Currency Trading For Dummies (For Dummies (Lifestyles Paperback)) Review

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(More customer reviews)Let me be honest here:
This book provides some really good advice about trading the forex market. Which currencies have what tendencies, which times and reports to look out for, how to manage trades and money, etc. It provides the basics for any beginner. But, if you are a beginner, you will NOT notice something EXTREMELY important that the authors of this book did not mention ON PURPOSE. The authors, in full disclosure, state they are associated with [...](i.e. Gain Capital). And while in the book they make it seem that since [...] is part of/is a(n) FCM/CFTC/NFA (basically throwing out terms to a beginner to make it seem safe and legit), the author's on purpose do not mention that [...]is NOT an ECN broker, and hence you'd think that with all those acronyms they'd be credible, but think otherwise. In real short, what this means is that if you are not an ECN broker, you are allowed to, and most disclose in very fine print hidden among pages of other details they know few will read, take on purpose trades opposite of yours (hedge), in order to make more profits and ensure that begineers get wiped out and even good traders don't last for the long term. There are many more terrible practices these bucketshops use like fishing for stops, spread manipulation, etc, and [...]has the "white gloves" implied in this book very much dirty. Just google it if you don't believe me.
Just thought I'd throw this out there for any beginners. Choose your books wisely, but don't trust everything they say, and make sure you know what they failed to say and why.
EDIT: I don't mean to pick on Gain Capital specifically. All I am saying is when you do go to choose ANY forex broker, keep my information in mind since it wasn't outlined in the book.
Edit#2: Just in case, another point that wasn't mentioned: rememmber that if your broker is not FDIC insured, and they go under, all your money with them will almost certainly never be seen again (don't fall for their sales/marketing ploys of "we're the biggest ones" or we have a safe and positive balance sheet; if you never heard of Enron, GM, WAMU, then you'd need to read a bit about them). The only FDIC insured FX broker I know of is CITIFxPro, which, if you read in fine print, is managed by Saxo Bank, not CitiBank.

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Your plain-English guide to currency trading
Forex markets can be one of the fastest and most volatile financial markets to trade. Money can be lost or made in a matter of seconds, and forex markets are always moving. So how do you keep up? This hands-on, friendly guide shows you how the forex market really works, what moves it, and how you can actively trade in it — without losing your head!

All the world's a stage — get an easy-to-follow introduction to the global forex market and understand its size, scope, and players

Show me the money — take a look at the major fundamental and economic drivers that influence currency values and get the know-how to interpret data and events like a pro

Prepare for battle — discover different types of trading styles and make a concrete strategy and game plan before you act on anything

Pull the trigger — establish a position in the market, manage the trade while it's open, and close out on the most advantageous terms

Open the book and find:

Currency trading conventions and tools

Key characteristics of successful traders

Trading pitfalls to avoid and risk management rules to live by

How major currencies typically trade

Why it's important to be organized and prepared

The 411 on buying and selling simultaneously

Tips for understanding rollovers and interest rates

Learn to:

Grasp currency quotes

Capitalize on the foreign exchange market

Manage risk and reward

Use the forces that drive currency movements

Identify key traits of individual currency pairs

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The Harriman House Book of Investing Rules: Collected Wisdom from the World's Top 150 Investors Review

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(More customer reviews)"The Global-Investor Book of Investing Rules" is like going to a cocktail party with 150 prominent investment authors and analysts and pumping them for information. We get to hear from Bob Prechter, Marc Faber (a/k/a "Dr. Doom"), Paul Wilmott, and many others. The multiplicity of approaches is excellent: some of the subjects are stock investors, others concentrate on commodities; some use technical analysis, others are fundamentalists. Dr. Faber's one point of advice is one of the best that I have ever read in a financial book: he suggests that consumption of wealth is always an option--buy a good book, go out to dinner with family and friends. It is a shame that such a wonderful book is already out of print, but luckily you can buy a used copy very cheap. It's a bargain!

