Market Wizards and Interviews With Top Traders – Jack D. Schwager trading book review

Market Wizards, Updated: Interviews With Top Traders
The first edition of this book was published twenty years ago, but its value still remains unchanged. Merely because markets do tend to change, and specific systems may change, but the root of the principles are the same. People are the factor that control the market, and people don’t change in terms of their tendencies and methods. It is evident that those managers who read the first edition suggest for the new coming generations of traders to read this book as well.
In this book, the author explains how the trading changed since the rise of the quant and algorithmic traders, and how the basic concepts of trading will always remain the same.
In this book bestselling author Jack D. Schwager is trying to find answers to questions that many of as have ask: „What is the sicret of the most sucessefull traders“. In his quest, Schwager interviewed some of the top traders in financial markets. Even though their answers were different but at the end all answers came to same formula: Solid methodology + proper mental attitude = trading success. He gathered these answers in this book to be a guide and inspiration for new traders.
These interviews will give readers closer picture on great money makers like Bruce Kovner, Richard Dennis, Michel Steinhardt, Paul Tudor Jones, Ed Seykota, Tom Baldwin, Marty Schwarz and many other superstar money makers which share their stories with Jack Schwager.
These stories include the story about trader who made 80 million dollars with investing only 30.000 thousand or of a man who made 2 billion dollars out of only 25.000 invested.

Also, in order to avoid making most common mistakes, especially if you are a novice trader, this book will explain in details how it is important to develop own methodology instead of looking for easy solutions for the demanding business, by listening to other people, and by learning about how to focus on trade exits instead of determining trade entries.
Martin W Zweig refers to this book as “one of the most fascinating books about Wall Street”, as he points out that some of the “Wizards” interviewed in the book are his friends and that the author has nailed the most important subjects.
Robert Prechter, an editor in Elliott Wave Theorist explains how difficult it is to form a method that works for you. One needs to spend time to know what your method actually shows you theoretically and to connect it with reality and turn analysis into money. The “Wizards” have that in their pocket. They are the veterans of Wall Street and their determination to act upon their methods was not built over night.

Interviews with seventeen highly profiled investors will give you answers to questions about the difference between playing a lottery and thorough analysis and hard work. You will see how they became to be millionaires when many people can’t make any significant success in the market.

With this book, a reader will enter the minds of the chosen few, some of the most successful traders of all time. You will get insight into the mental strength needed to become what they have become.

Also, you will notice some people who read this book’s first edition several times throughout their carriers and how it had help them to gain similar success to the wizards. Those people testify that the value of the book still hasn’t and will not in future lose its significance, as the peoples mind doesn’t change, regardless of what happens with the market.
The author Jack D Schwager is a noticeable expert on hedge funds, futures and is the author of many highly popular financial books. He has spent more than two decades in a position of director of futures research for some of Wall Street’s most successful companies.