Michael Marcus

Marcus est l'un des Market Wizards interviewés par Schwager dans son premier tome. Tout comme Ed Seykota, Amos Hostetter, Bruce Kovner et d'autres, il a travaillé dans les années 70 pour Commodities Corporation, firme spécialisée dans le trading de...commodities.

The best trades are the ones in which you have all three things for you: fundamentals, technicals, and market tone. First, the fundamentals should suggest that there is an imbalance of supply and demand, which could result in a major move. Second, the chart must show that the market is moving in the direction that the fundamentals suggest. Third, when news comes out, the market should act in a way that reflects the right psychological tone. For example, a bull market should shrug off bearish news and respond vigorously to bullish news. If you can restrict your activity to only those types of trades, you have to make money, in any market, under any circumstances.
Michael Marcus

Quelques extraits de son interview : Ses conseils aux débutants :
  1. Always bet less than 5 percent of your money on any one idea...If you take a long position in two different related grain markets, that is still one idea.
  2. Always use stops. I mean actually put them in, beacause that commits you to get out at a cetain point. I always pick a point where I will get out before I get in.
  3. If a position doesn't feel right as soon as you put it on, don't be embarrassed to change your mind and get right out. If you become unsure about a position, and you don't know what to do, just get out. You can always come back in. When in doubt, get out and get a good night's sleep.
  4. Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don't stay with your winners, you are not going to be able to pay for the losers.
  5. You have to follow your own light...As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else's style, you often wind up with the worst of both styles.
  6. You absolutely want to put down a bet when a market acts terribly relative to everything else. When the news is wonderful and a market can't go up, then you want to be sure to be short.
  7. I think the leading cause of financial disablement is the belief that you can rely on the experts to help you...Typically, however, these so-called "experts" are not traders... Trading requires an intense personal involvement. You have to do your homework, and that is what I advise people to do.
  8. I've sometimes tried to fight back by trading even heavier after I start losing, but that usually doesn't work. Then I start cutting down very fast to the point of stopping completely if it gets bad enough.
  9. I don't trade the Dow stocks. I prefer the little ones...The basic principle is that it is better to trade the Australian dollar than the Deutsche mark, and the small OTC stock than the big Dow stock.