Market Wizards: Interviews with Top Traders 市場奇纔：訪談頂級交易員 [平裝] pdf epub mobi txt 電子書 下載 2025

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☆☆☆☆☆

Jack D. Schwager 著

圖書標籤:

• 交易
• 投資
• 金融
• 市場
• 股票
• 期貨
• 訪談
• 成功學
• 心理學
• 財富

齣版社： Wiley

ISBN：9781118273050

版次：1

商品編碼：19198545

包裝：平裝

齣版時間：2012-02-07

頁數：480

商品尺寸：16x3.56x22.86cm;0.91kg

內容簡介

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.

作者簡介

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.

精彩書評

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

穿越市場迷霧：從華爾街精英的實戰智慧中洞悉投資奧秘 在這個信息爆炸、市場波動日益加劇的時代，如何駕馭財富之船，實現長期的投資成功，成為瞭無數人心中的終極難題。金融市場的復雜性如同深邃的海洋，充滿瞭未知的暗流與突如其來的風暴。許多人投入時間與金錢，卻往往被市場的噪音和情緒所裹挾，最終與盈利失之交臂。我們需要的，不僅僅是冰冷的理論模型，更是那些在殘酷實戰中磨礪齣來的、鮮活的、可復製的經驗與心法。 本書並非旨在提供一套放之四海而皆準的“必勝公式”，因為在金融世界中，這樣的公式從未存在。相反，它是一次深度、坦誠的對話之旅，帶領讀者走進那些在交易領域攀至頂峰的智者內心世界。我們將探尋的，是如何在極端的壓力下保持清晰的頭腦，如何在信息不對稱的戰場上建立起自己的獨特優勢，以及最終，如何構建起一套能夠經受住時間考驗的個人交易哲學。 核心理念的深度挖掘：交易的本質與人性的抗爭 成功的交易，其核心往往不在於對宏觀經濟數據的精妙預測，而在於對交易心理學的深刻理解與駕馭。本書將聚焦於以下幾個關鍵維度，深入剖析頂級交易員的思維框架： 一、風險的重定義與資本的守護 對於職業交易者而言，盈利固然重要，但對風險的敬畏與管理，纔是生存的基石。我們將深入探討，那些常人難以想象的巨額虧損是如何被有效控製在可承受範圍內的。這不僅僅是關於止損點的設置，更是一種將“保本”置於“暴富”之上的哲學。書中會詳盡闡述： 頭寸規模的動態調整藝術： 瞭解市場處於不同波動狀態時，如何科學地分配資金，避免過度暴露於單一風險之下。 “黑天鵝”事件的預案構建： 探討頂級玩傢如何構建多層次的防禦體係，確保在市場發生極端不可預測事件時，核心資本能夠安然無恙。 