Wall Street LEGEND Reveals 40 Year Trading Secrets

Known as the most famous man on Wall Street, with almost four decades of experience in the New York Stock Exchange. An unsuccessful trader will have no plan. They'll watch it go to 51. They'll think, "Oh my God, it's going to 55." They'll never take a profit. They go get a coffee, it's trading at 48. They buy more. It goes to 44. They can't take the pain anymore. They sell it. Stock goes back up eight bucks. They blame the market maker.

Introducing Peter Tuan, also known as the Einstein of Wall Street. In this episode, we explore not only exact strategies for profitability but also the history of the markets itself. What it's like trading on the New York Stock Exchange on the trading floor. This is a must-watch episode for any trader who wants to make it within the markets, to learn from somebody who's been doing it for decades, a professional trader with verified results lasting the test of time.

Information is a funny thing. I, as a broker on the floor of the stock exchange, have access to information called "market on close imbalances." What does that mean? That means there's a birdie who once told me that if you put $250 a month into the S&P 500 from the age of 22 till your 60, you will have $1.3 million. The 60-year-old thing may not be that sexy, but $1.3 million is very sexy.

Certain traders would believe that the market is operated by a central algorithm, and that price is delivered, price is engineered, and that there's higher powers. Let's say, is there any elements of truth in that? Yeah, I don't believe so.

So, look, ladies and gentlemen, welcome back to another episode. We have the honor of being joined by the Einstein of Wall Street, Peter. Thank you very much for joining. You've given us a moment of your time and a busy schedule for the summit, New York to Dubai. So, I want to take this episode directly to value the audience that we have. Our retail traders are looking to learn. And I want to take this opportunity with the unique background that you have, being from the Wall Street Stock Exchange and traditional finance, I want to start off with retail traders. In, in my generation, we are obviously looking to social media to learn, and a lot of YouTube videos and so forth, platforms like this. And one of the most prominent, I have to ask, one of the most prominent things that traders end up at is this concept of smart money concepts, an ICT when it comes to traditional finance, Wall Street, and so forth. Is this a term that you're familiar with?

I've never heard of it. I don't know what that is. What is ICT and what is smart? Uh, tell me. Good to know. I mean, it's a school of thought that has been around for maybe a decade or two that is probably the most viral way that traders are looking to learn, um, because it has certain benefits of high risk reward and so forth. But it's good to know that you're, you're non the wiser because I think that says a lot in it. Yeah. No, I mean, if you would describe it to me, what does it actually mean? It's, uh, certain, certain parameters would be an order block within price action, an imbalance or a fair value gap, liquidity runs, these kind of price action terms that traders are utilizing to mark the chance. Wow, spectacular.

So, you know, I've learned, I've learned over time that I have a pretty big presence on social media and, uh, you know, uh, I don't actually listen to a lot of social media around trading, even though I do a lot of it. Uh, it's like I don't, don't, uh, you know, uh, many of the people who are involved in it, I don't listen to. I don't know who they are. Not for any level of disrespect, it's just I'm too busy, uh, you know, and so, and I'm, my way is different. I, I've learned that my way. Look, a lot of that terminology, I don't know the words, and they don't mean anything to me. When I deal with, when I deal with retail, so I have, uh, I have an academy with my partner, David Green, called Wall Street Global Trading Academy. We have thousands of students from all over the world, and they will often talk to us and ask us questions about like the Iron Condor and all these wild, I guess, trading strategies within social media of today. And, uh, it's not our wheelhouse. We don't know anything about it. And so we are, we are more traditional, I guess, or, you know, it's terminology that, that, that I'm just not familiar with. So there's another thing that could be part of is that obviously to stand out in the social media game, you have to reinvent marketing and so forth. Could, are terms we can communicate where, when it comes to market, when, when I look at the ex or currency and so forth?

Certain traders would believe that the market is operated by a central algorithm, and that price is delivered, price is engineered, and that there's higher powers. Let's say, is there any elements of truth in that? Yeah, I don't believe so.

So, look, there are a lot of misconceptions around in the retail world about, uh, bad players in the game. Uh, the, the man is out to get you, the whales are here to hurt the retail trader, market makers are bad people. They, they, they, they will take a stock down to your stop order and then rally it back up and, and, and kind of screw you over in a way, you know? I'm a firm believer, and I mentioned it this morning when I spoke, that when people are successful in the day trading game, you will never hear them blaming, uh, anybody else for their success. They will love to take credit for it, that they have time in hands, that they're the best traders, and whatever. When people are unsuccessful trading, they love to blame everybody but themselves. They will blame the market maker.

