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The cover of Market Wizards

Market Wizards

Jack D. Schwager

Can the markets be beaten, or is the efficient market hypothesis right that only luck separates winners from losers?

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At a glance

Author
Jack D. Schwager

Why read it

  • You will stop treating early losses as proof you cannot trade, since several top traders wiped out before they succeeded
  • You will see why the author finds the efficiency argument flawed: players with the same rules and books still do not all excel
  • You will learn from very different winning styles, like holding a view the market does not share, or buying value and selling hysteria

Who it is for

  • An investor deciding between index funds and active trading
  • A finance student who doubts markets are perfectly efficient
  • A trader trying to learn how the best handle risk

Contents

  1. Preface to the Paperback Edition
  2. Preface
  3. Prologue
  4. My Own Story
  5. Part I: Futures and Currencies
  6. Taking the Mystery Out of Futures
  7. The Interbank Currency Market Defined
  8. Michael Marcus: Blighting Never Strikes Twice
  9. Bruce Kovner: The World Trader
  10. Richard Dennis: A Legend Retires
  11. Paul Tudor Jones: The Art of Aggressive Trading
  12. Gary Bielfeldt: Yes, They Do Trade T-Bonds in Peoria
  13. Ed Seykota: Everybody Gets What They Want
  14. Larry Hite: Respecting Risk
  15. Part II: Mostly Stocks
  16. Michael Steinhardt: The Concept of Variant Perception
  17. William O’Neil: The Art of Stock Selection
  18. David Ryan: Stock Investment as a Treasure Hunt
  19. Marty Schwartz: Champion Trader
  20. Part III: A Little Bit of Everything
  21. James B. Rogers, Jr.: Buying Value and Selling Hysteria
  22. Mark Weinstein: High-Percentage Trader
  23. Part IV: The View from the Floor
  24. Brian Gelber: Broker Turned Trader
  25. Tom Baldwin: The Fearless Pit Trader
  26. Tony Saliba: “One-Lot” Triumphs
  27. Part V: The Psychology of Trading
  28. Dr. Van K. Tharp: The Psychology of Trading
  29. The Trade: A Personal Experience
  30. Postscript: Dreams and Trading
  31. Final Word
  32. What I Believe 22 Years Later
  33. Appendix 1: Program Trading and Portfolio Insurance
  34. Appendix 2: Options—Understanding the Basics

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