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Ep 177: Author Interview: Jack Schwager’s “Unknown Market Wizards”

SteadyTrade

SteadyTrade.com

Business, Education, Investing

4.6589 Ratings

🗓️ 8 December 2020

⏱️ 52 minutes

🧾️ Download transcript

Summary

A few months back, we featured author Jack Schwager on the podcast to talk about his bestselling “Market Wizards” book series.Now, Jack’s back — and he’s got a new book, “Unknown Market Wizards: The best traders you’ve never heard of.”The premise of this book is unique. It focuses on “unknown” individual traders as opposed to the institutional traders featured in his previous books.In today’s episode, co-hosts Kim Ann Curtin and Stephen Johnson are picking Jack’s brain about the new book and ...

Transcript

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0:00.0

Yeah, well, I understand that ultimately risk management is going to be more important if you're going to be successful, risk management is going to be more important than necessarily the methodology you ultimately gravitate to.

0:16.5

Second, you need to develop a methodology that does have an edge, meaning it doesn't have to be a big edge,

0:22.9

but it means over time you're making more money than you're losing, and it's a repeatable process,

0:28.4

it's well defined, and it doesn't generate huge drawdowns to get your, you know, upside.

0:35.6

So you have to develop a methodology of an edge.

0:39.4

And it takes time.

0:40.9

And not everybody's going to be able to do it.

0:46.4

You're listening to the Steady Trade Podcast.

0:50.8

A podcast that inspires traders to make meaningful strides and pursue their passions.

0:57.1

Your hosts are Tim Bowen, the lead trainer at Stocks to Trade Pro, Kim Ann Curtin, the Wall

1:03.2

Street coach, and Stephen Johnson, the up-and-coming trader who's always willing to learn.

1:08.9

Together, we'll sit down with experts to talk about their process, the lessons they've

1:13.8

learned, and discuss how all traders can level up their trading careers.

1:20.0

Welcome back, everybody, to the Steady Trade podcast.

1:23.1

It's Stephen Johnson and I and our amazing guest, Jack Schweger, today.

1:29.3

Jack and I go back, gosh, it's been probably seven years, right?

1:33.9

Seven, eight years?

1:34.8

Since you wrote your book.

1:36.1

Yeah, yeah.

1:36.9

We met in New York City where I had a good fortune to interview Jack with him doing all the interviews.

1:43.2

It was nice to put him on the other

1:45.3

side of that conversation. Jack, of course, is a recognized industry expert in futures and hedge

...

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