Market wizards
by Jack D. Schwager · first published 1993
69% recommend27% neutral4% critical
Why HN recommends it
Interviews with top traders that show how they think about entering and exiting trades, risk management, stop-losses, trading plans and emotional discipline; suits newcomers curious about markets and aspiring traders.
Summarised by Claude from recommending comments
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…woudo recommend these books while you are doing system development: - http://www.amazon.com/Trade-Your-Way-Financial-Freedom/dp/00... - trade your way to financial freedom by Van Tharp - the entire 'market wizards' series (http://www.amazon.com/Market-Wizards-Jack-D-Schwager/dp/0887...) - there are three (or four?) books in the series, all are worth reading. The final problem is designing a system which you truly…
on “Ask HN: Automate Stock Trading?” ↗I believe "Market Wizards - Jack D. Schwager" highlights this. When speaking with some of the best and most successful traders in the markets, he found that the one common thing between them was "Game Perspective". They understood…
on “Are You Trading or Gambling?” ↗…with only the 20 part and foregoing the 2 were perceived as scammers or sub-par somehow. The best books on the history of funds/great traders are Steve Drobny's [1] for this generation and Schwager's Market Wizards series if you want something a little further back [2]. There's a decent mix of stories - from "intrapreneurs" later backed by their own former bosses, to bootstrapping with their own capital, not everybody…
on “The Lessons Google Ventures Learned from Secret” ↗Have you read Market Wizards by Jack Schwager? Fantastic book and it really goes deep with how these traders think about approaching and exiting a trade/market.
on “Introduction to Zipline: A Trading Library for Python” ↗…want to enjoy a high quality of life. I take advantage of division of labor to monetize what I do best--software development. In a past life, I read many books on investing, primarily Jack Schwager's Market Wizards and my personal favorite, Reminisces of a Stock Operator. There's a lot of interesting stuff about the markets--game theory, behavioral finance--but unless you're going to spend a lot of time on it,…
on “Ask HN: How much recurring income do you generate, and from what?” ↗…market seemed incredibly boring. Yes, it could make people millions but as an outsider, the idea of looking at numbers all day to get those millions seemed like a hell on earth existence. The 1993 book "Market Wizards" by Jack Schwager[1] changed all that and completely opened my eyes. It was the first time I had seen the word "thesis" in regards to picking stocks -- as used in the phrase "investment thesis" by interviewees.…
on “Inadequacy and Modesty” ↗…by Slavoj Zizek (Welcome to the Desert of the Real: Five Essays on September 11 and Related Dates if have to pick one) Recently read and significant: The Logic of Scientific Discovery, Karl Popper, Market Wizards: Interviews with Top Traders, Jack Schwager
on “Ask YC: favorite books” ↗Lolita by Vladimir Nabokov The Great Gatsby by F. Scott Fitzgerald One Flew Over The Cuckoo's Nest by Ken Kesey Nonfiction: Market Wizards: Interviews with Top Traders by Jack D. Schwager (1993) Guns, Germs, and Steel by Jared Diamond (history)
on “Ask HN: What to read during the holidays?” ↗not all are (auto-) biographies. o'neil's book is very applied. schwager's books are not all biographies, and include several very applied books. the market wizards series include significant amounts of practical advice on risk mgmt, exit strategies, trading plans, etc. -- from some of the best investors. consider your level of commitment to trading. are you willing…
on “Ask HN: How can I learn how to invest in the market?” ↗…be) the world's premier trading psychologist. The book drives home the concept of risk management in automated trading systems like no other, especially remarkable considering when it was written. The Market Wizards books, at least the first two, are pretty much required reading. The only book I might add to the list would be Reminiscences of a Stock Operator[1]. While admittedly I didn't find it as useful as the…
on “Ask HN: Automate Stock Trading?” ↗…Sell by Justin and Robert Mamis Trading in the Zone by Mark Douglas (don't underestimate the importance of getting your psyche under control!) Japanese Candlestick Charting Techniques by Steve Nison Market Wizards by Jack Schwager (these are well worth reading) And of course, the timeless classic, Reminiscences of a Stock Operator by Edwin Lefevre Good luck!
on “Ask HN: How did you learn about stocks and the market?” ↗…http://www.realvisiontv.com these days, particularly if you like videos. Some variable quality, but some really excellent, unique viewpoints from value investors and macro managers there. I would also recommend the Market Wizards series by Schwager and Inside the House of Money/the Invisible Hands by the Drobnys.
on “Ask HN: How did you learn about stocks and the market?” ↗…He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium-priced automobile." (Emphasis mine.) A good place to start might be by reading the Market Wizards series by Jack Schwager. (There are 4, all highly recommended.) Take note of the traders whose views you identify with, and research them, their strategies, and follow their recommendations down the rabbit…
on “Ask HN: As a hacker and “math person”, how do I learn about finance?” ↗…Robert Heilbroner and I can recommend that. I now have a tab with Marx's "Capital" open and I'm about half way through Joseph Schumpeter's "Capitalism, Socialism, and Democracy." For finance, reading the Market Wizards series by Jack Schwager is a great idea because you get really personal and in-depth insights into how successful traders think. I also recently read "Commodity Conversations" by Jonathan Kingsman which…
on “Recommend me resources for self-teaching economics on undergrad level” ↗…portfolio is not recommended in a market downturn but sticking to a bad trade is a recipe for disaster. The crucial lesson here is setting a stop-loss for every trade and abiding by it no matter what. Market Wizards: Interviews with Top Traders by Jack Schwager, considered a classic, focuses on the psychology of trading. At the end of the book, the author reflects on the one thing that all of his subjects had in…
on “I Lost $400k, Almost Everything I Had, on a Single Robinhood Bet” ↗