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Product Description

How do the world?s top traders make millions of dollars in the markets ? sometimes in a matter of only weeks or even days? That?s precisely the question Jack Schwager was trying to answer when he interviewed 17 superstar money-makers including Richard Dennis, Paul Tudor Jones, Ed Seykota, Marty Schwartz, Tom Baldwin and others. After reading this best-selling book, you?ll know what ingredients enable these top traders to consistently work their financial magic in the markets while so many others walk away losers. One of the top-selling trading books of all-time!

Customer Reviews:

• Fascinating Read
  Market Wizards is fascinating from cover to cover. I am reading parts of it for the third time. The wisdom in this book is voluminous. Now if I would only listen to Market Wizards's lessons when I'm trading......more info
• JUST DO IT!
  This is THEE book to get!!! Get these 2 books 1st. Then read any other for fun or gaps you think these 2 books dont fill. Such as Ron Insan's Message of the markets and others by Ron. These Market books are the most enjoyable, fact filled, common sense, intense realization anyone can come across. They provide such intuitative information that they are a MUST READ for anyone interested in trading. They were also so amazingly FUN and INTERESTING to read. I read both books in less than 2 weeks. At times I could harldy put them down. The question answer format makes it so smooth a read that you forget time and location and just wnat to get to the next question as each one delivers facts to incorporate if you so wish into your own trading regamin. These have to be the best trading boosm ever if you listen to what is said over and over.
  1) STOP loss orders.
  2) % of pertfolio per investment to diversify.
  3) Indexes to look at
  4) taking notes why you bought, sold to remember for future what worked and what didnt.
  5) Riding winners.
  and many more. SOme seem so basic but the continued reitteration by market wizards show us how uncommon it is for regular people to follow as mnay would have protected wealth created by the tech bubble but blew it as none of these ideas they focus on were adhered to and we were wiped out. I was fortunate to survive the tech bubble and an now reading to take advantage of the next economic upturn globally using and implamenting these ideas and rules to live by only if implamented whioch is what human nature isnt insticntly done but must be to live to profit anther day...more info
• Priceless!
  If you are serious about becoming a better trader or just wanting to understand the mind set of professional trading, this is a must read! ...more info
• Grossly Over Rated and Irrelevant for the New Millenium
  I really cannot understand why this book has earned its acclaimed classic status. It has little beyond the usual tired trading psychology:
  
  - don't bet all your capital in one idea;
  - cut your losses;
  - follow the trend while it's good.
  
  That's all - seriously, who still has not known about all these points, and for free?
  
  Most of the interviews have not delved deep enough into how these traders analyze a trading idea, what frame work they use, why system, what data source they follow etc. Most of the time, I have to conclude that they did it by pure luck.
  
  Here is an example.
  
  "... I had a plan. I would wait until the market moved up to a certain level and then retracted by a specified amount before adding another unit..." How did he come up with the level? And why specified amount?? It reads terribly like he just got it off the charts!!!
  
  Let's face it. If I am a big, profitable trader who is still making money off my supposedly ingenius trading system, would I want to publish it in a book and share it with the rest of the world?
  
  There you have it. I would not want to waste your time or mine any more on this grossly over-rated book....more info
• Good for psychology
  I bought Market Wizards because I am working at an Ibank trading bonds this summer. But what I found is not so much a book that tells about stochastics, models, spread swaps, or other technical stuff , but what I did find is a book that takes you into the mind of a trader. Some of these guys have made and lost millions in a day, and the thoughts that must go through their head are mind-boggling when you control millions of demanding investors' money. The value of Schwager's book lies in its potential to teach you about what mental qualities these guys all possess that make them such good traders. Using real-life examples, they preach seemingly easy tenets all traders should follow but often do not. A lot of these psychological mindframes are difficult to maintain - cutting losses, trading without emotion, confidence in positions, and above all, not to be greedy. The interview with Ed Seykota (consummate yet eccentric trader) almost makes the book worth the money. A lot of what they say seems very simple and straightforward, but until you manage millions like these guys have, you will have to settle with a vicarious lesson that teaches you these important mental traits. All of his lessons should be absorbed before you step onto the trading floor thinking you are going to own Wall Street....more info
• Great insight into the minds of the stars
  It doesn't tell you detailed methods of trading, it doesn't tell you what technical indicators to look for, it doesn't tell you the magic parameters for your indicators (if there's ever any). What it does is to give you great insignt into the extremely succussful traders' mind.
  If you want to be succussful at trading, it doesn't hurt to see how the stars have done it.
  Highly recommended!
  