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For the first time, the tactics, strategies and insights relied on by 150 of the world's most respected financial experts are revealed in a concise, digestible form. Learn how you really make money in the markets from: fund managers of billion-pound equity funds; traders in the options and futures markets; industry-rated analysts; economists from top business schools; and, writers on leading financial newspapers. Each provides focused and practical rules on how to succeed in the market. Often counter-intuitive, their rules tell you exactly what to do and what not to do. No padding; just a rock-hard list of do's and don'ts. The contributors to this book are the elite of investing. They consistently beat the market because they know which shares to buy, at what price, and when. And, just as importantly, they know when to sell. Never before has so much quality advice been packed into a single book. If you want to increase your wealth through investing, this is an unmissable opportunity to acquire knowledge and skills from the best in the world.

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Trend Commandments: Trading for Exceptional Returns Review

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(More customer reviews)This is a very valuable book because it distills the wisdom of some of the world's greatest traders into one place. Michael Covel has spent 15 years studying the methodology, risk management, and psychology of legends like Ed Seykota, Larry Hite, previous turtle traders, Paul Tudor Jones, Salem Abraham and many others. He has also studied the entire history of trend following and the writings of historical figures like Jesse Livermore, Richard Donchian, and Charles Dow.
This book is compilation of the principles that real life trend followers used to make and keep millions, and for some billions in the market. Any trader should be able to pick up this book and get inside the minds of these market wizards.
The problem is that many people do not "get" trend following. They ignore the success of these traders and want to opine about how it does not work, or complain that the draw downs are to large, or that these are only the "survivors" what about the trend following losers? I would like to say these are not the authors opinions these are proven principles, the success of this style of trading has been proven, draw downs occur for all traders (except for frauds like Bernie Madoff), and I do not know of any trend followers who blew up that used proper risk management.
I can say from personal experience of successful trading and my own track record of capital growth at a cumulative total of over 200% in an 8 year period when the market was essentially flat, that trend following works. The principles of Covel's book Trend Following was a major early influence for me. The principles I learned from Covel's book along with the Nicolas Darvas books showed me the importance of reversing my positions and stopping losses when a trend reversed. I went to cash in January of 2008 in my main two accounts as the trend reversed and that allowed me to avoid the entire market meltdown.
This book is easy to read and understand and gives you all the rules you need to begin to build your own trading plan. It does not try to predict the future or tell you what to trade, it shows you HOW to trade successfully.
The principles of this book match my own book. I have also spent many years studying the most successful traders and read over 165 of the top trading books on the market and traded successfully for 12 years. Michael Covel and myself have come to the same conclusions on what leads to success in the markets.
1. Do not try to predict, react to actual price movements.
2. Keep your risk at no more than 1% or 2% of total equity per trade to avoid the risk of ruin.(This is a baseline, risk varies by system)
3. Always trade in the direction of the immediate trend.
4. Always have an exit strategy before you enter a trade.
5. Trade the probabilities not opinions or hunches.
6. In every trade have a limited down side but an unlimited upside.
7. You must have the discipline to follow your tested system 100%.
8. The only people that really always win with the buy and hold strategy is mutual funds by charging management fees.
9. You must be committed to your trend trading strategy for the long term.
10. Watch financial news networks for news and entertainment, read Trend Commandments to learn how to trade.


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Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression Review

