Having already taken a look at the original book written by Jack D. Schwager and written a review, I decided to read the follow up and also do a review. Again the book is particularly well known and follows the format of the first book which sees Jack D. Schwager interview a variety of different traders about there trading experiences and their overall approaches to trading.
The new market wizards is written several years after the original in 1991 and follows the format of the first book. Jack D. Schwager interviews numerous different traders, who trade different instruments using different trading styles. This helps me at least get some good insight into what the difference is between a normal trader and trail blazer. Being interviews the quality and usefulness of the interviews vary quite significantly, with some of the participants being very cagey about their methods and techniques. This leads some of the book feeling slightly like dead space.
The real strength as with the first book is the insight that the book gives one into the mind of a successful trader. The Market Wizards books are quite unique in the fact that they give you a one on one insight with some of the worlds most successful traders, something that would not be possible for the average individual trader. Being published a few years later on the than the first the book has more on computer trading with several interviews featuring some of the early pioneers of computer trading.
While the book can’t be championed for its originality like the first one, the book again makes a very good read which I would recommend to anyone who wishes to become really serious about trading. Though I wasn’t sure what to make about the chapter about the psychology of trading towards the end of the book which I felt was filled with a little bit too much Psychobabble. Apart from this the book again was a very enjoyable and rewarding experience.
The New Market Wizards represents a great buy, those who have the original and don’t have time for another tome could probably give this a miss but otherwise I would recommend this to anyone who was interested.