Martin Schwartz talks about losing $25m Feb 2018

[ZBZB]

I liked his story of the late King Fahd of Saudi Arabia calling the SP pit and buying 3000 lots.

More info on King Fahd’s position. 23 min in.

Marty calls the top in 2007 looking at the bank stocks. 48 min in.

Marty short 41,000 crude options. Biggest crude option trader in the world. Loses $1m on algo blip in 2012. 51 min in.

 

[ZBZB]

Marty up $1m 30 minutes before expiry on 41,000 crude options, crude falls $4 in algo blip resulting in $1m loss. 1.20 hours in above video.

 

[ZBZB]

Marty waits for the sell stops to go off before buying. 1.35 hours.

 

[volente_00]

I'd like to know how many of you guys started trading in 1970s, have been trading consistently since then, LOST 25 million as recently as Feb 2018, and are still trading.

And also started racing horses.

And trading art.

And still relevant enough in 2019 to give an interview for a trading podcast. That's 40 years. 40 fucking years.

The fact that the guy switched to selling premium in low vol means he adapts. He started with options before futures iirc.

The real question is how many
had the balls to borrow 40k from their inlaws in the beginning to start their trading career ?

That dude had balls of steel from day one

 

[ZBZB]

Marty’s account size at all time high 2012, will never quit. 1.52 hour

 

[volente_00]

Lewis Borsellino and Marty Schwartz have a few things in common. Lewis had an information edge in the S&P pits. Some would argue on the legality and ethics of how he got that info of what paper (brokers who traded for institutions) was doing.

The moment that went away in the pits, Lewis had a couple of losing years and then decided to screen trade only. He went on to lose even more money. He wound up bankrupt and is now currently selling low-end IT security to small businesses. He is not doing anything trading related now.

Marty Schwartz has always leveraged inside information back when it was easier to obtain (for him) and worth more. He basically admits it in his book but instead refers to this info as "stock tips". Marty also drank some of his own kool-aid and believed he could trade. He traded with OPM and when things got rough he went back to the inside info-well from his network of contacts that he built at the AMEX. He actually thought his "Magic T System" had an edge. Good luck getting any specifics on his "Magic T System" in his books or from listening to his former CME broker (that Mr. Topstep guy) babble on. I think his system is nothing but a bunch of oscillators that he calculated by hand even after the mass consumer availability of Personal Computers.

Marty lost his info edge decades ago, he probably realized his Magic T System was total shit in the last 20 years. He just said "fuck it" and decided to be a total degenerate and sell premium with OPM.

I heard Lewis was trying to start some kind of trading education gig ?

 

[volente_00]

Marty up $1m 30 minutes before expiry on 41,000 crude options, crude falls $4 in algo blip resulting in $1m loss. 1.20 hours in above video.

He was long big S&P going into 1987 crash and puked near the HOD and lost 300k

 

[nooby_mcnoob]

He was long big S&P going into 1987 crash and puked near the HOD and lost 300k

And then lost 25 million 30 years later. I wonder if his profits scaled similarly.

 

[ZBZB]

Le Pitbull de Turf (in English) 26 minute documentary, Marty goes to the races in France and wins. See his enormous hand drawn charts 18 min in.

 

[Overnight]

LMAO! What´s so hard to understand about "buying the dip"?....
...

What is hard about it is actually doing it. Based on your charts that you posted, what would be your entry if you were to enter, RIGHT NOW? Long or short?