Keep this thread up Martys. Love the book and love listening to the tape version also. It's one of my favorite books. I think one of the best things about the book are the psychology aspects. He really tells you how it's not only the method but the trader's discipline, mindset and some probabilities.
Thanks for the encouragement. It's definitely the mindset and focus that makes the difference... of course a good methodology helps. Also it is also interesting to see how Marty doesn't trade S&P futures like what the textbooks said.
martys, Great posts. I haven't read the book in a while but those summaries keep reminding me of important points. The Never Short A Republican chapter is one of the best things any trader can ever read.
Through amazon.com, one can purchase the audiobook from blackstone at 35.88. Check the link: http://www.amazon.com/gp/product/of...-choices_2//103-3014224-1318241?condition=all I don't know, how long they will have it there since their website says, 56.95 at: http://www.blackstoneaudio.com/audiobook.cfm?ID=2312 Happy Holodays to all.
Marty Another great book about a great commodities trader is "Lessons from the Pit" by Joe Leinenger. It doesnt go much into methodology but its a great book . I just finished reading it. Here are the reviews: http://www.amazon.com/exec/obidos/t...103-3329290-1982225?v=glance&s=books&n=507846
Been rereading Pit Bull over the X-mas Holidays and wanted to point out what I feel is the best piece of information in that book. Schwartz called his friend, I believe his name is Zoelner when he was in a big losing position and was told.. "Marty, you must get out of the position. Your best trades are ahead of you, never behind you" that may not be word for word but should be close.. This sentence stuck with me the most because it has been a big part of my losing habits of the past.. Like in the book.. I believe Shwartz lost $850,000 on that trade.. but by the end of the month had made it back...
It is one of the most important advices both Marty and Bob Zoellner have spoken of. The other advice is when you are in reverse, you have to put it into neutral first before going to "drive." It's a real money saver in my case even though I forgot about it sometimes. The mental fixations onto the past can pollute the future decisions.
Hi Flash, Thanks for your post. I have just started trying out another methodology and it is a bit longer term than the stuff I have been using. I took a little hit today because I have relatively little confidence in the methodology and the market confirmed my fear when there is little follow-thru today. This is my first losing day for a little while. I know I will start a hole if I keep doing the same thing. Marty suggested trying to trade small for "black ink" leading to a string of small winners in order to rebuild the confidence. I am just going to do that and refocus on my old setup which I have confidence but it can get a bit scary sometimes. What I am saying is don't let the past get the best of you... otherwise it will.