Worth the time to learn how expert traders analyze the market. One of many in my collection.

this book has inspired me to make billions of dollars. Since reading this masterpiece i have accumulated over $27 billion in currency and day trading market. AHH DAAAAAT !!!!!!

Schwager's interviews are good. Where can you have chance to see how these top guns trade? obviously, some of them were more reserved and didn't give up much useful information. but remember these people don't have to share anything. i am glad Schwager took the pain to finish this project!

I read the books backwards - New Market Wizards first and then Market Wizards. I liked them both. To me it was like trading food. Here is a group of rather normal people who have mastered the art of making money. The books fed my appetite for trading knowledge and developed my willpower to trade.

These are a great read - I will, no doubt, probably read these often just to get the mental boost that they offer. Highly recommended!

I'm a huge fan of the first book in the "Market Wizards" series which I have now read several times over. With this book however, I have to say I was a bit disappointed because I expected it to be just as good as the first. Some of the traders seemed to be a bit withheld and they didn't share as much insight as did those in the first book. I was especially disappointed that the "turtles" interviewed were not very open. It's understandable for traders to be tight-lipped about their strategies, but it makes for a less interesting book. That being said, there are some great traders interviewed here and I would definitely recommend this book to anyone who liked "Market Wizards".

This book is a must read for all new traders. It provides insite into the art of trading properly from the experts. I have changes my outlook on trading to the point were I have found myself thinking like the experts in the book. If you are looking for indicators, do not read this book. But if you want to think like a successful trader, then read this book FIRST....

Jack does a nice job as usual. Have a plan, stick to it, and don't let your emotions control your trading.
Everyone loses in the beginning, so you need cash to keep going.

I am far from a great trader and definitely in the category of novice. My brother recommended I read this book and its predecessor. The knowledge I picked up from both books coupled with a lot of reading and research spawned by what I found in the book have allowed me to generate decent returns on investments that have been stagnant for about a year. Within a three week time period I was able to go from being in the hole 6% in unrealized gains to being up over 10% in unrealized gains. I have since realized those gains and re-invested them looking to turn some more profit.

So I would say this is definitely a worthwile read for those interested in finding out how the big investors/traders became who they are and trying to come up with your own methodology for not falling into some of the pitfalls the market holds for the novice investor.

This book is excellent, mandatory reading for all aspiring traders and interested fans of the financial markets. A joy to read, covering everything from the nuts and bolts to the philosophy/psychology of the supertrader.

thats all there is too say just buy it now and dont think twice

This is one of the worst books on investing I've ever read. I read his first one from the library and loved it. This one stinks to high heaven. Grammatical errors, misspelled words are really tough to get past. I can see one or two, but...!!!!!

On top of that, the content is empty and very disappointing. If you're looking for a book similar to the first, forget it. This one does not measure up at all. If I could get my money back, I would in a second.

Very good follow up to the first market wizards i personally like the first one just a bit better but this one is right up there.

This book is a series of interviews with traders. The theme of the book seems to be that there is no right way to trade; all of the traders interviewed are very different in personality and trading style. I took away from this book that it is very hard to follow a system that is not yours...you really need to have self-awareness before you are consistently profitable in trading.

The commonality between all of the traders interviewed is that they have a system. There is a lot of knowledge in this book for those who can read it with an open mind and take out what makes sense to them. I have many of the pages dog eared for easy reference.

The interviews are conversational and Mr. Schwager writes a short synopsis after each chapter captivating the main characteristics that he or the trader feels has made them successful. The last chapter in the book lists 42 observations from interviews regarding success in trading bringing the book to a good close.

Anybody who is interested in reading about different trading styles and personalities, or needs convincing that there is not a "holy grail" investing system should read this book. It is very apparent after reading about such a variety of successful investing philosophies.

What this series of books became probably was not anticpated by the author. They are classics. Who would of thunk that just a series of interviews would prove to be one of the most insightful, revealing, instructional, and inspirational works in the trading literature?

Whatever you trade and however you trade, you will find a highly successful mentor or two in these books that will fascinate you. Within every interview are nuggets of wisdom that will be of great benefit for the reader to absorb. Every serious trader has read them, probably more than once.

[...]

What this series of books became probably was not anticpated by the author. They are classics. Who would of thunk that just a series of interviews would prove to be one of the most insightful, revealing, instructional, and inspirational works in the trading literature?

