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3 of 3 people found the following review helpful
5.0 out of 5 stars This book may save you money!!
I was told about this book from a friend of mine who worked at Chase in the FX market, he calls it his bible. If I didn't already have a bible, this would be it for me.
Had I read this book before I started trading (FX - Euro/Sterling/Yen) I would have saved thousands!! This book is a must read for anyone who is going to trade.
I have read Murphy (Technical...
Published on March 23 2004 by robert rivera

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2 of 2 people found the following review helpful
3.0 out of 5 stars Good for psychology
I bought Market Wizards because I am working at an Ibank trading bonds this summer. But what I found is not so much a book that tells about stochastics, models, spread swaps, or other technical stuff , but what I did find is a book that takes you into the mind of a trader. Some of these guys have made and lost millions in a day, and the thoughts that must go through their...
Published on Feb. 24 2003 by Sam McCarthy


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3 of 3 people found the following review helpful
5.0 out of 5 stars This book may save you money!!, March 23 2004
By 
I was told about this book from a friend of mine who worked at Chase in the FX market, he calls it his bible. If I didn't already have a bible, this would be it for me.
Had I read this book before I started trading (FX - Euro/Sterling/Yen) I would have saved thousands!! This book is a must read for anyone who is going to trade.
I have read Murphy (Technical Analysis), Jiler (Charts), and Zweig (Winning on Wall Street). And while these books are also very good, this book by Schwager really speaks to my experiences in the market.
I have read other customer reviews on this book, most of them giving a well deserved 5 stars, some of them complaining that this book didn't disclose 'secrets' or 'how to', there is no book that is going to tell you the 'secrets' of 'how to' win, but this book tells you how to look in yourself to make a winner.
Forget fundamentals and technical, if you can't understand timing, risk, loss, entry, etc., your dead, or will be soon!!
I did attempt to look up each of these people who were interviewed to see where they are now. Many of them seem to have stopped trading, or I simply couldn't find any info on them. I also bought the book "New Market Wizards" but haven't read it yet. I wish there was a book like this that was written after 2000, as the market place is a whole lot different now with the Internet and the computing power that we have in order to do research.
Mr. Schwager if you are reading this PLEASE write another book, I would like to understand how the Internet has changed the market (for both big and small players). As many of you know, a lot of publicly traded companies that exist today would not have had an IPO had it not been for the ability for millions of small investors (via eTrade, Ameritrade, etc.) to invest into these companies. The small investor can play where only the big boys used to.
Bottom line if you want to play in the markets you should read this book. Hey if you don't like the book you can always sell it on Amazon (or ebay - but Amazon won't be happy!!).
Good luck to you, and remember it is only money!!
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2 of 2 people found the following review helpful
3.0 out of 5 stars Good for psychology, Feb. 24 2003
By 
Sam McCarthy (New York, NY) - See all my reviews
(REAL NAME)   
I bought Market Wizards because I am working at an Ibank trading bonds this summer. But what I found is not so much a book that tells about stochastics, models, spread swaps, or other technical stuff , but what I did find is a book that takes you into the mind of a trader. Some of these guys have made and lost millions in a day, and the thoughts that must go through their head are mind-boggling when you control millions of demanding investors' money. The value of Schwager's book lies in its potential to teach you about what mental qualities these guys all possess that make them such good traders. Using real-life examples, they preach seemingly easy tenets all traders should follow but often do not. A lot of these psychological mindframes are difficult to maintain - cutting losses, trading without emotion, confidence in positions, and above all, not to be greedy. The interview with Ed Seykota (consummate yet eccentric trader) almost makes the book worth the money. A lot of what they say seems very simple and straightforward, but until you manage millions like these guys have, you will have to settle with a vicarious lesson that teaches you these important mental traits. All of his lessons should be absorbed before you step onto the trading floor thinking you are going to own Wall Street.
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5.0 out of 5 stars This book may save you money!!, March 23 2004
By 
I was told about this book from a friend of mine who worked at Chase in the FX market, he calls it his bible. If I didn't already have a bible, this would be it for me.
Had I read this book before I started trading (FX - Euro/Sterling/Yen) I would have saved thousands!! This book is a must read for anyone who is going to trade.
I have read Murphy (Technical Analysis), Jiler (Charts), and Zweig (Winning on Wall Street). And while these books are also very good, this book by Schwager really speaks to my experiences in the market.
I have read other customer reviews on this book, most of them giving a well deserved 5 stars, some of them complaining that this book didn't disclose 'secrets' or 'how to', there is no book that is going to tell you the 'secrets' of 'how to' win, but this book tells you how to look in yourself to make a winner.
Forget fundementals and technical, if you can't understand timing, risk, loss, entry, etc., your dead, or will be soon!!
