You have to understand your strengths and your weaknesses. It took me nine years to figure myself out. My strengths are dedication to hard work, dogged persistence, ability to concentrate for prolonged periods, and a hatred of losing. My weaknesses are insecurity, fear of losing, and a need for constant reinforcement and frequent gratification.
And the biggest rumor of all was that Morgan Stanley, the bluest of the blue-chip investment banks, might go belly up. The Wasps got it backward,” rasped Skinny. “They had all these arbitrage positions, short stocks, and long S&P futures, but because of the selling panic, they got fucked. The futures’re tradin’ at a fortypoint discount and the stocks ain’t tradin’ at all. After goin’ mark-tomarket last night, they’re tapioca.
Pit Bull: Lessons From Wall Street’s Champion Day Trader
140 / Pit Bull in T-bills, and that they were willing to take on Debbie as my clerk. “Marty, we’re pleased to have your business and you can start trading first thing tomorrow.” I couldn’t believe it. For the first time in two days, I felt the stoppage in the plumbing in my backside loosen up. Somehow, they’d made me whole. I picked up my direct line and called Debbie.
Martin Schwartz is a very disciplined trader with a strong work ethic. It is interesting to read how a typical trading day looked as he was trading in the pits. I like Marty Schwartz and his trading book “Pit Bull” a lot.
This midterm was the first public referendum on Reaganomics and this election, more than most, was focused on the administration’s etfinance review handling of the economy. Republicans, on the other hand, had been pleading for more time to make their programs work.
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.
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” I went back to the Merc in 1989, but I declined to trade. Don’t get in a shootout if you’ve left your guns at home. The markets are no place to be trying to impress people. The only way to impress anybody is to stay on your toes, be consistent, and trade within your means. Between my donation to the Windy City Museum and my trading, being a big shot in Chicago had cost me $100,000.
A little over a year ago, when everyone else was making money, I was in a prolonged losing streak and feeling depressed. I was sure that I was right and the market was wrong, but as usual, the market didn’t give a shit. My Florida therapist told me that I had to go cold turkey and give up trading entirely for one week.
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They owe the Merc over a billion. This meant they had to come up with huge amounts of cash overnight to meet their margin calls, because in commodities, everyone starts the day with a clean slate. “Greenspan’s thrown open the Fed discount window,” he told me. “I heard that at the very last minute, the biggest losers borrowed enough margin to cover their positions on the S&Ps. If they hadn’t, the Merc wouldn’t have been able to open, and we’d’ve been heading straight into the next Depression.” Wow. My gut had been right again. I was glad I’d gone for the gold. Just an hour or so earlier, we’d been within minutes of the whole financial system collapsing.
It is an honest book about a trader who had his ups and downs in the market as we all do. In his book he writes, he made his highest progress, when he stopped trying “to be right” with the trades and instead followed the approach of “making money”. In fact, one of O’Neil’s biggest pieces of advice is to read and learn from those at the top of their game. To help investors of all levels further their study of the stock market, IBD has compiled 11 of the best investing books of all time for growth investors. These include books by O’Neil’s biggest trading influences and titles frequently referenced by IBD staff. Your trading methodology has to fit your personality.
A trader, like a chain, is only as strong as his weakest link, and it’s your weaknesses that must dictate your trading style. By that I mean that I’m in and out quickly, always, always, ALWAYS! I’m often in and out in five minutes or less, never more than a couple of hours. I just love to hear the cash register ring.
The best way to do that is to trade small and to concentrate on being profitable. DON’T START BY TRYING TO MAKE A KILLING. When I came back, I’d see a trade I liked and I’d do it small with a very tight stop, so if I was wrong, I’d get right out. All the time I kept telling myself, make little profits, make little profits, make little profits. Black ink, black ink, black ink. I felt sick and trader I wanted to make myself feel good again. I wanted to regain my confidence because CONFIDENCE IS ESSENTIAL TO A SUCCESSFUL TRADER. I had three contracts the other day, which is a tiny position for me, but I ended up making $15,000 on them. Fifteen thousand dollars is real money, and I took that and built it into $40,000 the next day, and all of a sudden, I’m hot again, and I feel great.
They couldn’t afford to have the reputation of the Exchange sullied. If one firm could rat out on a client, then they all could. So, somehow, the money was made good. I slept like a log that night. When I went down to get my Journal the next morning, there was the old garment man standing in the foyer. “Morning, morning,” I caroled cheerfully. “How’s the dress business today?
“Yeah, Debbie, they found our money. It looks like we’re back in business. You’re working for Saul Stone.” “Huh? ” “My account’s been moved to Saul Stone, and I told them you were part of the deal, that you went with the money. ” “Yeah, I guess so, Marty, but what happened?
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We are the masters of our enemy. We are the saviors of my life.
Seats were up for sale at fire-sale prices by members who’d pledged them as collateral against margin calls. 102 / Pit Bull the next morning, and we’d make another shitload of money in one minute. Having Audrey sitting there, reinforcing my feelings, gave me just the edge I needed. We weren’t expecting Election Day to be a very busy trading day. The market closed for presidential elections but stayed open for midterm congressional elections. Still, bank closings and uncertainty about the outcome of the voting had led most of Wall Street to believe that on this day, the market would bide its time. Plus, the Street didn’t really know if it wanted a Republican victory.
- For the past five years I’d been one of the biggest individual traders in S&P 500 futures, but I’d never been to the S&P futures pit and I figured it would be fun to watch the boys trade.
- I looked up at the twin forty-story towers clad in granite and thought to myself, I own this place!
- May I have my badge, please.” I expected the girl at the desk to snap to attention when she heard the name Schwartz, but instead, she gave me a blank stare and said, “How are you spelling Schwartz?
- I took a cab over to Wacker Drive, Chicago’s equivalent of Park Avenue, and got out at The Chicago Mercantile Exchange Center.
- I strode up to the membership desk.
- We checked into the Drake Hotel the night before the opening and since I had nothing to do the next day, I decided I’d go over to the Merc and visit with my clerk, Debbie Horn.
Gold and oil were starting to stabilize. I couldn’t keep my eyes open. There are many like it but this one is mine. My rifle is my best friend. I must master it as I must master my life.
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That scenario made sense to me and I didn’t expect anything dramatic to happen in the markets. Somewhat to my surprise, stocks jumped off to an early gain that morning and built on it for most of the day before settling back to a comfortable 16.38 advance on the Dow. Trading volume climbed to 104,770,000 shares, way up from Monday’s 73,530,000, and that was heavy, especially for an Election Day. Trade or Fade / 13 trades! ” The noise level rose to a crescendo. “A hundred Mesa Oct 65 calls offered at four!
“Sell,” I whispered into the phone. Now I felt like Sandy Koufax. “See,” my therapist https://forexbitcoin.info/ said as I walked back into his office all smiles, “you seem much better.