The New Market Wizards (Jack D. Schwager)

Trader's Library #15 · Interviews with traders. A sequel that many traders think is even better than the first book.

Author: Jack D. Schwager · Original: The New Market Wizards · Year: 1992 · Usefulness for traders: ★★★★★

What it's about

The second part of Schwager's interview series. The interviewees include Stanley Druckenmiller, Linda Raschke, Bill Lipschutz, William Eckhardt, Victor Sperandeo, Tom Basso and pit trader Tom Baldwin. At the end Schwager collects 42 observations on what the best have in common.

What it gives a trader

This part is closer to practice than the first. Especially valuable are the interviews with Eckhardt (statistics and systems), Raschke (short-term trading) and Basso (calm and process). The summary chapter is a ready-made checklist for working on yourself.

Lessons for traders

• risk first, profit second: the best think about how much they can lose
• trading is a skill, not a talent, and it takes years to develop
• calm and process matter more than spectacular trades

What to watch out for

As throughout the series, the interviewees are the winners. Some details of the 1990s market are out of date.

Discussion

The discussion takes place in Hetman Capital Club (in Polish). Join the discussion in the Club →

Navigation

← #014 Market Wizards (Jack D. Schwager) · Library index · #016 Market Sense and Nonsense (Jack D. Schwager) →

Educational content, not investment advice. The book description is my own summary and assessment, not quotations. Edition details were checked in catalogues and bookshops, and where there was doubt I said so plainly.