![]() ![]() ![]() Why was it chosen? 'The story is very compelling. First published in 2000, it foreshadowed the 2008 financial crash and continues to serve as a reminder of what can happen when complacency enters a trader’s mindset. The book is based on interviews with former LTCM employees, the Federal Reserve, banks involved in the rescue and one of the firm’s founding partners. The second part, of course, charts its downfall as the models developed by the 'geniuses' fail to keep pace with the ever-changing markets. The first part focuses on the firm’s business model, which was developed by two winners of the Nobel prize in economics as well as PhDs from Harvard, and explains its early success in delivering returns of more than 40% between 19. ![]() 'When Genius Failed' charts the rise and fall of Long-Term Capital Management (LTCM) – a hedge fund that had more than $120 billion under management before it collapsed in 1998, prompting a bailout by the Federal Reserve. Peter Hanks, DailyFX analyst Discover what forex trading is It provides great insights on the mindset required to be a profitable trader.' Why was it chosen? '"Market Wizards" is one of my favourite trading books – the interviews with a variety of legendary investors reveal the characteristics and internal drive required to execute a host of investment strategies, across a variety of asset classes.'ĭavid Joseph, Head of DailyFX USA 'The tales and tribulations of some of the trading world’s best minds is what makes "Market Wizards" worthy of a spot on the list. Schwager, in which he reveals what he learnt in the 22 years after the book was first printed. The 2012 edition features an update from author Jack D. The book features interviews with 17 investing heavyweights including Bruce Kovner, Richard Dennis and Paul Tudor Jones, and covers markets including forex, stocks, futures and bonds. These show that it’s not luck or rare personal attributes that determine success on the markets, but rather a solid methodology and the right mental attitude. While these stories make for an entertaining read, the book’s real value lies in the commonalities it reveals between the interviewees. ![]() These include the stories of a T-bond futures trader who turned $25,000 into $2 billion in a single day, and a hedge-fund manager who averaged an annual growth rate of 30% for 21 years. I hope you find this list valuable, and if you do, please pass it on to someone who will appreciate it.'Market Wizards' is an anthology of interviews with the world’s best traders, in which they reveal what it is that separates them from the masses and tell the stories behind their biggest trading coups. This list represents the best of those books, the ones I can, with no reservations, 100% recommend – except for the last two which I suggest you avoid.Īs with every list, there will be disagreements.īut seriously, I’ve picked books that I feel any trader can benefit from, and that means they don’t just have to be about trading. Some of the books listed here relate to the trader mindset. Well, you’re in luck, because I’ve spent the last 30 years – and a ton of money – buying and reading every trading and investing book out there so you don’t have to. So how do you know which books those are? Those which make up the canon of timeless trading wisdom and advice, the type that is as relevant today and tomorrow as it was yesterday. In a digital world, where almost any type of information is just a click or tap away, the idea of reading a book to learn about or improve your trading might seem pointless, and it is unless you’re reading the right books. I’m regularly asked, “What books do you recommend for traders?” ![]()
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