Market Wizards: Interviews with Top Traders (Updated)

ウェルス・マネジメントを主要施策にする金融機関が増える中で、効率的市場仮説に基づくバートン・マルキールや、チャールズ・エリスの真逆をいくアクティブ・ファンドマネージャーの視点や、使う言葉を英語の原語で学ぶには最適だと思いますが、なかなか読みこなせないのが自分の甘さです。

As an active trader, the written contents of the book is priceless. Lessons from great traders is still applicable up until now.

should be read trader

オリジナルは1989年リリース。邦訳は当初1992年4月に日興證券開発運用部のスタッフが手がけ、現在の復刻版は2001年8月23日にリリースされている。つまり、本書の中身は1980年代に行われたインタビューということになるのだが、驚くぐらいに今でも同じだなぁ、と感じる場面に何度も出くわした。つまり、トレードというのは基本的に変わらない、ということなのかもしれない。 インタビューも巧みなのだが、それ以上にぼくが感心したのは構成の旨さだ。特に感心したのは典型的ファンダメンタル分析型投資家のジム・ロジャーズを取り上げ(ジム・ロジャーズがあのバイクでの世界踏破をとげる直前のインタビューなのがより一層面白い)、典型的なテクニカル分析トレーダーのマーク・ワインスタインをその次に持ってきているところだ。正に『好対照な二人』である。 そして最終章では『トレードの心理学』と題して、心理学者の視点からトレーダーの心理分析を行っている。ここの部分もかなり興味深かった。基本的にトレーダーというのは孤独である。孤独の中で自分の弱さを何度も見ることになる。それをいかにクールに大物トレーダーたちが成長し、凌いでいったのか、インタビューから多くのことが学べる。類のない先駆的な一冊である。

S'il faut avoir lu un livre dans sa vie sur le trading, c'est bien celui-ci avec l'autre de la même série "New Market Wizards : conversations with America's Top Traders toujours de Jack Schwager. A travers ces interviews de grands traders américains, Jack Schwager transmet une quantité hallucinante d'informations plus utiles les unes que les autres. Ce livre renferme grand nombre de sagesses sur le trading, la conception d'un système de trading, la gestion du risque, le money management. A lire absolument, ne serait-ce que pour l'interview de Richard Dennis et de Paul Tudor Jones.

As the title indicates this book consists of a series of interviews with some of the best most successful traders in the world. Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is very intriguing to read one very successful trader present opposite techniques than the next trader being interviewed. A must read for any serious investor. This book is filled with wisdom from start to finish - for both novice and advanced traders. One will also find that much of this wisdom applies to any career. Below are excerpts from this book that I found particularly insightful: 1- "You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. 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. When you try to incorporate someone else's style, you often wind up with the worst of both styles. I've done that a lot." 2- "Don't ever feel that you are very good. The second you do, you are dead." 3- "What are the traits of a successful trader? The most important is discipline - I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courage to go into the market, and courage comes from adequate capitalization. Fourth, you must have a willingness to lose; that is also related to adequate capitalization. Fifth, you need a strong desire to win." 4- "I have two basic rules about winning in trading as well as in life: (1) If you don't bet, you can't win. (2) If you lose all your chips, you can't bet." 5- "The stock market is neither efficient nor random. It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends." 6- "I don't see how you can invest in American steel without understanding what is going on in Malaysian palm oil. As I explained before, it is all part of a big, three-dimensional puzzle that is always changing." 7- "Although the styles of the traders are very different, many common denominators were evident: 1- All those interviewed has a driving desire to become successful traders - in many cases, overcoming significant obstacles to reach their goals. 2- All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money. 3- Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned. 4- The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy. 5- Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed. 6- In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself. 7- The importance of acting independent of the crowd was a frequently emphasized point. 8- All top traders understand that losing is part of the game. 9- They all love what they are doing."

Must have for all new traders out there!

I work as a commodities analyst and want to improve my knowledge of the trading world. This book, although old, remains a very helpful insight into a wide variety of trading topics and trading personalities. What I got out of the book most is that you can be successful in different ways - trade very often and very carefully with technical analysis. Or use fundamentals and trade big when you think the market will move. There are also many different personalities, thought the stereotype seems to be mostly people totally obsessed with money who are super stressed and have nothing happening in their personal lives. In order to be a good trader you have to be absolutely obsessive about the markets everyday. These people have lost everything and gained it back again. I think that was a bit of a takeaway from me - I don’t really admire too many of the people in the book. Trading was and remains a form of professional gambling without any real world tangible benefits that I can see. I would love to read more of the authors books as I find trading very interesting and this is super helpful insight, but this book turned me off the idea of being a trader full time more than anything. That in itself is very valuable insight.

This book is an investing and trading classic. Lots of interesting bits of wisdom and ideas in here. I re-read it every few years.