虧損的心理學處理： 揭示麵對連續失利時，職業人士如何區分“市場噪音”與“係統性缺陷”，避免因挫敗感而導緻魯莽的報復性交易。 二、信息優勢的構建與解讀 在這個信息唾手可得的時代，信息本身已不再是稀缺資源。真正的優勢，在於如何篩選、消化並領先他人一步地將信息轉化為行動。本書將揭示精英交易員如何： 超越共識： 頂尖的交易者往往能看到市場尚未完全定價的潛力或陷阱。我們將探討他們是如何培養“逆嚮思維”的能力，質疑主流敘事，並從細微的數據變化中捕捉到宏觀趨勢的早期信號。 研究方法的差異化： 不同的市場領域（股票、期貨、外匯、期權）需要截然不同的分析工具。書中將匯集多位專傢關於如何構建和優化其個人分析模型的經驗，無論是基於量化的因子模型，還是基於定性基本麵的深度研究。 時間的價值： 探討在不同時間框架下（日內、波段、長綫），信息和決策的權重是如何變化的，以及如何避免被短期波動分散對長期趨勢的判斷。 三、交易係統的哲學化與紀律的鑄造 從發現交易機會到執行、再到迴顧和修正，一套嚴謹的係統是持續盈利的唯一保障。本書不會提供任何現成的“代碼”，而是著重於構建係統的“方法論”： 策略的生命周期管理： 每一個有效的交易策略都有其生命周期。我們將學習頂尖人士是如何客觀地判斷一個策略是否已經“失效”或進入衰退期，以及何時應該果斷地進行迭代升級，而不是固守過時的規則。 情緒的自動化取代： 交易的最高境界是“知行閤一”，即讓係統決策取代情緒反應。書中會描述交易員如何利用技術手段和心理訓練，將執行過程去人化、流程化，將人性中的貪婪與恐懼降到最低。 交易日誌的深度利用： 成功的交易者將每一次交易都視為一次寶貴的實驗。我們將探討如何記錄和分析交易數據，不僅僅關注盈虧數字，更深入到決策過程中的每一個細微環節，從而實現指數級的學習增長。 四、職業生涯的長期維護：身心平衡的藝術 高強度的金融交易是對精神和體能的雙重考驗。本書的獨特之處在於，它觸及瞭交易者職業生涯的“可持續性”問題。那些能屹立數十年不倒的巨匠，必然有一套獨特的應對壓力和保持專注的秘訣。讀者將瞭解到： 工作與生活的邊界設定： 如何在瞬息萬變的市場中，劃清工作與個人生活的界限，防止職業倦怠。 持續學習的心態： 市場環境永不停止演變，如何保持謙遜和開放的心態，接受自己知識的局限性，並不斷地嚮新的領域學習。 交易之外的支撐係統： 探討頂尖人士在麵對重大挑戰時，其傢庭、導師或社群是如何為他們提供心理支持和客觀視角的。 結語：成為自己交易哲學的構建者 閱讀本書的過程，不是為瞭找到一個可以立即套用的秘訣，而是進行一次深刻的自我審視和思維重塑。市場是最好的老師，但它收費高昂。通過這些業界傳奇人物的經驗分享，讀者可以有效地降低自己的學習成本，避免那些代價慘重的錯誤。 最終，真正的市場奇纔，不是掌握瞭某種秘密指標的人，而是那些深刻理解市場本質、嚴格約束自身行為，並能將復雜決策轉化為清晰行動的紀律執行者。本書將是您構建個人、穩健且持續盈利的交易哲學的必備指南。它邀請您一同踏上這段探尋投資真諦的徵程，從彆人的智慧中，照亮自己的前行之路。

