Today in the article we will talk about Jack Schwager. This is a writer and a successful trader who built his career and showed everyone that it is possible to achieve any heights. We will look at Schwager's biography, and also talk about his books and tips for beginners.
Jack Schwager: biography
To begin with, we note that the hero of our article was born in an ordinary family. His father was a simple immigrant, who, wanting to increase his income, decided to try trading on the exchange. Perhaps this is precisely what served as the reason for the fact that in the future Jack Schwager was also carried away by such activities. In his student years, the boy was already connected with the exchange, therefore, when in 1971 he needed to defend a graduation project, he did not even think about the topic and immediately chose the most closely related to mathematics and economics. The guy graduated from college, and then entered Brown University, from which he graduated with honors. Immediately after that, he received an invitation to work at a small brokerage company Reynolds. Then he was offered a place as a securities analyst. He worked here for some time, and quite successfully. After this, there was a merger with another company, resulting in the formation of Dean Witter Reynolds.
First interest in analytics
It should be noted that in those days, the hero of our article did not have the slightest idea about financial markets and futures, but even then he was attracted by the analyst, whom he was engaged in for joy. Moreover, for a long time he was interested in the issue of constant market changes. He wanted to devote time to this and to get a good understanding of the issue. Gaining experience, Schwager moved up the career ladder. He learned to work independently, accurately predict the direction of trend development. It would seem that his career was going up, but this was not enough for Jack, since he wanted to go free swimming.
As an expert
Jack Schwager is an internationally recognized expert in the field of hedge funds and futures. He holds high positions, earns millions of dollars. At the same time, fame was brought to him by published books, which he dedicated to his work. The most famous of them is a series of interviews for various publications “Market Mages” and the book “Technical Analysis”.
Career
From 2001 to 2010, Jack Schwager was a consultant and partner to the London hedge fund Fortune Group. This organization was engaged in portfolio awareness for those who wanted to become a client of the fund. Private paid consultations from leading experts were also held, among which was the hero of our article. For more than 20 years, the man devoted himself to active work on Wall Street, where he moved from company to company and improved his experience and skills among people who were involved in futures trading. By the way, until recently, he worked at Prudential Securities. Currently, Jack Schwager runs a company that distributes the assets of the British and Americans.
Writing books
As for the books of the writer, we note that he himself does not consider himself particularly talented in this matter. Moreover, he does not belong to the group of authors who give advice on increasing welfare. He bases his recommendations only on his own experience and the many examples of his colleagues. That is why he believes that he shares tips and tells his own story, based on which everyone can draw their own conclusions.
First risk
Once, a future trader Jack Schwager borrowed $ 2,000 from his brother. It should be noted that in his first case, he immediately burnt out. However, the money had to be returned, so he decided to dive even more into market research. Thanks to this, after some time, Schwager managed to get a job and develop his own rules of technical analysis. Constantly working and improving, he managed to combine graphical analysis with fundamental analysis , thanks to which he became a real leader in the issue of forecasting quotes.
Success
And now an excellent expert on futures and hedge funds is engaged in analytics and holds private consultations. Moreover, it must be said that he was mistaken quite often, but most often by example. He almost always performed outside orders perfectly, and checked his weaknesses on personal matters. Thanks to the fact that he saw his mistakes, Jack learned to correct them, this also served as the reason that over time the most important tasks began to trust him. At the same time, he was trying to understand exactly how famous traders managed to make a huge fortune and earn an incredible amount of money from securities trading. After many years of studying this topic and communicating with professionals, the man realized that in fact the choice of a trading system or a specific strategy has absolutely no meaning. The thing is that each trader builds his own system, which either works or disappears. It would seem that this is on the surface, but we see that each trader has his own individual approach. It is the independent paving of your path that is the main secret of success.
Principles
Jack D. Schwager outlined the basic principles of trade, which we will discuss below. Firstly, the expert said that there is no specific methodology that would work equally effectively for everyone. That is why every trader should start by creating his own path. At the same time, it is necessary to study the experience of other people and learn from it something rational for oneself. However, in no case should you accurately copy the method of a successful person, since, in the end, this will still lead to loss. This idea is basic in all the books of Jack Schwager.
The second principle of trade is that the first place should not be a trading technique, but money management. It is clear that beginners focus on their work method and forget that even the money earned must be managed correctly. In other words, capital needs to be invested in something so that it brings passive income. Many people forget about this and lead a wasteful life, and then wonder why they can’t raise a decent amount of money or make their dreams come true.
Is it worth it?
The key principle of Schwager's trade is based on the fact that every person, before connecting his life with trade, must calculate the maximum portfolio risk. This is pure analytics, which is necessary in order to understand whether it makes any sense to act in this direction. It is unlikely that a beginner can conduct full analytics on his own, therefore it is better to consult a specialist. This is not such an expensive service, but it will either allow you to set yourself up for a real opportunity to make a profit, or completely abandon an unsuccessful idea.
As for the fourth principle, it says that whenever and how you enter the trading exchange, you should always know how and when you can exit it. Thus, one must understand and know all the possible ways out, if it becomes necessary to use them.
Tips for beginners
The expert gives excellent advice in the "Technical Analysis". However, we will consider its main recommendations, which are easy to find on the Internet, without even reading a book. In this case, all those who are determined to engage in exchanges, it is strongly recommended that you carefully study the book of Jack Schwager "Exchange Mages." Before turning to the tips themselves, I would like to note that the trader himself often says that his work is based on a systematic approach and a thorough study of charts. So what recommendations can the hero of our article give to beginners?
First, you need to understand that markets are not as unpredictable and random systems as they are trying to suggest from the outside. Still, one must be aware that the market is functioning thanks to people, that is, a huge factor affecting the entire system is psychology. It is advisable to study this topic in great detail, as it will allow you to understand some points that are important for business, which can be analyzed even without being a professional expert or analyst. Also, the man insists that there are no rules in trading on the exchange. In other words, we can say that there are effective methods, but they do not guarantee that it will be profitable in your case. That is why Jack advises using effective techniques, but do not forget about building your own strategy. Also, the man strongly recommends not to forget that there are other ways to make money. In other words, it is not necessary to concentrate solely on making a profit from the exchange. Yes, you need to study this topic, understand it, and then act on the basis of the knowledge gained. But you should not spend whole days trying to unravel future market unrest. It is much more efficient to devote this time to finding a new source of income.
Philosophical Subtext
Now let's talk about two more philosophical tips that a talented expert gives. The first one is that the secret to success is hidden in individuality. Jack Schwager is convinced that only a person who follows his true self can create an effective strategy. The second philosophical secret is that getting a good income is inextricably linked with innate talent. At the same time, Schwager emphasizes that it is simply impossible to realize talent without tremendous effort and tension.
The next thing the hero of our article talks about is success in life. In other words, Jack believes that trading is a truly worthy great cause, which in itself does not carry anything. It receives any significance only in the life of a successful person as a whole. The last tip, which we have already indirectly mentioned, is that the main task of a novice trader is to study in detail the history of their predecessors and create something new and unique.
By the way, it should be noted that the Fundseeder platform is the brainchild of our hero. This is a popular investment firm that seeks to establish the interaction of the best investors from around the world with qualified trading talents.
Jack Schwager, whose biography we examined, is a unique and interesting person who has managed to create an incredible approach to trading in his life. This person teaches ordinary people how not to be afraid and create their own technique, not to be afraid to follow themselves. Moreover, all these beautiful words are based on real facts and research. Let's not forget that Jack Schwager is a terrific analyst. That is why all novice traders are simply obliged to get acquainted with the biography of this person and his main works.