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

Having been a broker for several years and having read countless publications on the subject, I had become somewhat blasé about finance-related books. PIT BULL changed all that. From the moment I picked up the book, I COULD NOT PUT IT DOWN!! While the markets were haywire in early January '99, I was in my building's lobby reading chapter-after-chapter of prose which I could only liken to the swings of the market. Marty Schwartz is a story-teller divine!

Buzzy doesn't give away his "secrets", because there aren't any secrets to good trading. He exemplifies this in his good old fashioned "hard work" ethic. Mr. Schwartz has my respect for his daily routine of hard work, in researching and knowing his business inside and out, coupled with his brassy street smarts, and for his ultimate success as a day trader. A MUST READ for any reader who wishes to jump inside the mind of a successful trader. Buzzy's favorite indicator? Exponential moving averages.

This refers to the audio tape version:
This high rolling story was great fun. It's refreshing to hear a tape actually read by the author - it makes the story so much more alive. I found myself sitting in my car for a few extra minutes whenever I got to where I was going just so I could find out what happened next. I bought the abridged version of the audio tape but now wish I bought the longer tapes.
Highly recommended if you enjoy trading stories.

Entertaining but short on helpful tips for traders. He has apparently taken great care not to give any methodological tips apart from broad guidelines. The guy is clearly very good. I would like to read a book where he gives specific methodologies with examples. Do his methods work in the current market ? How did he gain confidence in his methods since this was in the pre-system testing software days ! Since he has apparently taken 100 million out of the markets and his financial future and that of his family is secure. He should write the definitive book on short term trading...and upstage a similar book by Larry williams. How about it Mr Schwartz ?
Summary An interesting read but only limited use to the budding trader. It falls short on trading specifics and the limited technical info is potentially misleading. I take off my hat to a master trader but write that ultimate trading book SO WE CAN TAKE OFF OUR HATS TO A MASTER TRADING AUTHOR

Pit Bull is brimming full of fabulous stories bringing "Buzzy's" Trading Adventures to life. The book is a breeze to read and even imparts some trading knowledge and tips along the way. After reading this book, I've put Schwartz on my list of top ten people I'd like to have a conversation with. This guy has energy and it shines through in his book. This is a must read for anyone interested in the world of trading.

As a former tennis partner and recipient of Buzzy Schwartz' generous tips on how to beat the market (which, alas, did not really work for me since I haven't his temperament, desire, and stick-to-it-iveness), I would like to say that this book was a marvelous read for me. Of course it did not give away all of his trading secrets. To do so would have been foolish on his part. However, it is an extremely honest book by one of the greatest winners in the history of stock market speculation. Those who criticize Buzzy in their reviews are vastly inferior to him in the realm of trading. His success is well documented in Barron's trading contests, so we can believe in it. He also happens to be an extremely charming individual. This book will indeed be a stock market classic that future generations will read along with Lefevre and all the rest. If they do not do so, they will be the losers for it. I only hope that Buzzy will write a sequel. If he does, I will be first in line to buy it.

I happened upon this book in a used bookstore, and bought it on a whim. All the way thru the book (read practically in one sitting), I kept thinking of how I was reading the story of Tony Soprano in his life as a day trader! Humerous, silly, engaging, challenging, stressful, vain, self-aggrandizing, amd more. I couldn't put it down, and I doubt you will want to either!

This audio book is great. Even though it is abridged, I don't feel like I am missing anything. You can feel the intensity of the floor. You also get insights into how to succeed (lifestyle notes and life planning are thrown in here and there). The narration is good -- I usually dislike audio books because they are done so poorly, but this one is top-notch. This should be in your tape player.

I appreciated reading the end of each chapter where Buzzy discussed what he had learned in a philosophical way. Great book because it mixes it all up, gives some history, some psychology, quite a bit of schmaltz, and insight into how chaotic trading can be. Not a "how-to" book but an honest, humorous look inside a great trader's inner workings.

If you've read "Reminiscences of a Stock Operator" and enjoyed it, you'll love this book. Most investment books are dry and tedious to read. This book with it's many anecdotes kept me laughing and engaged for a week - I'm a slow reader.
It's Not a "how-to" which everyone wants but will probably never find. It's a true life account of a Market Wizard, his personality and his strugglies on his qwest to beat the markets. It's blunt, direct and very comical.
I've read a lot of books on the market and the same theme for winning runs thru all, hard work and finding your niche.
Read this book and enjoy it. Probably make for a great Robert Dinero movie.
Thanks Buzzy!