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(More customer reviews)Robert Prechter Jr. is well-known in stock market circles for his Elliott Wave predictions over the years have had their success and failures. This is Prechter's third and latest book (At the Crest of the Tidal Wave (1995) and The Elliott Wave Principle (1978)). His current book is really two books in one printed on different colored paper! Even if you do not agree with Prechter's view of the world, you should certainly understand his arguments and make your own decisions.
Part I (135 pp.) focuses on why he believes a stock market crash will occur in the near term, as well why deflation and economic depression are high probability scenarios. Although deflation and depression are rare occurrences, Prechter believes that they are at the brink. His goal is writing the book is to provide insight into defining both events and make you believe that they can happen, and eventually make you believe that they are likely to happen.
Prechter compares the period 1942-1966 (called Wave III) with the economic expansion of 1974-2000 (Wave V). He points out that the most recent period had much weaker economic fundamentals and performance than the prior period, although by stock market standards Wave V had an increase of 1930% on the DJIA compared to 971% during Wave III. In his analysis he provides comprehensive statistics on GDP, Industrial Production, Capacity Utilization, Unemployment rate, household's liquid assets, federal and consumer debt, prime rate, federal budget deficit, personal savings among others. Prechter then defines depression and its relationship to the stock market. One of his key observations is that 'major stock market declines lead directly to depressions'.
Prechter depicts the five waves evident in the stock market using four charts. He points out that the five-wave pattern occurs even taking into account major news events such as Hitler's rise to power and the end of the Vietnam war. Prechter provides four signs of a market top and explains the Elliott Wave characteristics of each of the five waves.
Prechter presents his case for the existing stock market precarious situation (as of March 2002) by covering Wave V in great detail. He spends considerable time examining the fifth wave from 1974 to 2000 compared to previous waves. The case for the historically high stock evaluation is made by focusing on the low dividend yield, outrageously high book value, and high P/E ratio. Prechter then covers how psychology plays a major role in a stock market advance and decline. He reviews the psychology of he economists, brokerage strategists, money managers, public, and the media.
Prechter believes that the upcoming bear market will be the most devastating since the great depression and perhaps since 1720-1784. If this occurs, he indicates that the U.S. will experience another depression. He forecasts that the DJI will plummet to 777, the August 1982 low, if that average follows the pattern of the prior manias (e.g., Nikkei; DJI 1929-32; Gouda tulip bulbs (1634-1722); and the South Sea Company (1719-1722)). Lastly, he makes the case for deflation, and discusses the Fed and banking system.
Book Two provided Prechter's advice for protecting yourself and profiting from the upcoming depression. His recommendations include:
1. Have safety of principal by being in cash or high-quality short-term U.S. Government treasuries (T-bills) or money market mutual funds that invest in these types of instruments.
2. Sell your home (if you have a large mortgage) and rent instead.
3. Find a safe bank (using Weiss Ratings, Inc., for example) and keep your money there.
4. Do not own or invest in stocks, options or futures.
5. Consider buying inverse mutual funds (such as Rydex Tempest that double short the S&P 500) and Rydex Venture (double short NASDAQ 100). ProFunds also offers bear funds. To invest in any of these funds, Prechter cautions that you must be a short-term timer to be successful.
6. Buy physical gold and silver metals.
7. Cash out your whole life insurance policies and convert to term insurance from the safest firms (based on Weiss Ratings, Inc., for example)
Prechter provides a very sobering view of the future that few individuals will heed because of its negative and extreme consequences. But if this book makes you think about the safety of your financial nest eggs, retirement funds, insurance policies, etc; then at least you can decide to take some steps to protect yourself. If the stock market can manage to rally 20-40% from the lows of July 2002, then perhaps you should consider cashing in your remaining equity and mutual funds positions before the 'real' bear market takes hold as Prechter envisions. I know I will be doing that and then using my charts and technical indicators to tell me when to get back in. It's shame that Prechter did not publish this book in March 2000 when the market was at its peak. He would have saved most investors, who believed his work, a great deal of money if they had followed his recommendations.
Whether you agree with Prechter's view of the world, you will certainly agree with this quote:
'To be successful in life, or at least learn something along the way, you have to think for yourself.'

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Today's financial and economic tribulations were a long time in the making. Many people ask, "Why didn't someone see it coming?" A New York Times bestselling book did see it coming. Over 100,000 people read it in time to protect their wealth. The book foresaw and explained the collapse in home prices, plunge in stocks, subprime debacle, liquidity crisis, the demise of Fannie and Freddie, the Federal Reserve's failure to turn the trend, and lots more. The book was Robert Prechter?s Conquer the Crash, published in early 2002, when the Dow was above 10,000 and the financial world was partying around-the-clock.
Fast forward to today: the average U.S. homeowner has suffered a decline of 30% to 40% in property value. Stocks and commodities had their biggest fall since 1929-1932. Fannie Mae is a zombie corporation under the government?s protection. The Fed has pushed every button at its disposal (and then some), to no avail. If Prechter thought a whole new book would help, he'd have written one. But Conquer the Crash is a book-length forecast that's still coming true -- only some of the future has caught up with the specific predictions he published back then. There is much more to come. That means more danger, but also great opportunity. Conquer the Crash, 2nd edition offers you 188 new pages of vital information (480 pages total) plus all the original forecasts and recommendations that make the book more compelling and relevant than the day it published.
In every disaster, only a very few people prepare themselves beforehand. Think about investor enthusiasm in 2005-2008, and you'll realize it's true. Even fewer people will be ready for the soon-approaching, next leg down of the unfolding depression. In this 2nd edition, Prechter gives a warning he's never had to include in 30 years of publishing -- namely, that the doors to financial safety are closing all over the world. In other words, prudent people need to act while they can. Conquer the Crash, 2nd Edition readers will receive exclusive online access to the Conquer the Crash Readers Page, where Prechter continually updates the book's recommended services and institutions.

