“
If it were your Harry, mother, or your Willie, that were going to be torn from you by a brutal trader, tomorrow morning,—if you had seen the man, and heard that the papers were signed and delivered, and you had only from twelve o'clock till morning to make good your escape,—how fast could you walk?
”
”
Harriet Beecher Stowe (Uncle Tom's Cabin)
“
On his first parade the sergeant-major exclaimed that he couldn't make out the shape of Arthur's head because there was so much hair on it, and Arthur jocularly agreed to get it cut, intending to forget about it until the fifteen days was over, which he did. 'You're a soldier now, not a Teddy-boy,' the sergeant-major said, but Arthur knew he was wrong in either case. He was nothing at all when people tried to tell him what he was. Not even his own name was enough, though it might be on on his pay-book. What am I? he wondered. A six-foot pit-prop that wants a pint of ale. That's what I am. And if any knowing bastard says that's what I am, I'm a dynamite-dealer, Sten-gun seller, hundred-ton tank trader, a capstan-lathe operator waiting to blow the army to Kingdom Cum. I'm me and nobody else; and what people think I am or say I am, that's what I'm not, because they don't know a bloody thing about me.
”
”
Alan Sillitoe (Saturday Night and Sunday Morning)
“
If it were your Harry, mother, or your Willie, that were going to be torn from you by a brutal trader, tomorrow morning,—if you had seen the man, and heard that the papers were signed and delivered, and you had only from twelve o'clock till morning to make good your escape,—how fast could you walk? How many miles could you make in those few brief hours, with the darling at your bosom,—the little sleepy head on your shoulder,—the small, soft arms trustingly holding on to your neck?
”
”
Harriet Beecher Stowe (Uncle Tom's Cabin)
“
Why did you get stoned?’ the Persian slave trader asked me this morning. In ‘primitive’ ‘wild’ societies like Haiti the word ‘why’ doesn’t exist.
”
”
Kathy Acker (Blood and Guts in High School: A Novel)
“
The morning of the offering, NYSE officials on the floor passed out silver bells emblazoned with NYX on the handle. Traders were told to ring them with abandon at the open. While they were billed as a shiny memento, their true purpose—to drown out the expected chorus of boos and catcalls from disaffected specialists—spoke volumes about the turmoil behind the scenes.
”
”
Scott Patterson (Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market)
“
His early research wasn’t especially original. Ax identified slight upward trends in a number of investments and tested if their average price over the previous ten, fifteen, twenty, or fifty days was predictive of future moves. It was similar to the work of other traders, often called trenders, who examine moving averages and jump on market trends, riding them until they peter out. Ax’s predictive models had potential, but they were quite crude. The trove of data Simons and others had collected proved of little use, mostly because it was riddled with errors and faulty prices. Also, Ax’s trading system wasn’t in any way automated—his trades were made by phone, twice a day, in the morning and at the end of the trading day.
”
”
Gregory Zuckerman (The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution)
“
In other words, money isn’t a material reality – it is a psychological construct. It works by converting matter into mind. But why does it succeed? Why should anyone be willing to exchange a fertile rice paddy for a handful of useless cowry shells? Why are you willing to flip hamburgers, sell health insurance or babysit three obnoxious brats when all you get for your exertions is a few pieces of coloured paper? People are willing to do such things when they trust the figments of their collective imagination. Trust is the raw material from which all types of money are minted. When a wealthy farmer sold his possessions for a sack of cowry shells and travelled with them to another province, he trusted that upon reaching his destination other people would be willing to sell him rice, houses and fields in exchange for the shells. Money is accordingly a system of mutual trust, and not just any system of mutual trust: money is the most universal and most efficient system of mutual trust ever devised. What created this trust was a very complex and long-term network of political, social and economic relations. Why do I believe in the cowry shell or gold coin or dollar bill? Because my neighbours believe in them. And my neighbours believe in them because I believe in them. And we all believe in them because our king believes in them and demands them in taxes, and because our priest believes in them and demands them in tithes. Take a dollar bill and look at it carefully. You will see that it is simply a colourful piece of paper with the signature of the US secretary of the treasury on one side, and the slogan ‘In God We Trust’ on the other. We accept the dollar in payment, because we trust in God and the US secretary of the treasury. The crucial role of trust explains why our financial systems are so tightly bound up with our political, social and ideological systems, why financial crises are often triggered by political developments, and why the stock market can rise or fall depending on the way traders feel on a particular morning.
