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Are you new to stock investing or a long-time trader in the market? Do you always want to learn more from successful investors so you can trade as effectively as possible? Then it would be a shame not to know the book Market Wizards by Jack D. Schwager – a writer and a highly accomplished figure in the world of financial investing.
Who Is the Author of Market Wizards?
Jack D. Schwager is a very well-known author. In 1971 he earned a master’s degree in economics from Brown University. He is co-portfolio manager of diversified strategic funds for ADM Investor Services, and an adviser to Catalytic Investment Group Pte Ltd – a respected fund management company in Singapore. He has more than 22 years of experience as director of research for several major Wall Street firms. He is also a speaker on investment analysis topics such as the traits of talented traders and the management of fund portfolios.
Jack D. Schwager has written many books, all of them popular with readers and regarded as playbooks for anyone who wants to succeed in the stock market. A prime example is Market Wizards.
What Is Market Wizards About?
This is the third book in Schwager’s series of classic investment books. Nearly a decade after the success of The New Market Wizards, the United States had witnessed a wave of speculation in the stock market, along with a collapse in commodity prices and the spectacular failure of one of the world’s leading hedge funds, followed by the internet boom and an economy slowly recovering from recession. So in such chaotic times, who could become a wizard of the stock exchange? You will find the answer in Market Wizards.
The book revolves around a series of interviews with the most successful and famous traders of the time, their success stories in investing and the lessons they distilled over their careers. Jack D. Schwager also covers the facts of the trading careers of great fund managers and individual stock traders such as Richard Dennis and William O’Neil. Through the successes and failures of these top traders, the author gives readers the chance to discover the secrets behind the wealth of talented investors. After reading and studying Market Wizards you will be able to answer the question: how did the wizards of the stock exchange dominate the US market?
Some lessons from Market Wizards:
- Early failures do not decide what you will achieve or who you will become. Failing at the start is natural; what matters is that you stay persistent and confident, and one day you will succeed.
- Flexibility is vital to becoming a successful trader. When you are flexible, you recognize your mistakes easily and can adjust accordingly.
- Don’t rush into a trade simply because a pattern has worked before. You need a truly objective view so that you are not misled by patterns during backtesting.
- Decide exactly where you will exit before you enter. Defining your exit means setting your stop-loss and take-profit before you trade.
- Always look for ways to make money from the market. It is very hard, but as long as you keep trying, your efforts will be rewarded. There is no such thing as a free lunch, and naturally the good things are not for everyone, only for those who truly earn them. If you actively seek out the market’s opportunities, they will help you become a successful investor.
Our Thoughts on Market Wizards
“There are a million ways to make money in the markets. The irony is that they are all very difficult to find.”
Market Wizards – the book that reveals how the richest and most talented wizards dominated the US stock market. Every topic the author covers is a valuable lesson that broadens your knowledge of investing. Reading it feels like being immersed in the adventures of the most gifted and successful stock market wizards. Every line is gripping and entertaining. You could spend the whole day absorbed in the lives of these famous traders; it is a book about investing that is never dry or preachy.
Market Wizards mainly covers foundational knowledge, operating rules and how to assess the value a stock offers. This helps investors make sound, effective decisions and earn the highest possible returns. It can be seen as a stock investing handbook that every investor should keep on their shelf, especially those new to the market. Through it, new investors can see the victories, the defeats and the comebacks of the top stock traders.
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