While my book and this blog has focused exclusively on careers in quantitative finance, I’m not oblivious to the fact that many of my readers and visitors have an intrinsic interest in securities trading, either for their own personal accounts or, in the case of many ambitious young men and young women, as hedge fund traders someday. (Come on, who can resist the lure of big money?)
A futures analyst and author by the name of Jack Schwager have written a series of three books based on interviews with some legendary traders in various markets, from futures to stocks. While most of these guys are either hunch traders or technical traders, a few — especially David Shaw, of the D.E. Shaw fame — are quants. I highly recommend the three books if you want to know what it is like to be a trader — especially what it is like to trade under a lot of pressure and stress.
The three books are, in chronological order:
- Market Wizards (Dennis, Tudor Jones, Steinhardt, Baldwin, and more)
- New Market Wizards (Eckhardt, the Turtles, Trout, Druckenmiller, the Ritchie brothers, and more — best volume in series!)
- Stock Market Wizards (Shaw, Walton, Watson, Cook, and more)
All the paperback editions are under $12 at Amazon.com.
Again, if you’re purely interested in quant research or quant programming, these books won’t help you much. They’re about trading — and about legendary traders many of whom have not done well recently but whose views nonetheless are eye-opening.
(BTW, I’m planning a new book, a la the Market Wizards series. It’s way too early to tell more right now, but I’ll divulge some details as the project begins to take shape.)