I will ask one of the big positions, the postures that we take is about risk management, money management, order management, stop orders, right? The stock exchange has given retail traders this incredible tool called a stop order. What does a stop order mean? That means that I'm able to identify how much risk I'm willing to take in the market. For example, I buy 100 shares of XYZ at $50 and I put a stop order in at $49.50. We believe that 1% of the price of the stock is a good price. It's like it's identifying how much am I willing to, uh, lose for this trade, right? So when it comes to risk, am I willing to risk $50 to make $200? All day long. Am I willing to risk $200 to make 50? Well, no, I'm not. Because, because net net, one losing trade, it will take me four winning trades to break even. So I'm always chasing failure, okay?

So, one of the biggest misconceptions, and I've dealt with market makers. My partner was an ex-market maker in Bank of America and IBM, right? I've been on the floor for, some say, 137 years, uh, right? Uh, I'm on anti-aging medication, so I just look this young. And I've dealt with market makers, I've dealt with, dealt with traders, I've been on all different sides of this market, right? Uh, I started in 1985. I've been a retail trader, an option trader, a convertible arbitrage trader on the floor. I've done risk arbitrage, um, and throughout all this time, up until recently, I've never owned a share of stock for myself, okay? A little known fact, okay? Reason being that as a registered broker on the floor of the New York Stock Exchange, who has a seat on the floor of the stock exchange, I am not allowed to be in a stock for myself personally and for a customer within a 30-day period because of insider information regulation. Correct. Exactly.

So, uh, with that being said, I built a strategy 16 years ago around trading market on close, and I'll be happy to explain to you that, of course. But I trade all 347 stocks that are in the S&P 500 on the floor of the New York Stock Exchange. So, in the S&P 500, obviously, they're 500 stocks. 347 of them are on the NYSE. The rest are on NASDAQ. Reason being that back in the day, right, there were valuation issues, and a lot of the new startups and a lot of the new tech did not have the valuation, uh, uh, uh, warranty, a listing on the NYSE. Their valuation needed to be 250 million plus. I'm not sure the exact numbers. And, uh, so they went to NASDAQ. NASDAQ's rules are a lot more lax when it comes to capitalization and the ability to list an IPO. So that's why you'll see the Netflix and the Amazon and the Nvidias and those listed on, on the, uh, NASDAQ over-the-counter market as opposed to the NYSE.

So I want to explore. So you've been, well, I guess next year is your fourth decade completed on the New York Stock Exchange. So you've been around in the game a lot longer than most of the viewers that I have. I'm only approaching my first decade in the markets, and so therefore, I haven't seen full market cycles and the ups and downs that an economy can have. And I think in your time, we've had the crash of '87, we've had the dot-com bubble, we've had the crash of '08, we've had COVID, we've had quite a lot of turmoil. And it seems like they are rather cyclical. And with everything that's going on in the world, with the prospect of wars and all these kind of things, how do you see the future of the US, the future of the markets, and any future crashes that could be coming, or how to even navigate these kind of situations?

