325 · Jack Schwager & George Coyle - The 3 Timeless Rules Shared by 100 Years of Market Wizards

Chat With Traders

Kevin Avery

Business, Investing, Education

4.8 • 2.3K Ratings

🗓️ 10 June 2026

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jack Schwager and George Coyle team up to look at what it takes to master the markets, combining classic wisdom with how modern financial markets work today.After studying top fund managers and over 100 years of market history, Jack and George wrote Market Wizards: The Next Generation to showcase today's best traders. These elite performers range from everyday traders who turned small accounts into millions to steady traders who almost never have a losing month. The secret to their success is matching their trading strategy perfectly with their personality.In this conversation, Jack and George reveal the core rules that great traders follow. They talk about unexpected strategies that surprised even them, like making huge profits trading agricultural futures or shorting small-cap stocks. They also discuss why basic chart reading works better for managing risk than company fundamentals, the reality of a tough work ethic, and why the most important lesson in trading is knowing when to step away from the screen. In this episode, we explore:· How Jack Schwager and George Coyle started working together· The three timeless trading rules that top traders have used for over a century· The specific trading strategies that completely surprised Jack and George· How to balance making big returns while protecting your trading account from large losses· The main differences in managing risk between technical and fundamental analysis· The story of an anonymous multi-millionaire musician who became a legendary trader· The intense work ethic and personal sacrifices needed to reach the top level· Final thoughts on why there is much more to a good life than just trading the stock market About The Guests: Jack Schwager:Jack is the author of the famous Market Wizard series, A Complete Guide to the Futures Markets, and Market Sense and Nonsense. He is a world-known expert on trading and financial markets, famous for showing the mindset and risk management habits of elite traders.George Coyle:George is the co-author of the new Market Wizards book. He is a writer, trader, system designer, money manager, and market strategist. After studying finance at The Ohio State University, he worked for 10 years in NYC at major hedge funds, including John A. Levin & Co. and Clovis Capital. He studied applied statistics at Columbia University, worked briefly with Victor Niederhoffer, and later served as a macro strategist in the US Virgin Islands. George also worked as the Chief Investment Officer for a family office in Chicago before returning to Ohio to run his own investment firm. Links + Resources:George Coyle: https://x.com/gfc4Jack Schwager: https://x.com/jackschwagerOrder Market Wizards: The Next Generation Book: https://harriman-house.com/authors/jack-d-schwager/market-wizards-the-next-generation/9781804093641 Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 The 3 Timeless Rules Shared by 100 Years of Market Wizards  07:57 The First Market Wizards Book  12:13 What George Coyle Was Trying to Solve  15:59 Why It Is Better to Keep Things Simple Rather Than Complex  22:19 Making Sure Your Strategy Fits Your Personality  28:21 The Two Main Types of Profitable Traders 31:55 Finding a Trading Edge in Today's Market Landscape 37:16 Interviews That Challenged Jack and George's Core Beliefs 42:51 Where the Younger Generation of Traders Succeeds 47:07 Core Personality Traits of Market Wizards 52:24 Understanding the Reality of Market Structures 56:03 The Real Problem with Pure Fundamentals 01:01:13 Jack's Most Memorable Moment from the Next Generation Interviews 01:03:50 George's Most Memorable Moment from the Next Generation Interviews 01:04:52 Where to Follow George Coyle and Jack Schwager Online Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	What would your trading look like if capital wasn't the constraint? That's the reality for most traders.
0:05.1	It's not skill holding them back, it's size. Trade the pool changes that. Step into the U.S. equity markets with up to $200,000 in buying power without committing your own capital. Full access to stocks and ETFs, longer short, executed with the precision and freedom serious traders expect.
0:22.6	Your performance is measured by one standard, disciplined risk management, and consistent execution.
0:27.7	Meet that standard, and you operate at scale. No subscriptions, no ongoing obligations,
0:33.0	just a clear path forward. For those ready to trade beyond limitations, this is the next level.
0:39.7	Trading in the financial markets involves a risk of loss. Podcast episodes and other content
0:44.0	produced by chat with traders are for informational or educational purposes only and do not
0:48.8	constitute trading or investment recommendations or advice. One of the themes that, and I try to always, at the end of each Marker Wisn book,
0:57.2	typically talk about what the unifying themes are, but one that has been true and cross all
1:02.5	the books until this last one, and even for some traders in this last one as well, but
1:06.7	has been looking for asymmetric trades.
1:10.9	The secret of how these traders have done so spectacularly well is one form or another,
1:16.4	their trading methodology is find situations where you can make three, four, even ten times
1:22.8	what you're risking on the trade.
1:24.5	We got to see these guys returns.
1:26.1	They send us their material to verify.
1:28.6	And some of the guys that had the best sort of results, so their monthly percentage returns are
1:34.2	just, they're wild. You look at them and you think, how do they have the fortitude to,
1:38.0	to wake up and trade the next month? Because it was a down 30 or 50% month.
1:42.5	With the next generation here, was there any interview in there that you think challenged
1:47.7	your own kind of beliefs or maybe thoughts at all?
1:52.1	Yeah, I mean, the idea of shorting smaller cap stocks is a way to get success would certainly
	...

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