00:00 Heads is the bull and tails is the bear.
00:02 And tails is the bear.
00:03 Yeah.
00:04 Tails, you're going to show us your trading desk.
00:08 Let's go.
00:09 Peter Tuchman is one of the most famous traders
00:12 on the floor of the New York Stock Exchange.
00:14 He's known as the Einstein of Wall Street.
00:18 And not just because of his looks.
00:20 The excitement, the adrenaline.
00:22 We are the last human marketplace in the world.
00:25 So what's important is...
00:26 He showed us why coming to the floor
00:29 still gives traders like him
00:31 an edge over people trading from home.
00:33 How you doing?
00:37 Good.
00:38 So this is me.
00:42 This is my spot.
00:43 So I'll give you a little breakdown of what we do here.
00:46 This character was done to me back about seven years ago.
00:49 It's become my brand.
00:51 Your first time that you came on this floor
00:54 and you stood here,
00:55 do you remember the emotion that you felt?
00:57 And what was it?
00:58 100%.
00:59 I came on the floor.
01:00 I had gotten a summer job.
01:01 I was working under the podium there.
01:03 It was a bit of fear and excitement,
01:05 but the adrenaline came out and it was roaring.
01:08 And I just said,
01:09 "I found where I want to spend the rest of my life."
01:11 I've got to be more clear.
01:14 You guys all right?
01:15 I've been doing this for 40 years.
01:18 In 1985, when I started here,
01:20 I was a teletypist.
01:21 I went on to be a clerk.
01:23 And my goal was to become a broker,
01:25 basically a trader.
01:27 I still get butterflies in my stomach every morning
01:30 when I come into work.
01:31 It's like being in the Super Bowl.
01:33 We are more relevant now than ever
01:35 as brokers on the floor of the stock exchange
01:37 because the more technology you use,
01:39 people tend to get detached from the reality
01:41 of the human part of the market.
01:43 But the human element here is what made this place.
01:45 I have a trading strategy,
01:50 which I trade on the close around the imbalances
01:53 that only come to the floor of the stock exchange.
01:55 That's one of the reasons I'm here every day,
01:57 because what we do and I do down here
01:59 cannot be done off floor.
02:02 And so I take that information,
02:04 I analyze it, and I convey it to the customers
02:06 in a compliant way so that they're able
02:08 to have some kind of an edge to trade the marketplace.
02:10 - There came a wave of selling
02:12 that sent the 2,000 men on the floor
02:14 of the New York Stock Exchange scurrying.
02:16 - In the old days, during open outcry
02:18 on the floor of the stock exchange,
02:20 when there were thousands of people down here
02:22 trading and screaming and yelling,
02:23 if there was ever a discrepancy
02:25 or an argument around a trade,
02:26 you called in a governor,
02:27 and a governor had what's called a flipping coin.
02:30 Whether it was a $10 problem, a million dollar problem,
02:33 or whatever it was, you had to flip the coin
02:36 and you had to live by the solution.
02:37 So I've had this in my pocket for a long time,
02:39 for 37 years.
02:40 Is it reversing?
02:43 No, market's getting smacked.
02:45 - How did you survive it for decades?
02:47 How did you last?
02:49 - I've had to reinvent myself many times.
02:51 I've had to sort of bob and weave.
02:53 I had to be flexible.
02:55 A lot of the people who I started out here with
02:57 are no longer here.
02:59 Either they retired,
03:00 or they were not able to reinvent themselves.
03:02 There's been a huge transition over the years
03:06 of what a floor trader does.
03:08 We're standing in a place that in 1650,
03:12 they were trading stocks outside under the Buttonwood tree.
03:15 In 1903, they built this building.
03:18 We need to acknowledge that every industry
03:20 has been outsourced a little bit by technology.
03:23 We still have a plethora of human beings here.
03:26 - What is the most problematic emotion
03:32 that you deal with when you are trading?
03:35 - Obviously fear, right?
03:36 The greatest emotion of all.
03:38 One of the biggest problems that day traders have
03:41 is they get emotional about money.
03:43 They get emotional about a trade, but it's money.
03:45 You make it, you lose it.
03:48 - What was the biggest failure
03:50 that you learned the most from?
03:52 - In 2006, I literally spent two years
03:56 not making any money.
03:58 The market was going into a rough time.
04:00 And so for me, it was really a struggle
04:03 to find customers, to find business.
04:05 We were also going into a bit of a transition
04:07 with technology entering into the marketplace.
04:10 You really had to go out there and fight for the business.
04:13 And yet I got up every morning,
04:15 I knew opportunity was not gonna find me,
04:17 you know, cowering at home in bed,
04:19 feeling sorry for myself.
04:21 I figured one day things are going to turn.
04:23 And in fact, they did.
04:24 - Did you ever have doubt that you weren't gonna make it?
04:27 - Oh, absolutely.
04:28 My parents are Holocaust survivors.
04:30 They found each other, fell in love and came to America
04:33 and got their American dream.
04:35 So they were two people that really woke up with gratitude.
04:39 You know, you can live in fear or you can live in faith
04:42 and you can live in victim mode
04:44 or you can live in gratitude.
04:46 (gentle music)
04:48 - What is your favorite indicator or indicators on a chart?
04:52 - Well, first of all, I'll tell you that the S&P 500
04:55 for me is the most exciting indices.
04:58 It is a basket of 500 stocks.
05:00 It really sort of tracks the movement of the market
05:03 and the economy and the globe.
05:04 And so I love that.
05:06 There are multiple indices that are super important,
05:08 whether it's exponential moving averages,
05:10 whether it's pivot points,
05:11 whether it's the RSI, Relative Strength Index,
05:14 you have to look at all of them together.
05:16 I would say moving averages and the RSI
05:18 are the most important because they basically are the market.
05:21 They represent support and resistance.
05:23 They represent oversold and overbought conditions.
05:25 So as a day trader, for those who day trade,
05:28 that is the necessity to identify that,
05:31 to really get your most out of a trade.
05:33 My advice to day traders is don't make decisions
05:37 based on economic data and earnings.
05:39 Don't trade on FOMO and hype.
05:42 (upbeat music)
05:44 - Who's Peter Tuchman outside of the trading floor?
05:46 - I used to run a record store in 1980.
05:49 Jazz was a big part of my world.
05:50 I was also in the food business.
05:52 I had a hot sauce company back in the '90s.
05:54 Art is a big passion.
05:56 I love to inspire and mentor young artists as well.
05:58 You know, I don't sleep that much.
06:00 I am the ambassador of the Stock Exchange in so many ways.
06:03 This is my home.
06:04 I eat, drink, sleep, the stock market.
06:06 And so I'm glad we could let you in.
06:08 (upbeat music)
06:10 (man shouting)
06:13 - Boom!
06:15 (upbeat music)
06:17 (upbeat music)
06:20 (upbeat music)
06:23 (upbeat music)
06:25 (upbeat music)
06:28 (upbeat music)
06:30 (upbeat music)
06:33 (upbeat music)
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