- CD de audio: 90 páginas
- Editor: Marketplace Books; Edición: Abridged (19 de junio de 2006)
- Colección: Wiley Trading Audio
- Idioma: Inglés
- ISBN-10: 1592802796
- ISBN-13: 978-1592802791
- Valoración media de los clientes: 3 opiniones de clientes
Market Wizards: Interviews with William O'neil Anddavid Ryan, Disc 7, Audio CD (Wiley Trading Audio) (Inglés) CD de audio – Abreviado, Audiolibro
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Reseña del editor
How do some of the worlds most successful traders amass millions of dollars in a year... or sometimes in just hours? Are they masters of a priceless wizardry or simply the very lucky winners in a random market lottery that allows only a few players to become fantastically wealthy? What are the secrets of their unheard-of success?
Market expert Jack D. Schwager interviews top traders in a variety of markets and determines that an interesting mix of method and mental posture is largely responsible, and presents Market Wizards in a way that allows the listener a glimpse into the minds of these most remarkable traders. Understand what it takes to succeed, and hear it in the words of the Market Wizards themselves.
Turning a $30,000 account in $80 million!
Having a fund average a 30% annual return over 21 years!
Parlaying $25,000 into $2 billion worth of T-bond future trading in a day!
Managing funds that have registered triple-digit gains five years in a row!
Realizing an astounding 250,000% return on accounts over 16 years!
Biografía del autor
Jack D. Schwager is Director of Futures Research and Trading at Prudential Securities. He formerly held similar positions at Paine Webber and Smith Barney, with a total of twenty-two years' experience heading up futures research departments. He is also a Commodity Trading Advisor and one of the coprincipals of Wizard Trading.
Mr. Schwager is the author of the highly regarded A Complete Guide to the Futures Markets, and the Schwager on Futures series that includes the titles Fundamental Analysis and Technical Analysis, all published by Wiley. His writing has appeared in many publications, including the Handbook of Futures Markets, The New York Times, and Forbes. Much in demand as a speaker, he has lectured on a range of analytical topics, with a particular focus on great traders, technical analysis, and trading system evaluation.
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Ha surgido un problema al filtrar las opiniones justo en este momento. Vuelva a intentarlo en otro momento.
Hay entrevistas que son sumamente interesantes, otras no tanto, algunas excesivamente técnicas y difíciles de comprender en algunos párrafos.
Haciendo un resumen de todo lo leído, creo que no me equivoco al decir que el éxito está en cortar rápido las pérdidas, dejar correr los beneficios y controlar el riesgo. Esto, aderezado con perseverancia y fortaleza psicológica para tomar uno sus propias decisiones sin dejarse influir por los demás, casi nos da el 100 % de la receta (de lo que es modelable, claro, la otra parte es que algunos de los entrevistados tienen un 6º sentido tipo "killer" muy por encima de la media).
En cualquier caso, merece la pena su lectura.
Opiniones de clientes más útiles en Amazon.com
Not only does this book cover a wide variety of trading techniques, it also covers a wide variety of markets as well (treasuries, futures, commodities etc.). The book also sheds light on the personal traits and characteristics of successful traders. By reading the different interviews one starts to see the commonalities but also the differentiators between them. It is very intriguing to read one very successful trader present opposite techniques than the next trader being interviewed.
A must read for any serious investor. This book is filled with wisdom from start to finish - for both novice and advanced traders. One will also find that much of this wisdom applies to any career.
Below are excerpts from this book that I found particularly insightful:
1- "You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weaknesses...As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else's style, you often wind up with the worst of both styles. I've done that a lot."
2- "Don't ever feel that you are very good. The second you do, you are dead."
3- "What are the traits of a successful trader? The most important is discipline - I am sure everyone tells you that. Second, you have to have patience; if you have a good trade on, you have to be able to stay with it. Third, you need courage to go into the market, and courage comes from adequate capitalization. Fourth, you must have a willingness to lose; that is also related to adequate capitalization. Fifth, you need a strong desire to win."
4- "I have two basic rules about winning in trading as well as in life: (1) If you don't bet, you can't win. (2) If you lose all your chips, you can't bet."
5- "The stock market is neither efficient nor random. It is not efficient because there are too many poorly conceived opinions; it is not random because strong investor emotions can create trends."
6- "I don't see how you can invest in American steel without understanding what is going on in Malaysian palm oil. As I explained before, it is all part of a big, three-dimensional puzzle that is always changing."
7- "Although the styles of the traders are very different, many common denominators were evident:
1- All those interviewed has a driving desire to become successful traders - in many cases, overcoming significant obstacles to reach their goals.
2- All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money.
3- Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned.
4- The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy.
5- Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed.
6- In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself.
7- The importance of acting independent of the crowd was a frequently emphasized point.
8- All top traders understand that losing is part of the game.
9- They all love what they are doing."
Recommended by Sam Sieden and Bill Henner of Online Trading Academy. Glad I bought it.
To get the full benefit, it is necessary to read from beginning to end. What strikes me most is both the depth and breadth covered by the interviews. The book is divided into several segments, covering futures, equities, investors who follow economy-wide trends, and a little bit of psychological analysis. The key to learning from this book is linking the ideas from all the separate interviews together.
By the end, you will see subtle differences in the thinking behind futures, equities, and even stock option trading. Despite the various traders having a wide range of opinions and philosophies, you will find many commonalities in each interview. Though each trader used radically different methods, they all had a standardized set of rules that were followed and led to success. Most of these rules involved some benchmark for cutting losses.
Interestingly enough, this book is not written or condensed in anyway. It consists of outright transcripts of interviews Schwager conducted with the actual traders. I believe this style kept each page exciting because it actually felt as if I was present during the interview.
This is one of the essential reads for any young or old person wanting to engage the trading field, whether as a part time endeavor or as a career. Study Market Wizards, and use the wisdom of its pages to your money-making advantage!