I appreciate the question. A great question. First of all, it's important for me to note that I don't use the word "crash" very lightly. The terminology that is historically used on the, in the stock exchange, in the financial business, like recession, uh, inflation, uh, the death cross, the yield curve, uh, uh, uh, bull markets, bear markets, um, are no longer relevant in my belief, in my world. Okay? The world changed during COVID, right? Uh, uh, I'm not, I don't think for the better, okay? I was basically patient zero at COVID. I got COVID on March 15th, 2020. Uh, I was incredibly sick. I had 103.7 for almost three and a half months. I got meningitis, my cervical spine collapsed. I've had seven surgeries since then. I was in a neck brace for the last four and a half years up until recently. So, and I was given four days to live at one point during my, my journey throughout this. So it changed my life and ruined my life in lots of ways, but I'm a survivor. So I, I kept, I kept going. Um, what happened during, so if you imagine the stock market and the financial industry and the economy as sort of like, you know, when you're a little kid, your mom, your dad gives you a 20-piece jigsaw puzzle. And then as you get better, as you get smarter, you get a 50-piece puzzle and a 100-piece puzzle, right? So if you think of the stock market like that, the components, all the different things, things that happened in COVID dismiss the relevancy of so much that we historically call the standards of Wall Street. Okay? You cannot use a term like a bull market and a bear market that you understand as something that happened within the economic cycle of a decade or a generation or whatever it is. When in January of 2021, at 11:00 in the morning on January, I don't remember the day, I was the 23rd, uh, in the morning, we were down 14,400 points at 11:00 AM. And the, the, the press was talking about, "Oh my God, we are now in a bear market." The first bear market, historically, a bear market is a 10% drop from the last sale and for an extended period of time. I'm not even sure the actual definition of one. And then the market reversed, and by 2:00 PM in the afternoon, we were actually in a bull market, right? And so when you have something that historically used to take generations to happen, right, now happening over lunch, well, you need to re-evaluate these things, especially when you know people use them in such a significant way that these are, you know, these are economic cycles, these affect markets, they affect how people invest in the market, they affect, they explain the economics, uh, of our country. I mean, it suddenly went from COVID to a thousand-piece jigsaw puzzle with so many different components that, you know, you know, the world's changed since COVID. And I could describe to you in detail, fortunately, I have a photographic memory. But if we go back to, uh, uh, I'll go back to February 12th, 2020. The markets were trading at record highs across all indices, okay? February 12th was the day because that was the top, that was the high. The Russell, the S&P, the Dow, the NASDAQ were trading at record highs. The consumer was in an incredibly healthy condition. The banks were in, the bank's balance sheets were incredibly robust and healthy, and everybody across the board were doing, was doing quite well. Little did we know that six weeks later, the market would have sold off 10,800 points, people would be dying in the streets, and that the market would careen off of a cliff, and we would be entering a, uh, a global pandemic which changed the world forever. MH. Okay. So that left us from February 12th until March 23rd, which is was the, the, the cliff dive, right? And everything changed that day, right? Everything about the market, everything about our lives, everything about the economy, everything about everything, right? Suddenly, and it was, look, every crash, and I use the term in a serious fashion, going back to the crash of 1929, has been that, uh, a better, better buying opportunity and selling opportunity. Every one of them. Every crash. And there have only been a handful of crashes in history going back to '29, right? Going back, and I don't know that much about, you know, the World War II and all that time. It was a different time, and we don't need to go there. There's plenty to describe and talk about between then and now. But the crash of '80, and I was there for all of them except the crash of '29, even though some people believe I was around for that time, some people believe I, I signed the Buttonwood agreement, but that was not true.

So out of the dozens and dozens of prop firms that exist in the whole space, who can we really trust? Whether they use slippage, whether they use types of drawdown, unrealistic trading conditions, every single prop firm has hidden tricks. So after thorough research and speaking to a lot of traders, Alpha Capital is definitely the best prop firm in the space. So apart from there, no commissions, low spread, no slippage, great reputation, never denying a payout because you are a Titans of Tomorrow viewer, you get a special discount on every evaluation. Just using the link or using the code "TITANS" for Titans of Tomorrow.

