Market Wizards, Updated: Interviews with Top Traders
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- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-04-16 13:57:26
- Update Date：2025-09-06
- Status：finish
- Author：Jack D. Schwager
- ISBN：1118273052
- Environment：PC/Android/iPhone/iPad/Kindle
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Summary
The world's top trader's reveal the secrets of their phenomenal success！
How do the world's most successful traders amass tens， hundreds of millions of dollars a year？ Are they masters of an occult knowledge， lucky winners in a random market lottery， natural-born virtuosi--Mozarts of the markets？ In search of an answer， bestselling author Jack D。 Schwager interviewed dozens of top traders across most financial markets。 While their responses differed in the details， all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success。 In Market Wizards Schwager lets you hear， in their own words， what those super-traders had to say about their unprecedented successes， and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right。
Features interviews with superstar money-makers including Bruce Kovner， Richard Dennis， Paul Tudor Jones， Michel Steinhardt， Ed Seykota， Marty Schwartz， Tom Baldwin， and more Tells the true stories behind sensational trading coups， including the one about the trader who turned $30，000 into $80 million， the hedge fund manager who's averaged 30% returns every year for the past twenty-one years， and the T-bond futures trader who parlayed $25，000 into $2 billion in a single day！ Market Wizards is one of the most fascinating books ever written about Wall Street。 A few of the 'Wizards' are my friends--and Jack Schwager has nailed their modus operandi on the head。
--Martin W。 Zweig， Ph。D。， Editor， The Zweig Forecast
How do the world's most successful traders amass tens， hundreds of millions of dollars a year？ Are they masters of an occult knowledge， lucky winners in a random market lottery， natural-born virtuosi--Mozarts of the markets？ In search of an answer， bestselling author Jack D。 Schwager interviewed dozens of top traders across most financial markets。 While their responses differed in the details， all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success。 In Market Wizards Schwager lets you hear， in their own words， what those super-traders had to say about their unprecedented successes， and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right。
Features interviews with superstar money-makers including Bruce Kovner， Richard Dennis， Paul Tudor Jones， Michel Steinhardt， Ed Seykota， Marty Schwartz， Tom Baldwin， and more Tells the true stories behind sensational trading coups， including the one about the trader who turned $30，000 into $80 million， the hedge fund manager who's averaged 30% returns every year for the past twenty-one years， and the T-bond futures trader who parlayed $25，000 into $2 billion in a single day！ Market Wizards is one of the most fascinating books ever written about Wall Street。 A few of the 'Wizards' are my friends--and Jack Schwager has nailed their modus operandi on the head。
--Martin W。 Zweig， Ph。D。， Editor， The Zweig Forecast
Reviews
Cameron
，
An excellent introduction to the fundamentals of trading。 It's a nice varied format in the form of interviews with various successful traders thoughts on trading mixed in with personal anecdotes。Convers Fundamental Trading vs Technical Analysis， psychology of trading， risk management， how traders got their start and so forth。Some takeawaysFollow narrativesFundamentals - Supply and demandRisk management - Don't bet more than 5-10% of net worth on 1 idea/trade， always use stopsLet winners run， cut An excellent introduction to the fundamentals of trading。 It's a nice varied format in the form of interviews with various successful traders thoughts on trading mixed in with personal anecdotes。Convers Fundamental Trading vs Technical Analysis， psychology of trading， risk management， how traders got their start and so forth。Some takeawaysFollow narrativesFundamentals - Supply and demandRisk management - Don't bet more than 5-10% of net worth on 1 idea/trade， always use stopsLet winners run， cut losses shortBe aware of your psychology when trading - Fear， over-excitement etcBetter to have a few strong ideas executed well than many poorlyBet big when you're confidentTake partial profits on rises and partial liquidations on losersMake the time to do the work/researchAs music is the space between the notes so can trading - don't trade when there's nothing on， be selectiveWhen it's going great biggest losses often come right around the corner， don't be complacent Don't add to losersThink in terms of catalysts 。。。more
Rahul
，
jfdnelkf
Matthew Bishop
