Market Wizards: Interviews with Top Traders

How do some of the world's most successful traders amass millions of dollars in a year-or sometimes in hours? Are they masters of a priceless wizardry or simply the very lucky winners in a random market lottery that allows only a few players to become fantastically wealthy? What are the secrets of their unheard-of successes? And what mental disciplines, what emotional responses, what intangible personal ingredients make these top traders so mysteriously effective? What enables them to work financial magic while so many others walk away losers? Featuring interviews with seventeen of the most successful market-beaters, including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michael Steinhardt, Ed Seykota, Marty Schwartz, and Tom Baldwin, Market Wizards is packed with real-life anecdotes from the trading world. From the electrical engineer from MIT whose computerized trading earned returns of 250,000% over sixteen years to the trader who, after wiping out several times, successfully turned a $30,000 investment into an $80 million fortune, Schwager identifies the factors that define the Market Wizards. Market Wizards takes the reader into the minds of a few of the most successful traders of all time, explaining that while markets may change and techniques may change, the underlying core principles that lead to trading success stay the same. The best testament to the continued relevance of Market Wizards in today's markets is that so many money managers who read the original edition early in their careers make it required reading for new traders.