The New Market Wizards

By: Jack D. Schwager

Narrated by: DJ Holte

Length: 16 hrs and 1 min

Publisher's Summary

Some traders distinguish themselves from the herd. These supertraders make millions of dollars - sometimes in hours - and consistently outperform their peers.

As he did in his acclaimed national best seller, Market Wizards, Jack Schwager interviews a host of these supertraders, spectacular winners whose success occurs across a spectrum of financial markets. These traders use different methods, but they all share an edge. How do they do it? What separates them from the others? What can they teach the average trader or investor?

In The New Market Wizards, these wildly successful traders relate the financial strategies that have rocketed them to success as well as the embarrassing losses that have proven them all too human.

A sampling of the traders you will meet in The New Market Wizards:

• Stan Druckenmiller, who, as manager of the Soros Quantum Fund, realized an average annual return of more than 38 percent on assets ranging between $2 and $3.5 billion.
• William Eckhardt, a mathematician who, in collaboration with trader Richard Dennis, selected and trained the now legendary circle of traders known as the Turtles.
• Bill Lipschutz, a former architect who, for eight years, was Salomon Brothers' largest and most successful currency trader.
• Blair Hull, a onetime blackjack player who founded a highly successful options trading company.

Asking the questions that listeners with interest in the financial markets would love to pose to the financial superstars, and filled with candid appraisals, The New Market Wizards takes its place as a classic.

©1992 Harper (P)2016 Jack Schwager

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.

6 of 6 people found this review helpful

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.

5 of 5 people found this review helpful

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.

5 of 5 people found this review helpful

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.

2 of 2 people found this review helpful

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.

4 of 5 people found this review helpful

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.

9 of 12 people found this review helpful

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.

1 of 1 people found this review helpful

Great insight to the skilled traders traits

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

1 of 1 people found this review helpful

best book on trading by far. this book > ur mentor

This is best book on trading by far. this book > ur mentor, trading group. ppl would save thousands of dollars if they take the time to read this book first.

5 of 7 people found this review helpful

Highly recommended

I also recommend that you take note of and buy all the other books mentioned inside. Dig deeper.

2 of 3 people found this review helpful

If you're a trader, buy this.

I really can't overstate just how good the Market Wizards books are. Timeless advice from all time great traders, brought out through Schwager's meticulous research and eye for applicable lessons.

The narrator is excellent too.

1 of 1 people found this review helpful

Obligatory reading.

The start of the book is a bit boring but as it moves to the dialogues with the top traders it gets immensely instructive.

3 of 4 people found this review helpful

Essential

New market wizards will entertain both the aspiring trader and the lay man interested in the markets and those that have tamed it.
It really is essential reading for those interested in participating in the financial markets.

As intriguing as it is informative!

Enjoyable throughout.
Balanced and well done.
I'm definitely more capable as a result of listening to this.

Really interesting insights....

Really interesting insights with added comedy accents from the narrator. I think his attempt at South African was my fave...🙈

Great Book!

Definitely worthy of a listen (or three) for those interested in learning about trading or markets in general!

Excellent and Informative

I learnt a lot from this book and thoroughly enjoyed the stories. I will listen to it again.

mandatory education for all traders

This is timeless, each time you listen you'll pick up at least 10 nuggets to power your own profits

Classic book well performed

Read parts of the print long time ago. Enjoyed listening to it, still fresh, relevant.

Really enjoyed it.

Some good insights into how the markets have changed over the years. Many good points on how to approach trading.