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This was a very American book and I felt too dated to gleam any real uselessness from。 I’m sure these guys are seriously successful， but none of it was immediately useful to a dabbler like myself。 There were some chapters in the middle that helped a little bit。
Emiliano Marti
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hola puedo leerlo'？？？ hola puedo leerlo'？？？ 。。。more
Uğur Erdem Seyfi
，
Kitap alanında çok başarılı olmuş olan 15 farklı trader ile yapılan röportajlardan oluşuyor。 Genel olarak oldukça akıcı olduğunu söyleyebilirim。 Röportajı yapılan traderların deneyimlerini okumak， maceralarına tanık olmak oldukça zevkliydi。 Genel olarak kitaba dair en kalıcı bulduğum şeylerden birisi， birlikte röportaj yapılan trader'lar arasındaki benzerlikler ve farklılıklardı。 Farklılıklar alım satımı yapılan malın ne olduğundan （hisse， opsiyon， emtia/döviz， tahvil。。）， takip edilen zaman dili Kitap alanında çok başarılı olmuş olan 15 farklı trader ile yapılan röportajlardan oluşuyor。 Genel olarak oldukça akıcı olduğunu söyleyebilirim。 Röportajı yapılan traderların deneyimlerini okumak， maceralarına tanık olmak oldukça zevkliydi。 Genel olarak kitaba dair en kalıcı bulduğum şeylerden birisi， birlikte röportaj yapılan trader'lar arasındaki benzerlikler ve farklılıklardı。 Farklılıklar alım satımı yapılan malın ne olduğundan （hisse， opsiyon， emtia/döviz， tahvil。。）， takip edilen zaman dilimine （dakika， saat， gün， hafta， ay。。） vs。 gibi şeylerin yanı sıra izlenilen sistemlerin doğasından da kaynaklanıyordu。 Bu trader'lardan kimileri yalnızca teknik analize odaklanıp temel analizi dikkate almazken kimileri temel analize çok odaklanıp teknik analize odaklanmamayı， kimileriyse ikisine de odaklanmayı tercih ediyor。 Kimileri sistemlerini trendfollowing üstüne kurmuşken， kimileri dönüş noktaları yakalama， kimileri ise belli fiyat aralıklarına oynama şeklinde kurmuş。。。 Bence yapılan röportajların gösterdiği şeylerden en önemlisi birbirine oldukça zıt görünebilen bu sistemlerin ve yaklaşımların bile doğru kullanıcılar elinde kar sağlayabileceği şeklinde。 Bir strateji bulmanın yanı sıra aynı zamanda psikolojik yapınızın bu strateji ile uyumlu olması da gerekiyor。 Aslında hayatını borsaya vermiş bir sürü insanın deneyimlerini dinlemek， bahsettikleri bazı temel gözlemleri kendimde ve insanlarda da gözlemlemek güzeldi。 Ayrıca bazı şeyleri deneyimleyerek tecrübe etmektense başkalarının deneyimlerini önceden dinleyip hazırlıklı olmanın ayrı bir güzelliği var。 Kendimi doğrudan bir trader olarak görmesem de kitapta bahsedilen bazı konuları kendimle de bir hayli özdeşleştirdim， bunlardan en önemli ikisi: kar/zarar durumuna göre değil， market yapısı ve sisteme göre hareket etmek ve zararları kesip， kara oturmak şeklindeydi。"Zararı kes， kara otur"， "materyalistik düşüncelere göre değil， market yapısına göre karar al"， "riski ciddiye almazsan patlarsın" gibi temel fikirler de kitap boyunca bir sürü trader tarafından vurgulanıyor。Bunun haricinde kitaptaki traderların çoğunluğunun gösterdiği bir takım özellikleri yazar son sözünde şöyle özetlemiş: " [İlgili trader'ların] Tarzları birbirinden çok farklı olmasına rağmen， hepsinin birçok ortak paydası olduğu açıktır:1。 Kendisiyle röportaj yapılan bütün bu trader'ların başarılı olma arzuları vardır。 Birçok durumda amaçlarına ulaşmak için büyük engelleri aşmışlardır。2。 Hepsi uzun vadede kazanmaya devam edebileceklerini gösteren özgüvene sahiptir。 İstisnasız olarak， yaptıkları işlemleri paraları için en iyi ve en güvenilir yatırım olarak görmüşlerdir。3。 Her trader kendi işine yarayan bir yöntem bulmuştur ve bu yönteme sadık kalmıştır。 Disiplin kelimesinin en çok kullanılan sözcük olması çok dikkat çekicidir。4。 En üst noktaya ulaşan bu trader'lar yaptıkları işi çok ciddiye almaktadırlar; uyku saatlerinin önemli bir kısmını piyasa analizleri yapmaya ve trading stratejileri geliştirmeye ayırmaktadırlar。5。 Röportaj yapılan bütümn bu kişilerin işlem stratejisinin en önemli unsurlarından biri， tavizsiz olarak gerçekleştirdikleri risk kontrolüdür。6。 Birçok trader doğru pozisyon fırsatının kendini belli etmesini bekleme sabrını gösterme üzerinde durmuştur。7。 Çoğunluktan bağımsız hareket etmenin önemi sıkça vurgulanan noktalardan biridir。8。 Zirveye ulaşan bütün bu trader'lar， kaybetmenin oyunun bir parçası olduğunu anlamıştır。9。 Hepsi yaptıkları işi sevmektedir。" 。。。more
Matthew
，
