Market Wizards

Market Wizards is a book written by Jack D. Schwager and published in 1989 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. ^[1]

Among those profiled in this book are Ed Seykota, Bruce Kovner, Paul Tudor Jones, Michael Steinhardt, Van K. Tharp and James B. Rogers.

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 Wizards, in 2001 a third book, Stock Market Wizards, and in 2012 his latest book, Hedge Fund Market Wizards.

Notes

References

Coyle, Dominick, Financial Times, April 2, 1990, "The FT Review of Business Books; Masters of the Universe"

External links

• Summary of Market Wizards: Interviews With Top Traders
• "The best reads for traders, Futures magazine, June 2000
• "Market Wizards: Interviews with Top Traders," Futures magazine, October 1989
• Wall Street Journal review
• Chicago Tribune review
• Esquire review
• Optionsxpress review

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