It’s hard not to get motivated after reading this book! Marty Schwartz’s Magic Tįrom the moment I saw it, I knew the Magic T was the key to my new methodology….With the Magic T, there was order in the universe. It’s pretty obvious that Marty Schwartz has an immense drive and self-confidence, but perhaps a bit too much ego. Passion for tradingĪnother takeaway is that you need a passion for trading and success. A checklist is a written plan, more like bullet points, that need to be checked off before you do any trades to avoid any unforced errors. Marty Schwartz always kept a written checklist in front of him. However, having a methodology gives you the strength and confidence to pull the trigger when necessary. Attack or retreat – there is little time to think. Most traders underestimate the psychological aspect because when you are trading real money, your own money, you get stressed when things start popping. He understood early on the importance of having the correct mindset in trading and having a methodology that fits his personality. Accumulate a grubstake of 100 000 USD within one year.Develop a methodology for trading that fits his style.What was the trading plan? It was pretty basic and reads like this: But I hated the thought of setting goals. Developing a plan with specific goals and setting a time frame for achieving them would at least get me thinking about what I should be doing. Despite all my college degrees and experience, I had yet to achieve success. The more I heard, the more I began to realize that sitting down and seriously developing a plan might not be a bad idea. I hope I have enough energy left to get laid, and I go to bed. Not until his wife and friends told him to make a written trading plan, did he ever take the time to sit down and actually think about how was going to make any money. Like almost any other trader, Schwartz spent years going nowhere with his trading.

How are you going to make money? Do you have any trading strategies? Schwartz stresses the importance of having a trading journal. Our main takeaway from Pit Bull is that you need a trading plan. He was around 35 years of age when he quit his securities analyst job and started his full-time trading career (so it’s never too late to try). When the CME introduced the S&P 500 futures contract in 1982, Marty Schwartz went on to become one of the biggest private traders in the contract. Marty Schwartz is a self-made trader millionaire. Ending remarks about Marty Schwartz’s Pit Bull:.What is Marty Schwartz’s Magic T trading strategy?.

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