Market Wizards: Interviews with Top Traders 市场奇才：访谈顶级交易员 [平装] pdf epub mobi txt 电子书 下载 2025

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☆☆☆☆☆

Jack D. Schwager 著

图书标签:

• 交易
• 投资
• 金融
• 市场
• 股票
• 期货
• 访谈
• 成功学
• 心理学
• 财富

出版社： Wiley

ISBN：9781118273050

版次：1

商品编码：19198545

包装：平装

出版时间：2012-02-07

页数：480

商品尺寸：16x3.56x22.86cm;0.91kg

内容简介

The Investment Classic from Jack D. Schwager, Market Wizards, is back with a brand new, never-before-seen Preface and Afterword from the author! "I've read the book at several stages of my career as it shows the staying power of good down-to-earth wisdoms of true practitioners with skin in the game. This is the central document showing the heuristics that real-life traders use to manage their affairs, how people who do rather than talk have done things. Twenty years from now, it will still be fresh. There is no other like it." —Nassim N. Taleb, former derivatives trader, author of The Black Swan, and professor, NYU-Poly What separates the world's top traders from the vast majority of unsuccessful investors? Jack Schwager sets out to answer tis question in his interviews with superstar money-makers including Bruce Kovner, Richard Dennis, Paul Tudor Jones, Michel Steinhardt, Ed Seykota, Marty Schwartz, Tom Baldwin, and more in Market Wizards: Interviews with Top Traders, now in paperback and ebook. This classic interview-style investment text from a financial expert is a must-read for traders and professional financiers alike, as well as anyone interested in gaining insight into how the world of finance really works. Filled with anecdotes about market experiences, including the story of a trader who after wiping out several times, turned $30,000 into $80 million and an electrical engineer from MIT whose computerized trading has earned returns of 250,000 percent over sixteen years Identifies the factors that define a successful trader Now availabe as in digital formats. One of the most insightful, bestselling trading books of all time.

作者简介

Jack D. Schwager is a recognized industry expert on futures and hedge funds and the author of a number of widely acclaimed financial books. He is currently the co-portfolio manager for the ADM Investor Services Diversified Strategies Fund, a portfolio of futures and FX managed accounts. He is also an advisor to Marketopper, an India-based quantitative trading firm. Previously, Mr. Schwager was a partner in the Fortune Group, a London-based hedge fund advisory firm, which specialized in creating customized hedge fund portfolios for institutional clients, and also spent over twenty years as a director of futures research for some of Wall Street's leading firms.

精彩书评

Q & A with Jack D. Schwager, author of Market Wizards: Interviews with Top Traders More than twenty years have passed since the first edition of this book was released. Is it as relevant today as it was then? Absolutely. Markets may change and the specific techniques or systems that work best may change, but the underlying core principles that lead to trading success stay the same. And there is a good reason for that. Through all periods, market price moves reflect some combination of underlying fundamentals and human behavior. Since human nature doesn't change, the market's basic behavioral patterns don't change either. I believe that every conclusion I reached about the factors important to trading success in the first edition remains equally valid today. Perhaps the best testament to the continued relevance of Market Wizards in today's markets is that so many of the managers I meet who read the original edition early in their careers make it required reading for new traders in their organization. Has trading fundamentally changed with the rise of the quants and algorithmic traders? The growing role of algorithmic trading may have eliminated some market inefficiencies as sources of profitable strategies, and it may even have impacted the efficacy of some trading systems, but I don't believe it has changed fundamental market behavior. The same basic concepts that are critical to trading success remain as valid now as they were a generation ago when computerized trading was in its infancy. What are these basic concepts? Well that's what this book is all about. But to offer one example, I believe that developing a trading methodology that fits your personality, as opposed to seeking someone else's approach, is an absolutely critical element to succeeding as a trader. Why do most traders fail? There are many reasons. They seek easy answers. They listen to "experts" and chase trading fads instead of doing the hard work of developing their own methodology. They focus almost all their energy on determining trade entry points and all but ignore the more critical questions of trade exit and risk management. They listen to other people. These are a few of the reasons. Readers will find a lot more in the book. Which trader interview in the book has been the most popular? Readers will often tell me that a certain chapter was their favorite and by far the most important in improving their own trading. The interesting thing is that they always seem to mention a different trader. There is no consensus. Different readers will find different things in the book important. They will relate to different traders. It all goes back to the importance of finding your own approach in the market. Have the interviews you did for Market Wizards been important to your own trading? The interview and writing process has helped solidify in my own mind the principles that are important to trading success. At times, it has also had a very specific influence. A great example occurred last summer. At the time, the stock market was approaching the high end of a long-term trading range, and for a variety of reasons, I expected the rally to fail and was positioned on the short side of stock index futures. Then the government released an extremely bearish employment report. It was so negative that commentators couldn't even cite one offsetting bullish consideration, as they usually do. The market initially sold off sharply in response
--"perfect," I thought of my trade
--but by the end of the day, it nearly recovered the entire loss, ending the week near the recent high. From the perspective of a short, this was terrible price action. I thought I was in trouble. I was prepared to cover most of my position when the market opened on Sunday night. On Sunday night, however, the market opened lower. I immediately thought of Marty Schwartz's advice in this book: "If you're very nervous about a position overnight, and especially over the weekend, and you're able to get out at a much better price than you thought when the market trades, you're usually better off staying with the position." I did, and Schwartz's insight saved me a lot of money, as the market proceeded to move sharply lower in the ensuing weeks.