I did attempt to look up each of these people who were interviewed to see where they are now. Many of them seem to have stopped trading, or I simply couldn't find any info on them. I also bought the book "New Market Wizards" but haven't read it yet. I wish there was a book like this that was written after 2000, as the market place is a whole lot different now with the Internet and the computing power that we have in order to do research.
Mr. Schwager if you are reading this PLEASE write another book, I would like to understand how the Internet has changed the market (for both big and small players). As many of you know, a lot of publicly traded companies that exist today would not have had an IPO had it not been for the ability for millions of small investors (via eTrade, Ameritrade, etc.) to invest into these companies. The small investor can play where only the big boys used to.
Bottom line if you want to play in the markets you should read this book. Hey if you don't like the book you can always sell it on Amazon (or ebay - but Amazon won't be happy!!).
Good luck to you, and remember it is only money!!
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5.0 out of 5 stars Stop everything else until you read Market Wizards, March 15 2004
By 
Greg Perry (Oklahoma) - See all my reviews
(REAL NAME)   
Just stop trading. Stop watching the Big Board. Stop looking at the futures. Stop checking your quotes every hour. Turn off E*Trade. Do NOT make one more move until... you read what the MASTERS OF THE GAME DO.
Why in the WORLD would you want to keep trading and investing without hearing what the most successful investors in the world do? Here, they share their strategies, they tell you what makes and what breaks them.
One rule that PERMEATES almost every Market Wizard in this gem: Plan your Trades and Trade your Plan. Without a trading plan you will fail or be far less successful (but you'll probably fail). When will you enter the trade? When will you exit the trade? What are your stops? ONLY until you know these answers should you make a move in the market.
Here is FREE (less the cost of the book) TRAINING AND ADVICE FROM THE WORLD'S BEST TRADERS EVER. PERIOD. Why do we sometimes think we know more than they??? STOP now and read Market Wizards. Then, you may be included in a future edition! (Be sure to thank me if that happens, I don't mind large bills!)
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5.0 out of 5 stars As good as it gets, Feb. 8 2004
By 
specu-lator "baldymack" (Atlanta, Ga United States) - See all my reviews
If you are interested in philosophy you read about the great philosophers, if you are interested in coaching sports read about the methods of great coaches, and if you are interested in financial market success, you should read market wizards. The author of this book has done all traders and investors an extremely valuable service by interviewing some of the best speculators of our time. This book is really a collection of wisdom from people who at the time this book was written, had extraordinary results in the financial markets. While the traders interviewed in Market Wizards do not reveal some "holy grail" trading strategy for making millions, there are many speculation related philosophical insights that should certainly point you towards a proper frame of thinking about what it takes to trade succesfuly. Some of the basic insight common to all traders interviewed in this book are: Cut your losses short, let your profits run, The value of patiently waiting for the right trading opportunity, personal discipline, getting your ego out of trading decisions, and many more. This is not the type of book you read only once. To become a successful market speculator, one must have a sound trading philosphy, a valid technique, and most importanlty the discipline to implement it. I believe market wizards, allows you to read about many different individuals who each have a valid trading philosophy, a valid method, and the discipline to execute. While one cannot expect to become a market wizard simply by reading a book about them, I believe one will certainly point themselves in the right direction of achieving the goal of understanding what it will take to succeed in the financial markets by reading this book.
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5.0 out of 5 stars Essential Reading for all Investors, July 21 2003
I'm the Market Strategist for a NYC Investment Bank (billions under management). Someone gave me this book when I first got into the industry a decade ago; I find myself rereading it every 5 years.
I highly recommend it to anyone who is involved in the markets. Simply stated, this is THE book for anyone who wants to learn about trading or investing -- It is simply a must read.
What's so utterly compelling about the interviews is how consistent the themes are that arise from so many different traders; This is true regardless of the markets they work in (commodities, equities, currencies, bonds) or the style they employ (technical, macro-economic, fundamental, quantitative).
The basic concepts revealed by the Wizards are Discipline, Capital Preservation, Risk Management, Individual Responsibility, Flexibility, Intellectual Honesty and Consistency. Please note that these ideas have nothing to do with coming across a hot tip, or getting a big IPO allocation, or chasing the "darling of the day." It's especially relevant, given some of the speculative excesses of the most recent (March '03) rally.
This book should cause all investors, both novice and experienced, to step back and consider their strategies and methodologies. These are much more important than finding the next "flavor of the month." This is especially true now that a new group of stock pickers have been inundating the airwaves.
7/21/03
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5.0 out of 5 stars JUST DO IT!, April 22 2003
By 
E. Ryba "mountainslayer" (Brooklyn, ny United States) - See all my reviews
(REAL NAME)   
This is THEE book to get!!! Get these 2 books 1st. Then read any other for fun or gaps you think these 2 books dont fill. Such as Ron Insan's Message of the markets and others by Ron. These Market books are the most enjoyable, fact filled, common sense, intense realization anyone can come across. They provide such intuitative information that they are a MUST READ for anyone interested in trading. They were also so amazingly FUN and INTERESTING to read. I read both books in less than 2 weeks. At times I could harldy put them down. The question answer format makes it so smooth a read that you forget time and location and just wnat to get to the next question as each one delivers facts to incorporate if you so wish into your own trading regamin. These have to be the best trading boosm ever if you listen to what is said over and over.
