Pit Bull: Lessons from Wall Street's Champion Day Trader by Martin Schwartz (1999-03-24) Paperback – 1711
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I've just completed reading this book. I really liked it, found it hard to put down and have flagged it for a re-read in a year or two because I think the material deserves a re-read to re-absorb the many lessons.
I've also read some of the other negative reviews. Which I do agree with partly..
In short, this is a book for traders, I think there are many valuable lessons in here and perspectives in life from someone who has achieved far more than most people trading.. hence this is a useful insight into the issues we may face as we become more successful. E.g. he talks about what is most important in life, and his issues with health and trading addictions.. also managing other's money, which personally I've just started to do (on a small scale right now).
Some of reviews talk about his ego. I knew a trader who had made a number of million in the LIFFE pits in UK back in the days. He told me that in general, the biggest and best traders were arrogant and had big egos. I think it went with the territory, so I didnt judge Buzzy negatively on this.
Overall I rate this book based on how useful it was to me as a trader, and I found his life story very useful and insightful and I believe I have picked up some new insights that will help me. My book has a number of highlights in it!
That's my opinion, please let me know if this is useful to you as I have many more trading books I can also write a review for.
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.
... was told their story was interesting. It isn’t, because Schwartz just can’t provide the insights. Clever though he might be.