Martin "Buzzy" Schwartz
- Thread starter The_Krakenite
- Start date
Here are some quotes I really liked from the Pit Bull that has been on my journal for eons.
"Don’t listen to yourself, instead, listen to the market."
"Being able to honor your stops is what separates you from the mongrels on Wall street".
"For two hundred days a year, I’d end up with reasonably small losses netted out with similar-sized gains. But I’d win the other fifty trading days by clear-cut unanimous decisions."
" A trader, like a chain, is only as strong as his weakest link, and it's your weaknesses that must dictate your trading style".
"Trading is a psychological game. Most people think they are playing against the market, but the market doesn't care. You’re really playing against yourself".
"The Pit Bull was asked at a conference what was your greatest trade?" the Pit Bull stunned the room by saying it was getting out of the losers".
"The most important thing is money management, money management, money management. Anybody who is successful will tell you the same thing".
"Don’t listen to yourself, instead, listen to the market."
"Being able to honor your stops is what separates you from the mongrels on Wall street".
"For two hundred days a year, I’d end up with reasonably small losses netted out with similar-sized gains. But I’d win the other fifty trading days by clear-cut unanimous decisions."
" A trader, like a chain, is only as strong as his weakest link, and it's your weaknesses that must dictate your trading style".
"Trading is a psychological game. Most people think they are playing against the market, but the market doesn't care. You’re really playing against yourself".
"The Pit Bull was asked at a conference what was your greatest trade?" the Pit Bull stunned the room by saying it was getting out of the losers".
"The most important thing is money management, money management, money management. Anybody who is successful will tell you the same thing".
I read that back in 2005, it was out of date even back then... still it was a quick read and interesting enough to keep me turning the pages..
I like the story about the intern who is charged with taking a huge position, and then in minutes it is up millions. He is freaking out because of the size. He is told to take "some" off. He wants exact amounts, but is instructed to take "some". He has a hard time wrapping his head about what to do.
Staying "dispassionately interested" is a key lesson here.
I tell people to do "some" and then see how they feel. Does not matter if it is taking off some profits on a huge position or just getting into the market when it is bleeding.
Staying "dispassionately interested" is a key lesson here.
I tell people to do "some" and then see how they feel. Does not matter if it is taking off some profits on a huge position or just getting into the market when it is bleeding.
I read the book many years ago, and I could be wrong, but I vaguely recall him quoting the French guy saying something like "Martay, how is my monay?"
That’s it!
Is he still racing the ponies?.....Swartzy still playing dominos in the futures markets?
%%
Could be ;
he worked for some one else along time + cant relate to that.
Common sense is what keeps a horse from betting on a track meet;
good rough play on words-title= ''PIT Bull'' LOL
I think that says it best. It is a fun read.