Michael Marcus the Trading Stud with Homes Across the World
In the same book, Schwager also interviews Michael Marcus, who is another legendary trader and hedge fund manager. Marcus began his trading career with only $30,000, and went on to make millions of dollars in profits.
In his interview with Schwager, Marcus emphasizes the importance of having a long-term perspective, and of being willing to make mistakes and learn from them. He also talks about the importance of having a positive mindset, and of being willing to take calculated risks.
What's his secret?
It's not drawing lines on charts, I can tell you that. It's not trend following. He's not using any of the 100 technical indicators you can use in off the shelf software.
He's certainly not using the news to generate trades. I'll talk more about how he got to the top in a future update.
Market Wizards: Interviews with Top Traders (1989)
Paul Tudor Jones
The New Market Wizards: Conversations with America's Top Traders (1992)
James B. Rogers Jr.
Paul Tudor Jones
Van K. Tharp
Stock Market Wizards: Interviews with America's Top Stock Traders (2003)
Dr. Alexander Elder
Linda Bradford Raschke
James P. Lewis
Laurence A. Connors and Linda Bradford Raschke
Dr. Van K. Tharp
Hedge Fund Market Wizards: How Winning Traders Win (2012)
Disclaimer: The results listed herein are based on hypothetical trades. Plainly speaking, these trades were not actually executed. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under (or over) compensated for the impact, if any, of certain market factors such as lack of liquidity. You may have done better or worse than the results portrayed.