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Unknown Market Wizards: The Best Traders You've Never Heard of

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4.28  ·  Rating details ·  566 ratings  ·  48 reviews
The Market Wizards are back! Unknown Market Wizards continues in the three-decade tradition of the hugely popular Market Wizards series, interviewing exceptionally successful traders to learn how they achieved their extraordinary performance results. The twist in Unknown Market Wizards is that the featured traders are individuals trading their own accounts. They are unknow ...more
Hardcover, 360 pages
Published November 3rd 2020 by Harriman House
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Average rating 4.28  · 
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Thiago Marzagão
May 06, 2021 rated it really liked it
The interviewees follow different approaches - fundamental, technical, quant, social media mining - but they share similar attitudes and Schwager does a good job hypothesizing how these attitudes might relate to trading outcomes. On top of that, Schwager is a superb interviewer and he shows the world of retail traders in a way that's neither the aggregate statistics of academic papers nor the get-rich-quick Youtube ads selling day trading courses. I've always thought of traders as people who som ...more
Ulio
Dec 13, 2020 rated it really liked it
Shelves: 2020
This format that Jack has discovered is absolutely brilliant. I wish there were interview books for more industry with the top talent. Wouldn't it be great to read a interview series with the top biochemist of the world or whatever your hobby is. I have read two of the previous Market Wizard books and learned quite a bit from them.

I am not a trader per say but I would consider myself a full time retail investor who runs a business on the side. As a longer term investor you don't really get much
...more
Jonathan Birnbaum
Dec 11, 2020 rated it really liked it
Schwagers interviews are canon for the serious trader. This collection I took a particular liking to as I've been spending significant time over the last few months developing my own trading strategies, so hearing the stories of successful retail traders is rocket fuel for the aspiring. You see it can be done, and there a million ways to do it. The journey is figuring out your way and running with it.

A lot of the interview had slow starts, so found it easier to get through reading one or two at
...more
Eric
Jun 04, 2021 rated it liked it
Book was pretty much exactly what i thought, if you're looking to learn some new magic this isn't the right book, but if you're interested in different methodologies and approaches the interviewees use for trading it's definitely worth a read. ...more
Alejandro Hardziej
Dec 23, 2020 rated it it was amazing
I devoured this book in less than two days. This new Market Wizards immediately connected with me because it is all about individual traders trading their own accounts -just like so many of us have been doing during 2020 locked at home. The interviews cover all the right questions and the stories are simply amazing and highly motivating. I could not stop reading. If you trade your own account -regardless if you are a beginner or a professional- I can only recommend this book.
Neil Quinn
Jun 16, 2021 rated it it was amazing
I much prefer Hedge Fund Market Wizard due to more sophisticated and unprecedented methodology given by those fund managers. This book tends to provide good mindset for becoming market wizard. By the way, it is really worth for reading with no hesitation of 5-star rating in my view.
NeeOn
Feb 01, 2021 rated it really liked it
Continues the same recipe from the previous books. All I can say is that it makes me feel like quitting my day job and try to become an "unknown market wizard" myself. ...more
John
Feb 14, 2021 rated it it was amazing
I take a fundamental research approach to equity markets; however, I learned so much from Unknown Market Wizards, and the traders profiled. Ultimately, reading the "1,000 book" on Buffett and his investment philosophy does not provide the type of learning experience as reading about those in the investing industry who take a different perspective on markets. That aside, Jack Schwager has once again put together a delightful read on an eclectic group of traders. The individuals profiled within va ...more
Robert Martin
Mar 28, 2021 rated it really liked it
The Market Wizards series has taught me so much about trading – finance is a very opaque industry so any insight into the mindset and methodology of successful practitioners is immensely valuable.

This edition focuses on phenomenal but "small-time" traders who trade their personal accounts, rather than the hedge fund titans from previous editions. The message isn't that "anyone can trade" – the traders are definitely above average in many respects (e.g intelligence and making) and have put in yea
...more
peter t cheung
Dec 11, 2020 rated it it was amazing  ·  review of another edition
This is a group of mostly decisions making traders with one system trader

I learned many lessons from this book especially for what is happening up to April 2020. The biggest difference today is there are millions of computers analyzing the real time data every nano second. So very few things that is based on a daily base data can work. Some theory stay unchange is risk management is most important. But how to do it now is different than the old days. You need flexibility to get out of a trade be
...more
Stephen Lockett
Dec 14, 2020 rated it it was amazing
Many things impressed me about this book, but perhaps most of all it was Schwager’s ability to summarise his 11 lengthy interviews with these very successful traders into 46 points explained in the final chapter which are crucial to success. A fundamental point is that these traders are, and fully accept they are, to blame for their own mistakes and a common theme is how they set up routines to use to improve their own understanding of their mistakes and become stronger. The book then, in additi ...more
Nicholas G.
Jun 01, 2021 rated it it was amazing
Interviews traders with incredible performance and asks them about their process. The key takeaways for me were that you have to have a trading style and your trading style must be compatible with your personality. Each trader developed their own secret sauce and they stuck to the recipe. Veering from the recipe provided bad results. Take notes on mental state in a journal and log trades and revisit them to refine your style and timing. Set stop losses on large trades where your hypothesis would ...more
J  MACKAY
Jan 15, 2021 rated it did not like it  ·  review of another edition
Extremely disappointed

