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The Little Book of Market Wizards: Lessons from the Greatest Traders

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Praise for The Little Book of Market Wizards

"Jack Schwager has written some of the classics in the investment field and this latest may be the best of them all. His books were very influential on me as a young trader. I still reread them today for reminders of hard-learned lessons and also for new inspiration. Schwager's ability to coax the best traders into revealing their methods is legendary and this Little Book distills these lessons into a thorough, organized, and fascinating set of lessons that I will be giving to every aspiring trader I know."
--COLM O'SHEA, Founding Partner and CIO, COMAC Capital LLP

"Jack Schwager has done it again. His Little Book is insightful, enlightening, and ultimately invaluable."
--JOEL GREENBLATT, Managing Principal, Gotham Asset Management; author of The Little Book that Beats the Market

"In his Little Book of Market Wizards, Jack Schwager presents the essence of trading as a series of colorful anecdotes that get right to the point and stay with you."
--ED SEYKOTA

"No author--living or deceased--has created such a rich archive of printed material on the profession of market speculation as has Jack Schwager. An entire generation of speculators owes a debt to the Market Wizards series and to Jack for at least some portion of its success. The Little Book of Market Wizards brings remarkably new dimensions that only Jack Schwager could tease out of his extensive interviews with the trading greats."
--PETER L. BRANDT, trader, from the Foreword


JACK D. SCHWAGER is a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently a principal of PortfolioFit (portfoliofitadvisors.com), an advisory firm that specializes in constructing tailor-made futures and FX managed account portfolios for clients, and the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. Mr. Schwager is also one of the founders of Fund Seeder (Fundseeder.com), a platform designed to find undiscovered trading talent worldwide and connect unknown successful traders with sources of investment capital.
Mr. Schwager is the inventor of the Jack Schwager Commodity Index (JSCI) family, a set of dynamically adjusted commodity indexes that incorporate spread structure, systematic inputs, and volatility-based risk adjustments. The indexes are scheduled to be launched in early 2014 in cooperation with Aquantum AG and UBS.
Mr. Schwager is perhaps best known for his best-selling series of interviews with the greatest hedge fund managers of the last three decades: Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), and Hedge Fund Market Wizards (2012). His latest book Market Sense and Nonsense, a compendium of investment misconceptions, was published in November 2012. He is also the author of the three-volume Schwager on Futures series and Getting Started in Technical Analysis. Mr. Schwager is a frequent seminar speaker and has lectured on a range of analytical topics including the characteristics of great traders, investment fallacies, hedge fund portfolios, managed accounts, technical analysis, and trading system evaluation.

Foreword by Peter L. Brandt xi

Preface xv

Chapter One: Failure Is Not Predictive 1

Chapter Two: What Is Not Important 9

Chapter Three: Trading Your Own Personality 15

Chapter Four: The Need for an Edge 23

Chapter Five: The Importance of Hard Work 27

Chapter Six: Good Trading Should Be Effortless 35

Chapter Seven: The Worst of Times, the Best of Times 41

Chapter Eight: Risk Management 47

Chapter Nine: Discipline 61

Chapter Ten: Independence 69

Chapter Eleven: Confidence 73

Chapter Twelve: Losing Is Part of the Game 77

Chapter Thirteen: Patience 83

Chapter Fourteen: No Loyalty 93

Chapter Fifteen: Size Matters 103

Chapter Sixteen: Doing the Uncomfortable Thing 115

Chapter Seventeen: Emotions and Trading 125

Chapter Eighteen: Dynamic versus Static Trading 135

Chapter Nineteen: Market Response 145

Chapter Twenty: The Value of Mistakes 157

Chapter Twenty-One: Implementation versus Idea 163

Chapter Twenty-Two: Off the Hook 167

Chapter Twenty-Three: Love of the Endeavor 173

Appendix: Options--Understanding the Basics 177

Notes 185

About the Author 189