The New Market Wizards by Jack D. Schwager

The New Market Wizards is a second book in the series and in some way a sequel of The Market Wizards by the same author. It focuses around the interviews of successful financial traders, who managed to find their place in ever-changing markets and developed their unique tactics and behavior to earn from trading. They are successful enough to be called wizards of the market. Schwager writes that the best way to learn trading is to listen to those who know how to trade. All presented interviews are made with real traders that perfectly fit as the role models. Searching for a holy grail and spending thousands dollars on various systems, tips and signals isn’t the right way of reaching success in Forex; knowing little secrets, techniques and understanding others’ experience is one of the easiest and cheapest ways to master trading.

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Below you can read the reviews of the book and also submit your own review about The New Market Wizards by Jack D. Schwager.

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5 Reviews

  1. Chris:

    After reading Jack Schwagger’s first book “Market Wizards” it was only normal to expect at least the same level of expertise when I picked up “The New Market Wizards”. I have to say I was disappointed. In the first book he actually asked successful traders about their methods and theories and they had opened up and told him all about it. I don’t know whether to blame to competitive market but in his second book all that traders have talked about is their experience while trading. This is hardly of any use to a reader.

  2. Alonso:

    The author has done his best to make the reader aware of what the big shots of the trading industry do and how they do it. I was unable to interpret some of the things he writes about but seeing what the other successful traders do is very helpful.

  3. Churrisco!:

    This book does what no other book has been able to do for a long time. It doesn’t teach you how you should trade or tell you what you need to change. What it does is that it puts the experiences of many successful traders in front of you and leaves the learning process entirely dependent on your understanding capabilities.
    Jack Schwager has done a very good job in both his volumes on profiling the great traders of both ages.
    Each ambitious trader should read this book.

  4. Market-Maker:

    Schwager has carried on with the good work he began in his first book of the Wizard series.
    If you are already involved in the trading sector you will have a great time reading this book. It will give you the perfect combination of motivation and information. The author has profiled many traders and their various trading styles. It is upto you to decide which strategy suits you best. This book gives you a glance inside the chambers of the elite in the trading industry.
    I would still want to advise the non-trading fraternity that this book will not hold your attention at all so you should go for something more interesting.

  5. Dom:

    Jack Schwager interviews traders and presents it to his reader. He is one of the few authors who let others talk. He poses short questions and the traders answer them in their unique style. He insists that they provide enough facts and practical examples along with their answers to help his readers.
    It makes for a very interesting read as all traders answer each question differently. While somebody attributes his success to his experiences during the Vietnam War the other talks about the influence of Neuro-Linguistic-Programming (NLP) on his trading techniques.
    What inspired me the most was the fact that these successful traders don’t do things very differently as compared to any everyday trader. It proves that what matters at the end of the day is the extent to which you manage to cut down on your losses. That is just what trading revolves around.
    One thing that made me look back at my trading method was that one of the traders profiled mentioned that the secret to his success is that he has good prices of execution and his lower levels of transaction fees.
    The book also shows that your success can be consistent if you stick to a well defined set of rules and you don’t need to be Warren Buffet to do that.
    Like it has been repeatedly pointed out, there is no method of trading that suits a general trader population. Each trader has his own technique which has been developed and mastered over the years.
    Schwager concludes his book by writing down a list of 42 rules that were followed by the maximum number of traders.
    I feel that the book is a little outdated now as all the interviews took place in 1991. The internet had not become a part of every trade at that time. In his book, most of the references are to the 1987 crash and the 1974 market fall. If the new trends could also be updated, this book would be of much more value.
    Any of his books can be read first as they are not related in any way. Both take off individually. I thoroughly enjoyed reading this book so I have given it five stars.