I so looked forward to this book and pre -ordered it. I anticipated how individuals had adopted the latest software and on-line brokerages to programme their own systems using such platforms as ProRealTime or Trade Station etc.. What I got was more of the same. Very little difference in the new wizards from the old ones. Surely Jack could have found plenty private traders using fully automatic systems (I am one but by no means a wizard).I think Jack owes us an apology¡
Ugh
Mar 07, 2021 rated it really liked it
Not a super practical book for stock market investors, as it's a series of interviews with futures traders, but the interviews are interesting in an uber-nerdy way, and there are broad bits of wisdom to take away for amateur investors. Probably wisdom you've already read elsewhere, like the importance of patience and emotional detachment to investing / trading, but still, the lessons are forceful. ...more
Marco
Dec 08, 2020 rated it really liked it
I'm a huge fan of the series.
Here the level was a bit lower, the sums are smaller for many traders ($100k/yr?), while a couple made millions.
There are some interesting lessons, but there wasn't that much new materials.
Overall, I believe this series is still the best and most useful to someone who wants to get better at trading, this book wasn't the best of the series.
...more
Mark Speed
Dec 23, 2020 rated it it was amazing
Shelves: business, reference
This is probably the best of the series. It's packed with really good lessons from people you can relate to. These are people who have dug in and outdone the best professionals. Even better, with advances in publishing technology, it's so current that some of the interviews actually took place in The Time of Covid. I've seen immediate improvements in my trading since reading it. ...more
Kevin
Jan 04, 2021 rated it really liked it
Think I've read all of the Market Wizards series, and this is at least as good as the others. I especially appreciated the interviews with guys that aren't from hedge funds; they had some more distinct approaches you won't read about elsewhere.

About as good a bunch of trading books as you'll find.
...more
Noori
Mar 09, 2021 rated it really liked it
Really nicely structured book, with great discussions between the author and each trader.

A good mix of styles amongst the traders, demonstrating how important it is to find your “niche” in trading, and how it can work with various strategies.

Good lessons which can apply to trading but also to investing and more generally.
Ray Lo
Mar 20, 2021 rated it really liked it
This book will clear the path towards a better attitude and understanding of yourself if you are a trader, or if you have stocks you buy and sell periodically. As a matter of fact, the tips you get from the 'unknown market wizards' are applicable to all of life. It's a little bit technical sometimes (futures), but a layman ought to be able to understand most of it. ...more
Anton Vrambout
Mar 24, 2021 rated it it was amazing
Do what you love 😘

There are 2 types of patience. One is the patience to wait for an opportunity. The other is to stick with it.

Worst performance often comes after best performance. So when everthing is going great, watch out !

Taking a break can act as a circuit-breaker. Size down, take a break, have some fun.

Great book overall, loved it !
Ashish
Mar 28, 2021 rated it it was amazing
This is by far the best trading books I've ever read. Jack interviews traders with good win ratio, asks relevant questions and each trader has different story to tell. Trading is an art that needs to be mastered. No one becomes a millionaire in a few days. It takes years to perfect this art and money is just the side product. ...more
Topher
Mar 31, 2021 rated it really liked it
My first Jack Schwager was a recent one, but that was what the library had. I found it interesting. One thing I have considered in my sometimes panicky moments as graduation approaches is what I'm going to do next. Trading is one option. I'm not sure it's the best one, but it is one that interests me. ...more
James Vogl
Apr 03, 2021 rated it liked it
Written in the same clear flowing style as his original Market Wizards and New Market Wizards (which were the most influential books on my life I’ve ever read), but he simply doesn’t have the same quality of interviewees here. They have short trading careers and mostly on pretty small size accounts. Ended up skim reading the second half as didn’t add much value to me.
Sangam Agarwal
Jun 11, 2021 rated it liked it
first part is full of forex trader with their last 5 years experience and second part is full of stocks traders. you will enjoy it because these are new generation trader started trading after dot com bubble or 2007 financial crisis. new trader will enjoy them because they have same resource like today internet , youtube, twitter,
Shanay Desai
Jun 19, 2021 rated it it was amazing
This book has content which is much more relevant to my generation. Events that occurred in recent years have various different ways of trading, which have their own risks and profit potential. One of such events is how Chipotle had a E.Coli problem, I was one of the people who refrained from eating at chipotle that year, but never realised how it was playing out in the stock market.
Bobby R. Grissom
Like the other books he has written it has loads of information

This is well worth the money because it is chocked full of trading knowledge. Especially trading psychology which is vitally important to us traders.
Beth Garner
Dec 09, 2020 rated it it was amazing  ·  review of another edition
Good read

I liked this new wizard book in the series. Always good to read how other successful traders approach their craft. Always pick up new tips that can be applied to your trading.
Josh Graham
Jan 12, 2021 rated it it was ok
I enjoyed the sections on equities, but the futures sections didn't hold much interest too me. I can summarize the book as follows: 'if you want to trade, have a plan.' Now you can can say you've read it. ...more
Tim Duggan
Jan 17, 2021 rated it it was amazing
Really great book and series of interviews of some of the best in the business outside of bank and hedge fund traders. Highly recommended for any traders who are starting out or have been in thr game a few years. Will recommend my colleagues to read.
Sim Eu Jin
Jun 09, 2021 rated it it was amazing  ·  review of another edition
Great conversations!

As insightful as the first Market Wizards book. A good refresher for capital market investors and traders. It’s full of practical wisdom that comes with breadth of experiences.
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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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