Market Wizards
Encyclopedia
Market Wizards is a book written by Jack D. Schwager
and published in 1988 in which he interviews a wide range of traders
with excellent track records of profitability.
The book contains four parts covering interviews with traders in a wide range of markets. The interviews contain a mixture of facts about the trading careers of the interviewees, their philosophy, and many trading anecdotes. After each of the interviews, Schwager summarises what he believes are the key things to be learned from that particular trader. The book also contains a fifth part on the psychology of trading and two appendices on program trading
and basic options theory. If you want to get some insights, by way of verbatim interviews, into the thought processes and trading rules.
Among thosed profiled in this book are Ed Seykota
, Bruce Kovner
, Paul Tudor Jones
, Michael Steinhardt
, Van K. Tharp
and James B. Rogers
.
, and then in 2001 a third book, Stock Market Wizards
Jack D. Schwager
Jack D. Schwager is the author of the books Market Wizards, New Market Wizards, Stock Market Wizards, and Getting Started in Technical Analysis...
and published in 1988 in which he interviews a wide range of traders
Trader (finance)
A trader is someone in finance who buys and sells financial instruments such as stocks, bonds, commodities and derivatives. A broker who simply fills buy or sell orders is not a trader, as they are merely executing instructions given to them. According to the Wall Street Journal in 2004, a managing...
with excellent track records of profitability.
The book contains four parts covering interviews with traders in a wide range of markets. The interviews contain a mixture of facts about the trading careers of the interviewees, their philosophy, and many trading anecdotes. After each of the interviews, Schwager summarises what he believes are the key things to be learned from that particular trader. The book also contains a fifth part on the psychology of trading and two appendices on program trading
Program trading
Program trading is a generic term used to describe a type of trading in securities, usually consisting of baskets of fifteen stocks or more that are executed by a computer program simultaneously based on predetermined conditions...
and basic options theory. If you want to get some insights, by way of verbatim interviews, into the thought processes and trading rules.
Among thosed profiled in this book are Ed Seykota
Ed Seykota
Edward Arthur Seykota is a commodities trader, who earned S.B. degrees in Electrical Engineering from MIT and Management from the MIT Sloan School of Management, both in 1969. In 1970 he pioneered Systems trading by using early punched card computers to test ideas on trading the markets...
, Bruce Kovner
Bruce Kovner
Bruce Stanley Kovner is an American businessman. He is the founder and Chairman of Caxton Associates, a hedge fund that trades a global macro strategy and is considered amongst the worlds top and largest 10 hedge funds with an estimated $14 billion under management...
, Paul Tudor Jones
Paul Tudor Jones
Paul Tudor Jones II , is the founder of Tudor Investment Corporation, which is the management company for his various private investment partnerships, also referred to as hedge funds. As of March 2011, he was estimated to have a net worth of USD 3.3 billion by Forbes Magazine and ranked as 336th...
, Michael Steinhardt
Michael Steinhardt
Michael H. Steinhardt is an American investor and philanthropist active in Jewish causes. He was one of the first prominent hedge fund managers, and is a graduate of the Wharton School of the University of Pennsylvania. He founded Steinhardt, Fine, Berkowitz & Co., a hedge fund, in 1967...
, Van K. Tharp
Van K. Tharp
Dr. Van K. Tharp is an American psychologist, traders coach and bestselling author of Trade Your Way to Financial Freedom; Safe Strategies for Financial Freedom Financial Freedom through Electronic Day Trading, Super Trader, The Definitive Guide To Position Sizing and The Peak Performance Trading...
and James B. Rogers
Jim Rogers
James Beeland Rogers, Jr. is an American investor, author, and occasional financial commentator. He is currently based in Singapore. Rogers is the Chairman of Rogers Holdings and Beeland Interests, Inc...
.
Traders Interviews
Schwager kicks off the series of interviews-and hence the investigation into their thought process- by talking to a man he describes as one of the pioneers of commodity trading- Michael Marcus of Canmarc Trading Co. His discussion with Marcus is typical of the book as a whole. The reader effectively eavesdrops on a conversation between the two men that starts with how Marcus got into the business and continues through subjects such as the skill necessary to become a good trader.Follow-up books
After the success of Market Wizards, Schwager in 1992 released a second book, The New Market WizardsThe New Market Wizards
The New Market Wizards is a book by Jack D. Schwager published in 1992. The format is very similar to his 1988 Market Wizards, with a new selection of interviews with super-traders....
, and then in 2001 a third book, Stock Market Wizards
External links
- http://www.allbusiness.com/accounting-reporting/budget-operating-budget/572573-1.html"The best reads for traders, Futures magazineFutures (magazine)Futures magazine is a U.S.-based monthly magazine about commodity futures contracts, stocks, options, derivatives, and forex.Another periodical called Futures is a journal on policy, planning and futures studies....
, June 2000]
- http://www.allbusiness.com/specialty-businesses/110703-1.html"Market Wizards: Interviews with Top Traders," Futures magazineFutures (magazine)Futures magazine is a U.S.-based monthly magazine about commodity futures contracts, stocks, options, derivatives, and forex.Another periodical called Futures is a journal on policy, planning and futures studies....
, October 1989]