Pit Bull: Lessons from Wall Street's Champion Trader

by Martin Schwartz

Book Overview

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... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0887308767
• ISBN13: 9780887308765
• Release Date: March 1998
• Publisher: Harper Business
• Length: 320 Pages
• Weight: 1.22 lbs.
• Dimensions: 1.1" x 6.1" x 9.3"

Customer Reviews

Great book!

Love this book. As a trader since 1987, I was very interested to read more about Marty. He's a legend in the trading community. Very insightful and educational read - but funny as can be too! Definitely recommended.

One of the best ever

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. Pit Bull is written in the same manner, in that, it doesn't outline Marty's strategies but offers insight into his mindset. For instance, at one point in the book Marty discusses how he likes to trade the S & P 500 futures. This information is just glanced over by ninety-five percent of people who read the book, but it is some of the most valuable information the book has to offer. This book is underestimated because most people just see Marty Schwartz as a self absorbed, egomaniacal jerk. I'm not going to make a judgment on Marty's attitude; instead I'm going to say that this book does one thing: it offers insight into the mind of a great trader. Notice throughout the review I've been using the word trader. If you're unclear on the differences between traders and investors you probably won't like the book. If you're a trader, Pit Bull should definitely be part of your trading library.

Entertaining and educational

Pit Bull is a very entertaining book about a real trader. So far I have never read a book I didn't like that was actually written by a real trader. As opposed to someone who does "research" or just writes a market letter or better yet a trading coach. If you can get past his massive ego you can really learn tons and be entertained all at the same time. He says many times in the book that he liked selling his favorite commodity: which was Martin Schwartz.It wasn't surprising to me that he never made money trading until Audrey (his wife) told him to make a plan. He never had a plan to make money and he never did until his wife told him to. The second thing I learned from this book is how he has a lot of self-confidence in himself which is a nice way to say that he has a big ego. But the bottom line was that he knew that he could make money because he had a plan and worked hard to achieve it. Another tidbit learned was that he was always prepared for the market and on days in which he wasn't he didn't trade well. The bottom line is if you are looking for the same indicators, ratios, or methods that he uses this book won't teach you that. We probably wouldn't even make money off them even if he spelled them out for us. The real secret is the attitude and the other stuff that so many traders don't do or take for granted. He took notes on the market and recorded them so he could refer back to his feelings and learn from his mistakes to be a better trader. These types of things are the real secret but most people want to look for the magic indicator that will take them to the promised land.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.

Great story and fun to listen to.

This refers to the audio tape version:This high rolling story was great fun. It's refreshing to hear a tape actually read by the author - it makes the story so much more alive. I found myself sitting in my car for a few extra minutes whenever I got to where I was going just so I could find out what happened next. I bought the abridged version of the audio tape but now wish I bought the longer tapes.Highly recommended if you enjoy trading stories.

Great read

Martin "Buzzy" Schwartz bares his soul on the ups and downs he has encountered as a trader. Like the books "Market Wizards", I couldn't seem to put it down. If you are looking for the holy grail in technical analysis, look elsewhere. If you are looking for a very entertaining read about the trading life, this is the book for you. He gives you the emotions involved, along with some sound tidbits on money management. I trade in the markets for a living, and truly enjoyed his candor...you will too.

Great Reading....

The book was excellent reading with some great stories. The author does a terrific job explaining the trials and tribulations of real life trading. If everything he said in this book is true, he has had a hell of a life. Buy the book and read it, you'll laugh your a#@ off, and you might also learn something. Happy reading.