Summary
One of the better books on trading in the past 5 years. The Market Wizard series has been a staple of the best selling trading books and this new addition to the series is no exception. I would recommend this book to everyone aspiring to make a living from trading.
Book Information
Hedge Fund Market Wizards: How Winning Traders Win
Written by Jack Schwager
Rating
| Useful | |
| Original | |
| Readable | |
|
Average
|
|
Review
Hedge Fund Market Wizards is the latest instalment of the Market Wizard series. It is a book of interviews on 14 hedge fund managers with one professional trader. All these individuals have demonstrated superior ability in managing money in line with the theme of the book. The interviews are nicely done and the good stuff the readers are expecting from Mr. Schwager are there just like the other books in the series.
The theme of the book focuses on superior return with controlled risk. Mr. Schwager has chosen the particular group of hedge fund managers in this book that has low draw down and exceptional return year after year. Many people would think that such restrictive criteria would result in a narrow group of hedge fund managers all employing similar strategies. The book, however, shows us that it is far from the truth. In fact, all these hedge fund managers and the exceptional trader in the book are achieving the goal of low risk high return through many different strategies.
Many of these trading strategies are eye openers for those who do not have experience working in the hedge fund industry. These ideas are great motivation for individual traders to formulate their own low risk high return trading strategies that fit their personalities. You can think of this book a catalogue of proven successes where individual traders can model after.
At the end of the book Mr. Schwager has tried to sum up the wisdom of these exceptional traders into 40 rules. These rules are pretty good and I have to say that they have captured many of the essence of the interviews. But if you have time, it is best to read the book slowly and enjoy the interviews as they intended to be.
As a summary, this book is one of the must read trading books for the aspiring traders and everyone who wants to develop a successful trading career over the long run.
