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Showing 1-10 of 11 reviews(4 star). Show all reviews
on March 6, 2004
What is this book?
Jack D. Schwager interviewed some of the best traders in 1992 and compiled edited transcripts in this compelling book.
Who is interviewed?
From the currency market: Bill Lipschutz .
In Futures: Randy McKay, William Eckhardt, The Turtles, Monroe Trout and Al Weiss.
Various market times and fund managers: Stanley Druckenmiller, Richard Driehaus, Gil Blake and Victor Sperandeo.
Traders who play several markets: Tom Basso and Linda Bradford Raschke
"The Money Machines" such as: CRT (Chicago Research and Trading), Mark Ritchie, Joe Ritchie, Blair Hull and Jeff Yass.
Psyschology: Zen and the art of trading (person didn't want his name mentioned), Charles Faulkner, Robert Krausz.
I didn't recognize many of those names, probably because of these reasons:
* The book was written in 1992.
* I'm not into really into trading.
Nevertheless I think the book is a great learning experience. You won't learn how to trade from this book but it gives you insight into the trader's psyche. I like learning about people who have been successful, (think Leader's & Success page, of IBD) since I feel it motivates me to learn more and work harder towards reaching my goals.
My favorite chapter in this book is entitled "Closing Bell" and it is a recap of all lots of trading advice mentioned over and over by these trading experts. I feel reviewing this chapter over and over is worth the price of the book.
Reed Floren
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on July 13, 1999
Jack Schwager is a great author. He asks very intelligent questions and seems to have a deep though un-intuitive knowledge of the futures game. (See the CRT interview, overly analytical people mask intuitive traits). The William Eckhardt interview is incredible and should be re-read many times over. This interview alone is well worth the price of the book. I have one major gripe with the author however. Schwager seemed to have had a serious lapse in judgement by including some of the traders that he did. There is no doubt that all the traders interviewed in the book are of high caliber but some definetly cannot be thought of as "Market Wizards". Who am I talking about? Linda Raschke, Tom Basso, Charles Faulkner maybe even Trader Vic. Who is very underrated? Jeff Yass, the man is the best options player around. Druckenmiller, Trout, and Eckhardt are as good as it gets.These legendary names should not be sullied by the inclusion of the above mentioned traders. Schwager left out some amazing traders, what about the people at Kenzie, Niederhoffer ( I know he blew out), Louis Bacon, John Henry, Willem Kookyer and Grenville Craig? Anyone ever heard of Jullian Robertson? Please Jack, if you ever write Market Wizards 3, try to include all or even some of these people. Not traders that you speak with at "Omega" conferences.
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on October 14, 1998
This book effectively takes the same format as the original Market Wizards. I do not rate it as highly, firstly because I don't think the quality of the traders is quite as high (although they are still very good), and secondly I found the book did not add enough original concepts above and beyond those covered in the first volume. However, this book still contains some excellent interviews; William Eckhardt's discussion of trend-trading systems, and Stanley Druckenmiller's recollections on running the Quantum fund are particularly interesting. Interestingly, Schwager does cover some new ground by interviewing some arbitrageurs and options traders - although these sections are informative, they provide only limited information of use to the position trader/speculator. One grouch I have with this book, and the previous "Market Wizards", is its bias towards trend-following trading. Whilst this has proven an extremely profitable concept for many traders, i would have liked to hear more from contrarian speculators, as well as short-term traders in markets like US T-Bonds, where trend-following techniques are often not as effective as counter-trend trading. Also I would have liked to have seen interviews with some foreign traders - the thoughts of big traders at the Japanese banks on their stock/bond market turmoil in the 80s/90s, or the experiences of traders on the relatively new London Futures Exchange (LIFFE) would have added an interesting international perspective. Despite this I think Schwager has produced another good book, one well worth reading. Don't be put off if you are a novice - this was the first trading book I ever read, and although it didn't all sink in at once, I found it extremely interesting and informative.
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on August 5, 1999
A great read for those daring souls considering the life of a trader. The traders interviewed all provide valuable lessons that could have saved me thousands of dollars (or more) if I had only read this book sooner. It also puts things in perspective when you read how much timeand effort these guys put into their work to become the best. Very enlightening, although I found the book to get a bit dry in the middle.
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on October 17, 2000
The New Market Wizards is all too predictable right from the start. It follows the same format, ask the same questions, and therefore it make it too similar to the first book "The Market Wizards".
While it is still a good read, but I would recommend readers to buy the first book, rather than the sequel.
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on December 17, 2002
"Adopting a formula that limited both my profits and drawdowns by notching back the number of contracts traded in each market ... the key is that the number of contracts traded fluctuates in accordance with each market's volatility."
Tom Basso
How long is it going to take me to learn this one?
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on February 19, 1999
This is a nice follow-up to the first Market Wizards book. Both books are enjoyable reading and if you pay close enough attention, there are many valuable insights, including the importance of using plain old common sense in trading.
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on August 1, 2000
Not as good as the original, but what sequel ever is? Still excellent. Read the first one, then pick up this one for more of the same good stuff.
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on October 10, 2015
Another invaluable guide in the series that provides insight into the thinking of great traders.
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on January 16, 2002
the only books i am searching for are in audio and cd prefered; autours are lafever ,loeb,nicholas darves all on ivesting in stocks also the new wallstreets wizards would be good all must be in listening format.........
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