Martin Schwartz- "Preparation pays. It is essential to know more than the other players in the game."
I always laugh at people who say “I´ve never met a rich technician”. I love that! It´s such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician.
Martin Schwartz
Trading must be addressed as a profession, because if you do not treat it as such, those who do will separate yourself from your money very quickly.
Martin Schwartz
The most important change in my trading career occurred when I learned to divorce my ego from the trade.
Martin Schwartz
The marines teach you never to freeze under fire, either go forward or backward, don´t just sit there and get the crap kicked out of you.
Martin Schwartz
The most commonly asked question on Wall Street is “Where were you on October nineteenth?
Martin Schwartz
You´ll never know how good you really are until you´ve performed under fire.
Martin Schwartz
Maybe when it gets so bad that you want to puke, you probably should double your position.
Martin Schwartz
Hard work is the primary reason why I´ve become so successful, but hard work is just part of the equation.
Martin Schwartz
Successful businesspeople, whether they´re traders, investors, entrepreneurs, whatever, cannot let friendship or family relationships get in the way of making sound decisions about money.
Martin Schwartz
On Wall Street, when you tell your boss you´re leaving, they immediately seal all your files, check your briefcase, give you a rectal exam, and escort you to the door.
Martin Schwartz
Before you can go out on your own, you have to master your ego and realize that being profitable is more important than being right.
Martin Schwartz
To be a winner you have to be willing to toe the line and pull the trigger.
Martin Schwartz
It takes me less than 10 minutes to read the (Wall Street) Journal.
Martin Schwartz
Preparation pays. It is essential to know more than the other players in the game.
Martin Schwartz
Dare to dream, It´s not where you are, it´s where you´re going that counts.
Martin Schwartz
Don´t beat yourself; if you´ve got a plan thats working, stick to it.
Martin Schwartz
Show me a great trader and I´ll show you someone who understands gambling.
Martin Schwartz
Nobody on Wall Street ever made a “SELL” recommendation. “HOLD” was as low as you went and a “HOLD” recommendation meant run, don´t walk to your broker and dump.
Martin Schwartz
I´d made more in a month than I´d made in my entire lifetime. I can´t begin to describe that feeling.
Martin Schwartz
When you´re a market timer you need to be equally good at going short and going long.
Martin Schwartz
The most important thing about making money is not to let your losses get out of hand.
Martin Schwartz
You must change the direction of bad trading by first shifting to neutral.You must stop.
Martin Schwartz
Confidence is essential to a successful trader.
Martin Schwartz
One of the great tools of trading is the stop, the point at which you divorce yourself from your emotions and ego and admit that you´re wrong.
Martin Schwartz
Exiting a losing trade quickly clears your head and restores your objectivity.
Martin Schwartz
By preserving your capital through the use of stops, you make it possible to wait patiently for a high-probability trade with a low-risk entry-point.
Martin Schwartz
Most equity fund managers charged “1 and 20″… …Only th really top dogs, the guys who were running pure futures funds, had the cojones to charge “4 and 20″.
Martin Schwartz
Handling larger positions had changed my time horizons. I tended to hold my positions longer, which cramped my style of taking profits quickly.
Martin Schwartz
Most books on trading say that you only have to be right three or four times out of ten if you cut your losses quickly and let your profits run. That doesn´t work for me. I cut my losses quickly, but I take my profits just as quickly. I need to be right seven or eight times out of ten.
Martin Schwartz
“Pregame” notes allow me to respond with courage during the heat of the battle the next day. It is this preparation that makes me strong when my emotions are telling me to panic.
Martin Schwartz
Trading is a psychological game. Most people think they are playing against the market, but the market doesn´t care. You´re really playing against yourself.
Martin Schwartz
The sole objective of trading is not to prove you´re right, but to hear the cash register ring.
Martin Schwartz