Market Wizards: Interviews with Top Traders

Overview

A bestselling classic (more than 200,000 copies sold in hardcover and paperback) that delves into the minds of some of the world's most successful traders.

Author Biography: Jack D. Schwager is the director of Futures Research and Trading Strategy at Prudential Securities, Inc. Author of the bestselling Market Wizards and A Complete Guide to the Future Markets, he is a frequent seminar speaker.

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Overview

A bestselling classic (more than 200,000 copies sold in hardcover and paperback) that delves into the minds of some of the world's most successful traders.

Author Biography: Jack D. Schwager is the director of Futures Research and Trading Strategy at Prudential Securities, Inc. Author of the bestselling Market Wizards and A Complete Guide to the Future Markets, he is a frequent seminar speaker.

A noted financial expert interviews the world's most successful traders.

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Editorial Reviews

Martin W. Zweig
One of the most fascinating books ever written about Wall Street.
Martin W. Zweig
One of the most fascinating books ever written about Wall Street.
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Product Details

  • ISBN-13: 9781118273050
  • Publisher: Wiley
  • Publication date: 2/7/2012
  • Edition number: 1
  • Pages: 512
  • Sales rank: 132,707
  • Product dimensions: 5.90 (w) x 8.90 (h) x 1.50 (d)

Meet the Author

JACK D. SCHWAGER is a recognized industry expert on futures and hedge funds, and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. He is also an advisor to MarkeTopper Securities, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm that specialized in creating customized hedge fund portfolios for institutional clients. His prior experience also includes over twenty years as a director of futures research for some of Wall Street's leading firms.

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Read an Excerpt

Michael Marcus

Blighting Never Strikes Twice

Michael Marcus began his career as a commodity research analyst for a major brokerage house. His near-compulsive attraction to trading led him to abandon his salaried position to pursue full-time trading. After a brief, almost comical, stint as a floor trader, he went to work for Commodities Corporation, a firm that hired professional traders to trade the company's own funds. Marcus became one of their most successful traders. In a number of years, his profits exceeded the combined total profit of all the other traders. Over a ten-year period, he multiplied his company account by an incredible 2,500-fold!

I first met Marcus the day I joined Reynolds Securities as a futures research analyst. Marcus had accepted a similar job at a competing firm, and I was assuming the position he had just vacated. In those early years in both our careers, we met regularly. Although I usually found my own analysis more persuasive when we disagreed, Marcus ultimately proved right about the direction of the market. Eventually, Marcus accepted a job as a trader, became very successful, and moved out to the West Coast.

When I first conceived the idea for this book, Marcus was high on my list of interview candidates. Marcus' initial response to my request was agreeable, but not firm. Several weeks later, he declined, as his desire to maintain anonymity dominated his natural inclination to participate in an endeavor he found appealing. (Marcus knew and respected many of the other traders I was interviewing.) I was very disappointed because Marcus is one of the finest traders I have been privileged to know.Fortunately, some additional persuasion by a mutual friend helped change his mind.

When I met Marcus for this interview, it had been seven years since we had last seen each other. The interview was conducted in Marcus' home, a two-house complex set on a cliff overlooking a private beach in Southern California. You enter the complex through a massive gate ("amazing gate" as described by an assistant who provided me with driving directions) that would probably have a good chance of holding up through a panzer division attack.

On first greeting, Marcus seemed aloof, almost withdrawn. This quiet side of Marcus' personality makes his description of his short-lived attempt to be a floor trader particularly striking. He became animated, however, as soon as he began talking about his trading experiences. Our conversation focused on his early "roller coaster" years, which he considered to be the most interesting of his career.

How did you first get interested in trading futures?

I was something of a scholar. In 1969, I graduated from Johns Hopkins, Phi Beta Kappa, near the top of my class. I had a Ph.D. fellowship in psychology at Clark University, and fully expected to live the life of a professor. Through a mutual friend, I met this fellow named John, who claimed he could double my money every two weeks, like cock-work. That sounded very appealing [he laughs]. I don't think I even asked John how he could do it. It was such an attractive idea that I didn't want to spoil things by finding out too many facts. I was afraid I would get cold feet.

Weren't you skeptical? Didn't he sound too much like a used car salesman?

No, I had never invested in anything, and I was very naive. I hired John, who was a junior at my school, to be my commodity trading advisor at $30 a week. Occasionally, I threw in free potato chips and soda. He had a theory that you could subsist on that diet.

That's all you paid him? Weren't there any profit incentives -- extra potato chips if he did well?

No.

How much money did you allot for trading?

About $1,000 that I had saved up.

Then what happened?

My first trip to a brokerage house was very, very exciting. I got dressed up, putting on my only suit, and we went to the Reynolds Securities office in Baltimore. It was a big, posh office, suggesting a lot of old money. There was mahogany all over the place and a hushed, reverential tone permeated the office. It was all very impressive.