”
”
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
“
To summarize my trading strategy for VWAP False Breakouts: Once I’ve made my watchlist for the day, I monitor the price action around VWAP at the Open and during the morning session for the Stocks in Play. A good Stock in Play shows respect toward VWAP. If the Stock in Play sells off below the VWAP but bounces back and breaks out above the VWAP, it means the buyers are gaining control and short sellers perhaps had to cover. However, if it loses the VWAP again in the Late-Morning (from 10:30 a.m. to 12 p.m.), it means that this time the buyers were mostly weak or exhausted. This provides a short opportunity with a stop loss above VWAP. The profit target can be the by then low of the day, or any other important technical level. I try to go short when a Stock in Play has lost the VWAP. Sometimes I go short before the price loses the VWAP, to get a good entry while it is ticking down toward VWAP in the anticipation of a VWAP loss. However, be very careful, for the job of a trader is identification and not anticipation. Take small size and add more shares on the way down if you have truly identified a good trading setup.
”
”
Andrew Aziz (Day Trading for a Living (Stock Market Trading and Investing))
“
What is this strange touch?"
With a start, Jesse realized that Rides the Wind had awakened. He lay watching her closely.Feeling shy she pulled the buffalo robe up under her chin, answering softly, "My people say 'kiss.'"
"And who gives this 'kiss'?"
"Parents to children, husband to wife."
"Show me." As he said it he leaned toward her. Jesse obediently placed a kiss upon the wind-hardened cheek.
He kept his face near hers and the dark eyes searched hers.Then a knowing smile curled up the edges of his mouth. "When Marcus Whitman met with Running Bear and the traders,Rides the Wind was there.I saw many things.I saw this touch you call 'kiss' between man and woman.It was not here," he tapped his cheek, "but here." His finger indicated his mouth.
Jesse felt her face flush and wondered if the early morning light revealed her embarrassment. She assented, "Yes,for some it is so."
"Did Jesse King and Homer King touch in this ay?"
Jesse looked hard into the searching eyes.They returned her stare with honest interest. "My people do not speak of these things."
Rides the Wind was quiet for a moment, pondering her response. "If the white man speaks not of what is here," he laid a hand flat upon the tawny chest, "he must be very sad.
”
”
Stephanie Grace Whitson (Walks The Fire (Prairie Winds, #1))
“
To summarize the VWAP Reversal Strategy: After I build my watchlist in the morning, I closely monitor the shortlisted stocks in the first five minutes after the Open. I identify their opening range and their price action. The stocks will either move higher or below the VWAP. Depending on the price action, I may be able to take an Opening Range Breakout to the long or short side. I monitor the price when it moves away from the VWAP and look for a sign of weakness. If it is above the VWAP, failing to make a new high of the day may be a sign that the buyers are exhausted. If it is below the VWAP, failing to make a new low of the day or a new 5-minute low can be a sign that the sellers are gone, and the stock can be ready for a squeeze back to the VWAP. I take the trade only if I can get a good entry and a good risk/reward ratio. Remember, most of the time stocks move really fast without offering a good entry and a good risk/reward ratio. If I am short above the VWAP, I cover my short at the VWAP and bring my stop loss to break-even. If I am long below the VWAP, I sell part of my position at the VWAP, and keep the rest for a squeeze above the VWAP (or as some traders would call it, a VWAP Pop). Do ensure you bring your stop loss to break-even, because sometimes the stock can bounce back from the VWAP as well.
