Market Wizards by Jack D. Schwager

Market Wizards is a highly recommended investment book for speculators -- and even for investors.

There are two other Wizard's book: The New Market Wizards and Jack D. Schwager's new book: Stock Market Wizards. Go ahead and buy all three of them - once you read one - you will want to read the others.

Schwager understands markets and traders, He is a speculator himself.

Market Wizards is a series of interviews with top traders and speculators that have had remarkable runs of market success.

You will want to read the interviews several times. The Market Wizards books can be re-read as short vignettes. After the first read through they are great to leave next to your favorite chair.

What you will notice are consistent speculation rule themes that run through most of the interviews:

* keep losses small
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* let profits run
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* limit exposure to correlated investments
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* if in doubt - get out
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* don't try to capture the first or last 10% of a move

- and a whole bunch more good advice. Schwager concludes each interview with a summation. Advice is frequently consistant within most of the interviews. It is the exceptions that will get you thinking.

You will learn as much from the exceptions to speculation rules as the repetition of other quidelines.

Knowing when to break an investment rule is an important bit of knowledge - Market Wizards provides some fine insight into that subject.

You may also find yourself drawn to one style of investment - that alone can save you tons of cash and years of time.

I'll insert one of my own speculation rules here: always buy the books before the speculations.

Market Wizards in not one writer's opinion on markets, it is the opinion of the few who have learned how to succeed on a grand scale.

Market Wizards is great advice from great traders.

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