Trading seems so simple. After all, a price can only go up or down, so all traders have to do is choose the right direction and then sit back and wait for the money to come in, right? Well, not exactly. The world of trading can be full of surprises for those with big ideas but little preparation. When unprepared traders do not recognize that mistakes in trading are part of the learning process and can really shape a person to become a successful trader.
The legendary Wall Street trader Martin Schwartz shared both the lows and highs of his impressive career in his book 'Pit Bull: Lessons from the Champion Day Trader of Wall Street.' In his typical flamboyant style, he recalled how he lost $10,000 in just a few hours after opening his first trade.
But the highlight of this book is how Schwartz openly discussed the trading mistakes he made, particularly when he was new to trading. He details how he learned from and corrected those mistakes, and since then the rest is history as he became one of the most successful and famous traders in the world.