Market Wizard
...You've got to learn how to fall, before you learn to fly.
—Paul Simon
One man's ceiling is another man's floor.
—Paul Simon
If I wanted to become a tramp, I would seek information and advice from the most successful tramp I could find. If I wanted to become a failure, I would seek advice from men who had never succeeded. If I wanted to succeed in all things, I would look around me for those who are succeeding and do as they have done.
—Joseph Marshall Wade
(as quoted in a Treasury of Wall Street Wisdom
edited by Harry D. Schultz and Samson Coslow)
Contents
Preface 4
Acknowledgments 6
Prologue 7
My Own Story 8
Part I-Futures and Currencies 10
Taking the Mystery Out of Futures 11
The Interbank Currency Market Defined 11
Michael Marcus - Blighting Never Strikes Twice 13
Bruce Kovner-The World Trader 27
Richard Dennis-A Legend Retires 39
Paul Tudor Jones-The Art of Aggressive Trading 50
Gary Bielfeldt-Yes, They Do Trade T-Bonds in Peoria 58
Ed Seykota-Everybody Gets What They Want 62
Larry Hite-Respecting Risk 70
Part II-Mostly Stocks 76
Michael Steinhardt-The Concept of Variant Perception 77
William O'Neil-The Art of Stock Selection 86
David Ryan-Stock Investment as a Treasure Hunt 93
Marty Schwartz-Champion Trader 99
Part III-A Little Bit of Everything 108
James B. Rogers, Jr.-Buying Value and Selling Hysteria 109
Mark Weinstein-High-Percentage Trader 122
Part IV-The View from the Floor 129
Brian Gelber-Broker Turned Trader 130
Tom Baldwin-The Fearless Pit Trader 137
Tony Saliba-"One-Lot" Triumphs* 143
Part V-The Psychology of Trading 150
Dr. Van K. Tharp-The Psychology of Trading 151
The Trade-A Personal Experience 158
Postscript-Dreams and Trading 161
Final Word 162
Appendix 1-Program Trading and Portfolio Insurance 163
Appendix 2 - Options—Understanding the Basics* 164
Preface
There are some amazing stories here:
A...
View Full Essay
