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A 1988 Chicago Trading Pit documentary accidentally described the exact reason 90 percent of modern retail traders will never stop until they blow up. The film was shot in the peak years of open outcry, back when trading meant shouting yourself hoarse in a physical pit, taking speech therapy...

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Kursor

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143,815 Aufrufe • vor 11 Tagen •via X (Twitter)

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29 Kommentare

Profilbild von Mary
Maryvor 11 Tagen

The number never holds, because the money was never the reward. The refresh is. A trader wired to the score just moves the number the day he hits it. The real exit isn't a target, it's killing the loop that makes the next tick feel like oxygen.

Profilbild von Kursor
Kursorvor 11 Tagen

exactly the goalpost moves because the dopamine is in the action, not the balance

Profilbild von Lorn
Lornvor 11 Tagen

The pit at least had a closing bell. The app follows you home.

Profilbild von EZK
EZKvor 10 Tagen

During the LTCM shitshow I made $3million in 6 trading days in the crowds at the CBOE. Didn’t take a day off for 11 months during that stretch. Then I got married & took a 10 day Hawaiian honeymoon. Couldn’t wait to get back to Chicago & swing the bat again.

Profilbild von MFW
MFWvor 9 Tagen

I miss it every day, but glad i was there.

Profilbild von Koolaid Free
Koolaid Freevor 10 Tagen

Seems like Chicago has been going straight down since the introduction of electronic trading and the pits closed.

Profilbild von Verax
Veraxvor 11 Tagen

the hardest part isn't making money, it's knowing when enough is enough

Profilbild von Kursor
Kursorvor 11 Tagen

once you're in the pit, your brain stops doing that math

Profilbild von Mr. Congeniality
Mr. Congenialityvor 10 Tagen

Thank you for sharing. I must go watch Trading Places now!

Profilbild von Dr. Jay 🧠
Dr. Jay 🧠vor 9 Tagen

You in here somewhere @OHare888 ?

Profilbild von Quant Edge
Quant Edgevor 10 Tagen

Old school. Good times.

Profilbild von Kursor
Kursorvor 10 Tagen

thank you

Profilbild von gridbreak_
gridbreak_vor 11 Tagen

a documentary is for people who need thirty-seven years of distance to recognize a pattern that was never actually hidden. the pit is gone. the reason nobody stops is still standing in the room with you right now.

Profilbild von Mitchell
Mitchellvor 10 Tagen

@PitTrading101 Good times

Profilbild von Kursor
Kursorvor 10 Tagen

@PitTrading101 thank

Profilbild von Neal Bhalodia
Neal Bhalodiavor 10 Tagen

“A fist fight will flare up” 🤣

Profilbild von Neal Bhalodia
Neal Bhalodiavor 10 Tagen

These mfers were screaming on vacation to make sure they were good for the pits when they came back 😭 thank god for the screens

Profilbild von Greg
Gregvor 9 Tagen

It's like the challenge of getting to the top of a mountain. Unfortunately, too many become reckless, and don't survive the fall.

Profilbild von Timm Brocks
Timm Brocksvor 11 Tagen

@grok 1988? Which channel?

Profilbild von kye soon lee
kye soon leevor 9 Tagen

The gambler's prayer: God, please let me get unstuck, I'll never gamble again. A-man.

Profilbild von ksmbh
ksmbhvor 9 Tagen

Wow! For those that understand what's going on here, this was absolutely fascinating and highly entertaining

Profilbild von PTW
PTWvor 8 Tagen

Cuz they were pure discretionary. Systematic is the way to go

Profilbild von Rainmaker
Rainmakervor 9 Tagen

This guy's and girls on suits are now the guys from YouTube.

Profilbild von Kursor
Kursorvor 9 Tagen

yes, you are right

Profilbild von pointsnfigures1
pointsnfigures1vor 5 Tagen

I did this successfully for years. (1988-2012). For me, the screen took the edge I had away (I always legged spreads). I have about three friends who could make the transition (independent pit trader to point-and-click screen trader). They trade very differently today than they used to. Capital costs, far different.

Profilbild von Comrade Ox
Comrade Oxvor 10 Tagen

Making the money is the exciting part, not owning it. It's why billionaire investors keep working. They love the grind.

Profilbild von Rust Belt Stocks
Rust Belt Stocksvor 9 Tagen

I’ve been there for a tour and simulation a few years back when I was in college. Takes a different breed for that…

Profilbild von Daniel Bones
Daniel Bonesvor 9 Tagen

Some really brilliant and some complete nonsense in the comments…but that defines what a market is I guess

Profilbild von crowdcuff
crowdcuffvor 9 Tagen

I worked there as a runner in 1995/6 for Louis Dreyfus. It was great times.

