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Pit Bull: Lessons from Wall Street's Champion Day Trader Paperback – March 24, 1999


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Product Details

  • Paperback: 320 pages
  • Publisher: HarperBusiness (March 24, 1999)
  • Language: English
  • ISBN-10: 0887309569
  • ISBN-13: 978-0887309564
  • Product Dimensions: 5.3 x 0.7 x 8 inches
  • Shipping Weight: 8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (121 customer reviews)
  • Amazon Best Sellers Rank: #16,302 in Books (See Top 100 in Books)

Editorial Reviews

From Publishers Weekly

After working several years in what he considered to be a dead-end job as a financial analyst at E.F. Hutton, Schwartz quit the firm, accumulated a nest egg of $100,000 and on August 13, 1979, bought a seat on the American Stock Exchange where he began trading stocks, options and futures. He quickly became an expert at trading S&P futures, and in his first full year as an independent trader made $600,000 and a year later earned $1.2 million. Schwartz's style was to get in and out of positions in a hurry; he rarely held on to any financial instrument for more than a day. As his success on Wall Street grew, he began his own fund in which he would manage other people's money as well as his own, a move he would regret. The stress of running the fund contributed to his developing pericarditis, which nearly killed him. His doctors advised him to slow down his lifestyle, so at the age of 48, Schwartz, along with his wife and two children, moved to Florida where he took up golf and developed a daily routine that allowed him to keep trading, but at a more relaxed pace. This is one of those rare autobiographies where the subject unintentionally portrays himself in an unfavorable light. As he grew ever richer, Schwartz became consumed with generating even more money and prestige so that he could "run with the top dogs." Inadvertently, he has written a cautionary tale on the dangers of being addicted to money and power. Coauthors Morine and Flint are freelancers.
Copyright 1998 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Library Journal

A top trader offers an insider's story.
Copyright 1997 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

Customer Reviews

The stories in this book are very entertaining like gambling stories.
Steve Nakamoto - Author of Talk Like A Winner - Men Are Like Fish - Dating Rocks - Wall Street Craps
If you want to look inside the mind of a real trader and want to be entertained at the same time you should buy this book.
Eric Wagner
If you're a trader, Pit Bull should definitely be part of your trading library.
Cassie C. Goodman

Most Helpful Customer Reviews

66 of 70 people found the following review helpful By Cassie C. Goodman on September 26, 2004
Format: Paperback
I think some people here missed the point of this book altogether. There is no doubt that this is one of the best trading books ever written. This book ranks among the top trading books ever including Reminiscences of a Stock Operator, not because of the technical trading secrets it revels, but because of the insights it offers on the mindset of one of the greatest traders ever. This book elevates itself above almost every other trading or financial book out there for that exact reason, the author made his living (and it was a very good living) from trading the markets. He didn't have a website that offered trading ideas for fifty bucks a month. He didn't fly around the country giving seminars on how to trade at a thousand bucks a head. He didn't have a radio program where he would solicit money from listeners and call himself a money manger. He trading his own money and made a fortune.

Marty started out with a hundred grand, but his seat on the AMEX cost him ninety thousand dollars, so he was left with ten thousand dollars of trading capital. With only ten thousand dollars he made over eight grand on his first trade. In his second year of trading he made six hundred thousand dollars, and in this third year he made 1.2 million. Unbelievable!

The book is full of insights into how Marty spent all of his money, which can become a little uninteresting, but the rest of the book is pure gold. The last chapter of the book details (for lack of a better word) some of Marty's trading ideas, but that's not valuable information. The valuable trading insights are found throughout the context of the book. Much like Reminiscences of Stock Operator doesn't outline Jessie Livermore's trading strategies; however, it does give insights into how Jessie thought about the markets.
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21 of 21 people found the following review helpful By mirasreviews HALL OF FAMETOP 500 REVIEWERVINE VOICE on November 26, 2005
Format: Hardcover
"Pit Bull" is the trading memoir of Martin "Buzzy" Schwartz, multimillionaire stock and futures trader who won the "Champion Trader" title in the 1984 U.S. Trading Championship, the "Most Money Made" title in 1983, and conquered the futures division in 1992. He made a lot of money too, but Mr. Schwartz loves the limelight and a good competition. The book starts in 1979, when Schwartz abandoned his 9-year career as a securities analyst to trade his own money on the floor of the New York Stock Exchange, and progresses through his tumultuous, exciting trading career until the mid-1990s.

Schwartz sometimes digresses to relate incidents of his childhood and youth, illustrating that he was always a gambler by nature, so "Pit Bull" has some qualities of an autobiography. Schwartz' story is peppered with trading advice, and many of its best moments are when he describes his experiences during specific market events, such as his losses when the market surged after the 1980 presidential election, the idiosyncrasies of trading on the Merc, and October 1987's Black Monday and its aftermath. Martin Schwartz has a big personality and a frank sense of humor that keep the reader entertained. It seems he was both a success and a failure, having succeeded in making himself quite wealthy but not always wealthy enough for his tastes. But he gives the impression that he enjoys trading immensely most of the time.

"Pit Bull" concludes with "The Pit Bull's Guide to Successful Trading" in 30 pages, for those seeking insight into Martin Schwartz' success on the markets. It's a pretty handy guide in which Schwartz lists the trading tools and market analysis services that he uses, outlines his techniques for using moving averages and some chart patterns, and summarizes how he plays stocks and futures.
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14 of 15 people found the following review helpful By Franco Arda on November 7, 2005
Format: Paperback
Pit Bull gives a good and entertaining insight into the mind of a Market Wizard. "Buzzy's" book makes you sometimes laugh out loud.

Particularly interesting; anyone who considers managing other peoples money should read this book. Buzzy shows the dark side of this business and how negatively it can affect the money manager.

Don't expect another Remiscence of a Stock Operator, for that Pit Bull lacks depts on the psychology of a trader and focuses mainly on short term trading (the author is basically a scalper).

All in all a worth-reading book on the life of a top trader.
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9 of 9 people found the following review helpful By Steve Burns TOP 1000 REVIEWERVINE VOICE on November 27, 2008
Format: Paperback Verified Purchase
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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Pit Bull: Lessons from Wall Street's Champion Day Trader
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