Mr. Marty Schwartz run his acount up from $40,000 to $20 million by trading. He have a documented record of making 1000% a year, for seven straight years, using a million of US dollars. He is also the winner of several trading Championships, most of the time making more money than all participants together. He was originaly a Wall Street stock analyst, turned up to be a independent futures and options day trader and technical analyst. He is also known as a big advocate of the moving averages. If someone asked Mr.Schwartz, is that technical analysis realy works, he repllied that he used a fundamental analysis for 9 years and get rich as a technical analyst. Based on the story of his associates, Courtney Smith was one of them, the best characteristic he have is discipline. He was never angry, excited, he was just totally intent on making money. He was simply a money-making machine. Mr. Schwartz usualy said, cut losses when you have doubts and stick to the plan. He wasn’t there to prove he was right. He wasn’t there to prove he was smart. He was there to make the maximum amount of money that he could in the shortest period of time. If you want to be successful, you have to do the work. Mr.Schwartz use to trade all day and studies at night, drawing channels, support and resistance levels, analysing for a new day. In 2012. he wrote a book called Pit Bulls, which I recommend.
One of my favorite trading quotes is this one; “Traders would rather lose money, then admit they are wrong. I became a winning trader when I was able to say, “To hell with my ego, making money is more important!” – Marty Schwartz
You probably remember this article from my blog forextrader.live, because this was one of the most read articles there with over 2,300 views. As I wrote then, I choose to write about Mr.Schwartz not only because he is the best, but because I see a complete compatibility with him. I was a stock fundamental trader for 9 years as well, after wich I have turn into forex market and focused my self on tehnical analysis and trades based on what I see, not on what I think. I use to study all night, draw on my charts, channels, SR levels, prepare myself for the new day and trade continuously, day after day, night after night, for weeks, months, for 7 years until today. I use mostly moving averages and SR levels, channels…same as Mr.Schwartz. Not because of him, but I use the same from my beginning when I didn’t know the details about Mr.Schwartz. In between all the tools, I find that as the most useful ‘weapon’ in the market, as you have sow that in my analysis and predictions.
Stay tune for more.