe it was when he started trying to become a movie producer. An essential book for any serious investor (or trader).
Rating:
Summary: Insightful, easy reading with valuable lessons
Review: A great read for those daring souls considering the life of a trader. The traders interviewed all provide valuable lessons that could have saved me thousands of dollars (or more) if I had only read this book sooner. It also puts things in perspective when you read how much timeand effort these guys put into their work to become the best. Very enlightening, although I found the book to get a bit dry in the middle.
Rating:
Summary: One of The Best Trading Books To Own
Review: Along with its prequel, "The New Market Wizards" is not just a book featuring top traders and their killer strategies that brought about their raging success. The two are no less self-help books giving the much needed pointers to anyone who wants to become a better trader as it repeatedly dissects what constitutes fatal emotional pitfalls and helps readers achieve an acute state of naked realization and, perhaps taken to the extreme, self-actualization. This observation is best captured in Jack Schwager's closing interview with Dr. Van K. Tharp in "Market Wizards": "When people approach the markets, they bring their personal problems with them".
For fundamentalists, "Market Wizards" is the more appropriate book to peruse. My favorite section in the book is "A Little Bit of Everything" where views of long-term investors are discussed at length. The longest write-ups in part one of the series, perhaps purposely so, are also the most useful as interviewees proffered their tricks of their trades with great candor - Michael Marcus (42 pages), James Rogers (38), Bruce Kovner (34), Michael Steinhardt (26). Other concise but equally useful comments were aired by David Ryan (20 - and check out the wealth of investment/trading books mentioned in the interview) and William O'Neill (18).
"The New Market Wizards" is in broad terms a general rehash of ideas propounded in the first book, except that it is more geared toward trading styles than investment techniques, plus the myriad traders highlighted were newer to the game at the penning of the book and in this sense their views less impressive/thought-provoking compared to its prequel where the most legendary / crème de la crème were handpicked to go into the definitive book. Consequently, I find myself picking up appreciably less useful ideas from the second book than I did from the first, albeit Jeff Yass's "The Mathematics Of Strategy" was a refreshing read.
As a summary of Schwager's two extraodinary books on top traders, here's my take on the most important elements that contribute to trading success:
(1) Stringent Risk Control
(2) Hard Work & Tenacity
(3) Know Thyself: Identifying Areas Of Competence & Weakness
(4) Know Thy Investment As Crap Begets Crap
(5) Open-mindedness To New Ideas & Unexplored Angles
(6) Willingness To Acknowledge Defeat & Change Tack When Proven Wrong
(7) Resilience, Courage & Conviction When Markets Go Against You In The Short-Term
(8) Humility To Accept That 'The Market Is Always Right'
(9) Patience To Let Profit Run But Resolution To Run When Proven Wrong
(10) Discipline: Setting Exit & Entry Points/Targets
(11) Defensive/Offensive Behavior: 'Preserving Equity First, Making Money Second'
(12) Fire To Succeed: Total Involvement, Not Haphazard Approach
As a humble contribution, I would like to add two cents as to what defines sound trading mindset:
(a) Investment Is Counter-Intuitive: Obvious Bets Rarely Make Good Investments and vice versa.
(b) On-Going Process Of Analysis & Lateral Thinking: Importance of Leaving No Stones Unturned.
(c) Generosity of Spirit: The More That Is Given To You, The More Is Expected Of You. The common thread that reverberated throughout the books was the interviewees' generiosity in sharing their secrets of success and their philantropic works, along the lines of what George Soros is striving to achieve through his many charitable foundations and for Eastern Europe. While we are very far away from the ideal world where markets are efficient and economic allocations optimal, it is my belief that the more the public is being educated about the proper workings of the markets, the more stable they will be, and this will work for the good of the capital markets and benefit the financial/corporate world in time to come.
All said, these books are a must-read for anyone wishing to hone their skills as traders/investors and derive the positive spill-over of conquering the emotional skeletons in their closets which barred many from leading a more fulfilling life, trading/investing or otherwise. The market is a very sobering place to be where sentimentalism is shunned and those resting on their laurels will be quickly eliminated. Taking the quote from investment maestro, Michael Steinhardt, "...there is no real pattern: anyone who thinks he can formulate success in this racket is deluding himself because it changes too quickly". The resounding cardinal rules and techniques repeated by the top traders ad nauseam in these books are bound to take shape in your investment psyche and stand your future trading and investment processes in good stead.
I only wish I had read the books earlier.
Rating:
Summary: ''Schwager simply writes the best books...'' Richard Dennis
Review: Cant think of much that Schwager could possible improve on;
except writing a 4 th book & include Carl Ichan.
Easy to write helpful one liners from each trader but dont have room; 1] Mark Ritchie ''Do your own research''
2]''Amazing meticulous precision''Gill Blake's nursery teacher noted.
3]William Eckhardt ''We need BLUNT statistical instruments''
May pay to ponder the meaning of ''blunt''. i
It helped me .
Rating:
Summary: A Must Buy For Any Serious Trader
Review: Critically acclaim writer Jack D. Schwager continues his quest on finding out what it really takes to be a successful trader. After he finished his first book he came to the conclusion that winning in the markets is a matter of discipline and skill, not luck. In this book, Schwager keeps looking for new insights on what are some of those skills needed to succeed.
The New Market Wizards brings us another bunch of entertaining interviews that shine a light from different perspectives on how to beat the markets. There are so many different methods of trading found in this book, that you are bound to find something that fits your own personal style.
Just like the first book, you will have a lot of fun reading these interviews. This book is full of tips and ideas that will help you increase your knowledge of the markets. If you are looking for really good books on trading, buy these remarkable series.
Rating:
Summary: excellent reading
Review: Fun to read, a good mental break if you read all the technical books like myself. It is comforting to read about real success in the market.
| 