Um, uh, there was a crash of '87. And people should know, and I hope your audience does this research because history is powerful, and history really, uh, explains a lot of where we are. And I don't want people to dwell on it, but in order to understand where we are in the economic cycle and where we are trading and investing, it's really, and to have an overview and overall perspective of what's going on, uh, it's important to know the history. And I'm going to give it to you in just, in as short a way as possible. But so February 12th to March 23rd, the market sold off radically. Uh, the crash of '87, each one of these crashes has had different components that made them happen. Uh, I don't need to go back to '29, but the crash of '87, we were coming off of a record high in the market. There were some insurance issues. There are a lot of different components. It's long for me to describe each one of them, but people should investigate it because each crash, '87, 2000, uh, uh, um, what was in the middle, the dot-com bubble, each had very distinct components that contributed to the crashes that happened later on. '87 was an extraordinary time, percentage-wise, the largest sell-off in history, okay? Um, and, uh, and I was there. I was trading it. I was a clerk. I started on March 23rd, 1985. I came down to the floor of the stock exchange as a teletype. There is no training for that job, okay? There's no school you can go to to become a broker. Everyone's goal when they come down on the floor of the exchange is to become a broker. That's the dream. In 1903, they issued 1366 seats on the stock exchange. That gives you the right to trade stock. And the seats on the stock exchange, it's like a taxi medallion in our world. They've got the price of them goes up and down. No longer because they company went public and it's a different story now. But the price of the seat went up and down based, and it used to trade actively on a daily basis, going back to 1920, back to 1903, based on the economy, based on the markets, based on the demand for traders and brokers on the floor of the stock exchange. The crash of '87, extraordinary because I remember it really well. I was still new, and I remember it was the, it was the beginning. So computers came out around 1983. They were not on the stock exchange until way, way, way, way later. But what was available on the stock exchange in 1985 and 1987 was a thing called a Quotron machine. A Quotron machine was a static, uh, TV teleprompter type thing. And there was also a machine that called a DOT machine where orders were coming down electronically and very archaic, right? It was like the old cling, cling, cling, right? But the orders were coming down. And that day, 1987, the market sold off 683 points, 30-something percent sell-off. Net net, based on where the market was, right? We obviously know a percentage based on where the Dow was. It was the biggest crash. But my memory of it was extraordinary. I was a clerk, so I started as a teletype. And came down there, right? My, my career, uh, up, my, my life before that was an extraordinary one. I grew up in New York City. My parents are Eastern European Jews. They were in the Holocaust. They spent four years in prison. They met after the war in a displaced person's camp, fell in love, came to America, had a couple of children. My father was a very famous doctor, uh, in the US, and I grew up on the upper west side of New York with every possible, um, uh, unconditional love and a wonderful upbringing, right? And, um, and so I had a wonderful, uh, wonderful early years. I ended up going to college. Uh, I, at one point in my life, wanted to become, get into agriculture. Uh, I graduated high school early. I ended up going and living in Israel for a year. I wanted to work on hybridization of plants, and I did. I ended up coming back to the states in, uh, I don't remember the year, 197, uh, I came back, oh, came back to the states, uh, after my year in Israel, and got a degree in agriculture at the University of Massachusetts, one of the top Ag schools. And I, uh, after two years of that, I have a brother who's now in his, who, my father adopted during the war, he's in his 90s, he's still alive. My father lived to 97. Um, and, uh, so I have an older brother who was a major player in the stock market. And he ended up, so my father adopted him during the war. His parents had been murdered. He was eight years old. My parents met, they fell in love. The United States only allowed 40,000 children in after the war. It cost $50,000 per child to come as a refugee. All right? My grandfather was the CEO of Suchard Chocolate before the war, and so he was a very comfortable, wealthy man. He was able to pay for this young man, his name was Harvey Katz, to come to America. After the war, he got foster parents. My parents met, uh, they brought him to live with them. He went on to, make a long story short, he had went on to become a major titan on Wall Street. And, uh, so after my two years as an Ag student, my older brother, we called him my older brother, said, "Enough is enough. It's time for you to put on your big boy pants and and get into finance and become a, go to the stock exchange." And so that's what I ended up doing. Uh, I got a degree in international finance. Uh, I, uh, moved back to New York. I owned a record store on Bleecker Street. I had an African art gallery. I was booking jazz concerts all over the world. I was the doorman at Studio 54. I was trading, I was trading commodities. And, uh, and I was getting a Masters in Business at Baruch, uh, College. I say all this to say that I've had this incredible journey all around. I ended up living in West Africa for two years in the People's Republic of Benin, where I did the accounting for a Norwegian oil company. Came to Wall Street 1985. I was 26. I had already lived a few lives, right? But I was a, I think I was a young entrepreneur with a real hunger for chaos, adrenaline, excitement, and what Wall Street ended up offering me, which was, when I walked onto the floor of the stock exchange, the, the chaos, the excitement, and this incredible dynamic, actually, I felt I had arrived, and I was in a place that your audience, obviously, they're involved in the market now because they got that feeling. Right? Every day for me is like being in the Super Bowl, right? There's nothing better. Right? Why, what draws people to the New York Stock Exchange, for one example, or draws people to trading, right? And that excitement, the adrenaline of, of, of trading a market, being in an auction market, and making money in the market, it's an extraordinary, it's like no other feeling in the world. Making money doing it is extraordinary. Losing money could probably be one of the worst feelings. And I'm giving you this whole scenario because I need people in your audience to understand that there are certain rules. This is where this conversation started. You asked me how there are some misnomers about what's going on. And one of the biggest ones is that people think that market makers on the floor of the stock exchange are out to get them, and that they think that they see their stop orders, and that they take the stock down, they take them out on their stops, and they let the stock rally back up. The biggest misnomer on Earth, right? And so I also started out this conversation by saying, successful traders don't need to blame anybody but themselves for making money. Yes. Unsuccessful traders love to blame anybody but themselves for losing money. And at the end of the day, one of the reasons I've embarked on this journey to educate, motivate, and inspire the new generation, your audience, to become great traders, is because suddenly all of you young people in this, in the investment and trading community, who got invited to this party that you were never welcomed at up until 19, uh, up until 2020, right? During COVID, Webull, Robinhood, suddenly, before all that, you needed to be an accredited investor to day trade or invest in the stock market. That meant that in order to open up a trading account, you had to prove that the money you invested or trading that you were trading with, if you lost it all, would have no effect on your standard of living for five years. Oh, nobody but the 1% of the 1% could ever say that. I couldn't say that, right? So that kept it very exclusive. That's why very wealthy people are the ones who are in the market.

