Review of Market Wizards by Jack D. Schwager

odesk2When eToro launched the ‘Follow’ feature to forex trading, where any trader, novice or already experienced, can follow the trades of another skilled or pro trader, it was lauded as the best feature to fill the trench that most amateur traders fall into as they try to make it to the winners’ circle.  Jack D. Swager attempted this move back in 1988, but because of the technology and trades of the time, the best he could do was put it in a book which meant digesting it would be much harder than just clicking ‘Copy Trader’.

‘Market Wizards’ is not just a book, it is a series of books that provides information to equip you with motivation and skills to follow the paths of successful forex traders as you read about their lives, how they entered into the currency business, their winning trading styles, the mistakes they made and their battles that defined who they are.  This book is more of an interview that will most definitely provide you with a different perspective of the currency trade because you get to see that even extra-ordinary geniuses you admire started humble – maybe even worse off than you are now.

It would be accurate to describe this book as a compilation of traders’ interviews, presented in the simplest and easiest to understand style.  However, there are not just interviews in there, Jack delves deep to investigate the thought processes of the traders he interviews and describes them best as a literature guru would – comprehensively.  The book features interviews from market wizards including Michael Marcus, Bruce Kovner, Paul Tudor Jones, Richard Dennis, Ed Seykota, Larry Hite, Marty Schwartz, James B. Rogers, Jr., Mark Weinstein, Dr. Van K. Tharp and Bill Lipschutz among others.

jack_schwagerIf you believe that you have what it takes to be a forex trader, you should know that it is a torturous and very demanding form of excitement as Jack, the author, calls it.  He says that most people who lose money in forex trading make the mistake of thinking striking a balance between life and trading is easy, and assuming that profits are all that matter.  This book will introduce you into a world of hard workers and you will get to learn how those who have succeeded managed to balance emotion and knowledge and business and family.

Why buy and read this paper book when you can Google and find the answers to all your problems on YouTube, with modern-day successful entrepreneurs telling you what to do?  The answer is simple – anyone can post anything online and getting good high quality unadulterated information like what this book has is not easy.  Even though the book ‘The Market Wizards’ talks of the old wizards in the trade, they were the pioneers that opened the floodgates to the forex market.

If this book impresses you, find the second installment in the series ‘The New Market Wizards’ published in 1992 and the third book in the series, ‘Stock Market Wizards’ published in 2001.