John Wiley & Sons Inc Market Wizards: Interviews with Top Traders Updated

Must have for all new traders out there!

I received the package ontime. And the book in the perfect condition 😊

As the title indicates this book consists of a series of interviews with some of the best most successful traders in the world. Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is very intriguing to read one very successful trader present opposite techniques than the next trader being interviewed. A must read for any serious investor. This book is filled with wisdom from start to finish - for both novice and advanced traders. One will also find that much of this wisdom applies to any career. Below are excerpts from this book that I found particularly insightful: 1- "You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weaknesses...As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else's style, you often wind up with the worst of both styles. I've done that a lot." 2- "Don't ever feel that you are very good. The second you do, you are dead." 3- "What are the traits of a successful trader? The most important is discipline - I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courage to go into the market, and courage comes from adequate capitalization. Fourth, you must have a willingness to lose; that is also related to adequate capitalization. Fifth, you need a strong desire to win." 4- "I have two basic rules about winning in trading as well as in life: (1) If you don't bet, you can't win. (2) If you lose all your chips, you can't bet." 5- "The stock market is neither efficient nor random. It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends." 6- "I don't see how you can invest in American steel without understanding what is going on in Malaysian palm oil. As I explained before, it is all part of a big, three-dimensional puzzle that is always changing." 7- "Although the styles of the traders are very different, many common denominators were evident: 1- All those interviewed has a driving desire to become successful traders - in many cases, overcoming significant obstacles to reach their goals. 2- All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money. 3- Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned. 4- The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy. 5- Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed. 6- In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself. 7- The importance of acting independent of the crowd was a frequently emphasized point. 8- All top traders understand that losing is part of the game. 9- They all love what they are doing."

I work as a commodities analyst and want to improve my knowledge of the trading world. This book, although old, remains a very helpful insight into a wide variety of trading topics and trading personalities. What I got out of the book most is that you can be successful in different ways - trade very often and very carefully with technical analysis. Or use fundamentals and trade big when you think the market will move. There are also many different personalities, thought the stereotype seems to be mostly people totally obsessed with money who are super stressed and have nothing happening in their personal lives. In order to be a good trader you have to be absolutely obsessive about the markets everyday. These people have lost everything and gained it back again. I think that was a bit of a takeaway from me - I don’t really admire too many of the people in the book. Trading was and remains a form of professional gambling without any real world tangible benefits that I can see. I would love to read more of the authors books as I find trading very interesting and this is super helpful insight, but this book turned me off the idea of being a trader full time more than anything. That in itself is very valuable insight.

This book is an investing and trading classic. Lots of interesting bits of wisdom and ideas in here. I re-read it every few years.

Esse é um dos melhores livros sobre trade. Muito bom mesmo. É repleto de ensinamentos. Livro fundamental para qualquer pessoa que goste do mercado financeiro.

If you have to pick one trading book, let it be this one. It is the most practical and relatable one I have read and it’s a page turner.