And all because of one trade. Every day I assume every position I have is wrong. Overall it was a good book, but not a great one. This is the attitude of the typical investor who can't bring himself to sell at a loss. Most of these guys invest not only in equities, but also in currencies, commodities etc.
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s For trading not investing. Mar 27, Michael Wallin rated it it was amazing. Return to Book Page. Never EVER commit more than 5 percent of your money to a single trade idea.
I'm not sure one can really define why some traders make it, while others do not. Every day I assume markwt position I have is wrong.
amrket Before reading this book I associated trading with some sort of bad investment practice not to be followed. Charting is a little like surfing. Dec 22, Devendra Kumar rated it it was amazing. Most of the traders recommend sticking to a rigid r A must read for those interested in the financial markets. They are some of the best investors of all time and they are among the hedge fund managers interviewed in this book.
This text is a gem because it captures the mindset of all these successful individuals in a clear and structured way.
The book also contains a fifth part on the psychology of trading and two appendices on program trading and basic options theory. Perhaps the most important rule is to hold on to your winners and cut your losers. I used to try to will things to happen. I've always had my biggest setbacks after my biggest victories.
Preview — Market Wizards by Jack D. You had all these stories of young guys, three years out of school, making half a million dollars a year.
Sure enough, the market went down. This is not a how-to book rather it offers insights into what has made some of the most successful traders in the financial markets that way. Want to Read Currently Reading Read. I don't know of any great professional trader that doesn't have it. A losing trader can do little to transform himself into a winning trader. The second you do, you are dead.
Market Wizards - Wikipedia
At dinner, he asked me, "Larry, how can you know more about coffee than me? Every trader has strengths and weaknesses…As long as you stick to your own style, you get the good and bad in your own approach. Usually, after the Fed raises the msrket two or three times, the market runs into trouble. Not only didn't he take the sell signal, he actually wound up going long.
This article about a book on business is a stub. Below are excerpts from this book that I found particularly insightful: Risk is scgwager no-fooling-around game; it does not allow for mistakes.
First of all, never play macho man with the market.
Market Wizards by Jack D. Schwager
Trying to play "catch up" is lethal. Second, the chart must show that the market is moving in the direction that the fundamentals suggest. The perfect trade is one that requires no effort.