{"id":2578,"date":"2019-12-03T09:00:51","date_gmt":"2019-12-03T17:00:51","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=2578"},"modified":"2019-12-03T09:14:15","modified_gmt":"2019-12-03T17:14:15","slug":"interview-with-jack-schwager","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/interview-with-jack-schwager\/","title":{"rendered":"Interview With \u201cMarket Wizards\u201d Author Jack Schwager"},"content":{"rendered":"<div id=\"backtracks-player\" style=\"max-width: 100%\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-126\" data-bt-theme=\"dark\" data-bt-show-description=\"false\" data-bt-show-comments=\"false\" data-bt-show-art-cover=\"true\"><\/div>\n<p><script>(function(p,l,a,y,e,r,s){if(p[y]) return;if(p[e]) return p[e]();s=l.createElement(a);l.head.appendChild((s.async=p[y]=true,s.src=r,s))}(window,document,\"script\",\"__btL\",\"__btR\",\"https:\/\/player.backtracks.fm\/embedder.js\"))<\/script><\/p>\n<p>At SteadyTrade, we love books &#8230; especially books about trading!<\/p>\n<p>We\u2019ll share the next installment of our book club (#SteadyTradeBooks) soon &#8230; But in the meantime, we\u2019ve got a special guest on today\u2019s show: \u201c<a href=\"https:\/\/www.amazon.com\/gp\/product\/1118273052\/\" target=\"_blank\" rel=\"noopener noreferrer\">Market Wizards<\/a>\u201d author <a href=\"https:\/\/www.amazon.com\/gp\/product\/1118273052\/\" target=\"_blank\" rel=\"noopener noreferrer\">Jack Schwager<\/a>.<\/p>\n<p>Host Tim Bohen considers Schwager\u2019s works a must-read, and co-host Kim Ann Curtin has long been a fan. She even includes him in her book \u201c<a href=\"https:\/\/www.amazon.com\/Transforming-Wall-Street-Conscious-Future\/dp\/1940984599\/ref=sr_1_1?keywords=transforming+wall+street&amp;qid=1575312839&amp;s=books&amp;sr=1-1\" target=\"_blank\" rel=\"noopener noreferrer\">Transforming Wall Street: A Conscious Path for a New Future.<\/a>\u201d<\/p>\n<h2>About Jack Schwager<\/h2>\n<p>Jack entered the stock market for practical reasons: he was fresh out of grad school and needed a job. The first job suited to his studies in economics? A market\/research analyst position on the futures side.<\/p>\n<p>It was in this position that he was first exposed to the market, and it sparked his interest in trading. Jack talks about how he discovered that market research at the time wasn\u2019t actually that great. That\u2019s where he saw his opportunity for success.<\/p>\n<p>It required creativity, originality, and was kind of uncharted territory. It definitely wasn\u2019t boring or repetitive. He loved the adventure.<\/p>\n<p>Learn how he navigated market analysis in the time before computers \u2014 we\u2019re talking calculators, not spreadsheets!<\/p>\n<h2>\u201cMarket Wizards\u201d<\/h2>\n<p>Schwager wrote his book \u201cMarket Wizards: Interviews With Top Traders\u201d in the late 80s. It was inspired by his connections to various traders of note. He decided to pick their brains and see if there were parallels between the most successful traders. The results were game-changing.<\/p>\n<p>The book became a hit, and it remains relevant to this day. Since then, there have been several related titles&#8230;<\/p>\n<p>So, was he surprised by its success?<\/p>\n<p>Schwager talks about the process of writing the book and how his goal to create a timeless book became a reality. Or as he says: \u201cThe truths of trading are timeless.\u201d<\/p>\n<h2>Surprising Discoveries<\/h2>\n<p>Schwager talks about what surprised him while writing his seminal book, including the many personality types. He discovered that success wasn\u2019t necessarily all about the various traders\u2019 approaches.<\/p>\n<p>Money management was more at the core of success than a specific method&#8230;<\/p>\n<h2>Lessons in Failure<\/h2>\n<p>Most people fail at the beginning of trading. <strong>But failing doesn\u2019t mean you\u2019re a failure.