The New Market Wizards

Taps into the minds of today’s trading superstars to reveal the secrets of their astonishing successIn these absorbing interviews with star performers in the financial markets, Schwager humanizes the mechanics and psychology behind the trading world in such sophisticated instruments as currencies, stock options, commodity futures, and mutual-fund accounts by individuals, investment firms and group-trading computerized "money machines." One trader focuses on market response to news events, another calculates mathematical probabilities--one even cocks an ear to the noise level on the exchange floor. All rank assiduous research, self-confidence, a specific plan and the courage to cut losses among essentials to success. Few consider their work gambling, but Schwager entertainingly argues that a successful trader needs many of the qualities of a good poker player. Though the subject matter is esoteric, there is much here to attract the general reader, and Schwager appends a "primer" of technical basics. You may not know their names, but they are the trading elite—a select group of super-money makers whose trading prowess has become the stuff of legend. They are speculators in everything from stocks and bonds to options and commodity futures who make millions—often in a matter of hours—and leave their peers in the dust. In this enthralling sequel to his international bestseller, Market Wizards, Jack Schwager interviews these stars, asking the questions that everyone with an interest in the financial markets would love know the answers to and receiving the kind of frank, occasionally bewildering answers that make this book as much a page-turner as its predecessor.Interviews with spectacular winners across the full spectrum of financial markets, revealing how they do it and what, personally, separates them from the herdSuperstar traders describe the financial strategies behind their phenomenal successes, as well as the painfully instructive lessons learned from their worst losses Reveals that, despite their various quirks and differences, all the biggest winners rank diligent research, self-confidence, a specific plan and the courage to cut losses as the keys to winning bigThroughout, Schwager provides valuable insight and analysis to help put interviewees responses into perspective, and he provides a technical basics primer at the end of the book