Summary of Jack D. Schwager's Stock Market Wizards

Please note: This is a companion version & not the original book. Sample Book Insights: #1 The futures market is a place where traders buy and sell standardized contracts for a commodity or a financial instrument. The essence of a futures market is in its name: trading involves a standardized contract for a commodity or a financial instrument for a future delivery date, as opposed to the present time. #2 The futures markets offer tremendous leverage. Price movements in futures will closely parallel those in the corresponding cash markets. Because the majority of futures trading activity is concentrated in financial instruments, many futures traders are, in reality, traders in stocks, bonds, and currencies. #3 The interbank currency market is a 24-hour market that follows the sun around the world. It is used by companies to hedge exchange risk, as it allows them to lock in a price in a foreign currency in order to assure a profit. #4 I first met Marcus the day I joined Reynolds Securities as a futures research analyst. He had accepted a similar position at a competing firm, and I was assuming the position he had just vacated. Although I usually found my own analysis more persuasive when we disagreed, Marcus ultimately proved right about the direction of the market.