Book review of The New market wizards – Jack D Schwager
Evergreen and inspiring interviews!
Wisdom comes mainly by experience and not theoretical concepts of trading rules. The author is a well-known industry expert. He extensively interviews extremely successful traders about their life, methods and most memorable experiences in their careers. Each conversation is unique in it’s own way and it’s a great learning curve if you can absorb it. It is more of a reference book than a casual read if you are a curious/novice/intermediate trader looking to develop your skills and explore your potential weaknesses. There is a lot of discussion about hedging, handling losses, entry/exit of positions, position sizing and different trading styles and philosophies. You could also keenly observe how they reacted to economic events and went about with their trading executions.
What this book is not: No technical analysis rules, No rules engraved in stone that there is a particular way in which you should trade and certainly no fatherly advice on stocks.
A must-read for all traders and fund managers.