a boring book , but can help discovere common habbits between top traders
the point that is common between all of these top traders intervied is all of them are taking losses just like us , they have different methods of trading but they all have low risk methods and they are master of inner control .
I enjoyed the book. While it is not a trading manual as far as giving advice there are some good tidbits to pick up by hearing stories from famous traders. One thing I picked up from reading the Market Wizards books was simple in theory in that one of the traders spoke about how everyone runs stops around psychological levels. Rather than doing what most would do which is try to fade it at resistance, he jumped in beforehand and went long on the run up to the test as his trade. I have seen this several times in our market. For example, if ES is approaching the 1300 level, everyone expects it to be a big resistance area which means we will prob test it and actually go above it by a few ticks to run stops... that means instead of looking to fade 1300, play the runup to 1300 long and take profits as it tests the key area. Other than just enjoying the stories that is a tidbit I got from the book. Anyways, I would recommend it as a very enjoyable trading book.
Schwager documents a series of interviews with huge traders of the 80's and early 90's. Well written and good reading if you want a casual and entertaining book about trading and traders in general. Recommended read, should be part of every traders library.
This a continuation of Jack Schwagers original classic Market Wizards.
Basically Schwager interviews more top traders/fund managers. And tries to discover the state of mind that make these traders so succesfull.
Although because the first was so good it is probably impossible for the this volume to match it, New Market Wizards is still excellent.
The interview with William Eckhardt is one of the most outstanding interviews, even compared to those in the first book, and its probably the one ive read most often. Ive heard others mention that the Eckhardt interview is worth the price of the book alone and i would have to agree.
The book doesnt discuss technical indicators/entries, however you can download Eckhardts et al. Turtle Trader rules free from the internet and they are usefull when reading Eckhardts interview.
My problem with all of these books is that they don't help you to trade any better. They are great if you want to feel part of an actual trading network and also to learn who some of the big players are. The most you every hear is that traders like to use a certain indicator or look for volatility.