Rare Marty Schwartz Interview - Top 13 Trading Tips

Dec 13, 2013 -

Top Marty Schwartz Trading Tips


Martin Schwartz began his career as a financial analyst at E.F. Hutton. In his thirties, he quit his job. After accumulating $100,000, he bought a seat on the American Stock Exchange and began trading stocks, options, and futures. In his first year of trading he made over $600,000 and a year later he earned $1.2 million.


He was featured in the Jack Schwager's classic Market Wizards. It has been said that rarely have any of the original Market Wizards given brief interviews or offered video to the public. In his recent speech to students at Amherst College, he revealed some of his trading secrets. Marty Schwartz has also written a book entitled Pit Bull: Lessons from Wall Street's Champion Day Trader.

Early in Martin's career, he was fundamental analyst. He used a company's balance sheet and income statement to forecast earnings. But, eventually he made his wealth using mostly technical analysis.

"I always laugh at people who say "I've never met a rich technician." I love that! It's such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician - Marty Schwartz


Marty's Top Trading Tips

1. Use Stops. Control your risks.
2. Let profits run.
3. Be honest with yourself. Choose a methodology that fits you.
4. Don't get too cocky.
5. When investing, use dollar cost averaging.
6. Have the discipline of regular adding capital to your portfolio.
7. Be willing to admit you were wrong about a stock & weed it out.
8. Winning is more important than ego.
9. Don't trade during period of family stress.
10. Money management is crucial.
11. Scale into positions after doing your homework.
12. Money makes things easier, but it doesn't solve life's problems.
13. Have a long-term objective and a plan to reach it.


 
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