The New Market Wizards

Taps into the minds of trading superstars to reveal the secrets of their astonishing success You may not know their names, but they are the trading elite¿a select group of super-moneymakers whose trading prowess has become the stuff of legend. They are speculators in everything from stocks and bonds to options and commodity futures who make millions¿sometimes in a matter of hours¿and leave their peers in the dust. In this enthralling sequel to his international bestseller, Market Wizards , Jack Schwager interviews these stars, asking the questions that everyone with an interest in the financial markets would love to know the answers to and receiving the kind of frank, incisive answers that make this book as much a page-turner as its predecessor. In these absorbing interviews with star performers in the financial markets, Schwager humanizes the mechanics and psychology behind the trading world across a spectrum of financial markets including stocks, futures, currencies, and options by individuals, investment firms, and group-trading computerized ''money machines.'' One trader focuses on market response to news events, another calculates mathematical probabilities¿one even cocks an ear to the noise level on the exchange floor. All rank assiduous research, self-confidence, a specific plan, and the courage to cut losses among essentials to success. None consider their trading gambling, but Schwager entertainingly argues that a successful trader needs many of the qualities of a good poker player. Although filled with insights that even professional traders will find valuable, Schwager's text remains entire accessible to the general reader. Interviews with spectacular winners across the full spectrum of financial markets, revealing how they do it and what, personally, separates them from the herd Superstar traders describe the financial strategies behind their phenomenal successes, as well as the painfully instructive lessons learned from their worst losses Throughout, Schwager provides valuable insight and analysis to help put interviewees' responses into perspective