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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... at Schwab Rehabilitation Center, and sometimes ending up in the medic's chair with a busted lip from a fistfight over a trade. At 16:34 in the film above, one trader said this. "When I first started I heard stories of other traders making 50 or 100 thousand a day. I said if I made that kind of money I would quit. I would take the summer off. When I had my first five-figure day, ten thousand plus, I found myself in the pit the next day." He made his summer's worth of money in one session. He came back the next morning. Every retail trader today who says "if I just double my account I'll cash out" is that trader. Every day-trader who promised themselves they would quit after their first six-figure year is that trader. Every options gambler who tells their spouse "one more good week and I stop" is that trader. The 1988 documentary called it the game. The people who stayed in it called it being a gladiator. The paramedics on duty at the exchange called it a job. Modern brokers call it engagement. Every Robinhood push notification is designed to reproduce the pit floor without the paramedics. That single confession from a Chicago pit trader in 1988 has probably explained the last four decades of retail blowups better than every behavioral finance textbook combined. Retail traders build spreadsheets tracking P&L in real time because they cannot look away from the score. Options traders open the app on the toilet because the pit is now in their pocket. Prop shop hires get told the money is what matters when the actual driver is the same dopamine that trapped the 1988 gladiator. The full 19-minute documentary is above. Almost none of the viewers have actually asked themselves what number would make them walk. The framework is free. The willingness to actually name the number that ends the game before you get there is the entire edge.show more

Kursor

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143,815 views • 11 days ago •via X (Twitter)

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29 Comments

Mary11 days ago

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.

Kursor11 days ago

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

Lorn11 days ago

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

EZK10 days ago

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.

MFW9 days ago

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

Koolaid Free10 days ago

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

Verax11 days ago

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

Kursor11 days ago

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

Mr. Congeniality10 days ago

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

Dr. Jay 🧠9 days ago

You in here somewhere @OHare888 ?

Quant Edge10 days ago

Old school. Good times.

Kursor10 days ago

thank you

gridbreak_11 days ago

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.

Mitchell11 days ago

@PitTrading101 Good times

Kursor11 days ago

@PitTrading101 thank

Neal Bhalodia10 days ago

“A fist fight will flare up” 🤣

Neal Bhalodia10 days ago

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

Greg9 days ago

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

Timm Brocks11 days ago

@grok 1988? Which channel?

kye soon lee9 days ago

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

ksmbh9 days ago

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

PTW8 days ago

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

Rainmaker9 days ago

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

Kursor9 days ago

yes, you are right

pointsnfigures16 days ago

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.

Comrade Ox10 days ago

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

Rust Belt Stocks9 days ago

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

Daniel Bones9 days ago

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

crowdcuff9 days ago

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

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Jack

17,235 views • 1 month ago

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.

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 views • 1 month ago

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."

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 views • 1 month ago

🚨 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.

🚨 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 views • 1 month ago

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❗️❗️❗️

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 views • 1 year ago