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Market Wizards

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4.22  ·  Rating details ·  6,384 ratings  ·  158 reviews
What separates the world's top traders from the vast majority of unsuccessful investors? Jack Schwager sets out to answer tis question in his interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more in "Market Wizards: Interviews with Top Traders," now in paperback ...more
Paperback, 480 pages
Published February 27th 1993 by HarperBusiness (first published 1989)
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Average rating 4.22  · 
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George Jankovic
Feb 28, 2016 rated it it was amazing
This is a re-read of one of my top 10 investment books.

What do Bruce Kovner, Paul Tudor Jones and Jim Rogers have in common? They are some of the best investors of all time and they are among the hedge fund managers interviewed in this book. Imagine top investors explaining what they do! Well, that's what you get in here. Some of them give you more details, others less, but you still can learn a lot.

Most of these guys invest not only in equities, but also in currencies, commodities etc. as "ma
...more
Omar Halabieh
Jul 24, 2011 rated it it was amazing
As the title indicates this book consists of a series of interviews with some of the best most successful traders in the world.

Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is ve
...more
Maxim Shilo
May 26, 2018 rated it it was amazing
Best read so far on trading!

The second key element that finally put me into the winner's column was the realization that risk control was absolutely essential to successful trading. I decided that I would never again allow myself to lose everything on a single trade—no matter how convinced I was of my market view.
I think the secret is cutting down the number of trades you make. The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market to
...more
Terry Koressel
Apr 12, 2014 rated it liked it
Market Wizards is a collection of interviews conducted by Jack Schwager, an excellent and knowledgeable investor himself. The subjects of the interviews are some of the best traders in the U.S...all hugely successful and consistent winners. The interviews were not designed to highlight specific trading techniques....at least not to the extent of instructional. The most valuable feature of the interviews was the common patterns in thinking found amongst these traders. For example, viewing trading ...more
Tim O'Hearn
Jul 17, 2015 rated it it was ok
It really didn't do anything for me. The majority of the traders gave very dry and mostly-uninteresting responses. Despite Schwager's desperate attempts to paint colorful bios and make the traders more memorable, you're essentially reading the same thing over and over again. It's so repetitive that I'd recommend flipping to the afterword and memorizing the points in summary. Then, look up each trader and pick the ones that most interest you.
Cario Lam
This is not a how-to book rather it offers insights into what has made some of the most successful traders in the financial markets that way. The bottom line is there is only work, work and work. Also a little focus wouldn't hurt either. Despite what is portrayed in the popular media the traders interviewed in the book do not have expensive Ivy League educations for the most part.
Paul Barnes
Apr 23, 2012 rated it it was amazing
There is no book that I have re-read as often as this one. The interview with Ed Seykota is the most profoundly wise thing I've read. "Everyone gets what they want out of the market." Many's the time I've wondered what inner want is being served by a self-sabotaging behaviour.
Dawei Liu
Mar 27, 2020 rated it liked it
There are certain interviews I found useful and interesting (Bruce Kovner, Paul Tudor Jones, Jim Rogers etc) with a lot more that I found pretty much useless. Given Schwager’s background, there is a significant amount of emphasis on technical trading, which is quite off putting given the academic research around this type of trading. Furthermore, parts of the book may feel dated for some now that over 30 years have passed since the book was first published. I did enjoy that focus on commodities ...more
Harshvardhan Beniwal
May 08, 2020 rated it it was amazing
Shelves: finance
Brilliant... Eye-Opener... Must read!!

Highly recommended to novice traders or anyone who is thinking to invest or trade, since the general principles remain the same.

Things I have learned which are necessary for being a successful/good trader from this book are:
• Patience
• Hard-work
• Risk Management >> cut your losses
• Be emotionless while trading
• Trading is first and foremost, making money is a by-product
• And learn how to take a loss!!

Although it covers the market movements happens in the ea
...more
Arūnas Arūnas
Jul 13, 2019 rated it it was amazing
How do you handle a losing period?

How do you lose money? It is either bad day trading or a losing position. If it's a bad position that is the problem, then you should just get out of it.

Is that what you do?

