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Pit Bull: Lessons from Wall Street's Champion Day Trader Paperback – March 24, 1999
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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.
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Top customer reviews
unfortunately the title is completely misleading, there are no real lessons here, just the same old sayings that have been used over and over,
-dont put your eggs all in one basket,
-trade to protect assets over making money
-if you day trade never leave your money in stocks futures or anything overnight
-hard work beats luck
-learn and rehearse your strategy before entering
- dont let your ego get the best of you
the list goes on
the book title made me think it would open the reader to his system, unfortunately it does not, it gives a very blurry insite to his trading strategy, he brings up his magic T and tells of his huge winnings but he doesnt really describe the magic t nor does he tell you how he arrived to his biggest winnings. example " i waited months for this setup, and in the end made 60k"
the back gives his trading tools which seems more like advertising than actual advice.
this book is a good read but dont expect any secrets or new information this is why i gave it 2 stars for its misrepresenting title
This is the personal story of Maryin "Buzzy" Schwartz who rose from a lowly pit trader to champion trader, to hedge fund master.
This is an exploration in the life and times of one driven trader. If you are looking for a get rich quick scheme or trading strategy, this is not the right place. Buzzy does mention one or two strategies that he uses, one for trading S&P futures, and the Magic T Theory which he uses extensively throughout his career. However, this is more of a psychological study than a trading journal. How does Buzzy react to the pressure? How does he take it to the next level, and why? What does he do when he does occasionally lose and how does he pick himself up again? And how and why does he eventually wind down his long and successful career?
I was fascinated by this book, and I believe that you will be, too. If you are not sure, just read the first chapter. If at does not get you, put the book down and look elsewhere.
When I did put down the book, I felt, as one does after reading an exceptional biography, that I was saying goodbye to an old friend. I wish that I was able to give higher than 5 stars.
Best wishes, Buzzy, whatever you are doing now and happy trades!
I loved the book and liked the author, appreciating his honesty. In my view, the best insights Buzzy provided had to do with the relationship between gambling and participating in the markets. It seemed that he was more willing to see what others deny, that stock, options and futures speculating has an inherent gambling component. Rather than downplay this gambling dimension, Buzzy embraced it.
Pit Bull also revealed the difficult life of a market trader. My impression was that this field would give most of us health problems due to the constant stress and worry. Schwartz didn't escape this fate. Yet he found extreme financial success that would have eluded him had he remained an analyst.
Buzzy Schwartz must be considered one of the greatest traders of our time and this book is more of an autobiography than a trading manual. He never divulges his trading methodology nor how he turned from being a mediocre break even trader to the star he became.
He references various indicators he uses but with no explanations and curiously credits Terry Laundry's T theory for his turnaround because " it went back to who I was as a person ". The T Theory is then left to you to figure out (Which I can't).
The best thing I can say about his methodology is that it is uniquely his. All of us need to find what best fits our trading style and apply it...there is no one size fits all in trading.
Towards the end of the book it becomes very clear that Buzzy has become weary of the toll that trading has taken on his life ( he wound up in the hospital and almost died) yet still can't seem to get the trading bug out of his system ( he places a trade while in the doctors office).
All in all one of my favorite books, not for its trading methods but for its entertainment value.