The Little Book of Market Wizards: Lessons from the Greatest Traders

The Little Book of Market Wizards: Lessons from the Greatest Traders

by Jack D. Schwager

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Overview

The Little Book of Market Wizards: Lessons from the Greatest Traders by Jack D. Schwager

An accessible look at the art of investing and how to adopt thepractices of top professionals

What differentiates the highly successful marketpractitioners—the Market Wizards—from ordinary traders'What traits do they share? What lessons can the average traderlearn from those who achieved superior returns for decades whilestill maintaining strict risk control? Jack Schwager has spent thepast 25 years interviewing the market legends in search of theanswers—a quest chronicled in four prior Market Wizardsvolumes totaling nearly 2,000 pages.

In The Little Book of Market Wizards, Jack Schwager seeksto distill what he considers the essential lessons he learned inconducting nearly four dozen interviews with some of the world'sbest traders. The book delves into the mindset and processes ofhighly successful traders, providing insights that all tradersshould find helpful in improving their trading skills andresults.

  • Each chapter focuses on a specific theme essential to marketsuccess
  • Describes how all market participants can benefit byincorporating the related traits, behaviors, and philosophies ofthe Market Wizards in their own trading
  • Filled with compelling anecdotes that bring the tradingmessages to life, and direct quotes from the market greats thatresonate with the wisdom born of experience and skill

Stepping clearly outside the narrow confines of most investmentbooks, The Little Book of Market Wizards focuses on thevalue of understanding one's self within the context of successfulinvesting.

Product Details

ISBN-13: 9781118858691
Publisher: Wiley
Publication date: 02/24/2014
Series: Little Books. Big Profits Series
Pages: 208
Sales rank: 1,200,231
Product dimensions: 5.30(w) x 7.00(h) x 1.00(d)

About the Author

JACK D. SCHWAGER is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently a principal of PortfolioFit (portfoliofitadvisors.com), an advisory firm that specializes in constructing tailor-made futures and FX managed account portfolios for clients, and the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Mr. Schwager is also one of the founders of Fund Seeder (Fundseeder.com), a platform designed to find undiscovered trading talent worldwide and connect unknown successful traders with sources of investment capital.
Mr. Schwager is the inventor of the Jack Schwager Commodity Index (JSCI) family, a set of dynamically adjusted commodity indexes that incorporate spread structure, systematic inputs, and volatility-based risk adjustments. The indexes are scheduled to be launched in early 2014 in cooperation with Aquantum AG and UBS.
Mr. Schwager is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last three decades: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), and Hedge Fund Market Wizards (2012). His latest book Market Sense and Nonsense, a compendium of investment misconceptions, was published in November 2012. He is also the author of the three-volume Schwager on Futures series and Getting Started in Technical Analysis. Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation.

Table of Contents

Foreword by Peter L. Brandt xi

Preface xv

Chapter One: Failure Is Not Predictive 1

Chapter Two: What Is Not Important 9

Chapter Three: Trading Your Own Personality 15

Chapter Four: The Need for an Edge 23

Chapter Five: The Importance of Hard Work 27

Chapter Six: Good Trading Should Be Effortless 35

Chapter Seven: The Worst of Times, the Best of Times 41

Chapter Eight: Risk Management 47

Chapter Nine: Discipline 61

Chapter Ten: Independence 69

Chapter Eleven: Confidence 73

Chapter Twelve: Losing Is Part of the Game 77

Chapter Thirteen: Patience 83

Chapter Fourteen: No Loyalty 93

Chapter Fifteen: Size Matters 103

Chapter Sixteen: Doing the Uncomfortable Thing 115

Chapter Seventeen: Emotions and Trading 125

Chapter Eighteen: Dynamic versus Static Trading 135

Chapter Nineteen: Market Response 145

Chapter Twenty: The Value of Mistakes 157

Chapter Twenty-One: Implementation versus Idea 163

Chapter Twenty-Two: Off the Hook 167

Chapter Twenty-Three: Love of the Endeavor 173

Appendix: Options—Understanding the Basics 177

Notes 185

About the Author 189

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