How do some of the world's most successful traders amass millions of dollars in a year - or sometimes in hours? Are they masters of a priceless wizardry or simply the very lucky winners in a random market lottery that allows only a few players to become fantastically wealthy? What are the secrets of their unheard-of successes?
After interviewing top traders in a variety of markets, market expert Jack D. Schwager concludes that while method undoubtedly accounts largely for trading success, no one approach is used by all, or even most, of the traders interviewed.
Even more interesting is Schwager's finding that, as great a role as method plays, it must be accompanied by the 'proper' mental posture - a notion that surfaces frequently in the interviews. The secret seems to have more to do with personal attitude than with approach. What mental disciplines, what emotional responses, what intangible ingredients make these top traders so mysteriously effective? What enables them to work financial magic while so many others walk away losers?
MARKET WIZARDS allows the reader to delve into the minds of these professional traders. It explains the very elements of their success .... different approaches used in different markets .... trading rules that each of them adhere to .... personal advice for other traders.
"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
"Its difficult enough to develop a method that works. It then takes experience to believe what your method is telling you. But the toughest task of all is turning analysis into money. If you don't believe it, try it. These guys have it all: a method, the conviction and the discipline to act decisively time after time, regardless of distractions and pressures. They are heroes of Wall Street, and Jack Schwager's book brings their character vividly to life."
- Robert R. Prechter, Jr., Editor of The Elliott Wave Theorist
Part I: Futures and Currencies
Taking the Mystery out of Futures
The Interbank Currency Market defined
Michael Marcus: Blighting never strikes twice
Bruce Kovner: The World Trader
Richard Dennis: A Legend retires
Paul Tudor Jones: The Art of Aggressive Trading
Gary Bielfeldt: Yes, they do trade T-Bonds in Peoria
Ed Seykota: Everybody gets what they want
Larry Hite: Respecting Risk
Part II: Mostly Stocks
Michael Steinhardt: The Concept of Variant Perception
William O'Neil: The Art of Stock Selection
David Ryan: Stock Investment as a Treasure Hunt
Marty Schwartz: Champion Trader
Part III: A Little Bit of Everything
James B. Rogers, Jr.: Buying Value and selling Hysteria
Mark Weinstein: High-percentage Trader
Part IV: The View from the Floor
Brian Gelber: Broker turned Trader
Tom Baldwin: The fearless pit trader
Tony Saliba: 'One-Lot' triumphs
Part V : The Psychology of Trading
Dr. Van K. Tharp: The Psychology of Trading
The Trade: A Personal Experience
Postscript: Dreams and Trading
Final word
Appendix 1: Program Trading and Portfolio Insurance
Appendix 2: Options - Understanding the Basics
Glossary
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