This was one of the first books recommended to me when I first started taking an interest in the financial markets， and I can see why it is widely considered a classic of the genre。As far as I can tell it was the first compilation of interviews of its kind， and the fact that it distilled the key insights of the top traders of the time helped filter out a lot of the opinionated noise that abounds in market literature。I use the past tense， because I find myself wondering how much value remains in This was one of the first books recommended to me when I first started taking an interest in the financial markets， and I can see why it is widely considered a classic of the genre。As far as I can tell it was the first compilation of interviews of its kind， and the fact that it distilled the key insights of the top traders of the time helped filter out a lot of the opinionated noise that abounds in market literature。I use the past tense， because I find myself wondering how much value remains in a book like this。 The markets have changed enormously since the 1980s， when program trading was the controversial hot topic of the day。 Now， index trading has proven to be at least as good on average as managed money， and quantitative finance has also been hugely successful。 In addition， there are a lot of discount zero-commission brokers， and with legions of clueless or partially educated day traders trying to make a quick buck on Robinhood this relatively new democratization of trading is causing financial types to reevaluate how the market is expected to work。The nuggets of wisdom in Market Wizards are now themselves a mixture of timeless truths and outdated noise。 The solid content has found its way into the foundational tenets that everyone learns when they start out - the importance of diversification， risk management， cutting your losses， running your winners， how to pick stocks， etc。 The lasting piece of wisdom that will stay with me from the book is Ed Seykota's comment "Everyone gets what they want from the market"。For me， I was interested to read about the design of hedged trades， and the research that goes into finding the correct combination of longs and shorts to counterbalance each other。 I also liked the appendix on Options - the explanation given was quite helpful and a springboard for further learning in this area。 The section on the Psychology of Trading was interesting， but there is much more literature available now on the subject and some excellent books like The Psychology of Money by Morgan Housel and Thinking， Fast and Slow by Daniel Kahneman that are better than Schwager's interview with Dr Van Tharp。Overall I thought it was definitely worthwhile and it has inspired me to take a more studious approach to the trading I do。 。。。more
Bryan V。
，
solid read - worthy of at least a quick skim
Mwana Wesley
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I think I'll be great I think I'll be great 。。。more
Mohit Mundhra
，
Very good and insightful view into the trading styles of the best of the bests。
Claudia
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Ed seykota is by far one of my favourites from this book！ Although it was written in a different era， there are many gems！
Prajwal
，
A journey within yourself as a traderMust read for aspiring traders。The book will help you inspect yourself making your strengths and weaknesses and your personality in trading standout clearly。
Adam Jun Hong
，
One of the best books to gain insights on what successful traders do and would be good to re-read once a year
Bryan
，
I read this one slow and took time to think and absorb the information presented by all of these market wizards。 The format was excellent and the experience shared is helpful and educational。 each of the interviews took place decades ago so they are dated， however， the value extracted is individual and personal and will stand the test of time。
Kevin Yuan
，
Pretty interesting read at the time that our financial markets are over heating。
Andreas Larsson
，
An interesting and mostly well written book。 I understand why it is considered a classic。 I cannot say I understood everything， but I feel the book has showed me some good rules， common to most/many of the successful traders interviewed， that I believe can be of benefit to me。
Maru Reads
，
Having been eager to get into investing while young， I found Market Wizards by Jack D。 Schwager to be an enlightening collection of investing advice and trading advice。 Schwager makes the distinction that investing means picking a collection of stocks that will bring long-term returns， while trading means studying price variations to make short-term returns。The best and most common advice given from the book is to "do your homework" and this is emphasized by Schwager at the end， when he himsel Having been eager to get into investing while young， I found Market Wizards by Jack D。 Schwager to be an enlightening collection of investing advice and trading advice。 Schwager makes the distinction that investing means picking a collection of stocks that will bring long-term returns， while trading means studying price variations to make short-term returns。The best and most common advice given from the book is to "do your homework" and this is emphasized by Schwager at the end， when he himself realizes that writing this book left him no time to study how to improve his trades。 The next best advice was to "be flexible。 Biases against certain markets or types of trades limit your field of opportunity"。My favorite investor interviewed after reading this book was Tom Baldwin。 