Join over 10,000 people who receive Michael Covel's newsletter & podcast episodes.

as seen on:

Marty Schwartz: Top Trader

Excerpt from an interview with Marty Schwartz taken from Market Wizards by Jack Schwager:

Q. Tell me about your early days.
A. After graduating from Amherst College in 1967, I was accepted to the Columbia Business School. Unhappy at Columbia, I joined a U.S. Marine Corps reserve unit that was recruiting officers. After getting out of the Marines, I returned to Columbia and held some boring part-time jobs while I completed my M.B.A. My first full-time job was as a securities analyst at Kuhn Loeb. After two years I left for XYZ (fictitious name) in 1972. I had written a bearish report on hospital management stocks, saying that the industry would eventually go to a utility rate of return. As part of the normal routine, the draft was circulated among the other analysts, one of whom got drunk one night on a flight home from California and told a client about my report. The stocks began plummeting prior to the report’s release, because the client started spreading rumors that a negative report was about to be issued. I had to testify six hours before the New York Stock Exchange. Out of work for four months, having dissipated my capital, I decided to go back to work. I was tainted. People would say, Oh, aren’t you the guy who wrote that report? It didn’t matter that I had been totally ethical and exonerated. People don’t want to get involved with any controversy, even if it wasn’t of your own making. A friend helped me get a job at Edwards & Hanly where I met Bob Zoellner. When the firm went bankrupt in fall 1975, I had another job lined up at Loeb Rhoades. By 1978, I was working at E.F. Hutton. After eight years as a security analyst it had become intolerable. During my last year at Hutton, I started closing the door to my office so that I could watch the market. I talked to my friend Bob Zoellner several times a day and he taught me how to analyze market actions. Finally, with $70,000 of working capital I went on the floor as a market maker.

Note: Like Trout, Schwartz is a short-term trader. Unless you have sizable investments in staff, equipment and access, it is nearly impossible to win short-term. Marty Schwartz was originally profiled in the Market Wizards.

Trend Following Products

Review trend following systems and training:

Michael Covel Trend Following Products

Michael Covel Trend Following Products

More info here.

Trend Following Books
Trading Systems

Pricing for trend following systems, risk management, trading psychology and black swan strategies. Absolute return systems and education for brand new traders and established pros. Thousands of clients across 70+ countries. Client feedback.

Podcast

The Trend Following™ podcast. Listen now on iTunes and Android. Top authors and traders plus alternative commentary. 3M+ listens across 188 countries & territories.

Small Town Guy Makes Millions

His trend following experience on video sent to your home. Get your free video delivered immediately.

TurtleTrader® Site Map

Small town guy makes trend following fortune. His free lesson delivered on video: GET VIDEO NOW.