Very hard to find information on Frankie Joe. Someone pointed out that he was mentioned in the Larry Williams' book "day trade futures online" on page 97: "One of the truly great traders from 1960 to 1983 was a former professional baseball player, Frankie Joe. Frankie had a great wit and a deep understanding of his approach to trading. He was quite a guy, sharp as a tack and a delight to talk with. After we had developed a three-year friendship, he revealed to me his technique, it was to sell rallies and buy back on dips in the stock market. That is all there was to it; no more, no less. This was a great technique during that time period, it amassed a fortune for Frankie." Then the book mentioned that eventually his strategy failed during the bull market triggered by Ronald Reagan's tax and budgetary cuts. I think the explaination is a little oversimplified in both Frankie's method and his story. Anyway I have great respect for someone who beat Marty once and almost twice.
As I remember, Frankie Joe was the subject of a cover story interview in Barrons in the mid- to late-1980s. You might be able to find it in a library.
Thanks but not anytime soon... I haven't visited the public library for years... I am worried I might have owed them a book or two as a kid.
You are welcome and thanks. You might have to read the book afterall because I think I am going to stop for a while at this point. The easiest way is listening (while driving) to the unabridged version of the tapes published by http://www.blackstoneaudio.com. And there is a condensed abridged version read by no other than Martin Schwartz himself..., you might still be able to find it on eBay or something. But it's still not the same as studying the book.
I think I am going to stop for a while at this point and focus on my trading and other things. It has been fun. I thank you all for your input. I will try to reply any post... I hope this thread has been helpful in studying parts of Martin Schwartz's great book "Pit Bull - Lessons from WALL STREET's Champion Day Trader." Did the book help me? It is definitely inspiring and most importantly Marty shows his approach, work ethics and philosophy. Can anyone copy him? I know I can't. Marty said it himself that everyone's psychological make-up is different, what works for him might not work for someone else. But he has shown me: 1) You got to be honest with yourself, your trading plan and your life. Honesty is not only Marty's secret. I have heard the same thing from Bruce Lee's interview to the precious meditation instructions passed down by Buddha Shakyamuni 2500 years ago. Honesty is the key to success and happiness in life and after. 2) Trading is not easy. Everyone just tries to sell you the dumbo feather and stroke your ego. You can really get killed with unrealistic expectations. Unfortunately, I found trading to be a lonely path, you really have to find your own way but there are other's foot-prints and a very few who is willing to lend a kind helping hand if you are lucky (no money involved). Study the market characteristics -> find a methodology that works based on your studies -> put together a realistic trading plan -> paper trade the plan, practice it, correct it. -> look at the Profit/Loss real hard and let it speak to you. Keep the plan as simple as possible at first because it is like food allergy, you need to find out what is making you sick. Does it really make money over time? Does the method and plan fit your personality? Does the kind of trading fit your personality? As the poker champion Doyle Brunson said: it is hard enough to face a table of opponents and you don't want to fight yourself. 3) Balance your life. Trading can't be the most important thing. Or think of it this way: We are always trading time away - everyone is a trader. Life is impermanent. Put it to good use - put some happiness to the world (so you will be happy too). Good luck all!!
I have started a new thread "Zen and the Art of Trading" for open discussions on my favorite book "Zen and the Art of Poker" written by Larry W. Phillips and how to apply his poker rules to trading. Your inputs are most welcomed.
Yeah, I have a suggestion. Spend some time in your office, car or cardboard box. Figure out some of your own edges. Expoit them in the market until they no longer work. The go back and find more edges.
Nowadays I am not searching anymore. I used to collect tons of "edges." Then I found no place to put them in my cardboard box.
Martys....there is a good interview with him on wallstreetuncut. I think the link is posted. Good luck finding it.