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Pit Bull: Lessons from Wall Street's Champion Trad
Welcome to the world of Martin "Buzzy" Schwartz, Champion Trader the man whose nerves of steel and killer instinct in the canyons of Wall Street earned him the well-deserved name "Pit Bull."
This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way and of the trader’s tricks and techniques he used to make his millions.
This is the true story of how Schwartz became the best of the best, of the people and places he discovered along the way and of the trader’s tricks and techniques he used to make his millions.
322 pages, Kindle Edition
First published April 1, 1998
266 people are currently reading
1895 people want to read
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Displaying 1 - 30 of 42 reviews
February 12, 2015
This was recommended to me by a couple of master traders when I asked for a book on trading psychology.
Schwartz counts himself as a 'street kid' - i.e. someone from an ordinary background, rather than a Wasp Ivy League family. His self-image is a little bit different from reality, in that his family did have a strong work ethic and an entrepreneurial streak. He may have done a lot of 'street' things in his youth, but his academic record is excellent. He was also in the Marine Reserves as an officer for five years. The combination of a sharp mind, a strong work ethic and the discipline and ability to stay calm under fire combined to make him an extraordinary trader. He was a true pioneer in terms of his trading. The book is an extraordinary read. Schwartz is brutally honest about his experiences. I think it's this ability to be absolutely honest with himself that was the cornerstone of his exceptional career as a trader. It's fascinating to see where he won and where he lost - and it's his analysis of his losing days that provide some of the most valuable lessons.
This is a must-read for anyone either trading, or even just investing for their pension.
Schwartz counts himself as a 'street kid' - i.e. someone from an ordinary background, rather than a Wasp Ivy League family. His self-image is a little bit different from reality, in that his family did have a strong work ethic and an entrepreneurial streak. He may have done a lot of 'street' things in his youth, but his academic record is excellent. He was also in the Marine Reserves as an officer for five years. The combination of a sharp mind, a strong work ethic and the discipline and ability to stay calm under fire combined to make him an extraordinary trader. He was a true pioneer in terms of his trading. The book is an extraordinary read. Schwartz is brutally honest about his experiences. I think it's this ability to be absolutely honest with himself that was the cornerstone of his exceptional career as a trader. It's fascinating to see where he won and where he lost - and it's his analysis of his losing days that provide some of the most valuable lessons.
This is a must-read for anyone either trading, or even just investing for their pension.
May 14, 2018
TAPIOCA!
November 13, 2021
Interesting biography of a real gambler.
The best way to stop a losing streak is to STOP! STOP THE LOSSES, STOP THE BLEEDING. Take time off and let your intellect take charge of your emotions; the market will be there when you return.
You can never shift from reverse to first gear without first going through neutral. YOU MUST CHANGE THE DIRECTION OF BAD TRADING BY FIRST SHIFTING TO NEUTRAL. YOU MUST STOP. What happens is that as your fear of losing rises, your emotions start to short-circuit your intellect and you no longer have confidence in what you’re doing. Stopping lets your emotions calm down and lets you reestablish your momentum with your intellect. Remember, time is always your ally. Use it to relax, clear your head, and regain your energies.
If for some reason this process doesn’t work initially, try it again by stopping longer and coming back trading even smaller. The most important thing is to protect your trading capital until you can regain your equilibrium and put all the shadows of the losing streak behind you. Losing streaks are an unfortunate part of the game, but if you are a good disciplined trader who can shift into neutral, the losing will end and black ink will start to flow again.
The best way to stop a losing streak is to STOP! STOP THE LOSSES, STOP THE BLEEDING. Take time off and let your intellect take charge of your emotions; the market will be there when you return.
You can never shift from reverse to first gear without first going through neutral. YOU MUST CHANGE THE DIRECTION OF BAD TRADING BY FIRST SHIFTING TO NEUTRAL. YOU MUST STOP. What happens is that as your fear of losing rises, your emotions start to short-circuit your intellect and you no longer have confidence in what you’re doing. Stopping lets your emotions calm down and lets you reestablish your momentum with your intellect. Remember, time is always your ally. Use it to relax, clear your head, and regain your energies.
