Floor-trader Books

Joe Leininger provides great insight in his daily efforts to be both a good and Christian person with his success as a commodities trader.

Few businessess are as brutally competitive as trading in Chicago exchanges. However, with great faith and works, Joe obviously holds to his strong Christian values in this tough environment.

This book helps me come to grips with striving for success while hoping to maintain the fundamental value of helping and loving one's fellow man (or woman).

An excellent picture of how to live a balanced life and besuccessful at it. Especially applicable to those in the financialfield, but applies to all of us who desire to excel in our field. Joe's personal experiences in such a high pressure environment serve as poingant lessons. Take advantage of this book as a roadmap on the path to success.

Under the guise of being about trading securities, this is an excellent book about life, about observing what work gives you and what it deprives you of. About making changes that lead to a richer life and how to know when work costs too much. It also offers wonderful insights into the life of a trader and the paradox of being a good trader and trying to balance that with being a good Christian.

Joe has done a good job of taking interesting stories from his life and distilling an excellent life-lesson from each. Joe's life comes through clearly in this well written collection. He is transparent and engaging. Not only does it draw us to examine our inner health and values, but to look to our own stories for the lessons hidden in them. Worth a plane flight to read it.

Lessons From the Pit was a very fasinating and involving book. It is obvious that Joe Leininger spent a lot of time thinking and planning this book. This book is not one where the first chapters are interesting. The whole story is interesting. I kept saying to myself "at the end of the chapter, I will go to sleep, but I just couldn't put it down! He talked about personal subjects also, making you feel like you were just talking to him, alone. I highly recommend this book, and I think that Lessons From the Pit was the best book I have read so far.

Loved PLAY MONEY from start to finish. It moves as fast as the trading floor where Pedersen finds herself at the tender age of 18. Newly arrived in the Big Apple she takes life in the fast lanes mostly in stride, along with the crazy antics of her cohorts. These people and situations were made for a sitcom and I can't believe that one hasn't been made of it yet. You'll learn a little about the stock exchange and options trading but not so much that the stories ever get bogged down. A fun read for anyone who has ever been in the biz (I was a currency trader in the 90s) but also if your just looking to cheer along a determined young person trying to pull herself up by the proverbial bootstraps.

This is not a financial book, though it tells you just enough to enjoy and understand what's going on. It's much more like LIAR'S POKER in that you get all the funny anecdotes about traders and the fear and greed that drives them. Pedersen is the perfect person to tell the tale, newly arrive on the stock exchange from upstate New York at age 18. My Uncle works on the trading floor of the NYSE and since the advent of cell phones and better computers it's certainly a new era. Pedersen's book is wonderful as a historical account of how it was before all that. And her personal story of moving to the big city from a small town, without much money and only a high school diploma from a public school, and setting out to achieve the American Dream is entertaining as well. And also, I would think, an inspiration to all ambitious young people (seeing as she wasn't even a good math student!). I particularly enjoyed all the bets and contests the guys would start -- as if making and losing millions of dollars every few minutes wasn't enough excitement!

A little business, a little autobiography, a lot of humor. I bought this book after thoroughly enjoying Pedersen's BEGINNER'S LUCK and wanting something more while anxiously awaiting the sequel. It's not fiction, but the true account of how Pedersen moved from upstate New York at the age of 18 and started to work on the trading floor of the stock exchange and become a millionaire in her early 20s. You don't have to be interested in high finance to enjoy the ride when the country gal meets the big city, including a hilarious recounting of her supervisor's reaction when she got lost on the way to work the first week and all the practical jokes the traders play. The characters that she meets are real, mostly whacky, and like something out of a movie. It's easy to see where Pedersen got her interest in colorful personalities for future writing. And now I understand how she knows so much about gambling! Also, if you missed the 80's, it's a refresher on the "greed is good" mentality. Overall, a fun and fast read. And probably inspirational for any young person who wants to succeed.

