At SteadyTrade, we love books … especially books about trading!

We’ll share the next installment of our book club (#SteadyTradeBooks) soon … But in the meantime, we’ve got a special guest on today’s show: “Market Wizards” author Jack Schwager.

Host Tim Bohen considers Schwager’s works a must-read, and co-host Kim Ann Curtin has long been a fan. She even includes him in her book “Transforming Wall Street: A Conscious Path for a New Future.

About Jack Schwager

Jack entered the stock market for practical reasons: he was fresh out of grad school and needed a job. The first job suited to his studies in economics? A market/research analyst position on the futures side.

It was in this position that he was first exposed to the market, and it sparked his interest in trading. Jack talks about how he discovered that market research at the time wasn’t actually that great. That’s where he saw his opportunity for success.

It required creativity, originality, and was kind of uncharted territory. It definitely wasn’t boring or repetitive. He loved the adventure.

Learn how he navigated market analysis in the time before computers — we’re talking calculators, not spreadsheets!

“Market Wizards”

Schwager wrote his book “Market Wizards: Interviews With Top Traders” in the late 80s. It was inspired by his connections to various traders of note. He decided to pick their brains and see if there were parallels between the most successful traders. The results were game-changing.

The book became a hit, and it remains relevant to this day. Since then, there have been several related titles…

So, was he surprised by its success?

Schwager talks about the process of writing the book and how his goal to create a timeless book became a reality. Or as he says: “The truths of trading are timeless.”

Surprising Discoveries

Schwager talks about what surprised him while writing his seminal book, including the many personality types. He discovered that success wasn’t necessarily all about the various traders’ approaches.

Money management was more at the core of success than a specific method…

Lessons in Failure

Most people fail at the beginning of trading. But failing doesn’t mean you’re a failure. Schwager’s seen plenty of traders who go through disaster after disaster. And somehow, they keep on going until they eventually find success.

He talks about how an inner drive carries so much weight for a trader and why you have to have endurance and drive to overcome failure and keep going!

Getting Lucky

Schwager and the SteadyTrade co-hosts all talk about how dangerous trading can be, no matter how smart you are. “If things are going really great … watch out.”

Learn why Tim thinks it’s a good thing for every trader to have their butt kicked in the beginning. A serving of humble pie can come with some good lessons. Early success can be dangerous.

Favorite Books for New Traders

Kim goes there –– what’s Jack’s best book for new traders? After all, he’s written several.

Schwager weighs in about his favorite books for new traders, and what lessons might be most helpful. Don’t miss these suggestions.

Opportunity for Traders

Schwager is writing a new book … do you have about a decade of trading experience and wisdom to share? Listen in to hear about a potential opportunity…

Parting Wisdom

Schwager closes with some important trading wisdom, including:

  • Sometimes the best trade is no trade. He talks about how “don’t trade” can actually be good advice … Before you trade, you need to figure out your approach. This can take a while –– maybe years.
  • Paper trade first. You can’t make real money by paper trading, but you sure as heck can’t lose real money either. It’s a smart way to test your market skills and get a feel for what works and what doesn’t.
  • Think about risk! How much money are you really willing to risk? That amount shouldn’t exceed how much you can lose on any trade.

Don’t miss these bits of advice and more in this action-packed interview!

Have a Question or Comment?

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