Market Wizards: Interviews With Top Traders, Updated

Preface xv

Acknowledgments xvii

Prologue xix

My Own Story xxi

Part I Futures and Currencies 1

Taking the Mystery Out of Futures 3

The Interbank Currency Market Defi ned 7

Michael Marcus: Blighting Never Strikes Twice 9

Bruce Kovner: The World Trader 51

Richard Dennis: A Legend Retires 83

Paul Tudor Jones: The Art of Aggressive Trading 115

Gary Bielfeldt: Yes, They Do Trade T-Bonds in Peoria 139

Ed Seykota: Everybody Gets What They Want 151

Larry Hite: Respecting Risk 175

Part II Mostly Stocks 193

Michael Steinhardt: The Concept of Variant Perception 195

William O’Neil: The Art of Stock Selection 221

David Ryan: Stock Investment as a Treasure Hunt 239

Marty Schwartz: Champion Trader 257

Part III A Little Bit of Everything 281

James B. Rogers, Jr.: Buying Value and Selling Hysteria 283

Mark Weinstein: High-Percentage Trader 321

Part IV The View from the Floor 343

Brian Gelber: Broker Turned Trader 345

Tom Baldwin: The Fearless Pit Trader 367

Tony Saliba: "One-Lot" Triumphs 385

Part V The Psychology of Trading 405

Dr. Van K. Tharp: The Psychology of Trading 407

The Trade: A Personal Experience 429

Postscript: Dreams and Trading 435

Final Word 439

What I Believe 22 Years Later 441

Appendix 1: Program Trading and Portfolio Insurance 453

Appendix 2: Options—Understanding the Basics 455

Glossary 461

Excerpt: Edward Thorp 473