The Hottest New Book from Wall Street

Pit Bull
by Martin Schwartz

At long last, what many thousands of traders and investors have thirsted for: an inexpensive book by one of the famous "Market Wizards" which tells it like it is. Author Marty Schwartz, with a head for numbers and a taste for gambling, plunged into the volatile trading pits of Wall Street and emerged as the Champion Trader of the U.S. Trading Championship for several consecutive years. His high turnover trading strategies have made him a legend on Wall Street.

Whether you are a neophyte to trading or a thirty year veteran, whether you seek entertainment or are thirsting for knowledge, whether you are curious about knowing how a Market Wizard operates or are focused on what makes Marty Schwartz tick. Pit Bull is the book for you.

Although written as fact, this book might as well have been Aesop's Fables as written by Damon Runyon. It is, on one hand, an autobiographical series of highly entertaining vignettes, filled with the events and characters that illuminate the trading arena. One the other hand, the reader will find something of lasting value in each of these, most directly related to trading, occasionally to living in general. Although not always implicitly stated, there is also a collection of Trading Rules to Live By and, as any successful trader will agree, they are worth heeding.

The book is divided into seventeen chapters and a section titled, The Pit Bull's Guide to Successful Trading, wherein Schwartz lists references to specific tools, publications and other such resources that he finds to be of value. He even describes the activities of a typical trading day. The main section, although biographical, is not arranged chronologically. Rather, it leaps about in time, providing fascinatingly detailed views of the author's entry into professional trading, the value of his stint as a marine officer, a foray into race-horse ownership, his indoctrination into dealing in art, his gambling activities and the indispensability of his working relationship with his wife.

But, the bulk of the narrative is devoted to an insider trader's view of trading including all of the seaminess of the Floor and replete with the patois of The Street. Marty provides a behind the scenes view of the sometimes nightmarish activities that underlie market manipulation by unscrupulous firms. He lets you in on the effects that such activities have on him, painting a fascinating, if somewhat damning, picture of one segment of the business.

Never is there preaching or pontification. Yet, the careful reader will find much to learn even in the most entertaining of these tales. And they are fun to read. One of these deals with the often-mentioned dichotomy between speculation and gambling. Marty makes clear the fact that it is precisely his gamblers mentality, as well as the mathematical abilities that subtent it, which provide him with the ability to trade large positions in the microcosm of day trading. This gambling mindset is illustrated in a description of Marty's swing between the markets and the casinos.

Even when the world of art drew Marty in, nothing would serve except to get to the "floor" of the art auctions and buy at the right price. It did not take long for the author to be as comfortable at Sotheby's as at the American Stock Exchange. Trading is trading, whether for an S&P position or a Winslow Homer oil. All you need is a good set of rules and the discipline to follow them.

The readers will find a short course in trading between the lines of the author's many descriptions of his trades. One of the greatest values in this book is the repeated illustration of the fact that success in trading is linked to daily preparation and unstinting hard work. Marty describes what he does, how he does it (e.g., spending three hours at the end of each day in preparation for the next one, including hand drawing all of his trendlines) and how he feels about it. He is equally unsparing in detailing descriptions of numerous bad trades, why he made them, and what he was able to do (or not to do) to deal with the situation. It is refreshing to hear a giant of the market blatantly tell it like it is, warts and all.

It is as if you are asked by your friend, Marty Schwartz, to accompany him on a stroll through Central Park, during which he volubly tells you what he knows about trading and life. And, the best part is that you can retake the walk anytime.

Those who acquire this book for entertainment will have gotten more than their money's worth. Those who want to emulate some part of Marty's trading style will have gotten a bargain.

Price is a modest $29.95.  Pit Bull is available through online bookstores by clicking below and searching for the title.

http://www.traderspress.com     or    http://www.amazon.com

Marty has subscribed to the SMR (Security Market Research) Charts for over 19 years.  He currently receives his own Custom Chartbook with about 70 charts, both stock and commodities.  If you are interested you can subscribe to same chartbook that Marty uses.  Cost $25.50 per issue or $350.00 per quarter, this is the same cost that Marty pays and if he makes a change to his book yours will change according.