Jack Schwager is a Market Wizards.

More than 200,000 copies of the book were sold in hardcover and paperback.

The first edition of this book was released more than twenty years ago. Is it still relevant today? Absolutely. Markets may change, but the underlying core principles that lead to trading success remain the same. There is a good reason for that. Market price moves reflect a combination of fundamental and human behavior. Human nature doesn’t change and the market’s basic behavioral patterns don’t change either The factors important to trading success in the first edition are still valid today. It’s the best testament to the relevancy. Market Wizards. Managers who read the original edition early in their careers make it necessary for new traders to read it.

With the rise of quants and algorithmic traders, has trading changed? 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. When computerized trading was in its infancy, the same basic concepts that are critical to trading success were valid.

What are the basic concepts? That is what this book is all about. 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 are looking for easy answers. They chase trading fads instead of doing the hard work of developing their own methodology. The more critical questions of trade exit and risk management are ignored. They listen to other people. There are a few reasons. There will be more in the book.

What is the most popular trader interview in the book? Readers tell me that a certain chapter is the most important in improving their own trading. They always mention a different trader. There isn’t a consensus. The book is important to different readers. Different traders will relate to them. Finding your own approach in the market is important.

Have you done any interviews? Market Wizards. Have you been important to your own trading? The principles that are important to trading success have been solidified by the interview and writing process. It has had a specific influence at times. There was a great example 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. A bearish employment report was released by the government. Commentators couldn’t cite one offsetting bullish consideration because it was so negative. I thought of my trade when the market sold off, but by the end of the day it nearly recovered the entire loss. This was terrible price action. I thought I was in trouble. When the market opened on Sunday night, I was prepared to cover most of my position. The market opened lower on Sunday. 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. Schwartz saved me a lot of money when the market moved sharply lower after he told me.