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The TraderLion Podcast

Episode 5 – Jack Schwager

Welcome back to the TraderLion Podcast. Today we are featuring an interview with Jack Schwager, the author of the fantastic Market Wizards Series.

Jack Schwager has had the opportunity to interview countless phenomenal traders over the years including names like Ray Dalio, Marty Schwartz, and William O’Neil.

In this interview, we discuss his key takeaways from his books, common traits of stock market wizards, psychology, risk management, and much more!

Jack Schwager Books:

Market Wizards: Interviews with Top Traders
Unknown Market Wizards: The best traders you’ve never heard of

Jack’s recommendations
Reminiscences of a Stock Operator https://amzn.to/3kdwDdp

0:00 Introductions
0:35 The Story behind Market Wizards
4:05 How did Jack Schwager find Stock market Wizards
5:27 Jack’s trading background
6:25 How Jack Schwager decided what what questions to ask
8:10 Was Jack Schwager ever intimidated during his Interviews
10:05 Baldwin Interview Story
13:42 Jack’s Favorite question to ask
14:58 Interviewing Ray Dalio
17:30 Interviewing William O’Neil and David Ryan
19:12 O’Neil Story
21:15 Common Traits of Stock Market Wizards
24:10 Mental Preparation and Psychology
25:15 Post Analysis and Tracking Mental State
27:20 Optimism and Confidence
29:14 Could anyone become a Market Wizard?
32:05 Common Skills of Market Wizards Ed Thorp Example
34:25 Routines of Market Wizards
35:00 Performance Metrics. Sharpe Ratio, Sortino Ratio
41:00 Deep in the money Options Strategy
47:00 Risk Management
50:12 What Historical Trader would Jack want to interview?
52:20 Jack’s Favorite Interviews
54:30 Key Takeaways from Market Wizards: Trading Psychology and Risk Management
56:00 Being able to admit you made a mistake
58:30 Letting your Ego Go – Marty Schwartz
1:00:00 Professional Loss Taker
1:01:30 Jacks Recommended Books
1:06:10 Jesse Livermore
1:07:49 Finding Market Wizards
1:13:49 Jack’s Advice for New Traders

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