Most of the book is about Marty's personal experience as he matures as a professional trader. Most folks will not like that approach but I did. Oftentimes my own experiences were very similar to what Marty had undergone. It gave me some deeper wisdom and understanding about myself as a human being. After a little of inner reflection after reading the book, I am also seeing myself to have much improved as a trader. I now know why he titled his book, "Pit Bull". I already had the system and the tools to make it work. What was lacking was an understanding of my weaknesses and tendencies that can be dangerous to a trader.
His technique is truly for short term trading of the S&P ( I trade the Naz). Do not use it for other markets that are not similar.

The book was excellent reading with some great stories. The author does a terrific job explaining the trials and tribulations of real life trading. If everything he said in this book is true, he has had a hell of a life. Buy the book and read it, you'll laugh your a#@ off, and you might also learn something. Happy reading.

This book is more of an autobiography than a "How to Trade" book. However, with this said it is a great book about a great trader. Marty tells you what he is thinking at different stages of his career and each is very different. The appendix is great also. It tells of the sources that he uses in his trading plus a breajk-down of his day which is superb. Again not a how to trade book but a great book about a trader.

Anyone that has any interests in the market or in trading will get a lot of excitement from this book. His take no BS attitude and lack of fear is what it takes to make big money in a pool of sharks. I really hope he writes about more experiences in a PitBull II sequel. One just wasn't enough.

I think some people here missed the point of this book altogether. There is no doubt that this is one of the best trading books ever written. This book ranks among the top trading books ever including Reminiscences of a Stock Operator, not because of the technical trading secrets it revels, but because of the insights it offers on the mindset of one of the greatest traders ever. This book elevates itself above almost every other trading or financial book out there for that exact reason, the author made his living (and it was a very good living) from trading the markets. He didn't have a website that offered trading ideas for fifty bucks a month. He didn't fly around the country giving seminars on how to trade at a thousand bucks a head. He didn't have a radio program where he would solicit money from listeners and call himself a money manger. He trading his own money and made a fortune.

Marty started out with a hundred grand, but his seat on the AMEX cost him ninety thousand dollars, so he was left with ten thousand dollars of trading capital. With only ten thousand dollars he made over eight grand on his first trade. In his second year of trading he made six hundred thousand dollars, and in this third year he made 1.2 million. Unbelievable!

The book is full of insights into how Marty spent all of his money, which can become a little uninteresting, but the rest of the book is pure gold. The last chapter of the book details (for lack of a better word) some of Marty's trading ideas, but that's not valuable information. The valuable trading insights are found throughout the context of the book. Much like Reminiscences of Stock Operator doesn't outline Jessie Livermore's trading strategies; however, it does give insights into how Jessie thought about the markets. Pit Bull is written in the same manner, in that, it doesn't outline Marty's strategies but offers insight into his mindset. For instance, at one point in the book Marty discusses how he likes to trade the S&P 500 futures. This information is just glanced over by ninety-five percent of people who read the book, but it is some of the most valuable information the book has to offer.

This book is underestimated because most people just see Marty Schwartz as a self absorbed, egomaniacal jerk. I'm not going to make a judgment on Marty's attitude; instead I'm going to say that this book does one thing: it offers insight into the mind of a great trader. Notice throughout the review I've been using the word trader. If you're unclear on the differences between traders and investors you probably won't like the book. If you're a trader, Pit Bull should definitely be part of your trading library.

This book is more of an autobiography than a "How to Trade" book. However, with this said it is a great book about a great trader. Marty tells you what he is thinking at different stages of his career and each is very different. The appendix is great also. It tells of the sources that he uses in his trading plus a breajk-down of his day which is superb. Again not a how to trade book but a great book about a trader.

Anyone that has any interests in the market or in trading will get a lot of excitement from this book. His take no BS attitude and lack of fear is what it takes to make big money in a pool of sharks. I really hope he writes about more experiences in a PitBull II sequel. One just wasn't enough.

I think some people here missed the point of this book altogether. There is no doubt that this is one of the best trading books ever written. This book ranks among the top trading books ever including Reminiscences of a Stock Operator, not because of the technical trading secrets it revels, but because of the insights it offers on the mindset of one of the greatest traders ever. This book elevates itself above almost every other trading or financial book out there for that exact reason, the author made his living (and it was a very good living) from trading the markets. He didn't have a website that offered trading ideas for fifty bucks a month. He didn't fly around the country giving seminars on how to trade at a thousand bucks a head. He didn't have a radio program where he would solicit money from listeners and call himself a money manger. He trading his own money and made a fortune.

