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Market Wizards: Interviews with Top Traders

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How do the world’s top traders amass millions? This classic bestseller takes you into the minds of the greatest traders Wall St. has ever known. In depth interviews with key players expose every facet of their strategies.
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One of the best books about investing I've come across...
Hands down one of the best books about investing that I've come across.

Jack Schwager is quite knowledgable when it comes to the world of investing and he consistently asks sophisticated and complex questions to each person he interviews. I appreciated how he didn't inject himself into the discussion while still offering comments and explanations at times. There is a glossary of terms in the back of the book, so keep that in mind while reading... while I knew the terms, someone less experienced may want to reference the glossary to clarify at times.

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PipProfessor NYC, NY

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A classic
This is a classic because the format and structure of this original book has now been copied many, many times. The funny thing is I read all the copies too. This book has great entertainment and referential value to traders and wannabe traders who live and breathe the markets daily. Referential because knowing the philosophies, psychology,'general working environments, fortitude and makeup of those who move the market and the similarities and differences they have with me is helpful in the ups and downs of my trading. However, if you only pay attention once in awhile and invest through mutual funds and Cramer picks, this book of interviews with famous traders and fund managers may be tedious. I found the majority of the interviews were honest and humble, not overly pretentious, and was surprised so many of the Wizards have lost everything at least once.

Since this was the original, I'm sure the content is dated. I'd buy one of the more recent "copies" of this format.

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Must Read
This is one of the books on the must read of any professional or aspiring trader. The psychology of the trading business is by far the hardest to learn. There isn't anything specific in there that will train you to be a professional trader but there are little nuggets of wisdom in there is you look for them.

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Volatilitygod Charlotte, NC

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Loved this book
I really enjoyed this book because it gave you insight into the lives of some of the best traders of our generation. You cant find these people easily, so this book was priceless for seeing how regular people actually become successful in the markets. definately worth the time to read this one.

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SemiTrader13 Mesa, AZ

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Super insight into the world of day traders
Super book. I read this when I already knew quite a lot about trading, but this really opened my eyes to all different sorts of sub-worlds of trading.

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Alextagr Orlando, Florida

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Worth the read
The traders interviewed in this book are all dated. Most markets are very different today, so learning a particular strategy of former pros is not likely.

The bulk benefit I pulled from this book is the importance of rule based trading and protecting oneself against losses. I rather like that the focus is on the traders and the reader sees how different styles of trading can be so different and yet have similarities. Risk management is the constant.

If you're a new trader it would be good to read this book and learn some timeless lessons about cutting your losses.

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Great read
Not really a technical analysis book but a great read none the less.

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Magilla North Andover, Ma

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What better than to learn from Top Traders
Great to read about several Top Traders and learn from their successes and failures.

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Marcel Vught

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ONE WORD, Awesome
I bought this off amazon and loved it, its a must read to me.

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JSVaughn21 Cedar Grove, WV

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Killer Advice For traders
"As the title indicates this book consists of a series of interviews with some of the best most successful traders in the world.

Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is very intriguing to read one very successful trader present opposite techniques than the next trader being interviewed.

A must read for any serious investor. This book is filled with wisdom from start to finish – for both novice and advanced traders. One will also find that much of this wisdom applies to any career.

Below are excerpts from this book that I found particularly insightful:

1- “You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weaknesses…As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else’s style, you often wind up with the worst of both styles. I’ve done that a lot.”

2- “Don’t ever feel that you are very good. The second you do, you are dead.”

3- “What are the traits of a successful trader? The most important is discipline – I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courage to go into the market, and courage comes from adequate capitalization. Fourth, you must have a willingness to lose; that is also related to adequate capitalization. Fifth, you need a strong desire to win.”

4- “I have two basic rules about winning in trading as well as in life: (1) If you don’t bet, you can’t win. (2) If you lose all your chips, you can’t bet.”

5- “The stock market is neither efficient nor random. It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends.”

6- “I don’t see how you can invest in American steel without understanding what is going on in Malaysian palm oil. As I explained before, it is all part of a big, three-dimensional puzzle that is always changing.”

7- “Although the styles of the traders are very different, many common denominators were evident:

1- All those interviewed has a driving desire to become successful traders – in many cases, overcoming significant obstacles to reach their goals.

2- All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money.

3- Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned.

4- The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy.

5- Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed.

6- In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself.

7- The importance of acting independent of the crowd was a frequently emphasized point.

8- All top traders understand that losing is part of the game.

9- They all love what they are doing."

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OrigamiBuys Los angeles, CA

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