”
”
Andrew Aziz (Day Trading for a Living (Stock Market Trading and Investing))
“
To summarize my trading strategy for VWAP Moving Average Trend trading: When I am monitoring a Stock in Play and notice a trend is establishing around a moving average (usually 9 EMA) in the Late-Morning session, I consider VWAP Moving Average Trend trading. If the stock has already lost the VWAP (from a VWAP False Breakout), it most likely will stay below the VWAP. Similarly, if the stock squeezed above the VWAP in the Late-Morning session, it is most likely that it will stay above the VWAP, as it means the buyers are in control. Once I learn that either 9 or 20 EMA are acting as either a support or resistance, I buy the stock after confirmation of moving averages as a support, but only if I can clearly see it “held” the VWAP. Similarly, I go short below the moving averages if I have the confirmation that it has “lost” the VWAP in the Late-Morning session. I buy or sell short as close as possible to the moving average line (in order to have a small stop). My stop will usually be 5 to 10 cents below the moving average line or, if a candlestick, close below the moving average (for long positions). For short positions, a close above the moving average would stop me out. I ride the trend until the break of 9 or 20 EMA. Usually, 20 EMA is a stronger support or resistance, so it is better to wait for that. I usually do not use trailing stops and I constantly monitor the trend with my eyes, but I know that many traders also use trailing stops. If the stock is moving really high away from the moving average, offering me an equally really nice unrealized profit, I may take some profit, usually at the 1/4 or half-position. I do not always wait until the break of moving average for my exit. Traders will say: you can never go broke by taking good profits. If the price pulls back to the moving average, I may add again to my position and continue the VWAP Moving Average Trend trade. Remember, when you take profit, you should always bring your stop loss to break-even. Never go red on a stock that you already booked some profit on.
”
”
Andrew Aziz (Day Trading for a Living (Stock Market Trading and Investing))
“
Every day, the markets were driven less directly by human beings and more directly by machines. The machines were overseen by people, of course, but few of them knew how the machines worked. He knew that RBC’s machines—not the computers themselves, but the instructions to run them—were third-rate, but he had assumed it was because the company’s new electronic trading unit was bumbling and inept. As he interviewed people from the major banks on Wall Street, he came to realize that they had more in common with RBC than he had supposed. “I’d always been a trader,” he said. “And as a trader you’re kind of inside a bubble. You’re just watching your screens all day. Now I stepped back and for the first time started to watch other traders.” He had a good friend who traded stocks at a big-time hedge fund in Stamford, Connecticut, called SAC Capital. SAC Capital was famous (and soon to be infamous) for being one step ahead of the U.S. stock market. If anyone was going to know something about the market that Brad didn’t know, he figured, it would be them. One spring morning he took the train up to Stamford and spent the day watching his friend trade. Right away he saw that, even though his friend was using technology given to him by Goldman Sachs and Morgan Stanley and the other big firms, he was experiencing exactly the same problem as RBC: The market on his screens was no longer the market. His friend would hit a button to buy or sell a stock and the market would move away from him. “When I see this guy trading and he was getting screwed—I now see that it isn’t just me. My frustration is the market’s frustration. And I was like, Whoa, this is serious.” Brad’s problem wasn’t just Brad’s problem. What people saw when they looked at the U.S. stock market—the numbers on the screens of the professional traders, the ticker tape running across the bottom of the CNBC screen—was an illusion. “That’s when I realized the markets are rigged. And I knew it had to do with the technology. That the answer lay beneath the surface of the technology. I had absolutely no idea where. But that’s when the lightbulb went off that the only way I’m going to find out what’s going on is if I go beneath the surface.
”
”
Michael Lewis (Flash Boys: A Wall Street Revolt)
“
From somewhere LaMeche produced a coffee pot and coffee. I will never be able to find the words to express what it was like to sit before the fire, smelling coffee brew on that horrible night. Somehow it seemed to be a promise that the world would one day be normal again. The trader had also found a couple of battered tin cups. I clutched the cup closely in chilled hands and drank of the dark, hot liquid. I knew that with the help of the coffee I would somehow make it through this nightmare until the morning came again.