Marty started out with a hundred grand, but his seat on the AMEX cost him ninety thousand dollars, so he was left with ten thousand dollars of trading capital. With only ten thousand dollars he made over eight grand on his first trade. In his second year of trading he made six hundred thousand dollars, and in this third year he made 1.2 million. Unbelievable!

The book is full of insights into how Marty spent all of his money, which can become a little uninteresting, but the rest of the book is pure gold. The last chapter of the book details (for lack of a better word) some of Marty's trading ideas, but that's not valuable information. The valuable trading insights are found throughout the context of the book. Much like Reminiscences of Stock Operator doesn't outline Jessie Livermore's trading strategies; however, it does give insights into how Jessie thought about the markets. Pit Bull is written in the same manner, in that, it doesn't outline Marty's strategies but offers insight into his mindset. For instance, at one point in the book Marty discusses how he likes to trade the S&P 500 futures. This information is just glanced over by ninety-five percent of people who read the book, but it is some of the most valuable information the book has to offer.

This book is underestimated because most people just see Marty Schwartz as a self absorbed, egomaniacal jerk. I'm not going to make a judgment on Marty's attitude; instead I'm going to say that this book does one thing: it offers insight into the mind of a great trader. Notice throughout the review I've been using the word trader. If you're unclear on the differences between traders and investors you probably won't like the book. If you're a trader, Pit Bull should definitely be part of your trading library.

By turns humorous, vulgar, scatological and even touching, I found that I learned more about the author and his love for his wife that I did about trading. An interesting read, but don't expect to learn much about how to trade the markets from the book.

This book was more interesting than the last three novels I've read. Schwartz has an excellent voice and lets you know what he really thinks. Trading can get alittle complicated but "Buzzy" brings you in the pit and explains what he did as if you were a human not a computer programer. This book taught me more about options and the stock market than my economics courses in college. I wish I could thank Mr. Schwartz in person for this great read. I'm sending this book to my father because he would someday like to be a "big swinging dick".

Martin "Buzzy" Schwartz bares his soul on the ups and downs he has encountered as a trader. Like the books "Market Wizards", I couldn't seem to put it down. If you are looking for the holy grail in technical analysis, look elsewhere. If you are looking for a very entertaining read about the trading life, this is the book for you. He gives you the emotions involved, along with some sound tidbits on money management. I trade in the markets for a living, and truly enjoyed his candor...you will too.

Schwartz is cocky and audacious. Here's a man who's goal in life was to be the best trader in the world, the big Kahuna, the Number One. He tells you his story. He tells you the tools he uses to trade. Although his detailed methodology is not spelled out, you feel the human, and intuitively know what he does, or think you do. What makes this book so good is the subtle challenge that you feel in the writing. It's like Buzzy is saying to you, "Here it is folks. I'm the best. If you can do better, here's how, why don't you try."

Overall I thought this book was an excellent read and kept me turning pages rapidly from start to finish. I would recommend this piece of material for anyone interested in going into the business of trading as well as to get a better understanding of the trading environment. You will not find many hard textbook like numbers or calculations in this book but it contains a feeling or taste of what the mysterious trading world is all about.

I have been professionally trading for almost twenty years and was recently tossing out old books. Pit Bull STAYS on the bookshelf as one of my top favorites of all time. Bbooks like this are the stories of inspiration and "been there" connections that keep us in the game for decades past and for decades to come.

I bought the audio version and it was pretty good . Could've done without the language, as i was disappointed to here a professional talk like that, and he dwelled tooo much on his sickness, which really hurt the review.

As a professional trader I am always looking for the "edge". This book is weak on actual trading methodologies. But I really enjoyed hearing about his daily life and routines as a trader. Especially what it's like when things go against you as they eventually will if you are in this game long enough.
I had trouble putting the book down. Highly recommended.
Woops, just got a fill, gotta go!

As other reviewers have noted, this is not a technical "how-to" type of book. However, it gives unique insight into the psychology of someone who has succeeded in a game where in the end, psychology more than anything else divides the winners from the losers, and the losers from their money.

Not funny as some reviews state. No real inside information on trading. Certainly , no comparison to "Liar's Poker". The trade in value last week was .61 cents. This week it's .52 cents. Short this book.

Harper must be a vanity publisher. And to think three people collaborated on this book.

Anyone wishing to read this can find a free copy in my recycle bin this week.

Hey guys,

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.

Cheers guys
Rich