If for some reason this process doesn’t work initially, try it again by stopping longer and coming back trading even smaller. The most important thing is to protect your trading capital until you can regain your equilibrium and put all the shadows of the losing streak behind you. Losing streaks are an unfortunate part of the game, but if you are a good disciplined trader who can shift into neutral, the losing will end and black ink will start to flow again.
October 11, 2022
I liked this book a lot. What makes it interesting is that Marty Schwartz had an ordinary background and struggled repeatedly before he actually succeeded and made millions as an individual trader. He was not a particularly smart student, did not graduate from an Ivy League or had professional/family connections to fast-track his career.
The crucial decision for him was to switch from being a fundamental analyst researching companies and recommending stocks, to managing his own savings to speculate with options and futures because that gave him the opportunity to achieve oversized gains that he thought was harder to achieve with stocks (the leverage factor). From page 1, the book makes it clear that Marty Schwartz's only goal is to make as much money as possible, as quickly as possible, and he does not hide his greed.
I found the book motivating because his ideas and approach are so simple, yet so effective. I would definitely recommend it to speculators of all kinds, but "investors" that think it's impossible to consistently make money with intraday trading will probably find it a waste of time.
The crucial decision for him was to switch from being a fundamental analyst researching companies and recommending stocks, to managing his own savings to speculate with options and futures because that gave him the opportunity to achieve oversized gains that he thought was harder to achieve with stocks (the leverage factor). From page 1, the book makes it clear that Marty Schwartz's only goal is to make as much money as possible, as quickly as possible, and he does not hide his greed.
I found the book motivating because his ideas and approach are so simple, yet so effective. I would definitely recommend it to speculators of all kinds, but "investors" that think it's impossible to consistently make money with intraday trading will probably find it a waste of time.
October 3, 2011
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.
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.
December 10, 2019
"Preparation pays. It’s essential to know more than the other players in the game.
Dare to dream. It’s not where you are, it’s where you’re going that counts.
“If you don’t have a dream, how you gonna make a dream come true?”
There is no shortcut in trading, the market will quickly find out if you are lazy."
Dare to dream. It’s not where you are, it’s where you’re going that counts.
“If you don’t have a dream, how you gonna make a dream come true?”
There is no shortcut in trading, the market will quickly find out if you are lazy."
July 2, 2017
Modern day Jesse Livermore.
December 3, 2008
One of the few books, other than children's books, that I have read several times. It is an investment book that chronicles the life of Marty Schwartz, who was the top trader in the 1980s. While many investment books are dry, this is an emotional roller coaster that is more about the pressures, successes and failures that high risk investment traders live. A fascinating and frank account of the life of a top trader.
November 2, 2014
Awesome autobiography from one of the best traders of the late 20th century. Definitely recommend. I'm reading it again for the third time in the last 10 years.
January 28, 2015
I just like this book. It's fun, brilliant and most importantly, it tells the ruthlessness of the trading world.
January 16, 2016
The great autobiography of/by Martin Schwartz, one of the best traders ever
January 31, 2016
(less known) classics on trading (in my top 3 of best books on trading in financial markets!)
May 17, 2020
Fun book on trading psychology that tells you that you need to know yourself well before you get into trading. Your greatest enemy in the markets is your own self that will make you want to call "uncle" for your fear of going "tapioca!" And the corollary that since no two people are similar in terms of their emotional/mental outlooks, the same strategy does not work equally for everyone. You need to develop your trades in line with your personality. Know thyself and divorce the ego from the trade.
I felt that Martin Schwartz was approaching zen (in trading) at times when he was consulting his charts and completely lost in the markets. Yet his boisterous personality along with his abiding fear of losing everything tended to keep those moments at bay. Loved how Audrey was always (almost) there to let him see himself better and be more zen.
I felt that Martin Schwartz was approaching zen (in trading) at times when he was consulting his charts and completely lost in the markets. Yet his boisterous personality along with his abiding fear of losing everything tended to keep those moments at bay. Loved how Audrey was always (almost) there to let him see himself better and be more zen.
