Pit Bull: Lessons from Wall Street's Champion Day Trader

[MadMarketScientist 11]

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.

[TheNegotiator 13]

This is the story of how one guy had a dream about trading. How he started. Some highs, some lows. But a great journey whichever way you look at it. Really could be a movie.

 

You may pick up the odd tip here and there but that's not the point of the book. It showed me what it took for this guy to make it. Although the book is set a long time ago now and much has changed, Buzzy was truly a master. I am sure he would be today.

 

Great read!

[TimRacette 11]

This book is extremely undervalued and should be added to the list of must read's right next to Reminiscences and Market Wizards. This narrative of Marty "Buzzy" Schwartz is incredibly detailed and goes through how he got started, his struggles, becoming a Champion day trader, and his further struggles in spite of his success. Great book, and easy read.