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The Winning Investment Habits of Warren Buffett & George Soros Review

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(More customer reviews)I am surprised that this book doesn't get the attention that it so rightly deserved. This is indeed a hidden gem! I have read dozens of investment books over the years and this book definitely belongs to my all-time top 5 must read. The writing is simply amazing with investment advices that are clear, succint and easily applicable to our own investment situations.
The book caters to a broad audience with investment advices that will prove beneficial to even the most seasoned investors. Beginners will love the book's approach detailing a step-by-step mental checklist to go through when making investment decisons. I am truly impressed by the author's careful research of coming out with 23 winning habits employed by the world's most successful investors including Warren Buffett and George Soros. I always thought that Warren is a true long-term investor and business owner whereas George is a amazing speculator taking advantages of current market conditions. Their investment philosophies must be worlds apart. Boy, was I wrong. As the author points out, they both have the same 23 winning investment habits as they go thru the same mental checklist when making investment decisions! This book is indeed a revelation.
I won't spoil the party by telling you what the 23 winning habits are. But I promise that each page is a head-turner and you will learn so much and improve your investment record up a notch for every habit that you acquired and practiced. It is one of those rare investment books that I have read cover-to-cover for a great many times and still find the urge to refer back to it. I am sure you will too!


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Warren Buffett, Carl Icahn, and George Soros all started with nothing---and made billion-dollar fortunes solely by investing. But their investment strategies are so widely divergent, what could they possibly have in common?As Mark Tier demonstrates in this insightful book, the secrets that made Buffet, Icahn, and Soros the world's three richest investors are the same mental habits and strategies they all practice religiously. However, these are mental habits and strategies that fly in the face of Wall Street's conventional mindset. For example:-Buffett, Icahn, and Soros do not diversify. When they buy, they buy as much as they can.-They're not focused on the profits they expect to make. Going in, they're not investing for the money at all.-They don't believe that big profits involve big risks. In fact, they're far more focused on not losing money than making it.-Wall Street research reports? They never read them. They're not interested in what other people think. Indeed, Buffett says he only reads analyst reports when he needs a laugh.In The Winning Investment Habits of Warren Buffett & George Soros you can discover how the mental habits that guided your last investment decision stack up against those of Buffett, Icahn, and Soros. Then learn exactly how you can apply the wealth-building secrets of the world's richest investors to transform your own investment results.

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The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach Review

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(More customer reviews)I have been actively Day Trading for about 2 months now, and have managed to remain profitable. I have gotten better over time, and I eventually see this as a way to earn a living.
I heard about this book as I attended one of Marcus's free seminars online.
I really struggled on whether to give this book a rating of 2 or 3 stars. And that is based on what I think the book is good for. I think the title is a bit misleading? The title kind of bills this book out as a 'COMPLETE Guide to Day Trading.'
When I read the word 'COMPLETE,' I tend to think that it will cover money management, trader mentality, how to identify trends, and most important, detailed explanations into trade setups. Basically I would think it would cover many things about day trading, but most importantly.....specific trade setups.
This book was a decent, quick read. And it does a pretty good job at explaining the basics to brand new day traders. It also has some good organizational information in there for anyone. But if you're looking for a book to explain specific setups, time of day, etc.....this isn't the one for you. Specific trade setups really are just mentioned as a blurb more or less in the book in one chapter. If you've been trading for a while, I would say that since it IS available in paper back, and is relatively in inexpensive, it's not a bad buy, but there are more useful books in my opinion. 'Mastering the Trade' is still the best book I've read thus far.
If this book were billed as anything BUT the 'COMPLETE' guide to day trading, or if the word 'Beginner' were somewhere in the title, I would have given it 3 stars. But to be billed as the COMPLETE guide is what swayed me to report 2 stars. Even after reading this book, there is no way a new trader will read it and be capable of day trading.
I don't feel bad about purchasing this book at all. Decent read, but I do not think it's going to help most day traders. Happy trading!!!
Forrest

