In his first few hours at the exchange, Schwartz lost 10% of his working capital. To bolster his working capital, he borrowed an additional $50,000 from his family, but he vowed to himself he would never touch it the money was there just for extra security. His next step was to buy a seat on the American Stock Exchange which took most of his capital leaving him with just $20,000. He decided to quit his day job and go out on his own to become a trader. Through them, he was able to accumulate $100,000, at that time a lot of money which would be worth around $400,000 today. His good fortune and hard work continued.
After taking various positions with Mesa stock, and at one time several thousand dollars down, with encouragement from Bob Zoellner, he made the perfect call. He would tell himself that he was smart, that he had a good education, and that he had been a winner for most of his life, so why couldn’t he make money on the markets? The Big Turnaround However, for all the time he was doing so, he had been continuously losing money.
Subsequently, Schwartz moved to Edwards and Hanly, a small retail brokerage firm where he met Bob Zoellner, a successful trader who later became Schwartz’s mentor.Īt the time, Schwartz was also playing the markets. Hutton & Co., at that time a highly respected American stock brokerage company, as a financial analyst. Following his draft to the US Marine Corps Reserves, he returned to Columbia in 1973 to complete his M.B.A. and went on to study at Columbia University Business School. As a multiple award winner, many people consider Schwartz to be one of the most successful traders in the world. He is also an author of the day trader’s ‘must read’ book “Pit Bull: Lessons from Wall Street’s Champion Day Trader”. Martin (Marty) Schwartz, also known as Buzzy, is a well-known Wall Street trader who has amassed a substantial fortune trading futures, stocks and options. Posted May 23rd, 2020 by TSFX & filed under Trading articles. Marty Schwartz – The Trader who Made Millions
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