Interviewing such personalities as Michael Marcus - who turned a $30,000 account into $80 million - and Tom Baldwin - a former meat-packing plant manager who now trades up to $2 billion worth of T-bond futures a day -, Jack D. Schwager gets these top traders and others to disclose their various trading approaches and personal rules and secrets for their success. Jack D. Schwager is the author of "The New Market Wizards".
Publish date: 1992-06-30
Edition: Reissue edition
A must read classic !
At the time I worked in a bank and even though you might think that held good stead for trading, I found the opposite was true. Banks aren't really in the business of taking risk and don't really trade on their own account except for the infamous market making. But this book opened my eyes to real world direct trading.
So it comes as no surprise when there were very few if any bank ' traders ' in these books, only Bill Lipschultz who at the time worked for Solamon's made it into new market wizards. Other than that the traders' variety of backgrounds and personalities alone would make this a worthwhile read but it is the practical trading advice which make this book real trading gold.
Many of the basic trading rules were first enunciated here from always using a stop loss to letting wnners run and cutting losses to trading is business and not gambling are eloquently expressed in this book.
One of my favourites bit of advice is from Ed Sekoyta who said that when you have a winner then you must really make the most of it in every way, or words to that effect.
A definite must read for those interested in trading.
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