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Do you want to be a day trader?Every day, millions of dollars change hands in the markets, presenting the perfect opportunity for people just like you to make significant money and profits through the art of day trading.But here's the question: is day trading right for you? And, if it is, how do you get started?In his new three-part guide, professional day trading coach Markus Heitkoetter lays out a simple, proven system for trading success. From the basic essentials of trading to the actual process of making money in the markets, he'll cover it all.
What You Need To Get Started: The Tools, The Methods, The Mindset
Finding the Best Market to Trade: Futures, Forex, Stocks, or Options
A 7-Step Approach to Developing Your Own Profitable Trading Strategy
The 10 Power Principles of Successful Trading Strategies
Avoiding The 7 Common Mistakes of Traders
Get Started Without Risking A Single Penny
Ready-To-Use Trading Plan Templates, Checklists, Resource Directories, & More
Loaded with easy-to-use information, proven and reliable strategies and guidelines, and a practical hands-on approach to the industry, The Complete Guide to Day Trading is your own personal manual to success in the markets.

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Higher Returns from Safe Investments: Using Bonds, Stocks, and Options to Generate Lifetime Income Review

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(More customer reviews)I'm a novice in the investment arena. I've been trying to get a handle on the composition of a diversified portfolio and learn about some of the different products available with let's hope, less risk. I've studied finance while in school but nothing can really prepare you for how complicated the actual market is. I picked up this book and found it surprisingly readable. It doesn't read like a textbook as what I've come to expect after years of school. I think that it takes a great understanding of the subject matter in order to simplify it for others. Dr. Appel shares his knowledge and reasons for some of his strategies in income generating investments in a MOST READABLE manner.
NOT JUST ABOUT BONDS
The book is filled with examples and introductions to all areas of income generating investments, from regular bonds, bond ETF's to mutual funds. It touches upon preferred stocks as well.
I think this is a fantastic handbook for the conservative investor and for those that are learning how to diversify their portfolio. Dr. Appel shares some of his investment picks with the reader and explains with clarity the reasons behind his choices.
BE WARY OF HIDDEN FEES AND TAXES
I found Dr. Appel's explanation of the different types of fund shares and hidden sales fees, and commission fees to be quite interesting. He also talks about the effect that Taxes have on certain investments. I always thought that TIPS is a safer way to ride inflation, but I'll think twice now about placing it in a taxable account.
It was an easy read and it really gave some good insights and strategies on investing with income in mind. I'm looking forward to picking up his book on ETF's as well. I found his writing style to be quite understandable. Definitely pick this up to get a good handle on "Safer" Investments.


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"Marvin Appel is a discerning and highly regarded money manager. In this concise but compelling text, he shows how individual investors can use a range of fixed-income strategies to gain superior returns while ably managing risk." --Nelson Freeburg, Editor, Formula Research"This book is agreat source of knowledge. While reading I found myself learning things I didn't know, and I've been in this business forover 20 years. Marvin Appel has done an excellent job; I am truly impressed." --Ike Iossif, President and Chief Investment Officer, Aegean Capital Group, Inc., and Executive Producer of "MarketViews.tv"Today, many risk-averse investors simply can't meet their income needs with conventional bank CDs, money market funds, or bonds. This book reveals how you can earn more, without exposing yourself to excessive risk or the costs of a highly active trading strategy.Dr. Marvin Appel shows how to take advantage of high-yield bond funds and income-producing equity strategies...when to purchase individual bonds, when to use bond mutual funds, and which bond funds are best...how to finally make diversification work again.Step by step, you'll build a master portfolio for the coming years: one that can deliver attractive long-term returns more safely than you ever thought possible!Safer strategies for boosting fixed income returnsSmarter ways to mix bond ladders, investment-grade taxable bonds, municipal bonds, and high-yield bond mutual funds

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From Boom to Bust and Beyond Review

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(More customer reviews)This book is really really good. I would heartily recommend it as it gives a good review of what led to the crisis without getting mired in minutae. It is an excellent big picture overview of both the economic crisis that befell our country, the boom period that preceded it, and sound logical conclusions about the coming economic winter. It is an excellent motivator for looking into the financial future in terms of preparation and general direction. It seems to be written in a way that is above and outside all the noise that comes from the typical analysts out there. It is a bit short on more specific information on what to do to preapare and act for the coming financial winter, but in a way that is good...a dose of humility from the author.

