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Market Wizard

THE MARKET WIZARDS
CONVERSATIONS WITH
AMERICA'S TOP TRADERS
JACK D. SCHWAGER

HarperBusiness

You've got to learn how to fall, before you learn to fly.
—Paul Simon
One man's ceiling is another man's floor.
—Paul Simon
If I wanted to become a tramp, I would seek information and advice from the most successful tramp I could find. If I wanted to become a failure, I would seek advice from men who had never succeeded. If I wanted to succeed in all things, I would look around me for those who are succeeding and do as they have done.
—Joseph Marshall Wade
(as quoted in a Treasury of Wall Street Wisdom
edited by Harry D. Schultz and Samson Coslow)

Contents
Preface 4
Acknowledgments 6
Prologue 7
My Own Story 8
Part I-Futures and Currencies 10
Taking the Mystery Out of Futures 11
The Interbank Currency Market Defined 11
Michael Marcus - Blighting Never Strikes Twice 13
Bruce Kovner-The World Trader 27
Richard Dennis-A Legend Retires 39
Paul Tudor Jones-The Art of Aggressive Trading 50
Gary Bielfeldt-Yes, They Do Trade T-Bonds in Peoria 58
Ed Seykota-Everybody Gets What They Want 62
Larry Hite-Respecting Risk 70
Part II-Mostly Stocks 76
Michael Steinhardt-The Concept of Variant Perception 77
William O'Neil-The Art of Stock Selection 86
David Ryan-Stock Investment as a Treasure Hunt 93
Marty Schwartz-Champion Trader 99
Part III-A Little Bit of Everything 108
James B. Rogers, Jr.-Buying Value and Selling Hysteria 109
Mark Weinstein-High-Percentage Trader 122
Part IV-The View from the Floor 129
Brian Gelber-Broker Turned Trader 130
Tom Baldwin-The Fearless Pit Trader 137
Tony Saliba-"One-Lot" Triumphs* 143
Part V-The Psychology of Trading 150
Dr. Van K. Tharp-The Psychology of Trading 151
The Trade-A Personal Experience 158
Postscript-Dreams and Trading 161
Final Word 162
Appendix 1-Program Trading and Portfolio Insurance 163
Appendix 2 - Options—Understanding the Basics* 164

Preface

There are some amazing stories here:
A...