The New Market Wizards: Conversations With America's Top Traders

Taps into the minds of today’s trading superstars to reveal the secrets of their astonishing success. In these absorbing interviews with star performers in the financial markets, Schwager humanizes the mechanics and psychology behind the trading world in such sophisticated instruments as currencies, stock options, commodity futures, and mutual fund accounts by individuals, investment firms, and group trading computerized "money machines." One trader focuses on market response to news events, another calculates mathematical probabilities—one even cocks an ear to the noise level on the exchange floor. All emphasize diligent research, self-confidence, a specific plan, and the courage to cut losses as essentials to success. Schwager argues that a successful trader needs many of the qualities of a good poker player. Though the subject matter is esoteric, there is much here to attract the general reader, with a primer of technical basics appended. These traders are the trading elite—a select group of super-money makers whose prowess has become legendary. They trade in stocks, bonds, options, and commodity futures, often making millions in hours, outpacing their peers. This sequel to Schwager's international bestseller, Market Wizards, features frank, engaging interviews that reveal insights into the world of high-stakes trading.