An accessible look at the art of investing and how to adopt the
practices of top professionals
What differentiates the highly successful market
practitioners–the Market Wizards–from ordinary traders?
What traits do they share? What lessons can the average trader
learn from those who achieved superior returns for decades while
still maintaining strict risk control? Jack Schwager has spent the
past 25 years interviewing the market legends in search of the
answers–a quest chronicled in four prior Market Wizards
volumes totaling nearly 2, 000 pages.
In The Little Book of Market Wizards, Jack Schwager seeks
to distill what he considers the essential lessons he learned in
conducting nearly four dozen interviews with some of the world’s
best traders. The book delves into the mindset and processes of
highly successful traders, providing insights that all traders
should find helpful in improving their trading skills and
results.
* Each chapter focuses on a specific theme essential to market
success
* Describes how all market participants can benefit by
incorporating the related traits, behaviors, and philosophies of
the Market Wizards in their own trading
* Filled with compelling anecdotes that bring the trading
messages to life, and direct quotes from the market greats that
resonate with the wisdom born of experience and skill
Stepping clearly outside the narrow confines of most investment
books, The Little Book of Market Wizards focuses on the
value of understanding one’s self within the context of successful
investing.
Table des matières
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
A propos de l’auteur
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 Portfolio Fit (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.
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