5 Reasons To Love Jack D. Schwager’s Legendary Stock Trading Book “THE NEW MARKET WIZARDS”
If you don’t know who Jack D. Schwager is yet, his 1994 stock trading book “The New Market Wizards: Conversations with America’s Top Traders” will give you a glimpse of who he is as an author, as a principal and managing director of The Fortune Group, as the Senior Portfolio Manager for Fortune’s Market Wizards Funds of Funds, and as an entirely important person in the field of trading.
If you are curious about the abovementioned all-time best-selling book of his and if you are one of those people who are into trading or are just beginning to take interest in stocks and trading, this blog will provide you with the many reasons why I just love Schwager’s book and a few points on why I hate it.
WHY TO LOVE THE BOOK
1) The book is not just another high-level theoretical trading book
Maybe it’s just me, but I think one of the factors why most people are afraid or intimidated to read and learn from trading books is because most of these publications are too high-level and highly theoretical. It’s natural to read trading jargons every now and then and they are learnable but being bombarded with jargons and hifalutin phrases without having the opportunity to understand their meaning and context can be scary. It just means that a little effort from the book author to really provide in-depth explanations and practical applications is truly helpful, especially for the noobs.
Schwager’s book did an excellent work on that. It’s basically an interview kind of book where the author asked the top traders in the US the most basic and hard questions to really cull out useful strategies and practical tips that could help new and upcoming traders. Schwager’s wit in asking the right questions proved to be effective because this book has been an all-time best-seller since its publication in 1994.
2) It’s a collection of golden nuggets of information that you wouldn’t easily obtain in a lifetime
Schwager interviewed millionaires, billionaires, CEOs, world-renowned experts, and the very best traders in the world who trade for a living and have the best returns year after year. Now ask yourself, in your lifetime, can you do this? I mean, if you’re a regular dude just like rest of us, will you be able to interview and get the insights of some of the most powerful people in the world? I’m not saying it’s impossible but it can be difficult to do.
With this book, all the hard work has been done by the author and the interviewees. Schwager asked the questions, the experts answered them comprehensively and extensively, and then all those golden nuggets of information were organized and collated in this 500-page book. All you have to do is to purchase your copy, either paperback or Kindle version, and then read and learn from it.
3) The book contains knowledge that is surprisingly easy to learn and very applicable in real life
As I have said in the first point, Schwager’s book is not just another theoretical book that will present you with tons of information on stocks and stock trading that you won’t easily grasp. This book is entirely different. It will take you directly into the minds of great and world-renowned traders, teaching you the secrets, tips, and strategies that will take your trading journey to the next level.
Here are some of the valuable tips and things that I learned from the book which I found to be very applicable in real life:
- Home runs and preservation of capital are the two secrets of successful trading.
- Even if the fundamentals are good, don’t impulsively buy a stock that is going down just because.
- Emotional discipline is as important as knowledge when it comes to trading success.
- A well-balanced life is more important than spending all your time and your life in trading.
- Once you have sold a stock, it will be difficult to buy it again.
This is just the tip of the iceberg; the book contains tons of practical and useful information proven to be very helpful for new and long-time traders. If you really want to up your game, then this book is worth the investment of your money, time, and effort.
4) It’s not just a trading book, it’s a self-help motivational book as well
While I was reading Schwager’s book, I did not only feel enlightened by the new knowledge that I acquired and learned. Beyond that, I felt completely motivated, inspired, and emboldened to really take my trading journey up another notch since trading can indeed grow my wealth exponentially.
Reading about the insights, habits, tips, secrets, and strategies of the most effective traders in the world and realizing that I can apply these things to improve my trading acumen is enough to drive me to work harder and to impel me to improve more. I would say that this motivational effect does not only apply to me, but to all the many readers and would-be readers of this book.
5) It is available in two versions: good ol’ paperback and Kindle e-book
Nowadays, books can either be an actual paperback form or an electronic file like an e-book or PDF. For those who are traditional readers (like me) who like to read a book while holding it and ruffling through its pages, then you have to get the paperback version. It’s available on Amazon for around $15. But if you’re the type of person who likes reading on your Kindle, then the Kindle version worth $7.49 is perfect for you.