  Lucy Chen...more info
• Not so great
  I was never a fan of this book. Most of the interviews are with traders who actually worked in the pits and discuss "some" of their techniques(although many avoid going into much detail). The advice, when given, really can't be used by the average investor because most don't have the same access to the markets that these wizards did; however, it was somewhat interesting reading about their successes and failures. Bottom line: if you're looking to improve your investment acumen you should probably skip this book, but if you are merely looking to understand what these guys do during the course of a trading day it's worth a look....more info
• exellent - must read for traders
  Gives you an insight of real world traders. I strongly recommend all books from Jack....more info
• All Psyched Up.
  This book is great for getting you all psyched up, and wanting to get trading. The stories are great, and informative. Be careful though, the investors interviewed are seasoned pros, so take your time, do your research before you jump headfirst into investing....more info
• Amazing Books
  This is THEE book to get! Get these 2 books 1st. Then read any other for fun or gaps you think these 2 books don't fill. Such as Ron Insana's Message of the markets and others by Ron. These Market books are the most enjoyable, fact filled, common sense, intense realization anyone can come across. They provide such intuitive information that they are a MUST READ for anyone interested in trading. They were also so amazingly FUN and Interesting to read. I read both books in less than 2 weeks. At times I could hardly put them down. The question answer format makes it so smooth a read that you forget time and location and just want to get to the next question as each one delivers facts to incorporate if you so wish into your own trading regimen. These have to be the best trading books ever if you listen to what is said over and over.
  1) STOP loss orders.
  2) % of portfolio per investment to diversify.
  3) Indexes to look at
  4) taking notes why you bought, sold to remember for future what worked and what didn't.
  5) Riding winners.
  and many more. Some seem so basic but the continued reiteration by market wizards show us how uncommon it is for regular people to follow as many would have protected wealth created by the tech bubble but blew it as none of these ideas they focus on were adhered to and we were wiped out. I was fortunate to survive the tech bubble and an now reading to take advantage of the next economic upturn globally using and implementing these ideas and rules to live by only if implemented which is what human nature isn't instinctly done but must be to live to profit another day....more info
• A book for all serious traders
  Market wizards defines the wiinning behaviour and trading approaches needed by serious traders. Although the trading styles may be different, there is similarity between the psychological behaviour of all the winning traders Jack Schwager interviews. Its the responses of the winning traders and their advice that is priceless....more info
• best trading book ever!
  If your a trader, doesnt matter, either be stocks, bonds, commodities or fx...this book is a must...more info
• Great Insight via interviews
  Book offers excellent insight into some of the best speculators, traders, and investors from the late 20th century. Well worth the read if you're serious about speculating. Some of the interviews won't apply to your method or style but it's more than possible to gleen something from each....more info
• You MUST Read and re-read this book!
  Not for trying to copy one of the traders trading styles, as it is not about that, but you really must get into the mind of these successful traders. I have read this book over 100 times and each time I seem to gain more knowledge.

  I always recommend people buy this book before they even trade a stock. Very interesting people with great minds on trading. Buy it now....more info

• Stop everything else until you read Market Wizards
  Just stop trading. Stop watching the Big Board. Stop looking at the futures. Stop checking your quotes every hour. Turn off E*Trade. Do NOT make one more move until... you read what the MASTERS OF THE GAME DO.

  Why in the WORLD would you want to keep trading and investing without hearing what the most successful investors in the world do? Here, they share their strategies, they tell you what makes and what breaks them.

  One rule that PERMEATES almost every Market Wizard in this gem: Plan your Trades and Trade your Plan. Without a trading plan you will fail or be far less successful (but you'll probably fail). When will you enter the trade? When will you exit the trade? What are your stops? ONLY until you know these answers should you make a move in the market.

