After studying top fund managers and over 100 years of market history, Jack and George wrote Market Wizards: The Next Generation to showcase today's best traders. These elite performers range from everyday traders who turned small accounts into millions to steady traders who almost never have a losing month. The secret to their success is matching their trading strategy perfectly with their personality.
In this conversation, Jack and George reveal the core rules that great traders follow. They talk about unexpected strategies that surprised even them, like making huge profits trading agricultural futures or shorting small-cap stocks. They also discuss why basic chart reading works better for managing risk than company fundamentals, the reality of a tough work ethic, and why the most important lesson in trading is knowing when to step away from the screen.
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In this episode, we explore:
• How Jack Schwager and George Coyle started working together
• The three timeless trading rules that top traders have used for over a century
• The specific trading strategies that completely surprised Jack and George
• How to balance making big returns while protecting your trading account from large losses
• The main differences in managing risk between technical and fundamental analysis
• The story of an anonymous multi-millionaire musician who became a legendary trader
• The intense work ethic and personal sacrifices needed to reach the top level
• Final thoughts on why there is much more to a good life than just trading the stock market
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About The Guests:
Jack Schwager:
Jack is the author of the famous Market Wizard series, A Complete Guide to the Futures Markets, and Market Sense and Nonsense. He is a world-known expert on trading and financial markets, famous for showing the mindset and risk management habits of elite traders.
George Coyle:
George is the co-author of the new Market Wizards book. He is a writer, trader, system designer, money manager, and market strategist. After studying finance at The Ohio State University, he worked for 10 years in NYC at major hedge funds, including John A. Levin & Co. and Clovis Capital. He studied applied statistics at Columbia University, worked briefly with Victor Niederhoffer, and later served as a macro strategist in the US Virgin Islands. George also worked as the Chief Investment Officer for a family office in Chicago before returning to Ohio to run his own investment firm.
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Links + Resources:
George Coyle: https://x.com/gfc4
Jack Schwager: https://x.com/jackschwager
Order Market Wizards: The Next Generation Book: https://harriman-house.com/authors/jack-d-schwager/market-wizards-the-next-generation/9781804093641
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Sponsor of Chat With Traders Podcast:
Trade The Pool: http://www.tradethepool.com
Sponsor of Episode 325:
Tasty Trade: http://www.tastytrade.com/chat
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Time Stamps:
Please note: Exact times will vary depending on current ads.
00:00 The 3 Timeless Rules Shared by 100 Years of Market Wizards
05:27 The First Market Wizards Book
12:52 What George Coyle Was Trying to Solve
16:29 Why It Is Better to Keep Things Simple Rather Than Complex
22:54 Making Sure Your Strategy Fits Your Personality
28:29 The Two Main Types of Profitable Traders
32:12 Finding a Trading Edge in Today's Market Landscape
37:56 Interviews That Challenged Jack and George's Core Beliefs
43:12 Where the Younger Generation of Traders Succeeds
48:47 Core Personality Traits of Market Wizards
53:01 Understanding the Reality of Market Structures
58:33 The Real Problem with Pure Fundamentals
01:02:54 Jack's Most Memorable Moment from the Next Generation Interviews
01:05:30 George's Most Memorable Moment from the Next Generation Interviews
01:06:31 Where to Follow George Coyle and Jack Schwager Online
Trading Disclaimer:
Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice.
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