Marty Schwartz
- Thread starter martys
- Start date
Yes, I am trading emini S&P. No, the rhythm was choppy in general and I trade very short term. There was one nice move that the new method caught but I have so little confidence that I did not take it yesterday. Same thing happen today, I took the profit too early but it is OK. I think it is more important to rebuild confidence first. I am a bit tired so I am going to take a rest. The key points are keep the confidence, keep the focus, keep yourself rested. Try to minimize your activities and don't try to be perfect. Don't let choppy rhythm market lure you into it. The textbook methods (buying breakout etc) might work well in other markets but S&P is an efficient mean-reverting swinging market. My old setup is a pullback setup (take advantage of the larger trend) and my new setups are basically contratrend methods (hoping for higher reward with added risks) which I have to say can be very dangerous fighting the trend and addictive to the ego. I have to find a fine balance and am still learning. My plan have to trade according to how the market unfolds and definitely not the way the general textbooks dictate regarding breakouts, protective stop etc because what they do is TOO EXPENSIVE! These are just my opinions. Also look at POP(Phantom) 's post regarding stop placement, it is in the similar direction of what I do:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=42559&perpage=6&pagenumber=8
So far, the short-term strategies that make me money are the scary ones and I do get burned sometimes. If you keep buying insurance policies in a swinging market like S&P... you are basically setting up a charity. I am posting this for a few nice guys out there and not for the assholes.
Oh well, ET has deleted all my posts on the highlights of most chapters from the book because of copyright infringement which is fair. There are only two chapters left in the book that were not covered: "Night Fighting" and "Best Trade."
"Night Fighting" gave insights into Marty's analysis of the first Gulf War and how the period leading up to it has brought the market into oversold conditions and the gold/oil overbought. With uncertainties resolved implied interest rate going down and bond price going up. There are also mentioning of his position sizing at the time and how he scaled into his trades. I remember some traders mentioned how they lost money buying gold at that time. In "Money Talks, Bullshit Walks" mentioned an old-timer named John who told Marty about how a down-trending tape causes selling latter in the day and latter in the week.
The "Best Trade" is the closing chapter of the book. Marty mentioned how he met this serene old lady in the bookstore and how he wants to be like her instead of some market wizard. He also mention how it is difficult for him to take short cuts in his trading which requires 14 hours day. He also played smaller and the last trade mentioned was 3x smaller than his usual size.
Happy New Year Everybody! This thread is officially dead. I think this is for the best because the posts have annoyed a few people from day one (heard your PM's) while it has helped me internalize all the material all this time. Why else would I do it?
Thanks to those gave support and encouragement to this thread. The viewings have shot up to 30667 the last week or two after I revived the thread. At this point, it is the most viewed thread in the Trading Forum and now the Resource Forum. I doubt it will be after they took out all the "illegal" contents.
Has been fun! Good trading! Thanks Marty!
"Night Fighting" gave insights into Marty's analysis of the first Gulf War and how the period leading up to it has brought the market into oversold conditions and the gold/oil overbought. With uncertainties resolved implied interest rate going down and bond price going up. There are also mentioning of his position sizing at the time and how he scaled into his trades. I remember some traders mentioned how they lost money buying gold at that time. In "Money Talks, Bullshit Walks" mentioned an old-timer named John who told Marty about how a down-trending tape causes selling latter in the day and latter in the week.
The "Best Trade" is the closing chapter of the book. Marty mentioned how he met this serene old lady in the bookstore and how he wants to be like her instead of some market wizard. He also mention how it is difficult for him to take short cuts in his trading which requires 14 hours day. He also played smaller and the last trade mentioned was 3x smaller than his usual size.
Happy New Year Everybody! This thread is officially dead. I think this is for the best because the posts have annoyed a few people from day one (heard your PM's) while it has helped me internalize all the material all this time. Why else would I do it?
Thanks to those gave support and encouragement to this thread. The viewings have shot up to 30667 the last week or two after I revived the thread. At this point, it is the most viewed thread in the Trading Forum and now the Resource Forum. I doubt it will be after they took out all the "illegal" contents.
Has been fun! Good trading! Thanks Marty!
FredBloggs
Guest
who gives a flying f about marty s?
only me is gunna get me success - not following someone else.
only me is gunna get me success - not following someone else.
FredBloggs
Guest
u could be right, but u may be wrong.
yea this stuff is fine for the grounding rules, but there is a good story here:
2 golfers are teeing up at a pre match warm up. 1 is a real pro who has won every thing around. the other is a newbie, practicing his swing before the big match. he sees the pro and asks for some tips on his swing. this is what he got....
'hey kid, if you aint brought it with you today, its too late!'
either way, all the best.
the only trading text i have got anything from is rem of a stock opp imo.
some jr stuff is also worth an eyebrow.
am i in the wrong business?
probably!
i think wannabe rockstars have a better chance of success after today!!!
tomorrow is another day.
I do. He wrote a very good book about trading - and himself (and his wife).
For those who's been asking... Terry has recently posted the formula for Magic T Short Range Volume Oscillator at his website for Marty's fans:
http://ttheory.typepad.com
It used to be available to the subscribers of his newsletter. Now everything is free... both his weekly newsletter and his research... pretty eccentric guy.
I also saw some spreadsheet out there with the Magic T Oscillator using the wrong formula.
http://ttheory.typepad.com
It used to be available to the subscribers of his newsletter. Now everything is free... both his weekly newsletter and his research... pretty eccentric guy.
I also saw some spreadsheet out there with the Magic T Oscillator using the wrong formula.