Market Wizards: Interviews with Top Traders
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How do some of the world's most successful traders amass millions of dollars in a year--or sometime sin 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 successes? 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 in 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 tip 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. Understand what it takes to become a successful trader. Hear it in the very words of the Market Wizards. Martin W. Zweig One of the most fascinating books ever written about Wall Street.
Preface, ixPrologue, xiiiMy own story, xvPart 1: Futures and CurrenciesTaking the mystery our of futures, 3The interbank currency market defined, 7Michael Marcus: Blighting never strikes twice, 9Bruce Kovner: The world trader, 51Richard Dennis: A legend retires, 85Paul Tudor Jones: The art of aggressive trading, 117Gary Bielfeldt: Yes, they do trade T-bonds in Peoria, 141Ed Seykota: Everybody gets what they want, 151Larry Hite: Respecting Risk, 175Part 2: Mostly StocksMichael Steinhardt: The concept of variant perception, 193William O'Neil: The art of stock selection, 219David Ryan: Stock investment as a treasure hunt, 237Marty Schwartz: Champion trader, 257Part 3: A Little Bit of EverythingJames B. Rogers, Jr.: Buying value and selling hysteria, 283Mark Weinstein: High-percentage trader, 321Part 4: The View From the FloorBrian Gelber: Broker turned trader, 345Tom Baldwin: The fearless pit trader, 367Tony Saliba: "One lot" triumphs, 387Part 5: The Psychology of TradingDr. Van K. Tharp: The psychology of trading, 411The trade: A personal experience, 431Postscript: Dreams and trading, 437Final Word, 439Appendix1: Program trading and portfolio Insurance, 441Appendix 2: Options—understanding the basics, 443Glossary, 447