The focal point was a big commodity board at the front of the office, the kind that clicked the old-fashioned way. It was really exciting to hear the click, click, click. They had a gallery from which the traders could watch the board, but it was so far away that we had to use binoculars to see the prices. That was also very exciting, because it was just like watching a horse race.

My first realization that things might become a little scary was when a voice came over the loudspeaker recommending the purchase of soybean meal. I looked at John, expecting to see an expression of confidence and assurance on his face. Instead, he looked at me and asked, "Do you think we should do it?" [he laughs]. It quickly dawned on me that John didn't know anything at all.

I remember soybean meal was trading quietly: 78.30,78.40,78.30, 78.40. We put the order in, and as soon as we got the confirmation back, almost mystically, the prices started clicking down. As soon as it knew that I was in, the market took that as a signal to start descending. I guess I had good instincts even then, because I immediately said to John, 44 We're not doing too well, let's get out!" We lost about $100 on that trade.

The next trade was in corn, and the same thing happened. John asked me whether we should do the trade. I said, "Well all right, let's try corn." The outcome was the same.Did you know anything at all about what you were doing? Had you read anything about commodities or trading?

No, nothing.

Did you even know the contract sizes?

No, we didn't.

Did you know how much it was costing you per tick?

Yes.

Apparently, that was about the only thing you knew.

Right. Our next trade, in wheat, didn't work either. After that, we went back to corn and that trade worked out better-, it took us three days to lose our money. We were measuring success by the number of days it took us to lose...

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Table of Contents

Preface, ix
Prologue, xiii
My own story, xv
Part 1: Futures and Currencies
Taking the mystery our of futures, 3
The interbank currency market defined, 7
Michael Marcus: Blighting never strikes twice, 9
Bruce Kovner: The world trader, 51
Richard Dennis: A legend retires, 85
Paul Tudor Jones: The art of aggressive trading, 117
Gary Bielfeldt: Yes, they do trade T-bonds in Peoria, 141
Ed Seykota: Everybody gets what they want, 151
Larry Hite: Respecting Risk, 175
Part 2: Mostly Stocks
Michael Steinhardt: The concept of variant perception, 193
William O'Neil: The art of stock selection, 219
David Ryan: Stock investment as a treasure hunt, 237
Marty Schwartz: Champion trader, 257
Part 3: A Little Bit of Everything
James B. Rogers, Jr.: Buying value and selling hysteria, 283
Mark Weinstein: High-percentage trader, 321
Part 4: The View From the Floor
Brian Gelber: Broker turned trader, 345
Tom Baldwin: The fearless pit trader, 367
Tony Saliba: "One lot" triumphs, 387
Part 5: The Psychology of Trading
Dr. Van K. Tharp: The psychology of trading, 411
The trade: A personal experience, 431
Postscript: Dreams and trading, 437
Final Word, 439
Appendix1: Program trading and portfolio Insurance, 441
Appendix 2: Options—understanding the basics, 443
Glossary, 447
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Sort by: Showing all of 8 Customer Reviews
  • Anonymous

    Posted August 15, 2002

    Insightful

    If you love the markets, then you can certainly relate to the characters in Jack Schwager's first Market Wizards. Excellent insight for anyone in the industry, or anyone not in the industry.

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  • Anonymous

    Posted June 26, 2002

    One of the best books on trading

    I believe this book will go down as one of the classics. Definately a must read for any and EVERY trader OR investor (nuff said)

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  • Anonymous

    Posted October 21, 2001

    Great book on the psychology of great traders.

    If your looking for systems and methodology then your looking for a different book. BUT if your looking at the different psychology of great traders then this an excellent book. Looks of different points of view. Some of the traders have different points of view as what works and what doesn't. Like some don't believe technical doesn't work and vice versa with fundamental. It help me with a different outlook on my trading as well. There is some insight as to the systems they use and there methodology. This is definitly a recommened book to read.

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  • Anonymous

    Posted January 17, 2001

    Excellent Book!

    A very humorous and entertaining book with a VERY serious message. This book gives you an inside look into the physcology of winning traders and a peak at their methodologies. Get the book and at the very least you will have purchased a book that is quite enjoyable and a very easy read.

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  • Anonymous

    Posted May 18, 2000

    In the Top 5 of trading books

    Educational and interesting at the same time. Though I think it would be interesting to any trading skill level, I believe it will be more educational to those who have already cut their teeth in the trading arena. In any case, read this book and its sequel.

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  • Anonymous

    Posted May 12, 2000

    Gread Reading Material!!

    If you are interested in investing, and want to learn more by seeing how a few professionals do it, then you will greatly enjoy this book. Jack does a wonderful job of interviewing, and makes it a very interesting read. It is not very often that a financial book keeps me up late not wanting to call it quits for the night.

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  • Anonymous

    Posted November 19, 2009

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  • Anonymous

    Posted July 30, 2009

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