1) STOP loss orders.
2) % of pertfolio per investment to diversify.
3) Indexes to look at
4) taking notes why you bought, sold to remember for future what worked and what didnt.
5) Riding winners.
and many more. SOme seem so basic but the continued reitteration by market wizards show us how uncommon it is for regular people to follow as mnay would have protected wealth created by the tech bubble but blew it as none of these ideas they focus on were adhered to and we were wiped out. I was fortunate to survive the tech bubble and an now reading to take advantage of the next economic upturn globally using and implamenting these ideas and rules to live by only if implamented whioch is what human nature isnt insticntly done but must be to live to profit anther day
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5.0 out of 5 stars Amazing Books, April 22 2003
By 
E. Ryba "mountainslayer" (Brooklyn, ny United States) - See all my reviews
(REAL NAME)   
This is THEE book to get! Get these 2 books 1st. Then read any other for fun or gaps you think these 2 books don't fill. Such as Ron Insana's Message of the markets and others by Ron. These Market books are the most enjoyable, fact filled, common sense, intense realization anyone can come across. They provide such intuitive information that they are a MUST READ for anyone interested in trading. They were also so amazingly FUN and Interesting to read. I read both books in less than 2 weeks. At times I could hardly put them down. The question answer format makes it so smooth a read that you forget time and location and just want to get to the next question as each one delivers facts to incorporate if you so wish into your own trading regimen. These have to be the best trading books ever if you listen to what is said over and over.
1) STOP loss orders.
2) % of portfolio per investment to diversify.
3) Indexes to look at
4) taking notes why you bought, sold to remember for future what worked and what didn't.
5) Riding winners.
and many more. Some seem so basic but the continued reiteration by market wizards show us how uncommon it is for regular people to follow as many would have protected wealth created by the tech bubble but blew it as none of these ideas they focus on were adhered to and we were wiped out. I was fortunate to survive the tech bubble and an now reading to take advantage of the next economic upturn globally using and implementing these ideas and rules to live by only if implemented which is what human nature isn't instinctly done but must be to live to profit another day.
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4.0 out of 5 stars FANTASTIC, April 14 2003
By 
E. Ryba "mountainslayer" (Brooklyn, ny United States) - See all my reviews
(REAL NAME)   
EXCELLENT READ. I was going to reinvest after the DEVESTATING CRASH of the markets from 2000 to 2003. I bought these books to get some insight and have they provided me with powerful facts, direction and laws to live by trading wise.
A must have for anyone wanting to invest and to make money and avooid getting wiped out. Learn to preserve what U have. I read all 400+ pages in under a 5 days it was that great of a read. So interesting, insighful and entertaining. I am currently reading the New market wizards. Mostly more of the same. Yet this one takes place from late 1998 to 1992. I wish There was a new one from the year 2000 -2003. More stock related as opposed to futures, commodities. But non the less the facts are riviting and the lessons irregardless of what was traded is what is most insighful and enduring. I will never trade again w/o the facts I learned here. If I had used the lessons I learned from reading this book I would have come out of the tech boom a wise man. But alas one of the lessons I learbned the hard way and then read in the book is that the 1st time out you MUST LOOSE and usually do loose as those are the TIMES you learn your system from your failures and what NOT to do going forward. All the wizards lost at 1st and then made their systems work from there!
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4.0 out of 5 stars A Complete Insight Into Market Wizards, Oct. 2 2002
By 
Finding a successful mentor can be the best way of learning a complex skill like trading. Who better to learn from than exceptional traders?
While few individuals will gain access to the mentoring of the very best, Jack D. Schwager does the trading community a valuable service by bringing to the page the thoughts and experiences of some of the world's greatest market players.
Indispensable reading for novices, yet replete with trading lessons, insights and knowledge for traders of every level, Schwager's Market Wizards serves as one of the most insightful looks into the thought processes of top traders.
The Wizards of Schwager's book run the gamut of trading styles, from floor scalpers to multi-year position traders; from a trader who started by trading one-lots, to speculators trading notional values in the billions. Each interview includes a biographical sketch and ends up being a de facto, if abbreviated, trading tutorial. Schwager prompts these trading legends to share their beginnings in the business, their trading rules, their philosophies, best and worst trades, and market perspectives. From the conversations, you learn a variety of successful approaches to the markets, and hopefully, how to learn from these traders' mistakes.
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Market Wizards, Updated: Interviews With Top Traders
Market Wizards, Updated: Interviews With Top Traders by Jack D. Schwager (Paperback - Feb. 7 2012)
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