Unknown Market Wizards: The Best Traders You've Never Heard Of

You will gain experience of big traders. How they have achieved succes after failures.

Highly recommended to everyone seeking to slay financial markets. Read it and you won’t regret it. It is truly a hidden gem.

most of the trader depends on the tips or so-called market gurus views on the market. most of the traders in this book showed you no need to follow the system made by the others you can just make your own system. Trading Psychology is also more important than the trading system.

This is an amazing book and probably a masterpiece. The book gives detailed account of traders who have consistently made 3 figure return on a CAGR basis for atleast a decade. The track records are verified by the author. Each interview brings out the uniqueness of each traders style, their fears, maximum drawdown and why they lost out. It talks about traditional traders like Peter Brandt who is a classical Technician and Michael Kean who made money betting on bio tech stocks. Two vastly differentiated trading strategies yet both having stellar track record of performance. The one lesson what I learnt was that each trader needs to have a trading style which suits his or her own trading style and temperament. You cant copy someone style and make it big.

As a trader, it's a good book to read. even for a non trader, it's a good book to read to know what all should be our checklist.

Nice experience

The market wizard series has been a personal favorite over the years. The Unknown market wizards is filled with interviews of traders who are not mainstream or very well known. I particularly liked the interviews of Chris Camillo and Pavel Krejci. Chris Camillo is a social arbitrage trader who tries to spot ideas much before they become evident. You can imagine the kind of hard work that is to be done in this case. Pavel Krejci is a an exceptional trader who trades only during the earnings and tracks a universe of 250-300 stocks. He has been able to make a living out of markets and his losses (as a percentage) are on the lowest side. The book is worth several reads and you may draw inspirations and ideas. You will get significant Return on Time Spent in the conclusion section (Market Wizard Lessons). Very well written book.

Little less than some of author's previous works. Story of average traders

nothing new, same old stories, combining technicals and fundamentals, bla bla

Livro muito bom, essencial para quem tem o objetivo de operar no mercado financeiro. Não podemos julgar as estratégias de ninguém! Existem quase infinitas formas de ganhar dinheiro no mercado, nenhuma é fácil, mas muitas são possíveis. Único ponto de observação foi que o livro veio com algumas páginas faltando e outras repetidas.

Yet another very enjoyable read, which will be quickly devoured by anyone interested in trading. Schwager's own story is told for the first time, and it is every bit as remarkable as the wizards'. One thing that stood out for me was that there was only one wizard with a mechanical Technical Analysis-based system. He puts a huge effort into back-testing and must continually evolve his strategy just to stay profitable. Several other wizards had been trained in TA but found it did not give them an edge and ended up more being discretionary and event-driven. All the wizards had put in an enormous amount of work to get their results, in several cases developing their own software to support their methodology. Even that is no guarantee of success. Although there is no "Market Losers" book, it should be remembered that even the wizards typically suffered catastrophic losses early in their careers, and they are the few who had the right combination of ability, luck and perseverance to ultimately succeed.

Interessante Bettlektüre. Hilft zwar nur bedingt beim Traden, aber es ist schön zu sehen, wie andere Trader denken und ihren eigenen Weg gehen.

This is the first book by Jack Schwager that I have read, and I immediately bought everything else he's ever written. I read roughly 50-75 books per year, with about 30 being finance-related books, so I'm no stranger to this type of content. Some books capture our hearts with mesmerizing prose, some hook us with larger-than-life characters, this book does it with nothing more than authenticity. And maybe more than any other finance book I have read recently, Schwager lit a fire under my feet and made me want to be a better person. Not a better trader (there's little hope for that /s), but a better person. Wallstreet is famously elitist. When I read about Jim Simmons in The Man Who Solved the Market, I was blown away by the intellectual behemoth that leveraged their deep mathematical insights into the most profitable hedge fund ever. When I read about LTCM in When Genius Fails, I felt tiny in comparison to such megalithic minds (the likes of which I know I could never be). When I read Unknown Market Wizards, I saw a version of myself that I would like to be. This book is full of success stories from normal people. Most the traders interviewed in this book did not come from insane money or an uncommon educational background, they were all real people. Real people who obtained nearly unfathomable success (and therefore freedom) by sheer willpower and focus. While reading this book, my mind constantly lingered on an old Thoreau quote, "I know of no more encouraging fact than man's unquestionable ability to elevate the soul by means of conscious endeavor." Each trader interviewed was emphatically clear: success is the byproduct of hard work and focus (dedication). The sentiment was ubiquitous, they were all successful because they found their own way of trading, and they did it through trail and error, leveraging nothing by their attention. Furthermore, each trader also maintained the importance of responsibility. When they made a mistake, it was exactly that, THEIR mistake. Not the high-frequency traders' fault for pushing out the institutional traders, not the hedge funds' fault nor the market makers fault. Their shortfalls were their own fault and thus they could overcome their failures by studying them and learning. If you're anything like me, you likely feel as though you're capable of 'great' things. This book, more than anything, motivated me to live a more disciplined life and to refuse to predicate my success (or failures) on things outside of my control. This book inspires diligence and introspection, two things which often go overlooked when we are taught about the Warren Buffetts' or the Stanley Drukenmillers' of this world. You don't have to be larger than life to win, you just have to be dedicated. A note on the author -- Schwager is the perfect man for the interview format this book takes. He is clearly knowledgeable and uses this knowledge to further the conversation and elucidate the points which ought to be elucidated. Not once did I feel like he was talking over a trader (even when I got the sense that he knew more than the trader) or even eluding to the trader being wrong in any way. Jack was nothing but benevolent and encouraging. His questions were refreshing and I gained just as much insight from them as I did the answers that the 'Unknown Market Wizards' provided. I'm grateful for his wherewithal to put a synopsis at the end of the book with all the major points touched upon throughout each interview. Its easy to tell that this book was written for ME, the reader. Jack did not set out to paint a picture of world that doesn't exist, he aimed at showing things as they are (and he nailed it). I read all 300+ pages of this book in a day and a half, and I plan on reading every other Market Wizard book this week. I'm hooked. Great book, great quality, and great value. Could not recommend more