Modern day Reminiscences of a stock operator

books:

	• Pit Bull: Lessons from Wall Street's Champion Day Trader Martin Schwartz Collins Business, 1999 - 320 pages average customer review:based on 79 reviews view larger image
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highly recommended

The psychology of trading

A very funny book on trading. The description of Michael Steinhardt as Porky is hilarious. You are not going to learn specific technique on how to trade. If you are hoping to learn some mechanical way to make money in the financial markets, you will be deeply disappointed. This book is for people who already know something about trading and who want to get better. Some advices are:

1. Fit your trading habits to your personality. Everyone needs to understand himself so that he will find the "right" way to make money in the markets. Buzzy is a day trader because he loves to hear his cash register ring.
2. Without a methodology for trading you have no edge.
3. Become a winner by learning how to lose.

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no easy money

For anyone who may think trading is easy and the rewards are great - think again. Martin Schwarts makes it clear that 99% of trading success is hard work and discipline. There are no free rides in the market.

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Entertaining and insightful

This book pretty much tells the story of a trader named Marty Schwartz. It describes how he got started trading and evolved into what Barron's called a master trader. There was a lot of "ego" to read about and I almost stopped reading but the story got better. Instead of spending the whole book telling me how smart he was, he started talking about some trades that didn't go so well too. I actually learned from him as he described his errors and how he recovered. It helped me reduce my "pig" factor when I day trade. There was some humor in the book too which kept it fun to read.

So, this book isn't a how to book but it does indirectly give you some good advice to use in your trading. Its worth reading, I enjoyed it.

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Modern day Reminiscences of a stock operator

If you enjoyed the classic Reminiscences of a stock operator you will love this book. It tells the story of Marty Schwartz who started out as a stock analysts then decided to go out on his own and trade for a living. He went from the world of fundamental analysis to technical analysis and never looked back. On his journey he first proved he could make good money trading then he quit his job and bought a seat on the American Stock Exchange and was a floor trader. He was very successful and eventual moved to a desk off the floor. Marty made millions of dollars. He had a streak of making over a million a year for several years. He won the U.S. trading championship several times along the way. He also opened Sabrina Funds and traded over $70 million of other people's money for a brief time, but hated answering to people and went back to trading his own account.
He loved trading S&P Futures, stocks and some options. His style was mainly day trading, rarely holding positions for more than a few hours or over night. He is one of the great traders of our time and you can learn a tremendous amount about how to really trade for a profit by reading this book. It is a highly entertaining read that is hard to put down.
"..When the stress gets so great you think you might vomit, you should probably double your position, but only if you are then willing to use a tight stop loss.."
".. most people think that they're playing against the market, but the market doesn't care. You're really playing against yourself...Listen only to what the market is telling you now...The sole objective is not to prove you're right, but to hear the cash register ring".

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One of the best books by far

I was amazed at this guy. A lot of the practices he used then works now. Buzzy should be commended for putting his life story in such a vivid tale of success and almost death. I am thankful to have read this book. It has opened me up to another way of thinking and also validated a lot of the practices I do everyday. Buzzy, where is the sequel?

reviews: page 1, 2, 3, 4, 5, 6, 7, 8, 9, 10

Welcome to the world of Martin "Buzzy" Schwartz, Champion Trader--the man whose nerves of steel and killer instinct in the canyons of Wall Street earned him the well-deserved name "Pit Bull." This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way and of the trader?s tricks and techniques he used to make his millions.

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