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The New Market Wizards: Conversations with America's Top Traders

4.16  ·  Rating Details ·  2,376 Ratings  ·  44 Reviews
"Jack Schwager simply writes the best books about trading I've ever read. These interviews always give me a lot to think about. If you like learning about traders and trading, you'll find that reading this book is time well spent." -Richard Dennis, President, The Dennis Trading Group, Inc.
"Jack Schwager's deep knowledge of the markets and
ebook, 616 pages
Published October 10th 2012 by John Wiley & Sons (first published November 1992)
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(showing 1-30 of 3,000)
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Duffy Pratt
Jan 11, 2011 Duffy Pratt rated it liked it  ·  review of another edition
Shelves: trading
I wish someone would do a series of interviews with a bunch of failures.

I found these interviews enjoyable, and there were several good tips and lessons that came through. But lets face it, these people for the most part are trading huge lot sizes, lots so big that they will move the market with their trades, and the types of things they take into account don't have all that much to do with the kinds of things that a small trader faces. Some things carry over, but very much does not. Also, the b
George Jankovic
May 28, 2016 George Jankovic rated it it was amazing  ·  review of another edition
Re-read of the second book in the Market Wizards series. Schwager continues where he left off interviewing top investors covering different investment styles. The big one in this book is Stanley Druckenmiller--one of the very few best investors of all time who managed George Soros's Quantum Fund for many years.

It's a great read and almost as good as the first one. Five easy starts.
Brian R.
Dec 25, 2008 Brian R. rated it it was amazing  ·  review of another edition
This is the fourth time that I've read this book and I will say that all of the necessary disciplines for trading are withing it and each time I read it they sink a little deeper into my subconscious. The first time I read these interviews I was an intern on a trading desk and the topics are no less relevant as a full analyst for an alternative platform that generally has his head buried in math than they were for a green nineteen year old hoping to grasp the basic concepts of an industry. Given ...more
Aug 01, 2015 Tim rated it liked it  ·  review of another edition
Much better than the first book. The responses are more varied as are the traders' backgrounds. However, most of the success stories boil down to discipline, contrarianism, and superior knowledge of pricing models in an era where nobody knew how options pricing worked. An interesting look at a point in history but, don't be fooled- it's history.
Nov 18, 2015 Jon rated it it was amazing  ·  review of another edition
Excellent insight that is still prevalent today. I enjoyed learning about the emotional aspect of trading stocks and the importance of finding your own way.
Alejandro Sanoja
May 16, 2016 Alejandro Sanoja rated it really liked it  ·  review of another edition
Just as good as the first book of the series "Market Wizards".

You get hard and undeniable facts about trading, you get different perspectives and different styles that you can relate to and also you get a little bit of "mysticism" a little bit of the intangibles and the "zen" part about trading. "Trading without trading".

Credit must be given to Jack D. Schwager because he has an excellent ability to ask questions and he can even change the subject and get off topic and still give great value by
Nov 04, 2007 Doris marked it as to-read  ·  review of another edition
I have the 2006 version of Market Wizards and it is an EXCELLENT book. My intentions are to get all his Market Wizard books and read them.

There are a lot of things I learned from the 2006 copyrighted version, so I look forward to reading his prior versions.

I love the style in which Schwager interviews each top trader, psychologist. One can gain much insight from those who go before you and how they came about their success, but also more importantly, the pitfalls.

Schwager does a good job summari
erjan avid reader
the book was published in 1992.

I have skimmed through questions if I found them to be too context related, part about Druckenmiller is useless imho.

I can give one tip about how to read this book: you probably will forget most of factual, numbers data every trader says about his strategy, statistics etc. Dont' read those q/a parts.

Read the last chapter titled "zen of psychology", this is the killer, it sums up pretty much the entire book. The philosophy is that every aspiring new trader must find
Another great read for any trader who is interested in the views of some of the greatest traders there are/have been. This was a follow up to the first book and takes place about 3-4 years later. He does a good job of referencing back to the first book rather than repeat any information and as a result I find it a great compliment to the previous material.
Stephen Thomas
Nov 11, 2014 Stephen Thomas rated it it was amazing  ·  review of another edition
I found it even more amazing than the first one.
After reading both books, it became clear that what I have been doing wrong, and where should I start looking for my edge. It also gave me numerous psychological and technical tipps. A must read.
Thank you Mr. Schwager!
Mar 10, 2015 Peter rated it it was amazing  ·  review of another edition
Inspiring and great, as all the market wizards books I read so far. You wont learn much about trading, but if you are a trader it will keep you inspired and going.. and it makes for a great bedside book, to read and relax.
Jul 05, 2010 Clare rated it liked it  ·  review of another edition
Shelves: bio, finance, non-fiction
Interesting follow up to his first book - these interviews are useful and informative in a way that only strikes one after completing the book. Drawing together the common threads throughout is where the utility lies.
Ronald Huffman
Oct 11, 2012 Ronald Huffman rated it really liked it  ·  review of another edition
This book is a little dated these days, but the interviews are fantastic. I didn't use it as a how to guide for trading. However, the insight into the great traders interviewed is invaluable.
Dias Ramdan
very good book, inspiring, shud be a good start for anyone especially trader
Pat Murphy
Aug 05, 2015 Pat Murphy rated it really liked it  ·  review of another edition
Very interesting interviews of tp investors in America.
Michael McGee
Pretty good
Terry Kim
Jun 04, 2016 Terry Kim rated it really liked it  ·  review of another edition
Another great book just like the first Market Wizards. Although, this edition was a little bit less relatable to me as many of the Wizards interviewed were Options Traders or Systemic Traders (I was hoping to see interviews of Discretionary Equity Traders) but still many great points to take in.