  Here is FREE (less the cost of the book) TRAINING AND ADVICE FROM THE WORLD'S BEST TRADERS EVER. PERIOD. Why do we sometimes think we know more than they??? STOP now and read Market Wizards. Then, you may be included in a future edition! (Be sure to thank me if that happens, I don't mind large bills!)...more info

• FANTASTIC
  EXCELLENT READ. I was going to reinvest after the DEVESTATING CRASH of the markets from 2000 to 2003. I bought these books to get some insight and have they provided me with powerful facts, direction and laws to live by trading wise.
  A must have for anyone wanting to invest and to make money and avooid getting wiped out. Learn to preserve what U have. I read all 400+ pages in under a 5 days it was that great of a read. So interesting, insighful and entertaining. I am currently reading the New market wizards. Mostly more of the same. Yet this one takes place from late 1998 to 1992. I wish There was a new one from the year 2000 -2003. More stock related as opposed to futures, commodities. But non the less the facts are riviting and the lessons irregardless of what was traded is what is most insighful and enduring. I will never trade again w/o the facts I learned here. If I had used the lessons I learned from reading this book I would have come out of the tech boom a wise man. But alas one of the lessons I learbned the hard way and then read in the book is that the 1st time out you MUST LOOSE and usually do loose as those are the TIMES you learn your system from your failures and what NOT to do going forward. All the wizards lost at 1st and then made their systems work from there!...more info
• Fascinating trading frameworks discussion
  The equities and commodities traders interviewed are real superstars.
  Discussions with Paul Tudor Jones, Jim Rogers and Tony Saliba give
  good background in general trading frameworks - these guys
  are real trading lengends. Tudor Jones discusses taking big
  positions on important market shifts like Oct 87 and Jim Rogers
  discusses value investing and investing in what is out of favor
  or being given away in a panic. "Buy panic and sell hysteria" he says.
  The legendary William O'Neil and David Ryan discuss buying
  the very best growth stocks after they come out of a period
  of consolidation and when their sales and earnings are improving.
  Overall a wonderful overall intro to trading...more info
• A must have for the market enthusiast
  Without a doubt, Market Wizards is Schwager's best work. I bet I've read some of the interviews twenty or more times....more info
• A Great Book to Learn about Important Trading Rules
  Getting into the mind of some of the best traders, they all have several things in common. When reading Market Wizards, you keep saying to yourself, "Yes, that makes sense." Just make sure you follow these rules in the real world. A little older, the same rules still apply today. It is even fun to read about how some of the trading was done over 10 years ago. Definitely an investment classic. This book should be read by everyone who is serious and committed to managing at least a portion of his or her own money....more info
• the two markets wizards are very good books
  Le livre de Schwager ne doit pas ¨ºtre le premier achat du d¨¦butant, celui-ci se trouvera en effet frustr¨¦ par le fait que tous ces grands traders ne livrent pas leurs m¨¦thodes et se contentent de raconter leurs d¨¦buts et quelques exp¨¦riences de trading. Mais l'apprentis sp¨¦culateur un peu plus exp¨¦riment¨¦ remarquera que tous ces traders, bien qu'utilisant des m¨¦thodes tr¨¦s vari¨¦s et ne travaillant pas tous sur les m¨ºmes p¨¦riode de temps, font r¨¦f¨¦rence sans cesse aux deux choses qui sont les plus importantes ¨¤ leurs yeux: la discipline et le money management. L'interview de Larry Hite sur le money management est un petit bijou.
  Pour conclure, la compr¨¦hension de ce livre ne n¨¦cessite pas un niveau d'anglais tr¨¦s ¨¦lev¨¦, c'est le parl¨¦ courant qui est utilis¨¦.....donc ¨¤ la port¨¦ de tous les fran?ais ayant fait un jour un tour au lyc¨¦e....more info
• Great trading book---if you want to learn how to trade and about the market
  This is a classic. Probably one of the best, what the best traders did...and how the did it. Given many prop trading desks may never have the chance to leverage 20 or 30X, this book may turn into a classic history book! ...more info
• A must have..
  I found this book inspiring and one which i will read again and again.It really set in stone my desire to become a trader. Cannot rate it highly enough....more info
• Lessons between the lines
  A read through Market Wizards will magically transform the way you think about making money in the market. This is not an academic book presenting theories on trading. Market Wizards allows you to learn from the experience of the pros, showing you the thinking that went into their strategies to make them a success. Most of these traders started with nearly scratch and compounded their winnings to millions. Now through the eyes of Jack Schwager, decades of lessons learned from trial and error are handed to you within this small book.
  