評分☆☆☆☆☆

這本書的敘事節奏處理得非常巧妙，它沒有采用那種枯燥的問答對錄形式，而是通過精妙的編輯和穿插，讓每一次訪談都像是一部獨立的小傳記，充滿瞭起伏和高潮。它成功地捕捉到瞭每一位交易者的獨特個性——有的人嚴謹如數學傢，對數字和迴撤有著近乎冷酷的控製欲；而另一些人則展現齣更接近藝術傢的直覺和對市場情緒的敏銳捕捉能力。這種多元化的視角極大地拓寬瞭我的視野，讓我意識到，不存在一種適用於所有人的“聖杯”交易方法。成功的要素是普適的（比如風險控製），但實現這些要素的路徑卻是高度個人化的。對於我個人而言，最寶貴的一點是，它讓我開始審視自己內心深處對“虧損”的真正態度。交易的本質是與市場進行一場關於預期的博弈，而管理好自己對結果的預期，比預測市場本身更重要。這本書清晰地指明瞭這條修煉之路，需要極大的耐心和持續的自我對話。

評分☆☆☆☆☆

這本《市場奇纔》簡直是為所有對金融市場深懷敬畏與好奇心的人量身定做的指南。它不是那種故作高深的學術著作，也完全不是那些空洞無物、隻喊口號的“緻富秘籍”。恰恰相反，它像是一扇通往真正操盤手內心的窗戶，讓我們得以一窺那些在市場風浪中屹立不倒的巨人們，他們究竟是如何思考、如何決策，又是如何管理他們那顆在貪婪與恐懼之間反復拉扯的心髒的。書中的訪談內容充滿瞭坦誠與深度，沒有絲毫的粉飾太平。你讀到的不是他們成功的輝煌瞬間，而是更多關於無數次試錯、痛苦的自我反思，以及他們如何從這些經曆中提煉齣適用於任何市場環境的底層邏輯。對於那些渴望從理論走嚮實戰，卻又害怕一頭紮進市場泥潭的新手來說，這種近乎“口述曆史”的經驗分享，其價值是無可估量的。它提供瞭一種現實主義的視角，讓我們明白，交易的成功絕非偶然，而是建立在一套經過時間檢驗的紀律、強大的心理素質和係統化的流程之上的。每一次翻頁，都感覺自己正在接受一次高強度的、由實戰大師親自授課的私教課。

評分☆☆☆☆☆

我必須承認，在閱讀這本訪談錄之前，我對“頂級交易員”這個概念抱有一種近乎浪漫化的想象，以為他們是某種擁有水晶球的先知。然而，這套訪談徹底打破瞭我的迷思，讓我對接下來的學習之旅保持瞭更清醒的認識。書中的受訪者們展示齣的那種對不確定性的深刻理解，遠超齣瞭技術分析或基本麵研究的範疇。他們談論的重點往往落在“概率思維”、“風險的界定”以及“倉位管理”這些核心要素上，而這些恰恰是教科書中最常被簡化或略去的部分。閱讀過程仿佛是跟隨一位經驗老到的領航員穿行於迷霧之中，他沒有直接告訴你航嚮，而是教會你如何解讀風嚮、水流和星象，讓你自己能夠做齣最符閤當前環境的判斷。尤其令人印象深刻的是，他們對於“一緻性”的追求，這種一緻性並非指每一次交易都盈利，而是指對於自己交易係統的執行力達到一種近乎偏執的程度。這種由內而外的自律和對市場哲學的堅持，纔是真正的護城河。

評分☆☆☆☆☆

閱讀體驗上，這本書帶來瞭一種強烈的沉浸感，仿佛你真的坐在這些市場大師的身邊，聽他們娓娓道來那些在牌桌上贏得或輸掉的故事。最讓我感到震撼的，是他們對“紀律”的定義。那不是僵硬的規則，而是一種基於深刻理解後形成的、可靈活調整的內在框架。他們都擁有自己的一套“過濾器”，用來篩選掉市場噪音，隻關注真正重要的信號。這種過濾機製是如何建立的？書中通過詳細的自述，展示瞭他們是如何通過不斷地記錄、迴顧和調整，將本能的反應馴化成可靠的係統性反應。這對我自己後期的交易日誌編寫和迴顧習慣的建立産生瞭決定性的影響。這本書就像一麵高質量的鏡子，它照見的不僅是頂級交易員的影子，更是我們自身在麵對高壓決策環境時，那些不為人知的弱點和潛力。它不是教你如何做決定，而是教你如何“成為”一個能夠做齣可靠決定的人。

評分☆☆☆☆☆

如果有人問我，在浩如煙海的金融書籍中，哪一本能最快地讓你從“散戶思維”過渡到“專業投資者視角”，我會毫不猶豫地推薦這本訪談錄。它沒有冗長的理論鋪陳，而是直接把你扔到瞭實戰的最前綫，讓你直接聆聽那些剛剛“齣水”的英雄的經驗之談。那些關於市場周期的理解、關於宏觀敘事如何影響微觀操作的見解，都是通過生動的案例和切身的體會傳遞齣來的，極易吸收和內化。它讓我深刻理解到，在市場中，信息本身並不稀缺，稀缺的是將信息轉化為有效行動的能力。更深層次地，它挑戰瞭我們對於“成功”的定義。這裏的成功更多地指嚮瞭長期的生存能力和心理的寜靜，而不是短期的暴富。這種對“長壽交易”的關注，纔是真正區分業餘玩傢和職業選手的試金石。這種深層的哲學反思，讓這本書的價值遠遠超越瞭單純的交易技巧層麵。