He emphasizes not viewing trading in terms of money and only using money to keep the score。 Baldwin admits that "if you make a lot of money。。。 you start to think you are infallible" and suggests not forgetting the research it took to make the good "picks"。 A good example of the fallibility of this goal is Mark Weinstein， who admits to wanting a castle in the south of France to enjoy and for capital appreciation。 His wish to make a little more for the purchase $350，000 led him to wait too long on his trade， when it suddenly started decreasing。This book provides expert advice to newcomers， and despite having a male-only perspective of being a trader， provides varied and interesting tips that are surely relevant in today's markets。 。。。more
Bobby R。 Grissom
，
Great Book well worth the time and money to read！I love the way Jack wrote about each one of the traders in this book。 Not only did he get them to tell about how they got started trading but he got them to open up about how they viewed their trading。 It has really open up my eyes as to the importantance of risk and taking losses。
Niranjan Lakhanpal
，
Required reading for any aspiring or seasoned trader， interviews are from ~1988 but timeless。
Katja Riya
，
I liked this book a lot。 Jack Schwager made a tough work， trying to make this book interesting to read， collecting all those interviews。I liked a lot that stories cover different types of traders: from risky intuitive daytraders to slow and fundamental investors。 Some interviews are pretty dull， but Schwager tried to lighten them up as hard as he could :DSome interviews are just amazing - bright and full of insights。
MJ Jabarian
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The bible of trading。Read this 20 times and you'll still pick up something useful to add to your trading。 The bible of trading。Read this 20 times and you'll still pick up something useful to add to your trading。 。。。more
Sufian
，
With so many case studies in various Investing schemes， it teaches you patience！ Good to have read it
Jack Fernandes
，
Cool book but I preferred money masters series by John Train。 Too much focus on technical analysis， but it’s hard to remember that this book was from the 1980’s。 With that in mind， this book was innovative for its time。
Hass Khalife
，
Some really great interviews， others were quiet dull but still informative。 Must read for any serious trader。
Manish Gupta
，
The book covers a wide range of trading and investing topics。 It offers great perspective into the ways of champion traders and the techniques they employed to reach pinnacle。 Key topics like Money management， risk management， developing an edge， relentless hard work and above all enjoying the entire trading process are well elucidated through the experiences of traders employing various styles。 Traders would do well to read the book。
Santosh Ghalan
，
A good collection of interviews with the best performers in the industry or "trade"。 I will have to read it again to catch up。 A good collection of interviews with the best performers in the industry or "trade"。 I will have to read it again to catch up。 。。。more
Renan Diego Sacramento
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Great book
Antonio
，
You like stocks？ Then get this
Alexander
，
A well written book， but in light of Taleb's philosophy， the wizards don't look as fascinating as they once did。 A well written book， but in light of Taleb's philosophy， the wizards don't look as fascinating as they once did。 。。。more
Jonathan Birnbaum
，
Oustanding collection of interviews between the author and various traders in the '80s。 If you want to try to get inside the heads of some of the best traders， this book is a must。 While the traders were very diverse in terms of markets and style， the common themes that emerged were:-they became enamored/addicted to markets at an early age-some had little/none formal training-many blew up early / came very close to total ruin before taking off-preventing ruin and diligent risk management is cruc Oustanding collection of interviews between the author and various traders in the '80s。 If you want to try to get inside the heads of some of the best traders， this book is a must。 While the traders were very diverse in terms of markets and style， the common themes that emerged were:-they became enamored/addicted to markets at an early age-some had little/none formal training-many blew up early / came very close to total ruin before taking off-preventing ruin and diligent risk management is crucial-translating your risk dollars into consumption will lead you astray -there are many ways to make money in markets， need to find the style that works for you -consistency is everythingeveryone gets what they want from the market。 what do you want？ listened on audible - the narrator does a great job of switching between interviewer/ee 。。。more
Nikhila
，