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Market Wizards by Jack Schwager

  • #1
  • First Post: Aug 10, 2017 8:07pm Aug 10, 2017 8:07pm
Am I the only one that found this to be one of the most overrated trading book? I kept hearing how great it was and how every serious trader must read it, but I didn't learn one useful thing that I didn't already know before reading it. Not one gold nugget. And obviously, it's a very old book. It was all just general advice. An overall waste of time for me. I got about 80% through before wasting more time. It's also boring.

If any of you have read this book, let me know what you thought and whether you agree or not.
  • #2
  • Edited 10:36pm Aug 10, 2017 9:49pm | Edited 10:36pm
Quoting Madinvestor
Am I the only one that found this to be one of the most overrated trading book? I kept hearing how great it was and how every serious trader must read it, but I didn't learn one useful thing that I didn't already know before reading it. Not one gold nugget. And obviously, it's a very old book. It was all just general advice. An overall waste of time for me. I got about 80% through before wasting more time. It's also boring. If any of you have read this book, let me know what you thought and whether you agree or not.
It tends to be the book that people refer to as being instructive in shaping their future successes.....that and 'Reminiscences of a Stock Operator'...however were the pearls of advice they offered the real reason for their successes? What element of this success was being in the right place at the right time? What I did find interesting in the original Schwager series and the later editions was that despite the myriad of different approaches applied by the interviewees, it was some of the commonalities of their philosophies such as the emphasis on risk management, diversification etc. that was more pertinent to me as this clearly is an factor that is not practiced by many non-professional traders.

I far preferred Schwager's "Complete Guide to the Futures Market" which is heavy on the details and avoids the mantra's.

I must admit I prefer a book that is more chunky on the details of how you convert a philosophy into a trading system as opposed to the philosophy itself. I can then test it myself to apply my BS detector to it. Hearsay is hardly ever reliable. The success of many of those interviewed probably has more to do with luck than design....yet in hindsight....everyone can become an expert overnight when looking backwards in time. It is the way we humans like to rationalise things as being deterministic in origin. For every successful trader who was a hard worker, smart interpreter and quick decision maker....there are also hundreds of unsuccessful traders who were hard workers, smart interpreters and quick decision makers.....they just don't appear in a Market Wizards book. But for every successful trader who strictly managed risk and who diversified their approach.....there is only a small % of the trading fraternity that focus on these areas and would fall into the unsuccessful bucket over the long term.
  • #3
  • Aug 11, 2017 5:43am Aug 11, 2017 5:43am
Quoting Copernicus
{quote} It tends to be the book that people refer to as being instructive in shaping their future successes.....that and 'Reminiscences of a Stock Operator'...however were the pearls of advice they offered the real reason for their successes? What element of this success was being in the right place at the right time? What I did find interesting in the original Schwager series and the later editions was that despite the myriad of different approaches applied by the interviewees, it was some of the commonalities of their philosophies such as the...
Another very insightful post Copernicus. It was a pleasure hearing your thoughts. I may take a look at the "Complete Guide to the Futures Market" and see how that one pans out. Thanks!
  • #4
  • Aug 11, 2017 5:59am Aug 11, 2017 5:59am
Quoting Madinvestor
Am I the only one that found this to be one of the most overrated trading book? I kept hearing how great it was and how every serious trader must read it, but I didn't learn one useful thing that I didn't already know before reading it. Not one gold nugget. And obviously, it's a very old book. It was all just general advice. An overall waste of time for me. I got about 80% through before wasting more time. It's also boring. If any of you have read this book, let me know what you thought and whether you agree or not.
That was my first trading book. It was somehow inspirational and motivating for me, because at that time I had zero clue about trading at all. But you are right, there is no real value in it. I am reading Reminiscences of a Stock Operator at present because its labeled as a "must read". Its quite entertaining...
  • #5
  • Aug 11, 2017 6:37am Aug 11, 2017 6:37am
personally i love those market wizard books.
only you have to read in mind that they arent written as trading books, but interviews with great traders.
as motivation, and yes, as many wisdom between the stories, i think they are great!
there is always, always another trade!!
  • #6
  • Last Post: Oct 23, 2018 9:35am Oct 23, 2018 9:35am
Quoting Madinvestor
Am I the only one that found this to be one of the most overrated trading book? I kept hearing how great it was and how every serious trader must read it, but I didn't learn one useful thing that I didn't already know before reading it. Not one gold nugget. And obviously, it's a very old book. It was all just general advice. An overall waste of time for me. I got about 80% through before wasting more time. It's also boring. If any of you have read this book, let me know what you thought and whether you agree or not.

well, that is a very good point.
I found this blog in polish language , but luckily found it easy to translate vis google tranlsator :

https://translate.google.pl/translat...tml&edit-text=

Recommend this reading. Conclusion from blog author's research is really striking ...

My short comment after lecture of the blog post about all "wizards" anmd their real achievements years after the book was published :

Stuart Walton - average investor
Michael Lauer - fraud
Steve Watson - average investor
Dana Galante - dropped trading and moved to real estate business
Mark D.Cook - average investor, trying to make money on seminars and books as a one of "famous market wizards"
Alphonse Fletcher Jr - fraud
Ahmet Okumus - bankrupt
Mark Minervini - average investor, retired, trying to make money on biography, books, seminars etc
Steve Lescarbeau - positive hero, not a genius but seems to be honest, consequent and consistent trader
Michael Masters - positive hero, not a genius, just seems to be a good trader
John Bender - health issues led him to close a fund, tragic death some time later
Claudio Guazzioni - fraud
David Shaw - positive hero
Steve Cohen - mixed feelings about him, insider trading suspects has probably led to close his investment fund, anyway he is a reach (successfull?) person
Ari Kiev - connected to Steve Cohen



Book was written a years before internet fx trading become so widely popular, youtube etc etc
Today such celebrities of forex,stock exchange multiplied on youtube channels, ebooks, blogs etc etc
There is plenty of "market wizards" everywhere. They are selling seminars, courses, books, magic indicators, self-running-super-auto-AI-driven-expert-advisros for MT4/5 etc etc etc. Most of them do lose money on theeir trade.

Trust yourself. Learn.
Think independently and do not count on magic advisory which will change your life overnight.
Trading is very challenging process. No magic behind. Just hard work - mostly on yourself.

Ignore wizards.
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