Book of the Month Market Wizards

Book of the Month:

Market Wizards, Interviews With Top Traders by Jack Schwager

Market WizardsMarket Wizards by Jack Schwager is considered a must-read by most trading professionals. Jack Schwager was a struggling trader who had turned $10k into over $100k on 2 separate occasions, only to blow up his entire account both times. He believed the struggles he was facing were also the same struggle thousands of investors were facing, so he decided to interview the top traders in the world and try to find the secret to their successes.

The quality of traders that Schwager chose for his book is what has made it such an enduring classic. Even though the book was written in the 80’s, most of the traders he interviewed then are still the biggest and baddest on Wall Street today. Guys like Paul Tudor Jones (Tudor Investment Corp), Jim Rogers (former partner of George Soros), Richard Dennis (Turtle Traders), and Bruce Kovner.

If you’ve had some initial setbacks in your trading journey, this book may offer some deep solace. Very few of the 20 or so traders interviewed in the book were profitable from day 1. Most of these insanely successfully traders traveled the road of hard knocks, blowing up accounts and suffering major drawdowns. Each of them, however, met a breaking point where they finally became consistent and disciplined, and today most of them are still some of the top traders in the world.

A few of the extraordinary feats accomplished by the Market Wizards:

• Michael Marcus turned a $30k account into $80 million
• Michael Steinhardt’s fund averaged a 30% annual return over a 21 year period
• Paul Tudor Jones registered triple digit returns for 5 consecutive years
• Ed Seykota realized an astounding 250,000% return on his accounts over 16 years.

If you want to get into the minds of the greatest trading professionals in the world, then pick up a copy of Market Wizards. You will find common themes woven throughout each of their stories that will give you insight into your own trading journey, and you may just find that hidden piece of wisdom that helps you go to another level of consistency and profitability in the markets!

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