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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 görüntüleme • 11 gün önce •via X (Twitter)

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29 Yorum

Mary profil fotoğrafı
Mary11 gün önce

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.

Kursor profil fotoğrafı
Kursor11 gün önce

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

Lorn profil fotoğrafı
Lorn11 gün önce

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

EZK profil fotoğrafı
EZK10 gün önce

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.

MFW profil fotoğrafı
MFW9 gün önce

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

Koolaid Free profil fotoğrafı
Koolaid Free10 gün önce

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

Verax profil fotoğrafı
Verax11 gün önce

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

Kursor profil fotoğrafı
Kursor11 gün önce

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

Mr. Congeniality profil fotoğrafı
Mr. Congeniality10 gün önce

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

Dr. Jay 🧠 profil fotoğrafı
Dr. Jay 🧠9 gün önce

You in here somewhere @OHare888 ?

Quant Edge profil fotoğrafı
Quant Edge10 gün önce

Old school. Good times.

Kursor profil fotoğrafı
Kursor10 gün önce

thank you

gridbreak_ profil fotoğrafı
gridbreak_11 gün önce

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.

Mitchell profil fotoğrafı
Mitchell10 gün önce

@PitTrading101 Good times

Kursor profil fotoğrafı
Kursor10 gün önce

@PitTrading101 thank

Neal Bhalodia profil fotoğrafı
Neal Bhalodia10 gün önce

“A fist fight will flare up” 🤣

Neal Bhalodia profil fotoğrafı
Neal Bhalodia10 gün önce

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

Greg profil fotoğrafı
Greg9 gün önce

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 Brocks profil fotoğrafı
Timm Brocks11 gün önce

@grok 1988? Which channel?

kye soon lee profil fotoğrafı
kye soon lee9 gün önce

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

ksmbh profil fotoğrafı
ksmbh9 gün önce

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

PTW profil fotoğrafı
PTW8 gün önce

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

Rainmaker profil fotoğrafı
Rainmaker9 gün önce

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

Kursor profil fotoğrafı
Kursor9 gün önce

yes, you are right

pointsnfigures1 profil fotoğrafı
pointsnfigures15 gün önce

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 Ox profil fotoğrafı
Comrade Ox10 gün önce

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

Rust Belt Stocks profil fotoğrafı
Rust Belt Stocks9 gün önce

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 Bones profil fotoğrafı
Daniel Bones9 gün önce

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

crowdcuff profil fotoğrafı
crowdcuff9 gün önce

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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I gave my Grok Bot two options: multiply or die. It came back asking for $250 to hire a team of six. The same headcount on a real desk is three analysts and a risk officer. That is $400,000 a year before anyone opens a position. Mine cost $250 once and about $300 a month to keep breathing. Mine took $250 to $611 on day one, out of a wallet anyone can open and read. Most of the build is not about making it trade. It is about stopping it. Every agent's job description ends with a list of what it may never do without asking me first. One of the six is not allowed to trade at all. Its entire job is killing what the other five found, and its no beats every score on the desk. The one that makes the final call never touches the market either. It only signs. Day three the account was back to $180 and it opened nothing for nine hours while every account I follow posted green screenshots. That was the day the build started working. You could have this running by Friday. Most people reading this will not, and in a few months they will be paying somebody who did. The whole build is in the post below ↓ Save it while it still sounds strange. Give it a quarter and this is just how a retail account works.

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Ray Dalio, founder of the world's largest hedge fund, on how he turned a trading idea into a system. this is the whole loop, in his words: "every time I would make a decision, I would go back and study: if I made that decision in these circumstances, how would it have worked in the past? and I would know the track record of that decision." then it becomes a rule: "I would program it into the computer... rather than just the one I would see, I'd dump in all of them, where do they exist anywhere in the world?" and the constraint most people skip: "the rules should be timeless and universal. because if it didn't work in a long period of time, I would need to understand why." a trading idea in your head is a feeling. tested across every instance in history, it's a system.

Goshawk Trades

12,064 görüntüleme • 2 ay önce

Christopher Nolan says The Odyssey is a promise he made to himself at 16, watching a volcano documentary in a dome-screen IMAX in Chicago. Christopher Nolan: "Going to the Museum of Science and Industry in Chicago when I was 16 years old, seeing a documentary about volcanoes in the OmniMax format, and thinking... why on earth isn't Hollywood using this format? I always wanted to be a director. If I ever got the chance, could I shoot a film in this way?" Christopher Nolan: "I called my friends at IMAX and said, look... if ever we're going to make a film entirely on IMAX, this is The Odyssey. This is the one. Can you find a way to alleviate the limiting factor? The cameras are extremely loud." Christopher Nolan: "What they did is they came up with a way of blimping the camera... a high-tech box that silences it. The thing weighed about 300 pounds. But it let us, for the first time ever, get the quiet scenes, the dramatic scenes, and therefore do the whole film."
2:21

Christopher Nolan says The Odyssey is a promise he made to himself at 16, watching a volcano documentary in a dome-screen IMAX in Chicago. Christopher Nolan: "Going to the Museum of Science and Industry in Chicago when I was 16 years old, seeing a documentary about volcanoes in the OmniMax format, and thinking... why on earth isn't Hollywood using this format? I always wanted to be a director. If I ever got the chance, could I shoot a film in this way?" Christopher Nolan: "I called my friends at IMAX and said, look... if ever we're going to make a film entirely on IMAX, this is The Odyssey. This is the one. Can you find a way to alleviate the limiting factor? The cameras are extremely loud." Christopher Nolan: "What they did is they came up with a way of blimping the camera... a high-tech box that silences it. The thing weighed about 300 pounds. But it let us, for the first time ever, get the quiet scenes, the dramatic scenes, and therefore do the whole film."

PrimeNic

47,984 görüntüleme • 2 ay önce

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 görüntüleme • 1 ay önce

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 görüntüleme • 1 ay önce

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 görüntüleme • 1 ay önce

🚨 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 görüntüleme • 1 ay önce

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 görüntüleme • 1 yıl önce