Below are excerpts from this book that I found particularly insightful: Stupid, why risk everything on one trade? Quotes from Market Wizards. Paperback , pages.
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Charting is a little like surfing. If you like books and love to build cool products, we may be looking for you. For me, market analysis is like a tremendous multidimensional chess board. Everything gets destroyed a hundred times faster than schwaver is built up. If the stocks that have been leading the bull market start breaking down, that is a major sign the market has topped.
Despite what is portrayed in the popular media the traders interviewed in the book do not have expensive Ivy League educations for the most part. Society works by the attraction shwager the many. Some believe you must be disciplined and consistent others wait for price movement before trading than use fundamentals to make trades, still others s The book covers 17 different traders who share their successes and failure's encountered.
When you start losing, it touches off negative elements in your psychology; it leads to pessimism. Maarket 27, Michael Wallin rated it it was amazing. There are opportunities all the time.
When a market makes a historic high, it is telling you something. Aug 12, Michael McGee rated it liked it. They are disciplined enough to take the right size positions.
Letting losses run is the most serious mistake made by most investors. Every now and then, the market gives you a good wallop. If you don't work very hard, it is extremely unlikely that you will be a good trader. The maarket thing that disturbs me is poor money management.
He took me to one of the finest restaurants I have ever been at. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. It is a tremendously exciting game. It can be done, and your own determination to succeed is the most important element. It is clear that no matter how spectacular and consistent the success of any of these traders, they all approach their mutual fascination from the standpoint that they are a work in amrket, and schwageg no one masters the market, any more than a surfer masters the ocean.
Jul 29, Jacob rated it liked it.
Market Wizards by Jack D. Schwager
The most important rale of trading is to play great defense, not great offense. A winning trader has two traits: Psychologically, I tend to alter my activity depending on performance. The book also sheds light on the personal traits and characteristics of schwagef traders.
We ought to just admit that the government is wizads debt junkie and the whole concept of deficit spending is flawed in practice". May 26, Maxim Shilo rated it it was amazing.
He keeps expecting the stock to recover. Get out, because you can always get back in. Intellectually, he knew markets much better than I did, yet I was keeping money, s he was not.
Schwagfr want too much, too fast, without doing the necessary study and preparation or acquiring the essential methods and skills. This book reveals that each of these successful traders has a passion and love for trading, as it appears that is what made them successful.
The final interviews dealt directly with how one's experience with investing is but a reflection of one's own psyche, wisards how one can use this insight to improve oneself.