I am working my way backward through the Pedersen oeuvre, having just read LAST CALL, BEGINNER'S LUCK, and GOING AWAY PARTY. I thought this was going to be another novel, but SURPRISE, it is an account of Pedersen's adventures going to Wall Street back in 1983, the start of boom times. She was only 18 and coming from a small town in upstate New York, a self-admitted hick, unable to find the stock exchange on her third day of work because it was raining and the flag wasn't flying. The supervisor had never heard THAT excuse before. Anyway, Pedersen is as light-hearted and charming in her nonfiction as in the novels. She doesn't come off as being a child whiz kid, though I imagine you must be pretty smart to do what she did, but credits her phenomenal success more to being in the right place at the right time, getting up early, and loving the work, action, excitement. Her coworkers are unbelievable and highly entertaining in their practical jokes and bizarre priorities. For someone who has lived in Indiana her entire life (me), it was fun to read about leaving home for a big city right after high school graduation, something probably many of us dreamed of doing, but for whatever reason didn't. This book reminded me why American is such a great country -- not so much because a teenage girl of divorced working class parents from a former steel town can strike it rich in just a few years, but because the young woman was able to make the opportunity for herself, no matter what happened after that. Though I'm glad she took her money and ran, and am looking forward to the next novel, HEART'S DESIRE. HOWEVER, if she wants to write another nonfiction book, I'd be happy to go along for the ride. Pedersen has the great comic/storytelling gift of making getting up in the morning into something funny and interesting. I read an essay she wrote about growing up with her mother (a nurse) on the Internet and it is laugh-out-loud funny.

Quite an enjoyable read. I picked this up because, as someone who trades commodities electronically and has never visited an exchange, I was interested to read what it's like. This book does a good job of describing it. It gives me a better idea of what goes on "behind the scenes." Perhaps subconsciously this may even help my trading. I would recommend this book.

The Traders by Sonny Kleinfield is a well-written excursion onto the trading floors of The Merc, The NYSE, The NYMEX, and other financial markets. Although you will not find tips in here to include your trading or investing, this book is an excellent way to spend the afternoon if you ever wondered how and why floor traders endure the chaos in their chosen market. My only quarrel is that this book was originally written in 1983, before computers changed the landscape of the floor. A good read anyways!

I read this book when I was about 19 years old and it changed my life. I had no idea what a trader was or what they did. ( I only knew what Stock Brokers did) This book eventually lead me to New York where I actually called Stanley Katz and started working on the AMEX as a market maker clerk. This book is exactly what it says. All the feel of what it's like to be a trader are in here as well as a little history of the various exchanges. My copy is a closely held favorite with various signatures from several people in the book.

I have read 400 books on trading ...and this one is by far one of the best if not the best...it is written people who have learned the markets in The City(London)...and is simply amazing.

This small (in size) book is all the more remarkable for its density of details including (but not limited to): how markets work, how traders make money (most of the ways), a concise summary of many of the contemporary of theories of mind and motivation as well as what it might mean to develop traders as professionals and trading as an actual career path.

While this book will not make the individual trader richer, by hints and by nudges, the authors suggest how the strategic reorganization of a trading firm could.

Charles Faulkner - featured in The New Market Wizards, The Intuitive Trader and Trend Following.

I read this book in 3 days because I could not put it down...this story involves an American currency trader working at an Irish bank...considering this financial implosion happened only 7 years after the Barings disaster and only 4 months after the Enron collapse, it is shocking that the largest bank in Ireland would have had such poor risk management...

Nancy Goldstone is a fine writer, one who paces her prose well, composes clear sentences, and uses language effectively. This book is a must read for anyone interested in Wall Street who doesn't know a put from a call (!), but wants to be eased gently into this world. She details her improbable ascent of the trading ladder (she has nil trading experience but while in her mid-twenties she is chosen to run a major bank's options desk, and does so successfully) with aplomb. I've been reading this title over my recent lunch hours, and I am always annoyed when my hour ends and I must close the book's covers! Her adeptness with literary technique makes me wish she'd try her hand at fiction.

