Market Wizards: Interviews with Top Traders

by Jack D. Schwager

I learned that if you shoot for what you want, you stand a much better chance of getting it because you care much more.

For me, technical analysis is like a thermometer. Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. But, of course, that would be sheer folly. If you are a responsible participant in the market, you always want to know where the market is—whether it is hot and excitable, or cold and stagnant. You want to know everything you can about the market to give you an edge.