Haow abut Waxie aka michael Parness-- he rules the freaking markets! started out as a bum on a park bench--- no kidding
Yes, and a most excellent marketer. I met the guy once, and this is no joke, he seemed completely stoned to me. It was surreal. surf
I am very skeptical of anyone claiming that TA is all they use to trade profitably. Not saying it is impossible, but very unlikely. TA plus some other edge, might get the job done. So, while Marty might be saying the truth, it is just 1/2 truth, but it might give a false impression that somewhere in TA, there is some magic formula.
Yes, well put Duke. However, I would say it is impossible to use it alone for profits over time. surf
schwartz said he is a synthesizer,he does not use purely T.A.I remember a guy who worked with him and he said he couldnt get anything from marty,his style is very discretionary. Apparently he quit trading ES after the market changed (hfts) and he barely broke even in this market. I liked the way schwager said marty literally shuddered when asked about his former now very successful trader larry benedict.
From Pit Bull, the chapter "champion trader", here is Schwartz describing his trading style " i was a boxer-counterpuncher.Timing was my key. Id spot an opening, hit it, and jump back. In and out, in and out, bob and weave, a point here, a point there. I didnt take wild swings, because i never wanted to do anything to jepordize my family's security. I outpointed the market by trying to win every round, and if i could help it, i never put myself in a position where i could be knocked out. It was a safe, unspectacular approach that didnt give me too many big victories. For two hundred days a year, i'd end up with reasonably small losses netted out with similar sized gains. Lose $5000 here, make $6000 there, round after round, twenty, thirty, fourty times a day. But I'd win the other fifty trading days by clear-cut unanimous decisions. Smack the bonds for $75000, hit a stock for $100,000, nail a couple of options for $125,000, pound the S&P's for $150,000. Over time it made me a big winner to the tune of $5 million a year." This paragraph above was his description of his trading around 1983. At that time he was competeimg in the in the US Trading Champinships run by Norm Zedah. The contest would allow a treder to trade a $5000 account. Schwartz chose $500,000 account so he would not trade differently. Schwartz took his 500,0000 account to 1-1.5 million a couple consecutive years. ( these contests apparently lasted only 4 months) . Pit Bull can be had at $4 bucks, used , on Amazon and can be skimmed in an hour.
I wish I had this video 10 years ago. Now, I just can't even spare an hour to watch this any more. And that's a good thing.. I have had done extensive research on Marty Schwartz back in the days, and I would like to believe that there is a small part of of him in my psyche as well.
Exactly! Yet the TA traders on elite insist the markets never changed and their systems will work always. Ridiculous!
Where did he say in his book, or the video, that he only used TA. Seems to me like he just claimed to use hard work.