So, you mentioned a lot of things. One thing I want to latch onto is obviously the retail traders and their, their composition in the market is probably a drop in the ocean in terms of the orders that they, that they have. A lot of trading strategies around the, this day and age, at least a lot of retail traders that are watching utilize liquidity and terms around that. Obviously, in the stock exchange, you have access to the books, you have access to the orders. Does any form of manipulation, any form of liquidity have an effect in the markets? As you're saying, it's not necessarily the market makers attacking, but is the manipulation of orders or spoofing, these kind of things something real?

Good question. So, look, there always are going to be bad actors in any space. There are bad actors on social media, those who are doing the pump and dump, those who are doing the, you know, who are like the Jordan Belforts of the world. That, those people do exist. That was real. The Ivan Boesky's of the world, people who come into the market and manipulate the market. Uh, the floor of the stock exchange, fortunately, has never been a place until Jordan Belfort was a place where a lot of that, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, uh, 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In order to do that, we have to start, uh, we have, we, we have to start. We have to decide how to combat that, and that takes something about cutting interest rates. 2022, right? When you raise interest rates to that level, it's going to put pressure. It's just basic economics 101 on the market. So after two amazing 48% rallies in 2021, the market had to take a pause. It had to sell off. That's just the nature of markets. It wasn't a crash, it was a pullback. It was a normal. So that catastrophism that everybody talked about, the end of the world, but no, it was the normal cycle of a market after a 48% rally, MH, major inflation, and all that stuff. 22, we sold off.

Now, if what people do, and it's happening a lot now, is people don't understand that markets go up and they go down, right? I do, uh, a lot of Fox TV and, uh, Neil Cavuto, one of the big guys, very close friend of mine. He always asks me, he says, Pete, you've been down there a long time. Is the market going to go up or down? And I say, yes. I'm the only guy who tells the truth. The market's going to go up or down. Yes, that's what markets do. In 2022, that's what it did. After 48%, it's going to sell off.

Then we come into 2023, okay? And they said, okay, we're going to have seven interest rate cuts. Now, in order to stabilize all this craziness that we just went through, right? And then we started looking at payroll, unemployment, all the other components of economies and markets and all that stuff. And we realized that we don't need seven cuts. We maybe need five or whatever. 2023 was the, 2024, sorry. 2024, the first quarter of 2024 was the best first quarter since 1995 or something, okay? The rally that happened in the first quarter of 2024 was extraordinary. One, it was offshoot. Up 22, they sold them off in 2023. The market rallied beautifully against all odds because the press was saying that we're going to have a recession, there's going to be a depression, markets can't handle this. We just said, up 48%, down 20%. The economy is not in as good shape as we think it is. 2023, the market was solid. It was up double digits. It did its thing. It was beautiful. 2024, we came in and they thought we were going to have a lot of interest rate cuts to stabilize the market. The first quarter was so good, we realized we don't need those cuts. Cutting interest rates is like pouring gas on the fire. The market was doing really good on its own.

Then April came along. April came along because we had a normal pullback in the market in April. The, so the first quarter of 20, 20, first quarter of 2024, yes, was the best quarter since 2, since 1995. April was a normal sell-off. Think about this. Nvidia was trading at $108. February 2023. February 2024, Nvidia was trading at $925. That's crazy. That didn't happen back in the old days, right? So April was a pullback. What I, and I'm saying all this, and it's a long story, I know it is, but what I want people to understand is when markets do what they did in April of this year, I can count on one hand how many pullbacks, consolidation, sell-offs we've had in 2024. There've been five, maybe six. Those have been better buying opportunities than selling opportunities. The retail broker should know that when we have, nobody wanted to pay $924 for Nvidia in, in April, in, in March, at first quarter. And when April it sold off $250 points, they didn't want to buy it because their ideas, oh my God, if it's down 200, we must be in a crow. The media was telling them too, we must be in a major sell-off. The end of the world, dogs and cats living together, it's going to be crazy. When in fact, that was one of the best buying opportunities of all time.

