Trader Resources

Trader’s Wish List – Second Installment

Here is the next installment in my list of gift recommendations either for yourself or that special trader on your list!

Today the feature item is a trading classic: Market Wizards.

Jack Schwager wrote Market Wizards back in the late 1980s and it was immediately one of the best trading books ever put together. It created the genre of the successful trader interview book, though none that came after it ever was close to being as good.

Market Wizards and its follow-up editions The New Market Wizards and Stock Market Wizards, pull together insightful interviews done with some of the great traders and investors of the modern day. There are names you may know, such at Jim Rogers and Van Tharp, and others with whom you may not be familiar. They cover the wide spectrum of markets, methodologies, and trading styles making the information and opinions of broad value to all traders.

And the Market Wizards collection is more than just a bunch of interviews. Schwager has considerable trading and market experience of his own, so he knows the right questions to ask. Moreover, he knows what the key nuggets are to be had and does an excellent job of pulling them out of each interview and collecting them for ready use by the reader.

There are two primary reasons I personally recommend the Market Wizards books very strongly. The first is the trading insights. While the folks Schwager spoke with did not, for the most part, share any specific trading method or technique for achieving market profits, they did provide loads of wisdom. Their discussion of risks, trading strategy & management, the psychological aspects of trading, and other things is of incredible value.

The second reason I’m so high on the Market Wizards collection is the inspirational element. We all go through times when we question ourselves and/or our efforts in the markets. These books share stories of how people started with small trading stakes and were able to run them up to multimillion dollar portfolios and trading accounts. I have often gone back to read an interview or two just to get myself remotivated and excited about trading again.

In recent years, a few new Market Wizards products have come out. There is a video entitled Winning Methods of the Market Wizards, which is basically the recording of a seminar Jack Schwager did at one point. In it he shares some of the insights he gained by talking with so many successful traders and investors. I have seen it and found it to be more than worth the money.

This year a collection of audio CDs was released. I have not as yet had a chance to listen to any of them, but my impression is that they are readings of certain Market Wizards interviews. They include:

By John

Author of The Essentials of Trading

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