I found this book inspiring and one which i will read again and again.It really set in stone my desire to become a trader. Cannot rate it highly enough.

Market Wizards is fascinating from cover to cover. I am reading parts of it for the third time. The wisdom in this book is voluminous. Now if I would only listen to Market Wizards's lessons when I'm trading...

Book offers excellent insight into some of the best speculators, traders, and investors from the late 20th century. Well worth the read if you're serious about speculating. Some of the interviews won't apply to your method or style but it's more than possible to gleen something from each.

This is a classic. Probably one of the best, what the best traders did...and how the did it. Given many prop trading desks may never have the chance to leverage 20 or 30X, this book may turn into a classic history book!

This book is everything a book shouldn't be, cheap flimsy see through paper with blurry print. If you are going to buy this book please save your eyes and money and pick up a second hand copy from an earlier printing that you can enjoy reading.

Marty Schwartz has always been one of my favorite Wizards from the Jack Schwager series. He has shown that it is possible for a determined individual to work hard and develop their own trading plan and be very successful at it on their own. The guy is super-aggressive and has balls of steel to beat others in this hypercompetitive world.

The book does have a bit too much of superflous details about his personal life that have more to do with his ego than his trading success. And regarding his daily routine, does one really need to know about his 'plumbing' schedule? Regardless, this is a must-read not just for the entertainment value, but the brutal ups and downs that any big-shot trader faces.

For anyone who may think trading is easy and the rewards are great - think again. Martin Schwarts makes it clear that 99% of trading success is hard work and discipline. There are no free rides in the market.

If you enjoyed the classic Reminiscences of a stock operator you will love this book. It tells the story of Marty Schwartz who started out as a stock analysts then decided to go out on his own and trade for a living. He went from the world of fundamental analysis to technical analysis and never looked back. On his journey he first proved he could make good money trading then he quit his job and bought a seat on the American Stock Exchange and was a floor trader. He was very successful and eventual moved to a desk off the floor. Marty made millions of dollars. He had a streak of making over a million a year for several years. He won the U.S. trading championship several times along the way. He also opened Sabrina Funds and traded over $70 million of other people's money for a brief time, but hated answering to people and went back to trading his own account.
He loved trading S&P Futures, stocks and some options. His style was mainly day trading, rarely holding positions for more than a few hours or over night. He is one of the great traders of our time and you can learn a tremendous amount about how to really trade for a profit by reading this book. It is a highly entertaining read that is hard to put down.
"..When the stress gets so great you think you might vomit, you should probably double your position, but only if you are then willing to use a tight stop loss.."
".. most people think that they're playing against the market, but the market doesn't care. You're really playing against yourself...Listen only to what the market is telling you now...The sole objective is not to prove you're right, but to hear the cash register ring".

A very funny book on trading. The description of Michael Steinhardt as Porky is hilarious. You are not going to learn specific technique on how to trade. If you are hoping to learn some mechanical way to make money in the financial markets, you will be deeply disappointed. This book is for people who already know something about trading and who want to get better. Some advices are:

1. Fit your trading habits to your personality. Everyone needs to understand himself so that he will find the "right" way to make money in the markets. Buzzy is a day trader because he loves to hear his cash register ring.
2. Without a methodology for trading you have no edge.
3. Become a winner by learning how to lose.

This book pretty much tells the story of a trader named Marty Schwartz. It describes how he got started trading and evolved into what Barron's called a master trader. There was a lot of "ego" to read about and I almost stopped reading but the story got better. Instead of spending the whole book telling me how smart he was, he started talking about some trades that didn't go so well too. I actually learned from him as he described his errors and how he recovered. It helped me reduce my "pig" factor when I day trade. There was some humor in the book too which kept it fun to read.