<\/strong> Schwager\u2019s seen plenty of traders who go through disaster after disaster. And somehow, they keep on going until they eventually find success.<\/p>\n<p>He talks about how an inner drive carries so much weight for a trader and why you have to have endurance and drive to overcome failure and keep going!<\/p>\n<h2>Getting Lucky<\/h2>\n<p>Schwager and the SteadyTrade co-hosts all talk about how dangerous trading can be, no matter how smart you are. \u201cIf things are going really great &#8230; watch out.\u201d<\/p>\n<p>Learn why Tim thinks it\u2019s a good thing for every trader to have their butt kicked in the beginning. A serving of humble pie can come with some good lessons. Early success can be dangerous.<\/p>\n<h2>Favorite Books for New Traders<\/h2>\n<p>Kim goes there \u2013\u2013 what\u2019s Jack\u2019s best book for new traders? After all, he\u2019s written several.<\/p>\n<p>Schwager weighs in about his favorite books for new traders, and what lessons might be most helpful. Don\u2019t miss these suggestions.<\/p>\n<h2>Opportunity for Traders<\/h2>\n<p>Schwager is writing a new book &#8230; do you have about a decade of trading experience and wisdom to share? Listen in to hear about a potential opportunity&#8230;<\/p>\n<h2>Parting Wisdom<\/h2>\n<p>Schwager closes with some important trading wisdom, including:<\/p>\n<ul>\n<li><strong>Sometimes the best trade is no trade.<\/strong> He talks about how \u201cdon\u2019t trade\u201d can actually be good advice &#8230; Before you trade, you need to figure out your approach. This can take a while \u2013\u2013 maybe years.<\/li>\n<li><strong>Paper trade first.<\/strong> You can\u2019t make real money by paper trading, but you sure as heck can\u2019t lose real money either. It\u2019s a smart way to test your market skills and get a feel for what works and what doesn\u2019t.<\/li>\n<li><strong>Think about risk!<\/strong> How much money are you really willing to risk? That amount shouldn\u2019t exceed how much you can lose on any trade.<\/li>\n<\/ul>\n<p>Don\u2019t miss these bits of advice and more in this action-packed interview!<\/p>\n<h2>Have a Question or Comment?<\/h2>\n<p>Got something to say? Drop us a line!<\/p>\n<p>Remember: If you submit a question or suggestion and it\u2019s chosen as an on-air topic, you could win a SteadyTrade mystery gift box. Send questions via the <a href=\"https:\/\/stockstotrade.com\/pro\/500-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">SteadyTrade<\/a> website or <a href=\"https:\/\/www.youtube.com\/channel\/UC5pPaJfbfRHQ1msJ4bSj_dQ\" target=\"_blank\" rel=\"noopener noreferrer\">YouTube<\/a>.<\/p>\n<p>Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.<\/p>\n<p>Love the show? <a href=\"https:\/\/www.youtube.com\/channel\/UC5pPaJfbfRHQ1msJ4bSj_dQ\" target=\"_blank\" rel=\"noopener noreferrer\">Please review us on iTunes<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At SteadyTrade, we love books &#8230; especially books about trading! We\u2019ll share the next installment of our book club (#SteadyTradeBooks) soon &#8230; But in the meantime, we\u2019ve got a special guest on today\u2019s show: \u201cMarket Wizards\u201d author Jack Schwager. Host Tim Bohen considers Schwager\u2019s works a must-read, and co-host Kim Ann Curtin has long been [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":2579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Interview With \u201cMarket Wizards\u201d Author Jack Schwager - SteadyTrade.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.steadytrade.com\/interview-with-jack-schwager\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interview With \u201cMarket Wizards\u201d Author Jack Schwager - SteadyTrade.com\" \/>\n<meta property=\"og:description\" content=\"At SteadyTrade, we love books &#8230; especially books about trading! 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