New Market Wizards: Conversations with America's Top Traders by Jack D. Schwager

In one of the most popular finance books ever written, Jack Schwager introduces us to some of today's most successful and fascinating supertraders. Get the story behind Stan
Drukenmiller ­who runs Soros' Quantum Fund. Meet Bill Lipschutz , the former architect who became Salomon Brothers' most successful currency trader. Trace the fascinating roots of the now legendary circle of traders known as the Turtles. An much more.

How do the world’s top traders make millions of dollars in the markets sometimes in a matter of only weeks or even days? That’s precisely the question Jack Schwager was trying to answer when he interviewed 17 superstar money-makers including Richard Dennis, Paul Tudor Jones, Ed Seykota, Marty Schwartz, Tom Baldwin and others. After reading this best-selling book, you’ll know what ingredients enable these top traders to consistently work their financial magic in the markets while so many others walk away losers. One of the top-selling trading books of all-time!

This fascinating follow-up to Schwager’s acclaimed bestseller is packed with more compelling interviews with some of the world’s richest traders. You’ll get an inside look at the rules, strategies and systems used by superstar traders such as William Eckhardt, Monroe Trout, Linda Bradford Raschke and 14 others. You’ll learn the secrets that rocketed these multi-millionaire traders to success, as well as the embarrassing losses that have proven them all too human.

CONTENTS

Preface xi

Acknowledgments xiii

Prologue xv

PART I Trading Perspectives
Misadventures in Trading 3
Hussein Makes a Bad Trade 11


PART II The World's Biggest Market
Bill Lipschutz: The Sultan of Currencies 17

PART III Futures-The Variety-Pack Market
Futures-Understanding the Basics 71
Randy McKay: Veteran Trader 74
William Eckhardt: The Mathematician 103
The Silence of the Turtles 137
Monroe Trout: The Best Return That Low Risk Can Buy 149
Al Weiss: The Human Chart Encyclopedia 177

PART IV Fund Managers and Timers
Stanley Druckenmiller: The Art of Top-Down Investing 187
Richard Driehaus: The Art of Bottom-Up Investing 211
Gil Blake: The Master of Consistency 230
Victor Sperandeo: Markets Grow Old Too 251


PART V Multiple-Market Players
Tom Basso: Mr. Serenity 279
Linda Bradford Raschke: Reading the Music of the Markets 294


PART VI The Money Machines
CRT: The Trading Machine 313
Mark Ritchie: God in the Pits 318
Joe Ritchie: The Intuitive Theoretician 342
Blair Hull: Getting the Edge 363
Jeff Yass: The Mathematics of Strategy 390


PART VII The Psychology of Trading
Zen and the Art of Trading 411
Charles Faulkner: The Mind of an Achiever 414
Robert Krausz :The Role of the Subconscious 439

PART VIII Closing Bell
Market Wiz(ar)dom 461
A Personal Reflection 479