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The United States is coming off a period of growth and prosperity unlike anything the world has ever seen before. Like a Hawaiian surfer riding a gigantic fifty-foot wave, the entire U.S. and world economy was carried by consumer spending from the Baby Boomers. It was a truly wonderful and phenomenal period of growth. Unfortunately the wave has now hit the beach and we have entered an unprecedented demographic winter, something as yet unknown to the modern world.

History has shown us that every economic crisis results in a political change that the country must wake up to. Although things will continue to be tough, author Jerry Tuma believes that there are things we can do—as individuals and as a nation—to mitigate the damage and even succeed and prosper through what is coming next. Armed with, demographics, statistics and thirty years of economic and financial planning expertise, he covers the factors that got us where we are, and gives educated predictions on where we are headed next, providing insight into topics such as…

Our moral, demographic and economic history (how we gotwhere we are today) Themyth of overpopulation Why prosperity comes to societies with highbirthrates and what that means for public policy issues from adoptionto immigration Howdemographics shows us what is coming next and how you can thrive throughthe new economic realities
Like the old football saying, "Luck is when preparation meets opportunity," and with the right knowledge, there will be unprecedented potential for opportunity for both economic and financial gain.

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Master Traders: Strategies for Superior Returns from Todays Top Traders (Wiley Trading) Review

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(More customer reviews)If you compare this book directly with Market Wizards I & II, you will definitely be very disappointed. However, if the presence of one or two very bright ideas in one single book can already satisfy you well, you may still give it a try. IMHO, the chapter by David Miller (Keys to Biotech Investing) is outstanding, whilst the rest are just so so or even substandard. Sorry to say that there are many better alternatives in the market of the "various authors" genre, like the aforesaid ones and "Inside the House of Money" by Steven Drobny. In short, not recommended.

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Get Rich with Options: Four Winning Strategies Straight from the Exchange Floor (Agora Series) Review

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(More customer reviews)I'd give this book 5 stars for its practicality, but there are a few flaws. Many options books present a Chinese menu of exotic strategies, confusing the reader and probably causing him to lose his money quickly. This book distills all of these strategies down to 4 of the ones that are the most practical for investors and traders, and that in my experience work well in real life. I was put off by the awful title, which is not the main point of the material in the book at all, but I guess the publisher wants to attract some of the get-rich-quick crowd. The clarity and emphasis are uneven. The fifth "bonus strategy" would've best been left out, because most traders would consider it extremely dangerous. On balance, the book's emphasis on profiting from option time decay by using stragegies that are safer than stock ownership greatly outweighs these flaws. You can waste thousands of dollars on options classes and end up with less useful material than is contained in this book.

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Mastering the Trade: Proven Techniques for Profiting from Intraday and Swing Trading Setups (McGraw-Hill Trader's Edge Series) Review

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(More customer reviews)I like John Carter - I like him a lot. But there were some disappointments for me in this book. Namely, several chapters are of little or no use without proprietary indicators and downloads. Repeatedly throughout the book, Carter casually refers the reader to his website but nowhere does he mention that they are very, very expensive. The indicators are typically $400 to $500 each - you can buy a package of them for $1500 to $2000 - and the downloads require you to sign up for an expensive subscription to one of his website trading products. I still like Carter but, in my opinion, his credibility suffered a bit from these omissions.

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Expert tactics to become make the most of every swing trade

In Mastering the Trade, veteran trader and educator John Carter shares his hard-won five-point technique for successful swing trading. In addition, Carter helps you move to the next level of confidence by explaining how markets really work and detailing behind-the-scenes market mechanics.

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Pit Bull: Lessons from Wall Street's Champion Day Trader Review

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(More customer reviews)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.


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