Market Wizards by Jack D. Schwager is essential reading for any trader, as it gets inside the minds of some of the worlds all time best traders and theyve collectively made billions.

Whilst these traders are all different in character, and the trading methods they deploy, they all share the common traits that you must have to make big profits consistently.

Lets look at Market Wizards, and How Jack Shwager manages to put together a classic work of trading insight.

Market Wizards Format

The format of the book is essentially just interviews of some of the greatest traders of all time, and them sharing their wisdom. They may all be different types of traders, but in many ways, theyre all the same in terms of essential character traits - and this is why Market Wizards is such a valuable book.

Market Wizard Trading Strategies

Readers are not going to learn specific trading strategies, as none of the traders discusses specifics - they only make generalizations. There are however some points that are revealed about their methods of trading:

. Most of the traders have essentially simple strategies, which they use to make money.

. The trading method, or strategy is only one part of the equation - the other is discipline, which comes from confidence.

. All the traders know their strategies work theyve developed and tested them - and have the confidence to continue following their strategies through losing periods.

Many traders make the mistake of trying to follow other peoples methods, and of course, when losses occur they lose their discipline and lose money.

Character traits that are common to all the traders interviewed by Jack Shwager include:

1. All those interviewed had the desire to succeed, and the mindset to achieve their goals - with many overcoming significant obstacles along the way.

2. All the traders have supreme confidence in what they are doing - and have the attitude that they will make money.

3. All the traders talked of discipline as being key to success.

4. All the traders focus on protection - and stressed money management as a key element in trading.

5. All the traders stressed patience - and waiting for the right opportunity.

6. All the traders stressed acting independently and staying away from the crowd.

Finally, they all stressed a love of what they do.

When you read Market Wizards, you are struck by the fact that no one can actually give you success - its up to you and you alone.

You need to rely on yourself.

Trading is actually quite simple, but to get the right mindset, and method, and be able to apply it with discipline, requires unwavering self believe and confidence.

Market Wizards by Jack D. Schwager, is simply one of the most inspirational trading books of all time, and is required reading for novice or pro - as this book can put you on the road to trading success.