For today Jack Shwager — is the managing director and the head of one of the alternative companies for management of "Fortune Group" assets. Jack as the senior portfolio manager in "Fortune’s Market Wizards Funds of Funds" (a row diversified institutional a hedge of funds). Besides these positions it consists in board of directors of the small branch "Fortune Global Fund Analysis" which is engaged in independent researches of hedge funds.
Jack Shwager was born in 1948. Its general experience makes 32 years of work. From them – 10 years he was a head on trade in commodity futures, and 22 years it worked at a position of the director of research department of futures. It has two educations. The first – degree of the bachelor on economy and degree of the master of economy.
For the life he wrote and published very many best-sellers for the aid to traders (read also books on Forex for beginners). The most popular among them appeared:
Jack Shwager "Exchange Magicians" (1989);
Jack Shwager "New Magicians of the Market" (1992);
"The technical analysis" (Jack Shwager 1996).
Shvager gives lectures and training seminars sharing the knowledge and experience with those who yet didn't find itself(himself) in trade or want to reach much bigger, than have now.
Many stories in these books are similar at each other, but it isn't a shortcoming because similarity of situations helps to draw conclusions. Here some of them:
1 . Many well-known traders presented in its books, suffered notable losses at the very beginning of the career. But they could learn a lesson from the defeats for further victories.
2 . Besides necessary trade skills, the patience and ability to wait when the market will give opportunity for trade still is required. The success comes only after finding of the individual trade style which would correspond to temperament.
3 . But still it is necessary to be flexible in due time to correct the trade style, according to variability of the market.
Conducting the researches, Jack Shvager sought to understand, how great traders whom very much and very little, could make the huge fortunes on trade in securities and futures. He interviewed tens trade leaders, asked the trickiest questions and tried to find their secret of success.
Jack Shwager found out that each trader has own, unique style of trade. Jack Shvager's most important opening that each trader has a trade method which suits his unique personality and nobody else.
It as it was established, and is "secret" for good luck in the markets. In total it isn't system, a method or the market for trade, the real secret in finding the method of trade and to use it.
After writing of books on great traders of Jack Shwager drew some of the major conclusions:
- the markets aren't casual because are based on human psychology;
- in trade there is no sacred Graal, but there are methods which can lead to receiving steady profit (in particular, mechanical trade systems);
- in the markets there are many various ways to earn money;
- the markets constantly change, but they are always identical;
- the secret of success lies in an individual;
- the talent and very hard work is necessary for success in trade;
- successful trading — really worthy purpose, but it will be useless if it isn't accompanied by success of all our life;
- don't try to copy great traders, and understand their methods and a course of life to success.
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