Most helpful positive review
3 of 3 people found the following review helpful
This book may save you money!!
on March 23, 2004
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!!