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The New Market Wizards: Conversations with America's Top Traders

Andy Wightman. Investing in Shares For Dummies. David Stevenson. The Big Short. Michael Lewis. The simple truth is that most traders cannot stand the thought of selling near a recent low, especially soon after a sharp break. Consequently, with everyone waiting to sell the first rally, the market never rallies.

In any case, one look at the chart and I felt convinced this was one of those situations in which the market would never lift its head.


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Although my strong conviction tempted me to implement a short position, I also felt it was an inappropriate time to resume trading. I looked at my watch. There were exactly ten minutes left to the close. I procrastinated. The market closed. That night before leaving work, I felt I had made a mistake. If I was so sure the market was going down, I reasoned, I should have gone short, even if I didn't want to trade.

So I walked over to the twenty-four-hour trading desk and placed an order to go short the British pound in the overnight market. The next morning I came in and the pound was down over points on the opening. I placed a token amount of money into the account and entered a stop order to liquidate the trade if the market returned to my entry level.

I rationalized that I was only trading with the market's money, and since my plan was to cease trading on a return to breakeven, I was not really violating my beliefs against trading with inadequate capital. Thus, I found myself trading once again, despite a desire not to do so. This particular trade provides a good illustration of one of the principles that emerged from my interviews for Market Wizards. Patience was an element that a number of the supertraders stressed as being critical to success. James Rogers said it perhaps most colorfully, "I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up.


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I do nothing in the meantime. By forcing myself to wait until there was a trade that appeared so compelling that I could not stand the thought of not taking it, I had vastly improved the odds. During the next few months, I continued to trade and my equity steadily increased, as I seemed to be making mostly correct trading decisions. It was at this juncture, while traveling on a business trip, that nearly all my positions turned sour simultaneously. I made some hasty decisions between meetings, virtually all of which proved wrong.

The new market wizards: conversations with America's top traders - Jack D. Schwager - Google книги

Within about a week, I had lost about one-third of my gains. Normally, when I surrender a meaningful percentage of my profits, I put on the brakes, either trading only minimally or ceasing to trade altogether. Instinctively, I seemed to be following the same script on this occasion, as my positions were reduced to minimal levels. At this time, I received a call from my friend Harvey not his real name.

About This Item

Harvey is a practitioner of Elliott Wave analysis a complex theory that attempts to explain all market behavior as part of a grand structure of price waves. Although I have usually found it to be a mistake to listen to anyone else's opinions on specific trades, in my experience Harvey had made some very good calls.

go site This time he caught my ear. I'm going to wait until there are some signs of the market topping. As for other readers, any attempt at an explanation is more likely to confuse than enlighten--take my word for it. Harvey is usually pretty good in his analysis, and this time he seems particularly confident about his call. Maybe I'll coattail him on just this one trade, and if he's right, it will be an easy way for me to get back on a winning track.

But I must tell you that from past experience I've found listening to other opinions disastrous. If I get in on your opinion, I'll have no basis for deciding when to get out of the trade. So understand that my plan is to follow you all the way. I'll get out when you get out, and you need to let me know when you change your opinion. I went short at the market about a half-hour before the close and then watched as prices continued to edge higher, with the pound closing near its high for the week.

See All Customer Reviews. Shop Books. Read an excerpt of this book! Offering his unique perspective on the experience, Faith explains why the Turtle Way works in modern markets, and shares hard-earned wisdom on taking risks, choosing your own path, and learning from your mistakes. What differentiates the highly successful market practitioners—the Market Wizards—from ordinary traders? What traits do they share? What lessons can the average trader learn from those who achieved superior returns for decades while still maintaining strict risk control?

Jack Schwager has spent the past 25 years interviewing the market legends in search of the answers—a quest chronicled in four prior Market Wizards volumes totaling nearly 2, pages. In The Little Book of Market Wizards, Jack Schwager seeks to distill what he considers the essential lessons he learned in conducting nearly four dozen interviews with some of the world's best traders. The book delves into the mindset and processes of highly successful traders, providing insights that all traders should find helpful in improving their trading skills and results.

Stepping clearly outside the narrow confines of most investment books, The Little Book of Market Wizards focuses on the value of understanding one's self within the context of successful investing. It has been nearly a decade since the publication of the highly successful The New Market Wizards. The interim has witnessed the most dynamic bull market in US stock history, a collapse in commodity prices, dramatic failures in some of the world's leading hedge funds, the burst of the Internet bubble, a fall into recession and subsequent rumblings of recovery.

Who have been the 'market wizards' during this tumultuous financial period?