Market Wizards

The world's top trader's reveal the secrets of their phenomenal success!

How do the world's most successful traders amass tens, hundreds of millions of dollars a year? Are they masters of an occult knowledge, lucky winners in a random market lottery, natural-born virtuosi-Mozarts of the markets? In search of an answer, bestselling author Jack D. Schwager interviewed dozens of top traders across most financial markets. While their responses differed in the details, all of them could be boiled down to the same essential formula: solid methodology + proper mental attitude = trading success. In Market Wizards Schwager lets you hear, in their own words, what those super-traders had to say about their unprecedented successes, and he distils their responses down into a set of guiding principles you can use to become a trading star in your own right.

• Features interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more

• Tells the true stories behind sensational trading coups, including the one about the trader who turned $30,000 into $80 million, the hedge fund manager who's averaged 30% returns every year for the past twenty-one years, and the T-bond futures trader who parlayed $25,000 into $2 billion in a single day!
  "Market Wizards is one of the most fascinating books ever written about Wall Street. A few of the 'Wizards' are my friends-and Jack Schwager has nailed their modus operandi on the head." --Martin W. Zweig, Ph.D., Editor, The Zweig Forecast

Auteur

JACK D. SCHWAGER is a recognized industry expert on 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. He is also an advisor to Marketopper, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients, and also spent over twenty years as a director of futures research for some of Wall Street's leading firms.

Texte du rabat

The world's top trader's reveal the secrets of their
phenomenal success!

How do the world's most successful traders amass tens,
hundreds of millions of dollars a year? Are they masters of an
occult knowledge, lucky winners in a random market lottery,
natural-born virtuosi--Mozarts of the markets? In search of an
answer, bestselling author Jack D. Schwager interviewed dozens of
top traders across most financial markets. While their responses
differed in the details, all of them could be boiled down to the
same essential formula: solid methodology + proper mental attitude
= trading success. In Market Wizards Schwager lets you hear,
in their own words, what those super-traders had to say about their
unprecedented successes, and he distils their responses down into a
set of guiding principles you can use to become a trading star in
your own right.

• Features interviews with superstar money-makers including Bruce
  Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed
  Seykota, Marty Schwartz, Tom Baldwin, and more

• Tells the true stories behind sensational trading coups,
  including the one about the trader who turned $30,000 into $80
  million, the hedge fund manager who's averaged 30% returns every
  year for the past twenty-one years, and the T-bond futures trader
  who parlayed $25,000 into $2 billion in a single day!

"Market Wizards is one of the most fascinating books ever
written about Wall Street. A few of the 'Wizards' are my
friends--and Jack Schwager has nailed their modus operandi on
the head."

--Martin W. Zweig, Ph.D., Editor, The Zweig Forecast

Contenu

Preface to the Paperback Edition ix

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 Defined 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: OptionsUnderstanding the Basics 455

Glossary 461

Excerpt: Edward Thorp 473