Market Wizards and New Market Wizards
by Jack D Schwager, ISBN-13: 978-1118273050, ISBN-13: 978-0887306679
An oldie, but goodie. Market Wizards (and the inventively titled New Market Wizards) are classics that you’ll find in just about every trader’s bookcase.
Both books are collections of interviews Jack D Schwager held with legendary traders throughout the 70′s and 80′s (the books were first published in 1976 and 1992 respectively), but despite their vintage the principles discussed are just as relevent and familiar today as they were when these texts were fresh.
And when I say legendary traders it’s with good reason. Richard Dennis, Paul Tudor Jones and Ed Seykota, anyone? Their stories are not only inspirational, but we also learn about their failures on the journey to success and how they bounced back from having all but destroyed their trading accounts.
The books are full of interesting insights and highlight the importance of having the right psychological mindset.
Particularly important for us is to see how the doubts and mistakes that we all endure while trading are shared even by the most successful in our field. If you’ve ever ended a month having suffered trade after trade going against you it can
destroy your confidence and make you question whether you should quit and do something else, but all of the most successful traders have been there.
These books are as inspirational as they are informative. They don’t teach you anything about trading per se, but the insight into the minds of those who have achieved $100m+ returns gives you the ability to see how similar (or not) they are to you.
The Day Trader Rating: 7/10, Great reading