Retail traders should know from an investment point of view that April of this year, July of this year, August 5th of this year, the Black Monday in Japan, the first week of September of this year, and October 5th, that's six times. Those were all gifts to buy stock. Everyone should have a retail day trading account and everyone should have an investment account long-term. There's a birdie who once told me, and I'm not a financial advisor, that if you, as a young 22-year-old, put $250 a month into the S&P 500 from the age of 22 till your 6, mhm, you will have $1.3 million at the age of 60. Compound interest. The 60, the 60-year-old thing may not be that sexy, but $1.3 million is very sexy, okay? People need to change the whole psychology. Your audience needs to understand that they need to invest in stocks and not stuff. Think about all the money we waste on stuff, on on buying stuff on Instagram, everything that we buy that the minute we buy it, it goes down in value. We really need to evaluate whether we need that stuff. Think about it. I put $250 a month into the S&P from the age of 22, a passive income of $1.3 million. Powerful. $250 a month is what? Cutting back on Starbucks, uh, you know, maybe one less vodka at at the pool party in Miami. Uh, you know, I don't need the new iPhone 12 when my iPhone 11's not broken. Go out and buy some Apple stock instead. Everyone needs to change the whole psychology and mentality about investing in their future.

This portion of like investing, I truly agree with the power of it. The only concern I have, let's say, is the age. You said that people don't want to wait a whole lifetime to then have that million dollars, which then makes the shiny object syndrome of meme stocks and meme coins and crypto and the returns that they seem to provide becoming the new appealing thing. And a lot of novice young investors end up there, usually buying at all-time highs. How would you navigate that with my generation usually leaning towards that, but traditional finance and traditional investors just going for the S&P 500? The, the quick satisfaction. We have. We're in a generation now. We want what we want, what we want it, right? I will go on Instagram, buy something for $22 and then spend $37 having it delivered to me yesterday because I have to have it. Urges last 20 minutes. Walk around the block, have a piece of chocolate, and don't worry about it. And you won't end up buying all those things that are not valuable, okay? So this is not a get-rich-quick scheme. They need to develop a sense of discipline and consistency to be a good day trader and a good investor in the market. Uh, no one wants to wait a lifetime to make a lot of money, but they don't have to. There are successful day traders, and there are unsuccessful day traders, okay? I will happily give you a wonderful scenario. I have an academy called Wall Street Global Trading Academy. We put together when COVID came along, 40 million new retail traders came into the market. We, and Robinhood invited all the people who were never welcome at this party to the party. They did not include an educational component in the story. That's why me and my partner took it upon ourselves, feeling the responsibility that with our experience, it was our and my platform on social media, I felt it was my responsibility to educate, motivate, and inspire the new generation of traders to become responsible, successful traders. It's very simple. The tools to be successful. I'll give you a quick analogy. There's two kinds of gamblers. If you've ever been to, uh, I'm sure everybody here has gone to, uh, Vegas, Macau, wherever you may go to gamble. There's two kinds of gamblers. There's one who goes to Vegas with $1,000. They have a plan. I'm going to, I'm going to play, I'm going to play my $1,000. If I make a thousand, I'm going to walk away from the table. I'm going to go have a steak at Ruth's Chris, take my kids to see Elton John, and I'm going to go back to my hotel room and sit by the pool. That's a, that's a disciplined, successful gambler. An unsuccessful gambler, without a plan, goes in with the same thousand. He's up a thousand. He thinks he's got diamond hands. He's the greatest gambler of all time. He keeps betting. He's up 2,000, 3,000, 4,000. He doubles his bets. The next thing you know, he's down to zero. He's been to the ATM three times. He's out eight grand. He's sitting out on the corner smoking Lucky Strikes and drinking Hy and he's afraid to call his partner because he doesn't have enough money to pay the rent. Same thing about day trading. A successful day trader will have a plan when they get into the market. Why am I buying or shorting this stock? Okay? They're going to put a stop order on every order they enter and never move that stop order. If it comes toward them, they're going to start to take a profit when they can, not when they have to. If I buy 100 shares at 50, I put a stop order in down 1% from the price of the stock. If it goes to 49 and a half, I got stopped out. I move on to the next trade. I lost 50 bucks. I can survive that. Doesn't make me a loser. Doesn't make me a bad trader. I lost 50 bucks. If it goes to 50 and a half, I sell half my position. I raise my stop order to break even. Now I just made $50 and I cannot lose money on that trade. That psychology, that confidence of having made money and not be able to lose money is the most wonderful thing in the world. That confidence, that new rearrangement of your mind will make you a good trader. It goes to 51. I sell 25% more of my position. I raise my stop to 50 and a half, where I'm now locked in a half a dollar profit. And I do a bracket order or a scaling stop order, whatever it is, and I get as much out of the trade on the upside as I can. That's a successful trader. An unsuccessful trader will have no plan. They're just going to buy it because Uncle Herby told them to, some signal service told them to, a FOMO hype hope. Not successful trading strategies. When they buy stock, they will not have a stop order. They'll use as mental stop. I don't even know what that is, okay? They won't take a profit. They'll turn a winning trade into a losing trade. They'll watch it go to 51. They'll think, oh my God, it's going to 55, it's going to the moon. They'll never take a profit. They go get a coffee. It's trading at 48. What do they do then? They average into the stock. They buy more. It goes to 46. They buy more. It goes to 44. They can't take the pain anymore. They sell it. Inevitably, the stock goes back up eight bucks. They blame the market maker. Three losing trades. One of the great tools of Wall Street Global Trading Academy is when you're having a bad, know when to stop. When you're making money and know when to stop. When you're losing money. The irresponsible losing trader will have three losing trades. They're going to revenge trade. They're going to double up. I got to make it back. I can't accept the loss, okay? And in our book, in our school, three losing trades. I lost 50, I lost 50, I lost 50. I turn the machine off. I go home. I'll come back from a losing day. I'll come back from a losing week, but I will not come back from a $50 loss becoming an $8,000 loss, okay? So these are the two. I just gave you the scenario of a successful day trader and an unsuccess. These are five rules that you could write on a piece of paper, put it on the wall, put it on your computer, duct tape it to your dogs behind, but watch it, read it, look at it. Right? Hire someone for 50 bucks with a 2x4 every time you do something silly, let them smack you in the back of the head.

