Marty Schwartz

Schwartz est l'un des Market Wizards interviewés par Schwager dans son premier tome. Son style est technique et à court terme.

I turned from a loser into a winner when I was able to separate my ego needs from making money. When I was able to accept being wrong [...] By living the philosophy that my winners are always in front of me, it is not so painful to take a loss. If I make a mistake, so what !
Marty Schwartz

Quelques extraits de son interview :

One of the tactics in the Marine Corps officer's manual is either go forward or backward. Don't just sit there if you are getting the hell beat out of you. Even retreating is offensive, because you are still doing something. It is the same thing in the market. The most important thing is to keep enough powder to make your comeback.
Marty Schwartz

Ses règles de trading :
  1. I always check my charts and the moving averages prior to taking a position. Is the price above or below the moving average ? That works better than any tool I have. I try not to go against the moving average; it is self-destructive.
  2. Has a stock held above its most recent low, when the market has penetrated its most recent low ? If so, that stock is much healthier than the market. Those are the types of divergences I always look for.
  3. Before putting on a position always ask, "do I really want to have this position ?"
  4. After a successful period, take a day off as a reward. After a strong run of profits, I try to play smaller rather than larger.
  5. Bottom fishing is one of the most expensive forms of gambling. It's OK to break this rule on occasion if you have enough justification.
  6. Before taking a position, always know the amount you are willing to lose. Know your "uncle point", and honor it.
  7. When T-bonds and T-bills diverge, have no position until one confirms the direction of the other.
  8. Work, work and more work.
  9. The most important thing is money management, money management, money management. Anybody who is successful will tell you the same thing.
  10. The one area that I am constantly trying to improve on is to let my gains run. I'm not able to do that well.
  11. If you're very nervous about a position overnight, and especially over a week-end, and you're able to get out at a much better price than you thought possible when the market trades, you're usually better off staying with the position.

I alway take my losses quickly. That is probably the key to my success. You can always put the trade back on, but if you go flat, you see things differently.
Marty Schwartz

Ses conseils aux débutants :
  1. Think that you can become more successful than you ever dreamt, because that's what happened to me.
  2. Learn to take losses. The most important thing in making money is not letting your losses get out of hand.
  3. Don't increase your position size until you have doubled or tripled your capital.