前言/序言

穿越市场迷雾：从华尔街精英的实战智慧中洞悉投资奥秘 在这个信息爆炸、市场波动日益加剧的时代，如何驾驭财富之船，实现长期的投资成功，成为了无数人心中的终极难题。金融市场的复杂性如同深邃的海洋，充满了未知的暗流与突如其来的风暴。许多人投入时间与金钱，却往往被市场的噪音和情绪所裹挟，最终与盈利失之交臂。我们需要的，不仅仅是冰冷的理论模型，更是那些在残酷实战中磨砺出来的、鲜活的、可复制的经验与心法。 本书并非旨在提供一套放之四海而皆准的“必胜公式”，因为在金融世界中，这样的公式从未存在。相反，它是一次深度、坦诚的对话之旅，带领读者走进那些在交易领域攀至顶峰的智者内心世界。我们将探寻的，是如何在极端的压力下保持清晰的头脑，如何在信息不对称的战场上建立起自己的独特优势，以及最终，如何构建起一套能够经受住时间考验的个人交易哲学。 核心理念的深度挖掘：交易的本质与人性的抗争 成功的交易，其核心往往不在于对宏观经济数据的精妙预测，而在于对交易心理学的深刻理解与驾驭。本书将聚焦于以下几个关键维度，深入剖析顶级交易员的思维框架： 一、风险的重定义与资本的守护 对于职业交易者而言，盈利固然重要，但对风险的敬畏与管理，才是生存的基石。我们将深入探讨，那些常人难以想象的巨额亏损是如何被有效控制在可承受范围内的。这不仅仅是关于止损点的设置，更是一种将“保本”置于“暴富”之上的哲学。书中会详尽阐述： 头寸规模的动态调整艺术： 了解市场处于不同波动状态时，如何科学地分配资金，避免过度暴露于单一风险之下。 “黑天鹅”事件的预案构建： 探讨顶级玩家如何构建多层次的防御体系，确保在市场发生极端不可预测事件时，核心资本能够安然无恙。 亏损的心理学处理： 揭示面对连续失利时，职业人士如何区分“市场噪音”与“系统性缺陷”，避免因挫败感而导致鲁莽的报复性交易。 二、信息优势的构建与解读 在这个信息唾手可得的时代，信息本身已不再是稀缺资源。真正的优势，在于如何筛选、消化并领先他人一步地将信息转化为行动。本书将揭示精英交易员如何： 超越共识： 顶尖的交易者往往能看到市场尚未完全定价的潜力或陷阱。我们将探讨他们是如何培养“逆向思维”的能力，质疑主流叙事，并从细微的数据变化中捕捉到宏观趋势的早期信号。 研究方法的差异化： 不同的市场领域（股票、期货、外汇、期权）需要截然不同的分析工具。书中将汇集多位专家关于如何构建和优化其个人分析模型的经验，无论是基于量化的因子模型，还是基于定性基本面的深度研究。 时间的价值： 探讨在不同时间框架下（日内、波段、长线），信息和决策的权重是如何变化的，以及如何避免被短期波动分散对长期趋势的判断。 三、交易系统的哲学化与纪律的铸造 从发现交易机会到执行、再到回顾和修正，一套严谨的系统是持续盈利的唯一保障。