January 8, 2021
This is quite a captivating one. The author takes your alongwith on his journey from a novice trader to becoming a "champion" trader. This book doesn't give you any real trading techniques but it clearly speeds out all those characteristics which you need to develop in order to become a good trader - most important being "hard work". Plus Martin's narrative is quite candid, he writes it as he thinks about it - no sugarcoating, no overlaying.
Its an unputdownable book!
Must read for an aspiring trader.
Its an unputdownable book!
Must read for an aspiring trader.
March 26, 2021
"Normal?" I said." Who wants to be normal? Doc what you've got to understand is that ever since I was five, I've tried to be abnormal or supernormal. Get ahead, get ahead, get ahead. Im a trader.
No trader is normal. If I wanted to be normal I'd put my money in an index fund and be an analyst"
Im a swing trader and have been a swing trader in heart but I found this book highly insightful. Its a diary form a successful high frequency scalp trader and its full of great advice for any trader whether rookie or professional.
No trader is normal. If I wanted to be normal I'd put my money in an index fund and be an analyst"
Im a swing trader and have been a swing trader in heart but I found this book highly insightful. Its a diary form a successful high frequency scalp trader and its full of great advice for any trader whether rookie or professional.
January 29, 2017
Loved how the auto-biography shows moments of genius in Schwartz's career, as well as some really daft moves. You get a great sense of pride coming out of him, the desire to become great, but also the humility to show his mistakes.
The characters in the story are mostly painted in broad strokes, good enough for brief anecdotes, the chapters are rarely longer than a few pages. Makes for good toilet reading even if you're uninterested in Wall Street.
The characters in the story are mostly painted in broad strokes, good enough for brief anecdotes, the chapters are rarely longer than a few pages. Makes for good toilet reading even if you're uninterested in Wall Street.
July 29, 2018
Was looking for a book that was trading stories, anecdotes etc and not a technical how-to or a trading book trying to pitch me a method and this was the right pick. An interesting trader who started trading properly at 35. Didn’t realize he was an actual market wizard until I was halfway through it. Worth a read for the story about the journey rather than the how to be an amazing trader.
August 10, 2020
An inspiring story about Martin who started trading for a livelihood at 35. His disciplined and methodical approach combined with the kill you mentality on the trading floor is inspiring. This book will show you what it takes to be a professional trader. And if you do choose to go down this treacherous path, what should be your game plan.
December 27, 2020
Good Stock Market Yarns
You won’t get closer to what life was like in the old market pits than this. Excellent read for experienced stock traders who wonder about the old days. There’s some practical technical advice for traders, but it may be outdated in today’s quant-dominated markets.
You won’t get closer to what life was like in the old market pits than this. Excellent read for experienced stock traders who wonder about the old days. There’s some practical technical advice for traders, but it may be outdated in today’s quant-dominated markets.
May 11, 2021
Already soo many people give the review of this book. in one line this book is journey of Schwartz in trading words. it's worth to read, how Schwartz develop, his trading psychology. My favourite chapter is The Pit Bull’s Guide to Successful Trading.
January 18, 2025
This was more of an autobiography than I thought it would be. I was expecting it to be more focused on the trading methodologies and tactics. Instead it was more focused on the authors personal trials and tribulations. Most of the useful information can towards the end of the book.
January 23, 2018
A very enjoyable memoir from Schwartz, one of the great characters in Jack Schwager's "Market Wizards" book.
November 9, 2019
This is a must read if you work in finance.
November 26, 2019
One of the most inspiring and contemporary stories of Marty the Pitbull Schwartz.
Following his dream , creating a plan and sticking to it.
Following his dream , creating a plan and sticking to it.
February 16, 2020
One of the legendary books about the stock market
February 27, 2021
One of favorite trading book
April 2, 2021
Good entertainment, but probably not so applicable to aspiring traders of today I'd think.
July 25, 2021
Interesting memoir of Marty Schwartz though by the end it feels like he just wanted to wrap it up because of disjointed chapters.
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March 25, 2022Good
This entire review has been hidden because of spoilers.
June 16, 2022
As a trader, I love this author's words on trading psychology and the trading process. It helps a lot in understanding the works of successful traders.
Displaying 1 - 30 of 42 reviews