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Market Wizards: Interviews with Top Traders by Jack D. Schwager

March 24th, 2009

Marty Schwartz – Champion Trader

Schwartz, like all the other traders, also emphasizes up front how important risk management is and that good traders must not hesitate to take losses immediately when markets move the other way on them.  He says that going flat is always good thing because you see things differently.  When you are in a losing position, it puts you in a catatonic state.

Schwartz lists some of his best trading rules:

  1. Always check the charts and moving averages prior to taking a position.  Is the price above or below the moving average.  Don’t go against the moving averages.
  2. Has a stock held above its more recent low, when the market has penetrated its most recent low?  If so, that stock is much healthier than the market.
  3. Before putting on a position, always ask, “Do I really want to have this position?”  Is this a position I’d be comfortable holding for a long period of time.
  4. After a winning streak, take a few days off.  The biggest losses always follow the largest profits because you get careless and cocky.
  5. Don’t bottom fish.  Don’t buy something because its been beaten down.  Buy it on the way up.
  6. Before taking a position, always know how much you’re willing to lose, and then place a stop.
  7. Work, work, and more work.  It takes a lot of work to trade well.
  8. Money management is crucially important.

Schwartz responds to the question why most traders lose money:

Because they would rather lose money than admit they’re wrong.  What is the ultimate rationalization of a trader in a losing position?  ‘I’ll get out when I’m even.’  Why is getting even so important?  Because it protects the ego. I became a winning trader when I was able to say, “To hell with my ego, making money is more important.”

Finally Schwartz gives some parting advice to traders trying to get better.  He emphasizes that its so important to take losses.  That the most important thing in making money in trading is to not let losses get out of hand.  Also, not to increase position size until you have doubled or tripled your capital.  Most people make the mistake of increasing their bets as soon as they start making money.  That is a quick way to get wiped out.

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