Martin S. Schwartz Quotes
Best 16 Quotes by Martin S. Schwartz
“A great trader is like a great athlete . You have to have natural skills, but you have to train yourself how to use them.”
“A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes is the other way around.”
“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.”
“Hard work is the primary reason why I've become so successful, but hard work is just part of the equation.”
“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.”
“I have stated before that whenever your worst fears are not realized about a trade and the market is letting you out better than you expected, it is not just luck. Rather your position is most likely correct and should not only be held but perhaps added to.”
“I’ve said it before, and I’m going to say it again, because it cannot be overemphasized: the most important change in my trading career occurred when I learned to divorce my ego from the trade.”
Book of the Week
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton Malkiel
“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.”
“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.”
“Preparation pays. It is essential to know more than the other players in the game.”
“The most important thing in making money is not letting your losses get out of hand.”
“To be a winner you have to be willing to toe the line and pull the trigger.”
“Trading is a psychological game. Most people think that they’re playing against the market, but the market doesn’t care. You’re really playing against yourself. You have to stop trying to will things to happen in order to prove that you’re right. Listen only to what the market is telling you now. Forget what you thought it was telling you five minutes ago. The sole objective of trading is not to prove you’re right, but to hear the cash register ring.”
“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.”
Book of the Week
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton Malkiel
“When I became a winner, I said: I figured it out, but if I'm wrong, I'm getting the hell out, because I want to save my money and go on to the next trade.”
“You have to master your ego and realize that being profitable is more important than being right.”
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“If you asked me to distill trading down to its simplest form, I would say that it is a pattern recognition numbers game. We use market analysis to identify patterns, define the risk, and determine when to take profits. The trade either works or it doesn’t.”