本书不会提供任何现成的“代码”，而是着重于构建系统的“方法论”： 策略的生命周期管理： 每一个有效的交易策略都有其生命周期。我们将学习顶尖人士是如何客观地判断一个策略是否已经“失效”或进入衰退期，以及何时应该果断地进行迭代升级，而不是固守过时的规则。 情绪的自动化取代： 交易的最高境界是“知行合一”，即让系统决策取代情绪反应。书中会描述交易员如何利用技术手段和心理训练，将执行过程去人化、流程化，将人性中的贪婪与恐惧降到最低。 交易日志的深度利用： 成功的交易者将每一次交易都视为一次宝贵的实验。我们将探讨如何记录和分析交易数据，不仅仅关注盈亏数字，更深入到决策过程中的每一个细微环节，从而实现指数级的学习增长。 四、职业生涯的长期维护：身心平衡的艺术 高强度的金融交易是对精神和体能的双重考验。本书的独特之处在于，它触及了交易者职业生涯的“可持续性”问题。那些能屹立数十年不倒的巨匠，必然有一套独特的应对压力和保持专注的秘诀。读者将了解到： 工作与生活的边界设定： 如何在瞬息万变的市场中，划清工作与个人生活的界限，防止职业倦怠。 持续学习的心态： 市场环境永不停止演变，如何保持谦逊和开放的心态，接受自己知识的局限性，并不断地向新的领域学习。 交易之外的支撑系统： 探讨顶尖人士在面对重大挑战时，其家庭、导师或社群是如何为他们提供心理支持和客观视角的。 结语：成为自己交易哲学的构建者 阅读本书的过程，不是为了找到一个可以立即套用的秘诀，而是进行一次深刻的自我审视和思维重塑。市场是最好的老师，但它收费高昂。通过这些业界传奇人物的经验分享，读者可以有效地降低自己的学习成本，避免那些代价惨重的错误。 最终，真正的市场奇才，不是掌握了某种秘密指标的人，而是那些深刻理解市场本质、严格约束自身行为，并能将复杂决策转化为清晰行动的纪律执行者。本书将是您构建个人、稳健且持续盈利的交易哲学的必备指南。它邀请您一同踏上这段探寻投资真谛的征程，从别人的智慧中，照亮自己的前行之路。

评分☆☆☆☆☆

这本书的叙事节奏处理得非常巧妙，它没有采用那种枯燥的问答对录形式，而是通过精妙的编辑和穿插，让每一次访谈都像是一部独立的小传记，充满了起伏和高潮。它成功地捕捉到了每一位交易者的独特个性——有的人严谨如数学家，对数字和回撤有着近乎冷酷的控制欲；而另一些人则展现出更接近艺术家的直觉和对市场情绪的敏锐捕捉能力。这种多元化的视角极大地拓宽了我的视野，让我意识到，不存在一种适用于所有人的“圣杯”交易方法。成功的要素是普适的（比如风险控制），但实现这些要素的路径却是高度个人化的。对于我个人而言，最宝贵的一点是，它让我开始审视自己内心深处对“亏损”的真正态度。交易的本质是与市场进行一场关于预期的博弈，而管理好自己对结果的预期，比预测市场本身更重要。这本书清晰地指明了这条修炼之路，需要极大的耐心和持续的自我对话。

