OI22: Inside the Next Generation Market Wizards ft. Jack Schwager & George Coyle
Top Traders Unplugged
Psychological and Lifestyle Costs
They discuss the high psychological toll, extreme volatility, and the lifestyle demands of exceptional trading careers.
What does it take to become a true Market Wizard, and why do so many of them fail before they find their edge? In this special episode, Moritz Seibert sits down with Jack Schwager and George Coyle to discuss The Next Generation of Market Wizards, the sixth book in the series that began in 1989. Together, they explore how extraordinary traders are found, how their records are verified in an age of AI, and why many of the most remarkable returns still come from discretionary traders. From blown-up accounts and shorting small caps to the psychological cost of sitting in front of screens for 14 hours a day, this is a rare look at the craft, pressure, and persistence behind exceptional trading.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Moritz on Twitter.
Episode TimeStamps:
00:00 – Why single trading systems rarely produce “wizard-level” returns
01:17 – Introduction to the new Market Wizards book
02:37 – George Coyle’s background and path to co-authoring
05:00 – What makes this new book different (focus on solo traders)
06:00 – How top traders are discovered
10:46 – Verifying extreme performance claims in the AI era
13:26 – The most surprising trait: repeated early failure
15:54 – New-generation strategies that break “classic” rules
19:02 – Timeless trading principles that still hold
21:16 – Why most market wizards are discretionary, not systematic
24:41 – Why individual quant systems rarely achieve extreme returns
26:53 – Listener question: systematic vs discretionary trading
30:17 – Personality traits of elite traders
32:21 – The hidden “cost” of being a top trader
35:50 – Can anyone become a market wizard?
38:47 – What’s changed in trading edges over time
41:53 – Preview of the next book (hedge fund traders)
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
The AI-powered Podcast Player
