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

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

Jack D. Schwager

ISBN: 978-1-592-80337-8 September 2008 616 Pages


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Taps into the minds of today’s trading superstars to reveal the secrets of their astonishing success

In these absorbing interviews with star performers in the financial markets, Schwager humanizes the mechanics and psychology behind the trading world in such sophisticated instruments as currencies, stock options, commodity futures, and mutual-fund accounts by individuals, investment firms and group-trading computerized "money machines." One trader focuses on market response to news events, another calculates mathematical probabilities--one even cocks an ear to the noise level on the exchange floor. All rank assiduous research, self-confidence, a specific plan and the courage to cut losses among essentials to success. Few consider their work gambling, but Schwager entertainingly argues that a successful trader needs many of the qualities of a good poker player. Though the subject matter is esoteric, there is much here to attract the general reader, and Schwager appends a "primer" of technical basics. 

You may not know their names, but they are the trading elite—a select group of super-money makers whose trading prowess has become the stuff of legend. They are speculators in everything from stocks and bonds to options and commodity futures who make millions—often in a matter of hours—and leave their peers in the dust. In this enthralling sequel to his international bestseller, Market Wizards, Jack Schwager interviews these stars, asking the questions that everyone with an interest in the financial markets would love know the answers to and receiving the kind of frank, occasionally bewildering answers that make this book as much a page-turner as its predecessor.

  • Interviews with spectacular winners across the full spectrum of financial markets, revealing how they do it and what, personally, separates them from the herd
  • Superstar traders describe the financial strategies behind their phenomenal successes, as well as the painfully instructive lessons learned from their worst losses 
  • Reveals that, despite their various quirks and differences, all the biggest winners rank diligent research, self-confidence, a specific plan and the courage to cut losses as the keys to winning big
  • Throughout, Schwager provides valuable insight and analysis to help put interviewees responses into perspective, and he provides a technical basics primer at the end of the book

xiii      Preface

xv       Acknowledgments

xvii     Prologue: The Jademaster

PART I: Trading Perspectives

3        Misadventures in Trading

13      Hussein Makes a Bad Trade

PART II: The World’s Biggest Market

19      Bill Lipschutz: The Sultan of Currencies

PART III:  Futures—The Variety-Pack Market

83      Futures: Understanding the Basics

87      Randy McKay: Veteran Trader

121    William Eckhardt: The Mathematician

161    The Silence of the Turtles

175    Monroe Trout: The Best Return That Low Risk  Can Buy

207    Al Weiss: The Human Chart Encyclopedia

PART IV: Fund Managers And Timers

217    Stanley Druckenmiller: The Art of  Top-Down Investing

247    Richard Driehaus: The Art of Bottom-Up Investing

269    Gil Blake: The Master of Consistency

293    Victor Sperandeo: Markets Grow Old Too

PART V: Multiple-Market Players

327    Tom Basso: Mr. Serenity

345    Linda Bradford Raschke: Reading the Music of the Markets

PART VI: The Money Machines

367    CRT: The Trading Machine

373    Mark Ritchie: God in the Pits

401    Joe Ritchie: The Intuitive Theoretician

425    Blair Hull: Getting the Edge

455    Jeff Yass: The Mathematics of Strategy

PART VII: The Psychology of TRAdIng

481    Zen and the Art of Trading

485    Charles Faulkner: The Mind of an Achiever

517    Robert Krausz: The Role of the Subconscious

PART VIII: closIng bell

543    Market Wiz(ar)dom

565    A Personal Reflection

567    Appendix

573    Glossary

585    Trading Resource Guide