One interview that really got me thinking was the last interview with Robert Krausz. A Trader turned Hypnotist, who explained that the results (good or bad) of traders are directly related to their subco
Stirling Mortlock
Pretty good, but the book was mixed. Honestly there are a lot of styles that don't mesh well with mine, and a lot of interviews that probably confused me more than helped me.

The clear standout is the interview with Stanley Druckenmiller. The guy's brilliant, and it's so hard to find interviews with him that any insight into what he thinks is greatly appreciated. Really wish the whole book was just picking Druckenmiller's brain.

One that I was not expecting, but was really good, was Vic Sperandeo.
May 22, 2013 Tirath rated it it was ok  ·  review of another edition
Eh. The book's alright. Guess it's really more for traders - but must say that the author has gone through a quite a few of those old traders. The book is from 1992 (20 frikkin years ago). Also says a lot about how trading and investing has evolved.

The best part? Stanley Druckenmiller's interview - this was before he became such a big deal. Good insight into his way of thinking.

Also, the book gives a good insight into the 1991-92 recession - amazing how people are always stuck in the present and
I got this mainly because I wanted to read what Stan Druckenmiller had to say. I do think that was worth the second hand price of the book. There are also others here that also give interesting interviews worth rereading. But in general I preferred the first Market Wizards, and I think Steven Drobny's works are more up to date on money management in the 2000s. Note that Schwager includes prop traders in his books while Drobny doesn't as he makes a distinction between the two and focuses more clo ...more
Alvin Lim
In this sequel to the bestselling Market Wizards, Schwager taps into the minds of today's top financial wizards and reveals the secrets of their astonishing success. "Provides unique insight into the arcane world of currency trading as well as other fast-moving markets".--U.S. News & World Report.
Oct 22, 2014 Mingyi rated it it was amazing  ·  review of another edition
Great learnings of lessons in trading that can be well applied to other aspects of life. A must read for people interested to learn more about investment, trading, portfolio management. Wish I've read this book earlier to avoid certain mistakes I've made - but better later than never :)
Cynthia Rennolds
Feb 25, 2014 Cynthia Rennolds rated it really liked it  ·  review of another edition
This was an interesting book. I read it a number of years ago, so I don't remember the details of it. I do remember I found the different viewpoints interesting and informative. If you are interested in Wall Street, the markets or those who trade them you will find this interesting.
Aug 09, 2013 Gary rated it really liked it  ·  review of another edition
I really like the book, however, the book title and the publish date has befuddled many onlookers as if I was carrying an abacus around. Jack Schwager keeps the interviews sharp and insightful, with a helpful recap summary that still applies to today's investor.
Sep 26, 2009 Austin rated it it was amazing  ·  review of another edition
Shelves: finance, non-fiction
(see my review for Market Wizards Interviews with Top Traders, which applies to this book as well)
David Robins
Apr 12, 2009 David Robins rated it really liked it  ·  review of another edition
Not extremely technical, but good interviews over a wide range of different traders and trading philosophies, and Schwager does a good job of introducing and summarizing each then compiling a list of "market wiz(ar)dom" in his conclusion.
Saeed Mohamadi
Sep 19, 2016 Saeed Mohamadi rated it did not like it  ·  review of another edition
Currently re-reading this great work. Part IV Fund Managers and Timers, contains strategic insight from Victor Sperandeo, Gil Blake, Richard Driehaus & Stanley Drunckenmiller.
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Great Book Review of New Market Wizards 1 4 Sep 22, 2011 10:00PM  
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Jack Schwager is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which special ...more
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“You just stay focused on what you have to do. Exactly.” 2 likes
“One of my favorite patterns is the tendency for the markets to move from relative lows to relative highs and vice versa every two to four days. This pattern is a function of human behavior. It takes several days of a market rallying before it looks really good. That’s when everyone wants to buy it, and that’s the time when the professionals, like myself, are selling. Conversely, when the market has been down for a few days, and everyone is bearish, that’s the time I like to be buying.” 1 likes
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