(From The Jacket) – How do some of the world’s most successful traders amass millions of dollars in a year–or sometimes in hours? Are they masters of a priceless wizardry or simply the very lucky winners in a random market lottery that allows only a few players to become fantastically wealthy? What are the secrets of their unheard-of success?
After interviewing top traders in a variety of markets, market expert Jack D. Schwager concludes that while method undoubtedly accounts largely for trading success, no one approach is used by all, or even most, of the traders interviewed. Some are technicians, monitoring price action. Others are fundamentalists, trying to forecast future price levels based on what they know of a market, an industry, or a company. Some act largely on personal initiative and intuition, while still others rely completely on automated systems.
Even more interesting is Schwager’s finding that, as great a role as method plays, it must be accompanied by the “proper” mental posture–a notion that surfaces frequently in the interviews. The secret seems to have more to do with personal attitude than with approach. What mental disciplines, what emotional responses, what intangible personal ingredients make these top traders so mysteriously effective? What enables them to work financial magic while so many others walk away losers?
Market Wizards allows the reader to delve into the minds of these professional traders. It explains the very elements of their success…different approaches used in different markets…trading rules that each of them adhere to…personal advice for other traders.
The list of traders interviewed include: Michael Marcus…Bruce Kovner…Richard Dennis…Paul Tudor Jones…Gary Bielfeldt…Ed Seykota…Larry Hite…Michael Steinhardt…William O’Neil…David Ryan…Marty Schwartz…James B. Rogers, Jr…Mark Weinstein…Brian Gelber…Tom Baldwin…Tony Saliba…Dr. Van K. Tharp.