Summary of Market Wizards

I enjoyed reading Jack D. Schwager’s MARKET WIZARDS (interviews with top traders), because interviews in this book are straight forward detailed and very informative. I selected this book, because it is very interesting to me that how did these top notch traders reached at this level of trading. So I can evaluate the efforts, struggles and learn to implement on myself, to improve my trading skills. In this book Mr.Schwager has interviewed those traders who have struggled during the last 3 decades of the 20th century. All the traders are from the United States of America. And they talk about:

• Futures & currencies.

• Stocks.

• Trading floor.

• The psychology of trading.

• The interbank currencies market.

Trading provides great frontiers of opportunities in our economy. It is on of the very few ways in which an individual can short with a relatively small bankroll and actually become a multimillionaire. Of course, only a handful of individual (such as those interviewed in this book) succeed in turning this feat; but at least the opportunity exists.

The author interviewed 17successfull traders and experts. And they have a common approach about the trading. They all agree that if they know all these things at the starting time then they were successful traders in the beginning of there trading careers. But all of them learned trading with time, experience and hardworking. Now we can see them as successful traders.

As author admits about lack of experience in trading business in his earlier times of his career, as he has expressed in the book “ Although I have been a net profitable trader over the years ( substantially multiplying a small initial stake on two separate occasion), I had a definite sense of failure about my trading. Given the extent of my knowledge and experience about markets and trading. As well as the fact that on numerous occasions I had correctly anticipated major price moves. I felt that my winning were small potatoes compared to what I should have made.”

Each of the traders interviewed in this book has achieved incredible success. What sets these traders apart? Mostly people think that winning in the markets has something to do with finding the secret formulas. The truth is that any common denominator among the traders had more to do with attitude than approach. Some of the traders used fundamental analysis exclusively;