Whatever you trade and however you trade, you will find a highly successful mentor or two in these books that will fascinate you. Within every interview are nuggets of wisdom that will be of great benefit for the reader to absorb. Every serious trader has read them, probably more than once.

For me, books are either a 5-star, 3-star, or 1-star. The 5-stars are the classics that are too good to ever get rid of, like many of those that I recommend on winningfinancialstrategies.com. The 3-stars get sold when the shelves overflow. The 1-stars go to Salvation Army.

Continuing in his series of interviews with yet more top traders, Jack Schwager is providing even more excellent insights. Again I recommend reading this book multiple times, writing your own notes, and formulating a trading plan of your own rather than using the 'cheat's' summary at the end of the book in the 'Closing Bell' chapter.

These books (I am including its predecessor book The Market Wizards) are two of the best books on trading ever. No other book does so much to put the reader into the mind of a trader. To me, the most amazing thing about the traders interviewed was the multiplicity of techniques; one ignores technicals, another lives and dies solely on technical analysis; some trade on the floor, others from the comfort of their home. If you want to become a great trader, red and re-read and re-read these two books!

Even good for a simpleton novice like me. If one trader is not floating your boat, move to the next one. You will find at least a few that are absolutely fascinating.

If you are a trader or investor, regardless of how long (or particularly how little) you've been at it, this should be required reading for everyone. Very entertaining reading that has some many practical lessons throughout; lessons that Mr. Schwager is kind enough to summarize at the end of the text. Take notes and apply what you learn and it should improve your trading.

The problem I have with these books is that it takes a long time just to find one little bit of wisdom and then goes off on a tangent about 100 things nobody cares about.

This book is an excellent read. It teaches things you didn't even know you needed to know. I highly recommend it. Joe Emmi.

For entertainment, reading about famous traders of the past; their great trades; their bad trades; their childhood quirks that made them into traders, this book is fun reading.

If you want to learn how to become a disciplined trader, then these famous traders take it in turn to talk about style of entry, risk management, time frames etc etc blah blah blah which you already know about from the thousands of "how to" trading books and this ain't the place for anything new there.

If you think these guys are going to give you the holy grail to become a market wizard by reading this book then dream on. Ed Seykota's stand out rule about knowing the rules and knowing when to break them sums it all up. These guys know all the "rules" but broke their rules at their "right time" and went for the jugular. They went for the home run a number of times and won. Noone can do hundreds and thousands of percentage gains year in year out under strict rule based discplinary trading, so the sad fact is that if you don't often become an undisciplined "pig" then you don't become a "market wizard" hitting astronomical percentage point gains. Looking at it another way, if these guys have the holy grail then a lot of these same people should be in the 2004 Fortune Magazine list of billionaires. They went for the jugular, made their money and got out fast.

There were thousands of big time traders during the 80's and 90's who were consistent, disciplined traders, went for the juglar but they lost. The ones who survived have been interviewed by Jack Schwager. Do you see Victor Niedehoffer interviewed by Jack? Are we all being fooled by randomness?

The best "trader" of them all is the one who had the best risk to reward ratio and has managed to avoid the efficiencies of the markets...good on you Jack....

This is a very good follow up to "The market wizards" published a few years before this one. One finds precious lessons from great traders like William Eckhardt, Randy Mc Kay, Victor Sperandeo, Tom Basso, the Ritchies, etc. One could argue that, deliberately or not, many other legendary traders have been left out of this book and its predecessor. Be it as it may, it's probably better to judge this book for what it is and not for what it could have been, and as such, I must say I find it really very interesting.

I can understand some of the criticism by the Amazon reviewers towards some of the traders methods or concepts. Every trader interviewed in this book represents a particular case, whether you agree with their methodology or not. And I guess everyone of them may be prone to criticism. But I won't be so pretentious to criticize any of them. After all, there are many ways to make money, and this is the main reason why these guys do what they do.

One trader that really stands out (in my mind) from the others though is Jeff Yass, and maybe that's because the part I was really interested in was option trading. The guy is a mathematician and a strategist. I was particularly impressed by his new (to me) insights, like "you can learn more about option trading strategy by playing poker than in all the college economics courses combined...the primary object being maximizing your gains and not winning most hands", "your senses deceive you...you always have to double-check the pretty obvious situations, cause there is never any money to be made in the obvious conclusions", "have a great deal of respect for the market opinion, since there's no way you can construct a model that can come close to being as informed as the market itself", "the market's pricing of an item is the best measure of its value", "information doesn't exactly flow perfectly, like they teach you in finance school...frequently the information will show up first in the option market", and many other gems of the like.