So, this book isn't a how to book but it does indirectly give you some good advice to use in your trading. Its worth reading, I enjoyed it.

Comparatively speaking this book is not as great as Market Wizards. However they both have the same theme, in my opinion.

This book is the real deal...Many "experts" write books and tell you how to trade markets...What if you could sit side by side the worlds greatest traders and learn from them...

Jack Schwager's "Wizards" Series offer just that...the ability to get inside the thought process of the most successful traders in the world...

Serious traders must read this book.

Schwager has done an excellent job of following his first book Market Wizards.

Any trader will find the book interesting, informative and motivating. The author interviews traders with different trading styles, using different methodologies in diffent markets. If you are looking for a book that gives you an inside look about what is truly possible in trading the markets for yourself, this is it.

The only thing I would warn people about with this book is that you have to be interested in trading or it won't be for you.

"New Market Wizards", together with "Market Wizards", was a great inspiration for me when I was learning to trade. It gives you valuable insight into the mindsets and approach of some of the greatest traders.

When you see how different traders succeed with different methods, it can give you the courage to develop your own systems that go beyond the normal, run-of-the-mill technical indicators.

This book is great for getting motivated about trading. Very hard to put down, a joy to read. I had to go and order Jack Schwager older book Market Wizards once I got done reading New Market Wizards. May be the best book I have ever read about trading and I have a big library.
A must have!
http://www.ForexMentor.com

Hedge Fund Masters is a great book. It helped me a lot in my forex trading.
It has you setting goals, formulating a vision, enhancing your process, and other great ideas to make you a success.

'Sceptic' (See March 2nd review below) is right - the author has conjured up a slew of similar 5 star reviews from family, friends and SAC office co-workers. His ego knows no bounds.

If you have his first two books you would be wasting your money to get this one. And it would be nice to expect better of an author on subjects of peak performance than to pad reviews. Sorry, Ari.

I did not read the book so I can't review it, but reviewing the reviews it does not smell good that 11 out of 14 reviews are between Aug. 1-4 by reviewers that for most of them this is their only review

I had expected something of the genre and quality of Market Wizards I & II, Trading for a living, Trade like a Hedge Fund (by James Altucher), Soros on Soros, Reminiscences of a stock operator, Running Money by Andy Kessler etc etc. I had been confoundedly disappointed. The book is flooded of interviews with hedge fund managers anonymous leading you to nowhere but setting goals, visualizing success, overcoming fears and all the stuff you find in any trading psychology book, only that the writing skill of the author is sub-standard. The author had repeated the term "Hedge Fund" highly frequently. However, the content is not related particularly to any hedge fund or hedge fund manager at all. Also, the author had elaborated the term "mastery" throughout the book. I assure you that you will have no idea of how to achieve it unless you employ the author as your personal trading counsellor.

In short, a waste of time, money and the paper to print the book.

After reading all the negative reviews (one from a reviewer that admits he didn't even read the book???) I am a little confused. I just finshed reading Hedge Fund Masters and I really liked it.

The author comments on interviews with 80 hedge fund managers. He talks about the problems holding them back and keeping them from getting bigger, or keeping them from staying profitable. I am amazed that all these managers running huge money have the same problems that I do. Maybe there is hope for me!

There are many ideas in this book that will help traders and managers. Everything from developing a vision, planning a strategy, to the section on fears, emotions, and overcoming obstacles. I think Kiev is more of a coach than a psychologist in this book. He does not say "Ok, I validate your fears, its ok to be a loser", he comes out and tells some of these managers they are being weak and should change their risk levels and profit targets if they want to run big money. It makes sense in the context of the conversations.

With the loss of 5 billion by Aramanth this week, maybe they should have read this book last week. Now just getting bigger is not going to help many managers. Kiev only pushes some of these managers to trade larger on the positions they have extreme confidence in. Confidence levels that they have a track record of in previous trades. After all, if your goal is to be one of the best, you cannot stay in your comfort zone.