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One Chicago trader made $2.5 million in five days. Another explained how a five-tick move could put you up $1 million or wipe out the same amount before lunch. That was the world a young Chicago worker walked into for the first time. Paper was flying. Thousands of traders were screaming prices, throwing hand signals, and risking their own money in a room that looked more like a riot than a workplace. He went back to his job that same day and gave two weeks’ notice He just knew: “This was where I needed to be.” At its peak, Chicago had roughly 9,000 pit traders across its exchanges. Some were making $20,000 to $30,000 a day. But the most revealing line had nothing to do with getting rich: “It’s not what you make. It’s what you don’t lose.” Because the same aggression that made traders fortunes could keep them trapped inside a losing position while a car, then a house, disappeared in real time. Bookmark it and watch this piece of market history Before the next generation forgets what trading looked like when every emotion was visible.

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PrimeNic

47,984 Aufrufe • vor 2 Monaten

Trader Mayne responds to claims that crypto traders used to be trading against plumbers “The game is different. You guys have problems we didn't have to deal with. We had problems you didn't have to deal with” “There was a smaller pool of assets and a smaller pool of people back then. Crypto was novel back in 2014. 2017, it was novel” “I don't think one is harder than the other because the same people who lost money today, I think would lose money back then” “I think people who are really good today would have adapted to the game back in the day” “The people who are still around now from the prior days are already rich, so clearly they're pretty good at what they're doing or they're still able to make money now” “I personally think it's easier to trade Bitcoin, ETH, Solana, HYPE now with leverage than it ever was”
0:52

Trader Mayne responds to claims that crypto traders used to be trading against plumbers “The game is different. You guys have problems we didn't have to deal with. We had problems you didn't have to deal with” “There was a smaller pool of assets and a smaller pool of people back then. Crypto was novel back in 2014. 2017, it was novel” “I don't think one is harder than the other because the same people who lost money today, I think would lose money back then” “I think people who are really good today would have adapted to the game back in the day” “The people who are still around now from the prior days are already rich, so clearly they're pretty good at what they're doing or they're still able to make money now” “I personally think it's easier to trade Bitcoin, ETH, Solana, HYPE now with leverage than it ever was”

Jack

17,235 Aufrufe • vor 1 Monat

When the market gets boring and quiet and everyone turns bearish, I like to come back to the story of how I fucked it all up. And I fucked it up a lot of ways, because crypto is genuinely hard. People think the cycles just repeat. They don't. Every one has a different texture, a different context, and it is so easy to get it wrong. I got in back in 2013. Wrote the first ever macro piece on Bitcoin, and bought at $200, straight into a peak right before it slammed down and I felt like an idiot. But I had a thesis. And the mistake was never the thesis. It was letting the noise talk me out of it... selling, trading around it, being clever, when the only thing that ever worked was holding. That is the whole lesson, and it is the one that matters most at times like this. Crypto is one of the only real secular trends that lets you build wealth against the debasement of your salary. And as the Exponential Age accelerates, it matters more, not less. So when the market gets depressing, I do the same thing every time. I go back to the thesis, and I accumulate. Zoom out.
1:13

When the market gets boring and quiet and everyone turns bearish, I like to come back to the story of how I fucked it all up. And I fucked it up a lot of ways, because crypto is genuinely hard. People think the cycles just repeat. They don't. Every one has a different texture, a different context, and it is so easy to get it wrong. I got in back in 2013. Wrote the first ever macro piece on Bitcoin, and bought at $200, straight into a peak right before it slammed down and I felt like an idiot. But I had a thesis. And the mistake was never the thesis. It was letting the noise talk me out of it... selling, trading around it, being clever, when the only thing that ever worked was holding. That is the whole lesson, and it is the one that matters most at times like this. Crypto is one of the only real secular trends that lets you build wealth against the debasement of your salary. And as the Exponential Age accelerates, it matters more, not less. So when the market gets depressing, I do the same thing every time. I go back to the thesis, and I accumulate. Zoom out.

Raoul Pal

187,494 Aufrufe • vor 1 Monat

Martin Shkreli says running a hedge fund is the worst job in finance, that a newsletter doing $50 million of revenue beats almost every fund on the planet, and that people only take the job because it's the "sexiest thing" being master of the universe. "I have a friend who wants to start a hedge fund. I told him, this is the most painful, horrible business in the world. Why do this?" "If you start a newsletter business that makes $100 million a year, even $50 million a year of revenue, you've done better than almost every hedge fund on the planet." "You do not want to do this job." "And the reason people do it, and I did it too, and I would never do it again, is it's the sexiest thing in the world. You think you're the master of the universe..." "It's waking up at 3 a.m. checking Korean stock prices and waking back up at 6 wondering what's happening in the world."
0:48

Martin Shkreli says running a hedge fund is the worst job in finance, that a newsletter doing $50 million of revenue beats almost every fund on the planet, and that people only take the job because it's the "sexiest thing" being master of the universe. "I have a friend who wants to start a hedge fund. I told him, this is the most painful, horrible business in the world. Why do this?" "If you start a newsletter business that makes $100 million a year, even $50 million a year of revenue, you've done better than almost every hedge fund on the planet." "You do not want to do this job." "And the reason people do it, and I did it too, and I would never do it again, is it's the sexiest thing in the world. You think you're the master of the universe..." "It's waking up at 3 a.m. checking Korean stock prices and waking back up at 6 wondering what's happening in the world."