All in all a very good book on trading, maybe not as good as the first one, but frankly, what sequel ever is?

Along with its prequel, "The New Market Wizards" is not just a book featuring top traders and their killer strategies that brought about their raging success. The two are no less self-help books giving the much needed pointers to anyone who wants to become a better trader as it repeatedly dissects what constitutes fatal emotional pitfalls and helps readers achieve an acute state of naked realization and, perhaps taken to the extreme, self-actualization. This observation is best captured in Jack Schwager's closing interview with Dr. Van K. Tharp in "Market Wizards": "When people approach the markets, they bring their personal problems with them".

For fundamentalists, "Market Wizards" is the more appropriate book to peruse. My favorite section in the book is "A Little Bit of Everything" where views of long-term investors are discussed at length. The longest write-ups in part one of the series, perhaps purposely so, are also the most useful as interviewees proffered their tricks of their trades with great candor - Michael Marcus (42 pages), James Rogers (38), Bruce Kovner (34), Michael Steinhardt (26). Other concise but equally useful comments were aired by David Ryan (20 - and check out the wealth of investment/trading books mentioned in the interview) and William O'Neill (18).

"The New Market Wizards" is in broad terms a general rehash of ideas propounded in the first book, except that it was more geared toward trading styles than investment techniques, plus the myriad traders highlighted were newer to the game at the penning of the book and in this sense their views less impressive/thought-provoking compared to its prequel where the most legendary / crýme de la crýme were handpicked to go into the definitive book. Consequently, I find myself picking up appreciably less useful ideas from the second book than I did from the first, albeit Jeff Yass's "The Mathematics Of Strategy" was a refreshing read.

As a summary of Schwager's two extraordinary books on top traders, here's my take on the most important elements that contribute to trading success:

(1) Stringent Risk Control
(2) Hard Work & Tenacity
(3) Know Thyself: Identifying Areas Of Competence & Weakness
(4) Know Thy Investment As Crap Begets Crap
(5) Open-mindedness To New Ideas & Unexplored Angles
(6) Willingness To Acknowledge Defeat & Change Tack When Proven Wrong
(7) Resilience, Courage & Conviction When Markets Go Against You In The Short-Term
(8) Humility To Accept That 'The Market Is Always Right'
(9) Patience To Let Profit Run But Resolution To Run When Proven Wrong
(10) Discipline: Setting Exit & Entry Points/Targets
(11) Defensive/Offensive Behavior: 'Preserving Equity First, Making Money Second'
(12) Fire To Succeed: Total Involvement, Not Haphazard Approach

As a humble contribution, I would like to add two cents as to what defines sound trading mindset:

(a) Investment Is Counter-Intuitive: Obvious Bets Rarely Make Good Investments and vice versa.

(b) On-Going Process Of Analysis & Lateral Thinking: Importance of Leaving No Stones Unturned.

(c) Generosity of Spirit: The More That Is Given To You, The More Is Expected Of You. The common thread that reverberated throughout the books was the interviewees' generosity in sharing their secrets of success and their philanthropic works, along the lines of what George Soros is striving to achieve through his many charitable foundations and for Eastern Europe. While we are very far away from the ideal world where markets are efficient and economic allocations optimal, it is my belief that the more the public is being educated about the proper workings of the markets, the more stable they will be, and this will work for the good of the capital markets and benefit the financial/corporate world in time to come.

All said, these books are a must-read for anyone wishing to hone their skills as traders/investors and derive the positive spill-over of conquering the emotional skeletons in their closets which barred many from leading a more fulfilling life, trading/investing or otherwise. The market is a very sobering place to be where sentimentalism is shunned and those resting on their laurels will be quickly eliminated. Taking the quote from investment maestro, Michael Steinhardt, "...there is no real pattern: anyone who thinks he can formulate success in this racket is deluding himself because it changes too quickly". The resounding cardinal rules and techniques repeated by the top traders ad nauseam in these books are bound to take shape in your investment psyche and stand your future trading and investment processes in good stead.

I only wish I had read the books earlier.

Critically acclaim writer Jack D. Schwager continues his quest on finding out what it really takes to be a successful trader. After he finished his first book he came to the conclusion that winning in the markets is a matter of discipline and skill, not luck. In this book, Schwager keeps looking for new insights on what are some of those skills needed to succeed.

The New Market Wizards brings us another bunch of entertaining interviews that shine a light from different perspectives on how to beat the markets. There are so many different methods of trading found in this book, that you are bound to find something that fits your own personal style.

