The New Market Wizards

Good insight, even for experienced traders

I always look for advanced books on investing and trading. It's hard for me to find. This isn't very advanced as far as the technical content, but there are gold nuggets mentioned.

The main concepts covered with trading is beneficial because these traders outline their success and basic principles. This can be a big help if you get stuck or in indecision

I listen to my books +2x speed.

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True trader book

Anyone who has ever seriously traded will appreciate the tips and tricks. Helps put your wins and losses in perspective and gives you strength to keep pushing forward.

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Go with the first Market Wizards

I listened to this book immediately after reading the first Market Wizards. While this audio book is entertaining, if you were going to choose between the first Market Wizards, and this book, I would go with the first. If you disagree with me, that's fine, this is still an entertaining and worthwhile audio book. Many of the themes are similar between the two. My favorite chapter in this book is about Blake who traded mutual funds, this chapter worth the price of the entire book.

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A Book on Option Trading Philosophies

The book was okay if you're interested in various and vastly different philosophies of option traders. The philosophies were all over the place with nothing really tying the divergent ideals together. If you're really not interested in options don't waste your time.

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All of the Market Wizards Books are Essential

All of the Market Wizards Books are Essential if you want to know the common characteristics of top traders and figure out which strategies fit you.

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Market Wizards: Perennial MVP of Trading Books

Would you recommend this audiobook to a friend? If so, why?

I have recommended this book and the others in the MW series since I first read them decades ago. Since then, I've purchased these books as gifts for friends and students and I re-read them a few times per year.

Trading is largely a psychological activity and the technical "how to" part of it is very easy to learn. Harder is to do is to develop thick skin, persevere and maintain a level of determination to succeed.

Market Wizards and New Market Wizards are the best books on the planet for anyone who ever wanted to trade. They explain, in the trader's own words, how they had to overcome family problems, trading losses, bad markets, slippage, and emotional breakdowns to get to the level of success we now know them for. No one is immune from trading losses - it's the tuition you have to pay early on to learn to be a trader. For a pro, losses are part of the business.

I think anyone can learn trading, but not everyone can actually do it because of the emotional and psychological aspects of managing risk. The intellectual or academic aspect of trading is not terribly difficult to grasp. How a trader learns to handle losses is probably the most striking aspect of this book. Each trader had to find his own way to learn to deal with being wrong 60+% of the time, find a way to be profitable, and still function as a person.

Smart people don't like being wrong and in New Market Wizards you learn how such individuals leave the world of 'accuracy' and thrive in the world of 'Expected Values' despite having wildly different trading rules

You learn, ultimately, that the trader is the system.

Who was your favorite character and why?

Victor Sperandeo. I'm still struck by his run of 18 consecutive years of profitability. He is the first trader who I heard say that the first order of business as a trader is to focus on "not losing." Playing superior defense is job #1.

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The New Market Duffers

Of all of the Market Wizards book, this one is the least helpful. Reminiscent of my days as a teenager on penny stock forums, these interviews read much alike. I'm tempted to not finish the book because I don't want to subconsciously pick up bad habits. The confidence of the people interviewed in this book is directly disproportionate to the size of their accounts and their track records. It's a stark contrast to the other market wizard books, where truly magnificent traders speak humbly and with caution, despite being the best at their craft.

Review: This book is a real up and down. The Psychology section has some really great insight. The bad parts say nothing on Jack D. Schwager or his writing, I would have asked the same people the same questions. I found more of what not to do in this book than what to do. His final 42 statements chapter is a great summary of all of the good parts.

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Good Stuff

What did you love best about The New Market Wizards?

I really liked the interview with Linda Bradford Raschke, It was nice to have a female perspective.

Any additional comments?

I would say that overall I prefer the original Market Wizards book but the update gives more good solid information and I did enjoy it overall.

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very motivational and a must for every new trader

I found the book very educational when it comes to learn from experts . there are very good advice in this book from these top traders.

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Great insight to the skilled traders traits

Great insight to the skilled traders traits and habits. Looking forward the the other wizard books.

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