There we go. You've been very generous with your time. I want to wrap up the episode with you mentioned earlier on, you have a specific strategy, something about day close. I didn't quite fully catch, right? If we could summarize that, uh, as we wrap up the episode. Sure. So as a broker on the floor of the stock exchange, I have access, okay? What's the best way to describe this? Uh, okay. Imagine that you're a hedge fund, you're an institution, you have a million shares of IBM to buy. In a world where the market goes up and down, it could be down a thousand points at 11, it can be up, 1500 at 12. Uh, how do I go back to my customer and tell them, uh, why they should use me as opposed to just using an algo or using the system? As a broker, a human being on the floor of the stock exchange, in a world that's being taken over by technology, I need to give my customer a really good reason why he gave the order to me, okay? And not. Okay, so imagine I'm a, a large institution. I have a million shares of IBM to buy. What would I do with it? Me as a broker who's been doing this for 40 years, I'd buy. Okay, large investors want to put their order flow where there's a lot of volume because otherwise people will see what they're doing. They don't want to be front-runned. They do not want to do that. So on the opening bell of the NY, there's a lot of volume. On the closing bell of the NY, there's a lot of volume. So they will often embed their order flow on the open and the close. If I have a million shares to buy IBM, I'll buy 200,000 shares on the opening. I'll put 400,000 shares in an algo, 10% from 10:00 to 2:00, and then I'll put 400,000 to buy Market on Close, meaning I will execute that last 400,000 on the closing print. That way, I can go back to my customer and say, he goes, what'd you do for me, Pete? I'll say, you know, I was involved everywhere. You know, the world, we got two wars going on, there's no election, market's been up and down, it's been crazy. So I bought you a couple hundred on the opening. I bought, you know, 400,000 over the day, so I got you some nice prices. You know, track the consolidation of the global markets, and then I bought you 400,000 on the close. You know, say, great job, I'm really appreciate of that. Me, Peter Tuchman, as a broker on the floor of the exchange, I get to see all the order flow for the closing bell. At 2:00, it's not inside information, it's information. So it's a matter of information is a funny thing. It's not, it's just what do you do with the information? Everybody does something different with it. I've been doing this for the long, for a long time. So as a broker on the floor, okay, I am able to see that order flow for the closing bell. So I built a strategy 16 years ago where, so I know that markets move up or down as a function of the dollar notional value of the each stock. A million shares of Visa is more significant in moving the market than a million shares of Carnival Cruise based on its price, okay? So I've worked and I built parameters, okay? Uh, so I know that every $400 million there is to buy or sell is going to start to move the needle, okay? So at 2:00, and this is kind of proprietary, but it's also something I cannot disseminate to people except other broker dealers, right? So unfortunately, I can't share it with retail people. However, but it's what I do. So at 2:00 in the afternoon, my handheld computer that the stock exchange gives me populates with all the orders for the closing bell, okay? Okay, so I get to see that. I will put out, I have a bit of a spectrum e brain. I will look at those the orders on my handheld and I will estimate how many dollars there are to buy or sell at 2:00. MH. Then I will have my son and five other people who work for me input all these imbalances for the closing bell into a spreadsheet. What's an imbalance? Well, 500 out to buy, 300 out to sell, means 200 out to buy. 300 paired off. Make sense? Yes. Okay. So all the orders come in at 2:00. They are updated every five minutes until 4:00, okay? So I take that information that's given to me on my handheld and I build a spreadsheet from 2:00 until 3:50, okay? At 3:50, this information goes out to the public, not just the regular public, anybody who subscribes to Bloomberg, okay? So I have the information before most people. Not before other brokers on the floor of the exchange. Everybody who has a seat on the exchange gets to see this. Now, it's not, it's not, I'm not at any advantage because the number is updated every 5 seconds. So a billion to buy at 2:00 can be a billion to sell at 2:01. I see, right? So I need to be incredibly accurate with that number, okay? And impart the information to my customer and use it and, um, and trade the market accordingly, okay? Through my experience, I found that for every $400 million there is notional dollar value to buy or sell, it will affect and move the market. So what I do is from 2:00 to 3:50, I will build this spreadsheet and be very accurate. My son is a bit of an idiot savant. He can type 347 stocks in 3 minutes and 16 seconds, right? It's a matter of, it's a function of accuracy. Who's the first person on the on the train? And if I'm the first person on the train with an accurate number, and I know the correlation between the the dollar value and the S&P, I can trade the market from there. And so not to get more specific than that, I am able to trade the market around that information. And that's what I do. It is a strategy. Unfortunately, it's not a, uh, disseminable strategy, uh, because it's just information privy to those that are on the floor of the exchange. But it is, you know, if retail traders, your audience are wondering why the market kind of does a wild move around 2:00, it's because that's when our handhelds populate. And once again, at 3:00 also, the market will see. You'll see a move. If I can give anybody a little, in a little information that, you know, the, so that they feel like I'm giving them something special besides a little chocolate, is that at 3:00 and at 3:30, one should be on the, so usually the market makes a big move at 3 and 3:50. And your retail audience should know that you should rather be on the same side of the move that the market does at 3 and 3:30 rather than trying to be, uh, counterintuitive, right? So when a market sells off, as a day trader, our first impulse is to be a buyer, right? When markets sell off, you want to be a buyer, but you need to be a buyer at the right level. MH. Right? You don't just buy stock when a market's selling off because it's down 20 bucks. Let's quick scenario. GameStop went from $2 to $483 and back to $151. When it was trading at $483, I called my, uh, I was trading it every day that day. It stopped trading 29 times that day, okay? The day of the, the meme, that was one of the first meme stocks. It was trading at $483 and I, called my partner and I said, David, David is a technical analyst, right? At Wall Street, go. He's my partner. I said, Dave, where, where do, where do we buy GameStop? It went from 2 to 483. It's trading down. It's trading at 390, at 370. Where is their support? And he said to me, the next level of support is $151. And I said, are you, you got to be kidding me, right? So you're telling me it's going to go down 300 bucks before it hits support? And he said, technical analysis, moving averages, pivot points, RSI is telling me, right, that the next support in this stock is $151. Sure enough, it went from $483 to $150 and $50 and 34, right? It only, it went down $300 and only broke David's price by a quarter. And it went up $37. Mhm. That's a shout out to technical analysis. That is the power of technical analysis. Why does it work? For lots of reasons. A lot of it is because a lot of people are reading the same info. And if everybody sees the the interrelationship of moving averages and RSI and all of that stuff, and you see where the support and resistance are, that it, it fulfills its own prophecy. Makes sense because everybody's on the same page. Makes sense. Yeah, of course.