  To get the full benefit, it is necessary to read from beginning to end. What strikes me most is both the depth and breadth covered by the interviews. The book is divided into several segments, covering futures, equities, investors who follow economy-wide trends, and a little bit of psychological analysis. The key to learning from this book is linking the ideas from all the separate interviews together.
  
  By the end, you will see subtle differences in the thinking behind futures, equities, and even stock option trading. Despite the various traders having a wide range of opinions and philosophies, you will find many commonalities in each interview. Though each trader used radically different methods, they all had a standardized set of rules that were followed and led to success. Most of these rules involved some benchmark for cutting losses.
  
  Interestingly enough, this book is not written or condensed in anyway. It consists of outright transcripts of interviews Schwager conducted with the actual traders. I believe this style kept each page exciting because it actually felt as if I was present during the interview.
  
  This is one of the essential reads for any young or old person wanting to engage the trading field, whether as a part time endeavor or as a career. Study Market Wizards, and use the wisdom of its pages to your money-making advantage!
  ...more info
• Low quality product
  
  
  This book is everything a book shouldn't be, cheap flimsy see through paper with blurry print. If you are going to buy this book please save your eyes and money and pick up a second hand copy from an earlier printing that you can enjoy reading.
  ...more info
• Very good book on how traders think.
  This book has given me soooo much insight into the way pro traders think and how each of there styles are so diffrent, some trade just ta and some only fundamental and some trade both and they all trade a variaty of diffrent makets. I recommend this to anyone who is just begaing to trade iv been trading 4 yrs now i just wish i could have read this a bit sooner....more info
• As good as it gets
  If you are interested in philosophy you read about the great philosophers, if you are interested in coaching sports read about the methods of great coaches, and if you are interested in financial market success, you should read market wizards. The author of this book has done all traders and investors an extremely valuable service by interviewing some of the best speculators of our time. This book is really a collection of wisdom from people who at the time this book was written, had extraordinary results in the financial markets. While the traders interviewed in Market Wizards do not reveal some "holy grail" trading strategy for making millions, there are many speculation related philosophical insights that should certainly point you towards a proper frame of thinking about what it takes to trade succesfuly. Some of the basic insight common to all traders interviewed in this book are: Cut your losses short, let your profits run, The value of patiently waiting for the right trading opportunity, personal discipline, getting your ego out of trading decisions, and many more. This is not the type of book you read only once. To become a successful market speculator, one must have a sound trading philosphy, a valid technique, and most importanlty the discipline to implement it. I believe market wizards, allows you to read about many different individuals who each have a valid trading philosophy, a valid method, and the discipline to execute. While one cannot expect to become a market wizard simply by reading a book about them, I believe one will certainly point themselves in the right direction of achieving the goal of understanding what it will take to succeed in the financial markets by reading this book....more info
• Essential Reading for all Investors
  I'm the Market Strategist for a NYC Investment Bank (billions under management). Someone gave me this book when I first got into the industry a decade ago; I find myself rereading it every 5 years.

  I highly recommend it to anyone who is involved in the markets. Simply stated, this is THE book for anyone who wants to learn about trading or investing -- It is simply a must read.

  What's so utterly compelling about the interviews is how consistent the themes are that arise from so many different traders; This is true regardless of the markets they work in (commodities, equities, currencies, bonds) or the style they employ (technical, macro-economic, fundamental, quantitative).

  The basic concepts revealed by the Wizards are Discipline, Capital Preservation, Risk Management, Individual Responsibility, Flexibility, Intellectual Honesty and Consistency. Please note that these ideas have nothing to do with coming across a hot tip, or getting a big IPO allocation, or chasing the "darling of the day." It's especially relevant, given some of the speculative excesses of the most recent (March '03) rally.

  This book should cause all investors, both novice and experienced, to step back and consider their strategies and methodologies. These are much more important than finding the next "flavor of the month." This is especially true now that a new group of stock pickers have been inundating the airwaves.

  7/21/03...more info