Retrieved October 29, More advanced material is contained in a lengthy Appendix section. Retrieved February 24, Jack Schwager rated a book it was amazing. Retrieved May 2,
Other topics are possible as well. Talks and workshops are designed to fit client needs. This talk seeks to answer the question: What traits set apart those individuals who have achieved extraordinary success in the markets from everyone else? The talk is heavily anecdotal, based on the interviews conducted in the Market Wizards book series. This talk is similar to Talk 1 with the essential difference being that if focuses specifically on the personalities and lessons of the traders profiled in Hedge Fund Market Wizards, the newest book in series It is very well suited for audiences that might contain a meaningful percentage of people who previously heard Talk 1.
Market Wizards Workshop Parts This 3-part workshop includes all the material in Talks 1 and 2 above in addition to the equivalent of a third talk with new material not contained in either Talks 1 and 2. A focused talk intended for audiences with a specific interest in performance measurement and risk management.
A focused talk intended for traders with interest in trading system testing design and evaluation. Best suited as a topic in a workshop presentation rather than as single talk. This talk would be good overview for an audience with little or no knowledge in hedge funds, but a desire to learn the basics about this investment class. Can be an individual talk or part of workshop. When I first created this Traders Log I had planned at some point to start adding new posts.
Other time priorities, however, changed this expectation. I do not anticipate adding posts in the foreseeable future. I will leave the posts I originally provided in place.
These posts relate to trades that motivated me sufficiently to write a comment to reinforce market lessons. They are notes that I wrote to myself. But I believe that most traders will find at least some of these comments helpful and quite possibly personally pertinent. Unless otherwise noted the charts were generated on the Thinkorswim platform on Ameritrade.
The Market Wizard Series —These books, which are based on interviews with exceptional traders, are by far my most widely read books, accessible to lay readers and relevant to both novice and professional traders. The four books in the series listed in chronological order of original publication date are: This book originally published in has been fully revised and updated in the second edition published in January Market Sense and Nonsense Which book should you read first?
Schwager joined Reynolds Securities for a period of two years. With his MA in economics firmly in hand, he initially worked as a research analyst in a position that allowed him to delve deeply into the movements of the stock market. From until , he worked as a director in charge of researching futures with the firm of Loeb Rhoades Hornblower.
From there it was only a short leap to the position of director of research at Smith Barney, a position that Schwager filled from until This position served as a springboard to the famed Commodities Corporation for one year, then in he joined Paine Webber, and in Prudential Securities; he remained with this company in a number of positions until Jack Schwager and Commodities Corporation are virtually synonymous.
Not only did he work for this financial services corporation, but during his tenure he rubbed elbows with a number of investment and trading greats. After researching their methods and systems, Schwager came to the realization that trading profitably is not random success or the luck of the draw.
Schwager soon noted that savvy trading requires an intimate knowledge of human psychology. Moreover, methodical investing far surpasses kneejerk reactions to market ups and downs when trading. In a interview, Jack Schwager revealed that successful stock traders must be disciplined and experienced money managers with an eye on controlling risk; they also must employ methodologies that are in tune with their individual personalities.
As such, he cites that virtually all of the successful traders with whom he had a chance to speak would have a well defined ceiling for their position size when it came to the short side. This served as a failsafe and would not allow their portfolios to become unbalanced with a short position that went over a predetermined percentage. As such, he cautions traders to not just manage risk, but instead control it from the get go.