评分☆☆☆☆☆

阅读体验上，这本书带来了一种强烈的沉浸感，仿佛你真的坐在这些市场大师的身边，听他们娓娓道来那些在牌桌上赢得或输掉的故事。最让我感到震撼的，是他们对“纪律”的定义。那不是僵硬的规则，而是一种基于深刻理解后形成的、可灵活调整的内在框架。他们都拥有自己的一套“过滤器”，用来筛选掉市场噪音，只关注真正重要的信号。这种过滤机制是如何建立的？书中通过详细的自述，展示了他们是如何通过不断地记录、回顾和调整，将本能的反应驯化成可靠的系统性反应。这对我自己后期的交易日志编写和回顾习惯的建立产生了决定性的影响。这本书就像一面高质量的镜子，它照见的不仅是顶级交易员的影子，更是我们自身在面对高压决策环境时，那些不为人知的弱点和潜力。它不是教你如何做决定，而是教你如何“成为”一个能够做出可靠决定的人。

评分☆☆☆☆☆

如果有人问我，在浩如烟海的金融书籍中，哪一本能最快地让你从“散户思维”过渡到“专业投资者视角”，我会毫不犹豫地推荐这本访谈录。它没有冗长的理论铺陈，而是直接把你扔到了实战的最前线，让你直接聆听那些刚刚“出水”的英雄的经验之谈。那些关于市场周期的理解、关于宏观叙事如何影响微观操作的见解，都是通过生动的案例和切身的体会传递出来的，极易吸收和内化。它让我深刻理解到，在市场中，信息本身并不稀缺，稀缺的是将信息转化为有效行动的能力。更深层次地，它挑战了我们对于“成功”的定义。这里的成功更多地指向了长期的生存能力和心理的宁静，而不是短期的暴富。这种对“长寿交易”的关注，才是真正区分业余玩家和职业选手的试金石。这种深层的哲学反思，让这本书的价值远远超越了单纯的交易技巧层面。

评分☆☆☆☆☆

我必须承认，在阅读这本访谈录之前，我对“顶级交易员”这个概念抱有一种近乎浪漫化的想象，以为他们是某种拥有水晶球的先知。然而，这套访谈彻底打破了我的迷思，让我对接下来的学习之旅保持了更清醒的认识。书中的受访者们展示出的那种对不确定性的深刻理解，远超出了技术分析或基本面研究的范畴。他们谈论的重点往往落在“概率思维”、“风险的界定”以及“仓位管理”这些核心要素上，而这些恰恰是教科书中最常被简化或略去的部分。阅读过程仿佛是跟随一位经验老到的领航员穿行于迷雾之中，他没有直接告诉你航向，而是教会你如何解读风向、水流和星象，让你自己能够做出最符合当前环境的判断。尤其令人印象深刻的是，他们对于“一致性”的追求，这种一致性并非指每一次交易都盈利，而是指对于自己交易系统的执行力达到一种近乎偏执的程度。这种由内而外的自律和对市场哲学的坚持，才是真正的护城河。

评分☆☆☆☆☆

这本《市场奇才》简直是为所有对金融市场深怀敬畏与好奇心的人量身定做的指南。它不是那种故作高深的学术著作，也完全不是那些空洞无物、只喊口号的“致富秘籍”。恰恰相反，它像是一扇通往真正操盘手内心的窗户，让我们得以一窥那些在市场风浪中屹立不倒的巨人们，他们究竟是如何思考、如何决策，又是如何管理他们那颗在贪婪与恐惧之间反复拉扯的心脏的。书中的访谈内容充满了坦诚与深度，没有丝毫的粉饰太平。你读到的不是他们成功的辉煌瞬间，而是更多关于无数次试错、痛苦的自我反思，以及他们如何从这些经历中提炼出适用于任何市场环境的底层逻辑。对于那些渴望从理论走向实战，却又害怕一头扎进市场泥潭的新手来说，这种近乎“口述历史”的经验分享，其价值是无可估量的。它提供了一种现实主义的视角，让我们明白，交易的成功绝非偶然，而是建立在一套经过时间检验的纪律、强大的心理素质和系统化的流程之上的。每一次翻页，都感觉自己正在接受一次高强度的、由实战大师亲自授课的私教课。