BOOKSHELF

THE NEW MARKET WIZARDS
by Jack D. Schwager
C 684 494 pp.,
Consensus Regular $22.50

In a sequel to his bestselling Market Wizards, Jack Schwager explores the techniques and insights of a new group of wildly successful traders. In a series of in-depth interviews, he probes their ideas about markets, their trading philosophies, and their experience--in short, the dynamics that have made them leaders in their fields. Some of the most renowned traders in stocks, bonds, currencies, options, and futures discuss in candid detail their philosophies and their approach to the markets. They discuss not only their triumphs but some of their biggest failures, and they reveal the lessons they have learned from their experiences. Although these individuals vary widely in specific methods, Schwager reveals numbers consistencies in philosophy and personality that he highlights throughout the book. Among the themes sounded repeatedly: Traders must develop a method, the type of method is unimportant so long as the method is suited to the individual's personality; Innate trading skill may be useful, but it must be developed through hard work; Money management and risk control are at least as important as actual trading strategy; Discipline and patience are essential characteristics, emotional involvement in the trading dynamics leads to poor decisions.