Having watched Jack Schwager's Market Wizard Insights, I found the points below to be the most important information / concepts for aspiring traders to take aboard.
NB : You are encouraged to view this important video and share your comments below.
BOUT : Jack Schwager's Market Wizards Insights
Jack explains the traits and behavior patterns that super traders
have in common, and tells you how you can develop those same winning
This is a video that you'll find as entertaining as it is
informative. Jack D. Schwager is the CEO of Wizard Trading, a commodity
trading advisory firm that has been managing client funds since 1990. He
is the author of The Complete Guide to the Futures Markets, Market
Wizards, The New Market Wizards, Fundamental Analysis, and Technical
Brainyforex Summary Jack Schwager's Market Wizard Insights;
Near the start of the video Jack talks about successful traders
whom records show they can produce good results with "low draw-downs".
There have been many successful traders that have achieved
outstanding results, however the risk that they took to get them many
not have been the smartest thing to do.
Further on in the video Jack explains how he interviewed one
trader whom was facing a loss of 85 million from one trade before
closing out at a 17 million dollar loss.
Develop Strategy in line with your Personality
Jack noticed that all the market wizards traded differently and found that the secret to a trading strategy was trading in line with your own personality type. Jack says there is no magical mathematical formula that these successful trading wizards have found.
You will not succeed with another traders system
Jack believes that 98% of people whom purchase a trading system will not succeed with it because they lack the confidence to continue to trade it during difficult times when it starts showing a loss. He says even though this may be normal with any system, the purchaser will give up on the system at that stage and not carry on with it. Thereby not having faith in the system and giving up on it.
Common denominators of all market wizards
Jack found that all successful market wizards used a strategy or
method to trade by, they were disciplined, they held a strong belief
that they would be successful, they worked hard and enjoyed what they
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