Yes. I either liquidate it or neutralize it, because then you are back afloat. When you are in a boat that springs a leak, you don't drill another hole to let the water out.
Cliff Moyce
Jul 31, 2019 rated it it was amazing
A classic on the art, science and personalities of financial and commodity trading made all the more accessible by Jack Schwager’s self-deprecating style.
Jeff
May 27, 2014 rated it liked it
This book was as interesting from the standpoint of character studies as it was from the subject matter of successful trading of financial instruments.
The summations at the end of the interviews were as valuable as the interviews themselves.
It is clear that no matter how spectacular and consistent the success of any of these traders, they all approach their mutual fascination from the standpoint that they are a work in progress, and that no one masters the market, any more than a surfer masters
...more
Chas Tomac
The book covers 17 different traders who share their successes and failure's encountered. Most started with very little capital and were able to build a successful trading mentality by developing a discipline that worked for them during certain market environments. Each trader has fundamental trading rules that are followed in a very strict sense. Some believe you must be disciplined and consistent others wait for price movement before trading than use fundamentals to make trades, still others s ...more
Terry Kim
Aug 09, 2015 rated it it was amazing
Probably the best book I've read on the Markets so far. I got so much out of this book, in a much deeper philosophical sense rather than actual techniques these traders employ.

If you're like me, who doesn't have friends that are serious Traders or Investors, let alone Legendary Status Traders as per the Market Wizards interviewed in this book, this book is the closest thing to meeting your life changing mentor. Plenty of different styles these millionaires use, different views to the market and
...more
russell
Jun 15, 2018 rated it really liked it
Shelves: investing
Most important lessons I learned from this book have to do with risk management. Even if you don't want to be a trader, you can generalize a lot of the strategies used by the interviewees and become more adept at understanding, calculating, and responding to risk.
Stephen Thomas
Oct 26, 2014 rated it it was amazing
A must read for aspiring traders I think.
This book opened my eyes on how professionals think, and trade.
Nowdays people want to learn from forumes and youtube videos from the so-called "gurus" or "High impact members" etc. And this couldnt be farther from the truth.
After reading this book I decided that I wont hang on those crappy forums anymore, but I will read more intellectual material such as this book.

Thank you Mr. Schwager!
Peter
Nov 21, 2014 rated it it was amazing
Very entretaining book, escential to anyone who is into trading.. You may not lear a lot out of it, since most of the concepts most traders mention are common knowdlege nowadays, but it makes a great and inspiring reading.
Kacper
Jan 14, 2015 rated it really liked it
This book is a collection of interviews! There are some real characters in this book including the guy who divorced his wife because she wanted a TV and a sofa but he refused because he wanted to invest that money!
Michael Wallin
Mar 27, 2015 rated it it was amazing
A really great book. If you are interested in trading and how the stock market works, I can really recommend this book. I found it particularly interesting that the way you trade the markets reflects the person you are, but also how you can change your thinking and be more successful.
Justin
Sep 27, 2015 rated it it was amazing
Great book.
Learn from the best.

Must read for anyone that is looking to improve their trading.

Learned from this book the importance of trading in a manner that is unique to your personality and way of thinking in order to achieve success in this field.
Johns Gresham
Apr 26, 2018 rated it liked it
For trading not investing. But gave it three stars because they don't share any details about how they made money trading just details about when they made and lost money. Didn't actually get insight into how they actually did it.
John
Jul 14, 2018 rated it it was ok
Shelves: finance
A classic, but completely outdated. It was written to be timely, not timeless and many of the institutions, techniques, and even exchanges and associated market systems no longer exist. The world is much faster now (see 'Flash Boys').
Joel
Jun 11, 2013 rated it it was ok
Hugely overrated by amateur home 'traders'.
Jacob
Jul 29, 2014 rated it liked it
A must-read read, I think, as everyone told.
Michael McGee
Aug 12, 2014 rated it liked it
The original. Good stories, pretty entertaining
Ardi Nursyamsu
Aug 25, 2014 rated it really liked it
It taught us that there are different style of trading and market. But the most important thing is discipline. Once you can mantain discipline and hard work, you'll probably have more chance to win.
Alain Guillot
Sep 11, 2014 rated it really liked it
Great read. Inspirational, educational. Maybe a bit too long, but a good read.
Javier Villar
Sep 03, 2015 rated it it was amazing
Shelves: trading, favorites
So much can be learnt from the cunning minds of these traders.

The interview to Ed Seykota is full of wisdom. Larry Hite and Van Tharp interviews are also excellent.
John Richards
Feb 15, 2016 rated it it was amazing  ·  review of another edition
Excellent insight from some of the top money people. It reminded me of the big mistakes I made and I believe the psychology chapter is very interesting. I will take another look at that chapter.
Atti
Mar 10, 2016 rated it it was amazing
a classic investment book, i think these ideas are still relevant today.
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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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