Just like the first book, you will have a lot of fun reading these interviews. This book is full of tips and ideas that will help you increase your knowledge of the markets. If you are looking for really good books on trading, buy these remarkable series.

Schwager is simply the best at relaying the strategies and philosophies of top traders. If you trade, buy it.

Cant think of much that Schwager could possible improve on;
except writing a 4 th book & include Carl Ichan.
Easy to write helpful one liners from each trader but dont have room; 1] Mark Ritchie ''Do your own research''

2]''Amazing meticulous precision''Gill Blake's nursery teacher noted.

3]William Eckhardt ''We need BLUNT statistical instruments''
May pay to ponder the meaning of ''blunt''. i
It helped me .

Some of the richest and most succesfull traders were not presented in this book. Toby Crabel- for example is not listed here and the guy according to the hedge fund industry is the best money manager around.I read couple of his articles on Ebay and seriously he is gives much more detail than any of the Market Wizards.

I read "Market Wizards" and learned a lot from it. I got "New Market Wizards" after reading glowing recommendations about it. I was not let down.

If you trade, its a "must read" book. There are many pearls of wisdom for anyone that is going to lay their money on the line.

Very Good book - I didn't want it to end. Amazing the diverisity of people who have become winners in the market.

Plenty of role models here again in his "new" book. Top traders interviewed. Why are they successful? What makes a good trader good? Why do traders fail? Are successful traders trend followers or fundamentalists? Excellent coverage of traders in all markets. If you want to learn what works in trading, then read this book. If you want to find out if you have what it takes to be a successful trader, then read this book. You will also want to read, "Trend Following: How Great Traders Make Millions In Up Or Down Markets".

Great read. I've read this book so many times the pages are beginning to pull from the binding.

Great read.

A great book and one that will teach you more about investing than most of the other so-called investment books that promise much and deliver little.

I'm not sure if Michael Lauer has been taken out of the book now. When I read his chapter I remember thinking he seemed a) extremely arrogant and b) extremely talented. Not sure what went wrong - maybe it was when he started trying to become a movie producer.

An essential book for any serious investor (or trader).

What is this book?

Jack D. Schwager interviewed some of the best traders in 1992 and compiled edited transcripts in this compelling book.

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Who is interviewed?

From the currency market: Bill Lipschutz .

In Futures: Randy McKay, William Eckhardt, The Turtles, Monroe Trout and Al Weiss.

Various market times and fund managers: Stanley Druckenmiller, Richard Driehaus, Gil Blake and Victor Sperandeo.

Traders who play several markets: Tom Basso and Linda Bradford Raschke

"The Money Machines" such as: CRT (Chicago Research and Trading), Mark Ritchie, Joe Ritchie, Blair Hull and Jeff Yass.

Psyschology: Zen and the art of trading (person didn't want his name mentioned), Charles Faulkner, Robert Krausz.

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I didn't recognize many of those names, probably because of these reasons:

* The book was written in 1992.
* I'm not into really into trading.

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Nevertheless I think the book is a great learning experience. You won't learn how to trade from this book but it gives you insight into the trader's psyche. I like learning about people who have been successful, (think Leader's & Success page, of IBD) since I feel it motivates me to learn more and work harder towards reaching my goals.

My favorite chapter in this book is entitled "Closing Bell" and it is a recap of all lots of trading advice mentioned over and over by these trading experts. I feel reviewing this chapter over and over is worth the price of the book.

Reed Floren

I read this book ... I was thoroughly impressed.

I had read Schwager Technical books on trading in the past. And although I liked them, I found them to be quite tedious. With his Market Wizards series I was thoroughly impressed. You read the real life accounts of the top traders in the world and all you can say to yourself is I can do it too.

In no way does Schwager's voice interfere with the wisdom and message that these top traders try to get across. This is one of the most inspirational financial books of the decade, solely because it doesn't try to inspire, it simply gives the average trader a glimpse of what others call the impossible, beating the market, and the hope that you may be in the next edition.

"Adopting a formula that limited both my profits and drawdowns by notching back the number of contracts traded in each market ... the key is that the number of contracts traded fluctuates in accordance with each market's volatility."

Tom Basso

How long is it going to take me to learn this one?

This book is almost as good as the first one. If you loved the first one, buy this one as well.

