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This book will definitely prove hazardous to your normal bedtime.
The first night I started it, I didn’t get to bed until 2:00 a.m. Unlike most sequels, which tend to be watered-down versions of the original, this book is every bit as compelling and fascinating as its predecessor, Market Wizards. For readers who are new to trading or are for any reason unfamiliar with Market Wizards, it has been a runaway bestseller among financial titles (with more than 100,000 copies sold).
 The New Market Wizards follows the same format as its prequel and consists of a series of in-depth, highly revealing and fascinating interviews with a wide variety of traders in various markets who have proven themselves, by Schwager’s exacting criteria, to be among the top traders in America (and, presumably, in the world).
Although a few of the traders interviewed were familiar to me before I read this book (for example, Monroe Trout, Victor Sperandeo, Mark Ritchie, and Robert Krausz), the majority were unknown to me. That was also the case with Market Wizards.
Schwager interviews a number of traders in each of several categories: Futures, currencies, fund managers and timers, multiple market players, trading companies (which he terms “The Money Machines”) and trading psychology. Because Schwager’s own background is heavily oriented to futures and currency trading (he was, at the time this book was written, the Director of Futures Research and Trading Strategy at Prudential Bache), the interviews with traders in these areas are emphasized. In my opinion, these are the most interesting because this has been my own area of special interest for many years.
Silence of the Turtles
Of particular interest was Schwager’s attempt to interview a number of “The Turtles”, who were trained by the legendary Richard Dennis in his trading methods. Unfortunately, virtually all of them refused to grant interviews or to comment in any way on the trading methods they learned and employed, citing nondisclosure agreements that had not run their course at the time. This attempt led to the chapter entitled, “The Silence of the Turtles”.
Readers of this book are fortunate to have the opportunity to meet and share the experiences of many of the other traders in this book. Schwager advises that many of them are intensely private individuals, and it was only through his persistent persuasion that they agreed to share their experiences.
Each interview is preceded by a synopsis of trading style and history and a brief biographical sketch. Additionally, each is followed by Schwager’s observations and comments on noteworthy points and factors that he felt contributed to making that individual a great trader.
Another important feature is a “wrap-up chapter” in which Schwager discusses 42 points that he feels are the essential lessons to be learned from the book and which will help the reader become a better trader. He feels strongly (as a result of the interviews) that winning in the markets is a matter of skill and discipline, not luck, and these are the points crucial to understanding how to develop these attributes.
Schwager is a consummate interviewer and a highly skilled writer, and the result is a book that is not only essential, but enjoyable reading for both new and veteran traders.
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