Jack D. Schwager Quotes

Who the Hell is Jack D. Schwager?

Jack Schwager is an American Trader and author of the books 'Market Wizards', 'The New Market Wizards', 'Stock Market Wizards' and 'Unknown Market Wizards'.

Born January 01, 1948

Books by Jack D. Schwager


Best 44 Quotes by Jack D. Schwager

“Being a successful investor and winning in the stock market is a matter of skill and discipline and not luck alone.”

Jack D. Schwager

“Good traders liquidate when they are wrong, great traders reverse when they are wrong.”

Jack D. Schwager

“One of my favorite patterns is the tendency for the markets to move from relative lows to relative highs and vice versa every two to four days. This pattern is a function of human behavior. It takes several days of a market rallying before it looks really good. That’s when everyone wants to buy it, and that’s the time when the professionals, like myself, are selling. Conversely, when the market has been down for a few days, and everyone is bearish, that’s the time I like to be buying.

Jack D. Schwager

“The ability to change one's mind is probably a key characteristic of the successful investor. Dogmatic and rigid personalities rarely, if ever, succeed in the markets. The markets are a dynamic process, and sustained investment success requires the ability to modify and even change strategies as markets evolve.”

Jack D. Schwager

"Hedge Fund Market Wizards" Quotes

“Investors often make the mistake of equating manager performance in a given year with manager skill. In some instances, more skilled managers will underperform because they refuse to participate in market bubbles. In fact, during market bubbles, the best performers are often the most imprudent rather than the most skilled managers.”

Jack D. Schwager
Hedge Fund Market Wizards

“Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price.”

Jack D. Schwager
Hedge Fund Market Wizards

“You can use charts to give you a plus or minus toward your view, but you can never start with the chart.”

Jack D. Schwager
Hedge Fund Market Wizards

"Market Wizards" Quotes

“Actually, the best traders have no ego.”

Jack D. Schwager
Market Wizards

“Another way to determine the direction of the general market is to focus on how the leading stocks are performing. If the stocks that have been leading the bull market start breaking down, that is a major sign the market has topped. Another important factor to watch is the Federal Reserve discount rate. Usually, after the Fed raises the rate two or three times, the market runs into trouble.”

Jack D. Schwager
Market Wizards

“Excessive worrying about taxes usually leads to unsound investments in the hope of achieving a tax shelter.”

Jack D. Schwager
Market Wizards

“I am always thinking about losing money as opposed to making money.”

Jack D. Schwager
Market Wizards

“I feel my success comes from my love of the markets. I am not a casual trader. It is my life. I have a passion for trading. It is not merely a hobby or even a career choice for me. There is no question that this is what I am supposed to do with my life.”

Jack D. Schwager
Market Wizards

“I figured out that for every dollar I made trading, 30 percent was going to the government, 30 percent was going to support my planes, and 20 percent was going to support my real estate. So I finally decided to sell everything.”

Jack D. Schwager
Market Wizards

“If you don’t stay with your winners, you are not going to be able to pay for the losers.”

Jack D. Schwager
Market Wizards

“It is impossible to consistently outperform the market by using any information that the market already knows.”

Jack D. Schwager
Market Wizards

“Kovner lists risk management as the key to successful trading; he always decides on an exit point before he puts on a trade. He also stresses the need for evaluating risk on a portfolio basis rather than viewing the risk of each trade independently. This is absolutely critical when one holds positions that are highly correlated, since the overall portfolio risk is likely to be much greater than the trader realizes.”

Jack D. Schwager
Market Wizards

“One of my rules was to get out when the volatility and the momentum became absolutely insane.”

Jack D. Schwager
Market Wizards

“One of the jobs of a good trader is to imagine alternative scenarios. I try to form many different mental pictures of what the world should be like and wait for one of them to be confirmed. You keep trying them on one at a time. Inevitably, most of these pictures will turn out to be wrong—that is, only a few elements of the picture may prove correct. But then, all of a sudden, you will find that in one picture, nine out of ten elements click. That scenario then becomes your image of the world reality.”

Jack D. Schwager
Market Wizards

“Those who want to win and lack skill can get someone with skill to help them.”

