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December 12, 2009

Market Wizards Book Review - Trading and Technical Analysis - Book Reviews on TheDOCument.com

Market Wizards is the single most important book a professional trader can read. And reread. This catalogue of interviews is so packed with valuable passages that it provides more value on its second and even third reads than most other trading books provide on their first. In fact, I make it a point to flip its pages at least once per year, and each time I read it, I grab something new that relates to my recent trading experiences. It is also a stabilizing companion whenever I experience a bad trading streak.

The book, published in 1989, contains a series of interviews with spectacularly successful traders, each of whom learned how to adapt their particular aptitudes into trading strategies suited for themselves. Some of the names in this book are still uttered on a daily basis across the trading world: Paul Tudor Jones, Jim Rogers, William O'Neil. Others such as Ed Seykota, Richard Dennis, and Michael Steinhardt are legends of their own right even if they don't make the weekly news.

market wizards

In each interview, author Jack D. Schwager prods the subject for background about how he evolved from an ordinary Joe into a great trader. The interview then focuses the trader's particular trading style and disciplines, including anecdotes from the pit (sometimes literally from the pit!) and direct advice for the reader about how to build his own trading skills. Each interview, in fact, is individually worth the price of the book. Now, is there any question about how important I find this book?!

Updated September 28, 2008

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