This is the BEST of the 3 volume series. This book was absolutely outstanding and worth not only buying but keeping. I did not like volume #1 at all; there was really nothing in that & I doubted whether the traders interviewed had anything of value to give the reader. This book though is of a much higher quality as it delves more into Trading Systems & their psychology than previously.

A key thing you will learn from these interviews is best exemplified by Mike Carr a Turtle: Don't care what the market will do, Care what you will do when the market does it.

The gem in this series is Warren Eckhardt. In the first book the Ritchie Dennis & Will O'Neil interviews were the real gems. The others in vol#1 were totally without value including the GREAT Ed Seykota who is just a wise-acre with flippant answers and a juvenile sense of humour. Here in volume 2 even minor traders have more to say, perhaps Jack got better in getting information out of them?

Anyhow, remember more than HALF of these people have since gone the way of Livermore and blown up and those that haven't are RETIRED and teach at high costs.

Through a series of interviews, Jack Schwager introduces the readers to traders he deems to be Market Wizards. He talks to people trading in different markets, employing different methodologies, and exhibiting different strengths and weaknesses. In spite of the differences, Schwager identifies some commonalities. Schwager sums up the book by offering his takeaways for being a successful trader. Some of them are quite obvious (e.g. have a passion for trading and examine your reasons for trading, have an edge) while other are more subtle (e.g. match your trading style with your personality, have a method).

Having attended a lecture given by him, Schwager will be first to tell you how he had to modify his trading style and methodology to a quantitatively-driven one. Before the change, he felt that he lacked the discipline to exit his positions subjectively.

the only books i am searching for are in audio and cd prefered; autours are lafever ,loeb,nicholas darves all on ivesting in stocks also the new wallstreets wizards would be good all must be in listening format.........

Insightful interviews with the greatest traders & investors of our time. This one is much better than the Money Masters books. Market Wizards taught me that success in trading was more than just luck, as the efficient market people would say and my finance classes at Brown taught. There is skill, education, and a level of learned maturity involved.

This is another book I re-read constantly to get inspiration and tips to succeed as an investor. I like this one better than the first book, since it's more applicable to today's markets.

market wizards but still alot of info. Another must read!

If you don't like this book, then you don't like the stock market.

This one and the previous MW are both very interesting indeed! I learned a lot from them. This one is slightly earier for me to read than MW. The summary of this one is also much more substantial. Some people may feel the section about NLP and psychology have not relation with trading. But I think they are still quite helpful. Both of them deserve 5 stars!

This book is just like the first book "Market Wizards" but more of the great traders. Not a whole lot of information on how to, but more of an example of what others have done. Very enjoyable to read, I couldn't put it down.

Great insight into the minds of traders. The best thing about this book is that Schwager talks to a variety of traders, strict fundamentalists through strict technicians and everyone in between.

The chapter on psychology is very interesting. It adds something that most trader books would not.

After he interviews the traders he sums them up into 42 rules. Eventhough every trader is different he boils it down into very simple truths about traders.

This book provides great insight inot the traders mind!!!

Some readers comment that "The new" is not as good as the old. I strongly disagree with that. Schwager had tried to get the rest of the best in the market at the time to be interviewed and written about, like Vic Sperando, Stanley Druckenmiller, Richard Driehaus and some other big names. The problem is: the "stars" in the first book are just too bright, amongst all else, Paul Tudor Jones and Richard Dennis. Perhaps Schwager should have got Soros to meet the market expectation. BTW, two more tips: First, buy and read the Market Wizards before this. Second, dont get too carried away by the rosy pictures posed by these top traders and dont copy a bit from each of them. Know yourself and develop the trading strategy that fits you most unless you want to be those footstool of these wizards.

The New Market Wizards is all too predictable right from the start. It follows the same format, ask the same questions, and therefore it make it too similar to the first book "The Market Wizards".

While it is still a good read, but I would recommend readers to buy the first book, rather than the sequel.

Not as good as the original, but what sequel ever is? Still excellent. Read the first one, then pick up this one for more of the same good stuff.

Today, many self-designated "experts" tell you how easy it is to make money in the markets. The traders in this book give you an honest introduction of how their careers started. Many have had to make it the hard way after suffering serious losses and other setbacks.

To be like someone, you need to behave like them and this is exactly what you will learn here. I like the idea that most traders stress the importance of risk management as more important than market direction.

Special congratulations should go to Linda Bradford-Rasche for her valuable suggestions of what a beginner should do. If I had this same advice in the beginning of my career, I would have saved a lot of money. It would be nice if others could make use of the advice given before making stupid losses in the market.