Jack D. Schwager
Market Wizards

“Traders shouldn’t stick their heads in the sand and just hope it gets better.”

Jack D. Schwager
Market Wizards

"Stock Market Wizards" Quotes

“Being wrong is acceptable, but staying wrong is totally unacceptable.”

Jack D. Schwager
Stock Market Wizards

Products by Jack D. Schwager

“Either go at it full force or don’t go at it at all. Don’t dabble.”

Jack D. Schwager
Stock Market Wizards

“Make the calls. Maybe they won’t talk to you, but I guarantee that if you don’t call, they won’t talk to you.”

Jack D. Schwager
Stock Market Wizards

“Michael Jordan didn’t become a great basketball player because he wanted to do product endorsements. Van Gogh didn’t become a great painter because he dreamed that one day his paintings would sell for $50 million.”

Jack D. Schwager
Stock Market Wizards

"The Little Book of Market Wizards" Quotes

“Even a poor trading system could make money with good money management.”

Jack D. Schwager
The Little Book of Market Wizards

“Failure is not predictive.”

Jack D. Schwager
The Little Book of Market Wizards

“I have found that confidence is one of the most consistent traits exhibited by the successful traders I have interviewed.”

Jack D. Schwager
The Little Book of Market Wizards

“In trading, 80 percent of your profits come from 20 percent of your ideas.”

Jack D. Schwager
The Little Book of Market Wizards

“The idea that trading success is tied to finding some specific ideal approach is misguided. There is no single correct methodology.”

Jack D. Schwager
The Little Book of Market Wizards

“The people who are really successful in trading are tremendously hard workers.”

Jack D. Schwager
The Little Book of Market Wizards

“There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.”

Jack D. Schwager
The Little Book of Market Wizards

"The New Market Wizards" Quotes

“Excellence and achievement have a structure that can be copied. By modeling successful people, we can learn from the experience of those who have already succeeded.”

Jack D. Schwager
The New Market Wizards

“I discovered that you can’t train people how to trade by just imparting knowledge. The key to trading success is emotional discipline. Making money has nothing to do with intelligence. Think of all the bright people that choose careers on Wall Street. If intelligence were the key, there would be a lot more people making money trading.”

Jack D. Schwager
The New Market Wizards

“If instead of saying, “I’m going to do this trade,” you say, “I’m going to watch myself do this trade,” all of a sudden you find that the process is a lot easier.”

Jack D. Schwager
The New Market Wizards

“My goal on Wall Street was never to get rich but to stay in business. There’s a big difference. If you’re out of the business, you can never get rich. That’s why you have to be especially cautious when you’re trading a larger position size.”

Jack D. Schwager
The New Market Wizards

“Now it’s no longer sufficient to assume that because you trade with the trend, you’ll make money. Of course, you still need to be with the trend, because it puts the percentages in your favor, but you also have to pay a lot more attention to where you’re getting in and out.”

Jack D. Schwager
The New Market Wizards

“The worst thing that can happen to you in the markets is being right and still losing money. That’s the danger in buying on rallies and selling on breaks these days.”

Jack D. Schwager
The New Market Wizards

“There are a million ways to make money in the markets. The irony is that they are all very difficult to find.”

Jack D. Schwager
The New Market Wizards

“You don't have to get in or out of a position all at once. Avoid the temptation of wanting to be completely right.”

Jack D. Schwager
The New Market Wizards

“You don’t want to have a position before a move has started. You want to wait until the move is already under way before you get into the market.”

Jack D. Schwager
The New Market Wizards

“You just stay focused on what you have to do. Exactly.”

Jack D. Schwager
The New Market Wizards

"Unknown Market Wizards" Quotes

“Debussy’s quote that “Music is the space between the notes,” because an analogous statement about trading—Trading is the space between trades—is so strikingly apropos.”

Jack D. Schwager
Unknown Market Wizards

Products by Jack D. Schwager

“I succeeded because I didn’t know that I couldn’t.”

Jack D. Schwager
Unknown Market Wizards

“It’s not about being right; it’s about making money.”

Jack D. Schwager
Unknown Market Wizards