Pit Bull, by Martin “Buzzy” Schwartz is a great book containing, “Lessons from Wall Street’s Champion Day Trader.”
But even that title doesn’t do Pit Bull justice. So let me quickly show you why this book is worth a read… you see…
Pit Bull is the biographical account of how Martin Schwartz became an insanely successful day trader. But this book is not your typical biography. Why’s that?
Throughout the story, Schwartz continually reflects on his accomplishments and challenges. Then he highlights specific lessons, rules of thumb and specific strategies he uses to achieve success. You can take this advice to the bank.
Pit Bull is not only entertaining, but it’s also incredibly instructive (much more so than most biographies). I really enjoyed reading Pit Bull and found Schwartz’s story to be inspiring and educational.
So let me tell you a little bit more about this classic trading biography.
Why You Should Read Pit Bull:
Pit Bull is a great read for a number of reasons. As I already mentioned, the book is incredibly educational. In addition to the fact you get lessons and rules of thumb highlighted throughout the book, there are also some very useful appendices designed to make the book more applicable for the average trader.
The end of the book contains one section called “The Pit Bull’s Guide to Successful Trading” which is packed with applicable tactics and ideas you can use to improve your trading. But that’s not it.
Another really eye-opening aspect of the book is the “Typical Day” section, where you see the average day in the life of our Champion day trader, (broken down into 15 minute increments). Needless to say…
It’s very cool to see exactly how Schwartz finds his groove each and every trading day. It’s also instructive that someone as successful as him is so focused on how he uses his time. That’s not an accident.
So what else should you know about Pit Bull?
Beyond the educational nature of the book, another reason Pit Bull is worth reading is because it shows how Marty Schwartz started out, as well as how he succeeded. I always find it more interesting when biographies start at the very beginning.
In this case…
You get to see what Martin studied in school, what his first job was, the role of family in his success and then eventually how he went out on his own as a day trader and rose to the top. For anyone looking to emulate this career path (or even just learn more about it) this comprehensive start-to-finish view is incredibly interesting.
But that’s not even my favourite part.
What I Liked Best About Pit Bull:
There is one thing about Pit Bull that really makes it stand out from a lot of the other trading and finance books out there. Mainly, Pit Bull is not self-aggrendizing at all. It is amazing to me how objective Schwartz is when he looks back and reflects on both the good and the bad.
It is this objective and realistic focus that makes Pit Bull so interesting to anyone interested in investing. By being modest for most of the book, Schwartz’s success are credible, believable and (more than anything) inspiring. At the same time, you are understanding of his failures and shortcomings because he is so quick to help you learn from them.
There are a few chapters of the book that really focus on the time in Schwartz’s life when he was managing money for other investors. These chapters are incredibly educational for anyone thinking about starting a fund or taking on any related fiduciary responsibility. Schwartz is quick to admit where he made mistakes in managing other people’s money (OPM, as he calls it). And you would be well served to review these passages, if you’re ever thinking of entering the money management game.
Pit Bull: What More Could You Want?
This is usually the part of the book where I write about what a given book doesn’t cover. But Pit Bull is pretty comprehensive. And there’s only one more thing I can think to put here…
If you are searching for reasons not to buy Pit Bull, the only thing I can tell you is that the book is a first person account, so it’s not exactly academic. All of the tactics and ideas are based on personal experience. Schwartz has a very successful track record though, so I think for me the proof was in the performance.
But beyond that little factor, Pit Bull is a very in-depth guide to life as a successful Wall Street day trader. It also gives a very clear view of what’s required to become a day trader, and Schwartz gives incredibly actionable suggestions as to how you can accomplish this in your day to day life.
Sounds pretty good right?
Pit Bull: The Final Word
Pit Bull is an incredibly interesting book. It’s easy to read, but long enough to present a comprehensive view of life as a successful day trader. I have yet to find another book that so aptly describes how to make it as a modern day trader. Beyond the discussion of career path and character traits, the book also has useful apendices that makes the lessons all that much more applicable.
Even if you’re only a little bit curious, I really encourage you to buy Pit Bull on Amazon. What do you have to lose? And if you’re looking for a little more information, you can watch the video book review below.