by Jack D. Schwager
Market Wizards is a highly
recommended investment book for speculators -- and even
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
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
* let profits run
* limit exposure to correlated investments
* if in doubt - get out
* 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.
Wizards is great advice from great traders.
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