The New Market Wizards: Conversations with America's Top Traders

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John Wiley & Sons, Oct 10, 2012 - Business & Economics - 616 pages
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Praise for THE NEW MARKET WIZARDS

"Jack Schwager simply writes the best books about trading I've ever read. These interviews always give me a lot to think about. If you like learning about traders and trading, you'll find that reading this book is time well spent." -Richard Dennis, President, The Dennis Trading Group, Inc.

"Jack Schwager's deep knowledge of the markets and his extensive network of personal contacts throughout the industry have set him apart as the definitive market chronicler of our age." -Ed Seykota

"Very interesting indeed!" -John Train, author of The Money Masters

"Successful trading demands longtime experience because it requires firsthand knowledge. If there is a shortcut to this requirement, however, it is in reading about the experiences of others. Jack Schwager's book provides that shortcut. If you find yourself sweating upon occasion as you read, then you're as close to the trading experience as you can get without actually doing it yourself." -Robert R. Prechter, Jr., editor, The Elliott Wave Theorist

THE NEW MARKET WIZARDS

Some traders distinguish themselves from the herd. These supertraders make millions of dollars-sometimes in hours-and consistently outperform their peers.

As he did in his acclaimed national bestseller, Market Wizards, Jack Schwager interviews a host of these supertraders, spectacular winners whose success occurs across a spectrum of financial markets. These traders use different methods, but they all share an edge. How do they do it? What separates them from the others? What can they teach the average trader or investor?

In The New Market Wizards, these wildly successful traders relate the financial strategies that have rocketed them to success, as well as the embarrassing losses that have proven them all too human.

Meet the Wizards of Wall Street:
* Stan Druckenmiller, who, as manager of the Soros Quantum Fund, realized an average annual return of more than 38 percent on assets ranging between $2.0 and $3.5 billion
* William Eckhardt, a mathematician who, in collaboration with trader Richard Dennis, selected and trained the now-legendary circle known as the Turtles
* Bill Lipschutz, a former architect who, for eight years, was Salomon Brothers' largest and most successful currency trader
* Blair Hull, a one-time blackjack player who began an options trading company with

Asking the questions that readers with an interest in the financial markets would love to pose to the financial superstars, and filled with candid appraisals, The New Market Wizards takes its place as a classic.
 

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Contents

Preface
Misadventures in Trading
Hussein Makes a Bad Trade
Understanding the Basics
The Mathematician
The Silence of the Turtles
The Best Return That Low Risk Can
The Human Chart Encyclopedia
The Role of the Subconscious
Market Wizlarldom
The Trading Plan
Discipline 12 Understand That You Are Responsible 13 The Need For Independence
Confidence 15 Losing is Part of The Game
Lack of Confidence and TimeOuts 17 The Urge To Seek Advice 18 The Virtue of Patience
The Importance of Sitting 20 Developing A LowRisk Idea
The Importance of Varying Bet Size

The Art of TopDown Investing
The Art of BottomUp Investing
The Master of Consistency
Markets Grow Old
Mr Serenity
Reading the Music of the Markets
The Trading Machine
God in the Pits
The Intuitive Theoretician
Getting the Edge
The Mathematics of Strategy
Zen and the Art of Trading
Scaling in and Out of Trades 23 Being Right is More Important Than Being A Genius 24 Dont Worry About Looking Stupid
Sometimes Action is More Important Than Prudence
Catching Part of The Move is Just Fine 27 Maximize Gains Not The Number of Wins 28 Learn To Be Disloyal
Pull Out Partial Profits 30 Hope is A FourLetter Word 31 Dont Do The Comfortable Thing
You Cant Win If You Have To Win 33 Think Twice When The Market Lets You Off The Hook Easily
A Mind is A Terrible Thing To Close 35 The Markets Are An Expensive Place To Look For Excitement 36 The Calm State of A Trader
Identify and Eliminate Stress
Pay Attention To Intuition
A Personal Reflection
Tradin Resource Guide
Copyright

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About the author (2012)

Jack Schwager is a recognized industry expert on futures and hedge funds and the author of the widely acclaimed Market Wizards and Schwager on Futures book series and Market Sense and Nonsense. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients, and also spent over twenty years as a director of futures research for some of Wall Street's leading firms.

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