Fireside Alpha

206,012 Aufrufe • vor 1 Monat

🚨 THIS IS NOT THE TOP. THE EUPHORIA HAS NOT EVEN STARTED. S&P 500 just printed a new all-time high at $7,791. In the middle of the worst geopolitical crisis of the century. Oil at $80. The Strait of Hormuz blockaded. The US preparing for the next escalation. Nothing resolved. No objectives achieved. And the market rallies into all of it. Most people look at this and call it the top. They are early, and being early is the same as being wrong. Markets do not die quietly. They die in a blow-off. 1929: the Dow ran vertical in its final year before it broke. 1999: Nasdaq gained 86% in the twelve months before the top. 2021: everything went parabolic right before it ended. Every one of them looked insane months before the actual high. Every one of them destroyed the people who shorted the first new high. This is that phase. Liquidity is loose, war spending is real, and retail has not even shown up yet. The melt-up runs through 2027. That is when the euphoria peaks. That is when the crowd is fully in. And that is when the drop starts, from far higher than anyone shorting today expects. When equities rally through an unresolved energy shock, the eventual break is not slow. It is vertical. But it comes after the euphoria, not before it. I called every top and bottom for 15 years, including the $15,768 Bitcoin bottom and the $126,162 top. I am not short here. I am riding this until the crowd stops doubting it. When I exit the market completely, I post it here publicly, like I always do. Turn notifications on. If you are not following yet, you will understand why that was a mistake later.
0:32

🚨 THIS IS NOT THE TOP. THE EUPHORIA HAS NOT EVEN STARTED. S&P 500 just printed a new all-time high at $7,791. In the middle of the worst geopolitical crisis of the century. Oil at $80. The Strait of Hormuz blockaded. The US preparing for the next escalation. Nothing resolved. No objectives achieved. And the market rallies into all of it. Most people look at this and call it the top. They are early, and being early is the same as being wrong. Markets do not die quietly. They die in a blow-off. 1929: the Dow ran vertical in its final year before it broke. 1999: Nasdaq gained 86% in the twelve months before the top. 2021: everything went parabolic right before it ended. Every one of them looked insane months before the actual high. Every one of them destroyed the people who shorted the first new high. This is that phase. Liquidity is loose, war spending is real, and retail has not even shown up yet. The melt-up runs through 2027. That is when the euphoria peaks. That is when the crowd is fully in. And that is when the drop starts, from far higher than anyone shorting today expects. When equities rally through an unresolved energy shock, the eventual break is not slow. It is vertical. But it comes after the euphoria, not before it. I called every top and bottom for 15 years, including the $15,768 Bitcoin bottom and the $126,162 top. I am not short here. I am riding this until the crowd stops doubting it. When I exit the market completely, I post it here publicly, like I always do. Turn notifications on. If you are not following yet, you will understand why that was a mistake later.

Nonzee

85,309 Aufrufe • vor 1 Monat

A lot of takes on this my recent post : many suggesting that I am not a good trader for “ encountering loss” Bruh , I am the best Synthetic indices trader in the WORLD ❗️. Losses are un negotiable part of Trading 📊 , what makes you a good trader is your absolute ability to AT ALL TIMES , make more Profits than the Reds Plus ; Transparency is a virtue missing in most traders , when one ( me ) Exhibits it : that’s our way of telling you that Trading isn’t always about those FLASHY CARS or Expensive vacation Trips Dear trader , Get ready to loss accounts Also get ready to MAKE MORE BLUES than your RED - that’s the real definition of PROFITABLE TRADING❗️❗️❗️
1:08

A lot of takes on this my recent post : many suggesting that I am not a good trader for “ encountering loss” Bruh , I am the best Synthetic indices trader in the WORLD ❗️. Losses are un negotiable part of Trading 📊 , what makes you a good trader is your absolute ability to AT ALL TIMES , make more Profits than the Reds Plus ; Transparency is a virtue missing in most traders , when one ( me ) Exhibits it : that’s our way of telling you that Trading isn’t always about those FLASHY CARS or Expensive vacation Trips Dear trader , Get ready to loss accounts Also get ready to MAKE MORE BLUES than your RED - that’s the real definition of PROFITABLE TRADING❗️❗️❗️

Lucky mane Fx

23,978 Aufrufe • vor 1 Jahr