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Showing 1-3 of 3 reviews(1 star). Show all reviews
on June 8, 2002
Here we get interviews with trading "wizards". What you are actually getting is the same tired advice of cutting your losses etc. etc. I suspect that people who read this book think they are being let in on insights and "secrets" of how these traders are so successful. After all if these "wizards" cant tell you who can? Ever try truth and logic? If you did, you would see what a crock this book is. Most traders are using the advice in this book, so why arent they as successful as these "wizards" are? Most people including publishers believe these people have "secret knowledge" and if you pay their outrageous prices for courses and books they sell, you'll be a success. Baloney. People who believe this believe in magic. They subconciously believe that if the wizard touches them with their starry wand or takes their magical advice they become instantly successful. Sure you do. The truth is so simple, many people overlook it. The truth is you have to have true knowledge and great mastery. Thats it. You have to figure the truth out yourself, instead of having it spoon fed to you. Unfortunately, many people believe in magic. They want something for nothing. This attitude is what causes sorry excuses for books like this to be published. Success always requires a price to pay. That price is hard study and hard work to gain mastery. Thats something these market "wizards" dont tell you and if you look through most if not all trading books, they dont tell you either. Why? To keep you paying up. They keep you chasing for the gold at the end of the rainbow. Did I let the cat out of the bag? Heck no! In the intellegence service they have an old saying " The best way to keep something secret is to lay it out in the open." True words indeed. Some people will find the truth and most will always miss it right under their noses. Read Acres of Diamonds by Russell Conwell. There are many good books on trading. Unfortunately many are over priced. Before one had to pay these prices for what he needed. Luckily, Toni Turner has written several outstanding books on day trading and short term trading. They are reasonably priced and offer valid knowledge. Her books are better than the Market Wizard tripe and are very practical. Also beware of greed. Its the greatest reason people get killed trading. Trade to pay your bills and put food on the table. Dont learn the hard way. Greed will nail you one way or another. Count on it. Call it money karma.
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on March 20, 2015
I wouldn't put too much stock in this book. You're just wasting money buying this book, unless you want to know who's who on wall street - as in historical. This book only scratches the surface. You'd be lucky if there's anything worth knowing about in this book. A person lives, he excels, he describes successes and failures....but he doesn't tell you how specifically...that's why this book fails. Its purpose is to make a buck. Do yourself a favour, and save a buck; that's what wall street is: wins and losses, tally them up, you're net positive, or net negative. You learn that elsewhere, as well as the tools needed to survive...but not here; not in this worthless book.
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on July 12, 2002
There are 3 major flaws to this book
1) Only Trend Traders are interviewed. I.e. those people who trade with Trends
2) the interviews themselves are uneven with a distinct bias towards people that Schwager liked their house (Seykota, Marcus)
3) All, except for O'Neill, are extreme liberal democrats with very liberal biases.
The crux of the book, excepting of course O'Neill, is that funnny-mentals are something none of them understand so they just watch technical analysis and trade trends. What does this mean? Money management is key since most of their trades are unsuccessful. What makes up MM? No one will say since that's their only REAL edge. In the end, read Lefevre's Stock Operator or Niederhoffers Education. This is boring and basically empty.
You do though get to see how these traders live with their wealth
and O yes, most went belly up AFTER meeting with Schwager.
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