Pete, I want to say that we have a lot of fans waiting for you in the summit. So we, you've been very generous with your time. Pleasure. Uh, just before, as we head off together back to the summit, to the camera, any final pieces of advice? Sure. First of all, I, I invite anybody of your audience to go to WSGTA.com and we do live free, uh, master classes every month. Uh, uh, if you go to the website, you'll see that we have an amazing course and a boot camp that's incredibly affordable, accessible, and fun. Um, there's a money-back guarantee, there's a payment plan, there's all these things. Our secret sauce is that we coach and mentor all our students from all over the world every Thursday night. Nobody does that. So for me, I could be doing a lot of things. I could probably be vacationing, except that I'm a workaholic and I love what I do. So I wanted everyone to know that it is really important to me to share everything I know with you all who are the next generation of the investing and trading community because this is way too much fun to keep a secret. There you go, right? And and and so I've committed myself to that, right? I want everyone to journal their trades. I want everyone to know they learn more from failure than success. I want everyone to know that to be humble, don't be stubborn. Find a mentor or a coach. If, if it's me, I, I just bring it on. I am up to the challenge to change everyone's life in a positive way. That's why I'm here. That's why I'm still doing what I do. There we go. Pete, thank you very much. A true honor. So thank you for joining us on the show. My honor. Thanks, guys. There we go.