Stuart Walton

Walton est l'un des Stock Market Wizards interviewés par Schwager dans son troisième tome. Après avoir travaillé comme broker et essuyé de nombreux échecs, il a réussi à percer et obtenu des résultats impressionants.

I understood that stocks don't go up and stay up because of stories, tips or people's opinions; they go up for specific reasons. I was determined to find these reasons, shut out the world and then act on my own knowledge. I started to do that, and over time, my record became better and better.
Stuart Walton

Quelques extraits de son interview :

It's a combination of things. The fundamentals are only 25% of it. Another 25% is technical. I like stocks that show relative linearity in their trend. Another 25% is watching how a stock responds to different information: macro events, its own news flow. I also pay attention to how a stock reacts to going to round numbers: $20, $30 etc. I want to see a stock move higher on good news and not give much ground on negative news. The last 25% is my gut feeling for the direction of the market as a whole, which is based on my sense of how the market is respounding to macro news and other events.
Stuart Walton

Ses règles de trading :
  1. Be patient -- wait for the opportunity.
  2. Trade on your own ideas and style.
  3. Never trade impulsively, especially on other people's advice.
  4. Don't risk too much on one event or company.
  5. Stay focused, especially when the markets are moving.
  6. Anticipate, don't react.
  7. Listen to the market, not outside opinions.
  8. Think trades through, including profit/loss exit points, before you put them on.
  9. If you are unsure about a position, just get out.
  10. Force yourself to trade against the consensus.
  11. Trade pattern recognition.
  12. Look past tomorrow; develop a siw-month and one-year outlook.
  13. Prices move before fundamentals.
  14. It is a warning flag if the market is not responding to data correctly.
  15. Be totally flexible; be able to admit when you are wrong.
  16. You will be wrong often; recognize winners and losers fast.
  17. Start each day from last night's close, not your original cost.
  18. Adding to losers is easy but usually wrong.
  19. Force yourself to buy on extreme weakness and sell on extreme strength.
  20. Get rid of all distractions.
  21. Remain confident -- the opportunities never stop.