”
”
Janette Oke (Canadian West Collection (Canadian West, #1-6))
“
Sam’s Club, Trader Joe’s, and other discount stores that sell cheap supplements should not be your source for SAMe. Instead, look at GNC, local natural-food stores, or the Internet. You get what you pay for, and cheap SAMe doesn’t work. If the SAMe you’ve tried in the past wasn’t effective, don’t give up; try a different brand, preferably one recommended by a functional medicine doctor. SAMe is highly unstable and needs to be enteric coated and kept in a moderate-temperature storage facility. To take SAMe, start with 400 mg. on an empty stomach (thirty minutes before or ninety minutes after eating). If you don’t see an improvement in your mental and physical energy, increase your dose by 400 mg. each day—up to 1,200 mg.—until you do. I find it is best to take SAMe all at once, thirty minutes before breakfast. The method allows you to get a substantial morning boost that will often last through the day. You can take SAMe in divided doses if needed, but always on an empty stomach. Don’t take it past 3:00 p.m., as it may interfere with your sleep.
”
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Rodger H. Murphree (Treating and Beating Fibromyalgia & Chronic Fatigue Syndrome, 5th Ed)
“
The next morning, Winter and I had a light breakfast together. Bread was hard at work baking himself … hurrr … I mean bread.
”
”
Dr. Block (The Ballad of Winston the Wandering Trader, Book 6 (The Ballad of Winston #6))
“
The next morning, Winter and I had a light breakfast together. Bread was hard at work baking himself … hurrr … I mean bread. (Bad joke. Sorry.)
”
”
Dr. Block (The Ballad of Winston the Wandering Trader, Book 6 (The Ballad of Winston #6))
“
There’s a player who just arrived this morning. Calls himself Steve.
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”
Dr. Block (The Ballad of Winston the Wandering Trader, Book 9 (The Ballad of Winston #9))
“
At Salomon Brothers he traded bonds while being hollered at by six salesmen, eating a morning cheeseburger, and watching Ranieri hold a Bic lighter under the balls of a fellow trader.
”
”
Michael Lewis (Liar's Poker)
“
By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement.
During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk.
For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe.
The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became.
Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations.
Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.
”
”
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
“
Stocks that have been strong during the day show up on their scans, which the following morning will bring in more interest and ultimately buying.
”
”
Brian Pezim (How To Swing Trade: A Beginner’s Guide to Trading Tools, Money Management, Rules, Routines and Strategies of a Swing Trader)
“
Hello diary Bart here. I bought this diary at a village auction. The price was 8 emeralds and I bought it. I am just a lonely wandering trader travelling the overworld by myself. I am always running away from mobs, but I want to attack them and kill them. Anyways I am in this small mountain biome village and I found an inn. It was only bright morning, so I decided to find a blacksmith to trade an iron sword for. I was walking around the village and I finally found a blacksmith setting up a stall in case a player came by so he could sell his goods.
”
”
Human Vlogger (Diary of Bart the Wandering Trader Book 1 The Order of the Void)
“
dawn. Slimy was already awake, bouncing around in his crib. I took him out and played with them a little bit and gave him a few pieces of bread to eat. After he ate them he said, “Beep. Boop. In-ston.” I snapped my head at him. “Did you just say Winston? Winston?” Slimy giggled. “In-ston. In-ston.” I picked up Slimy and gave him a big hug. “You are learning to talk! Good for you.” Slimy laughed and then his eyelids became heavy and he fell asleep in my arms. I never knew how much slimes slept or how quickly they could fall asleep. I put Slimy back in his crib and then went downstairs to eat breakfast in the dining area. When I arrived at the dining area, I looked around for Wolf, but he was nowhere to be seen. I sat down at a table by myself. When the waiter came over, I asked, “Have you seen any other wandering traders in here this morning?” The waiter, who looked incredibly bored, shook his head. “No. In fact, you are only the fourth person to come in this morning. It is still pretty early.
”
”
Dr. Block (The Ballad of Winston the Wandering Trader, Book 2 (The Ballad of Winston #2))
“
was a stirring sight for us, who had been months on the ocean without seeing anything but two solitary sails; and over two years without seeing more than the three or four traders on an almost desolate coast. There were the little coasters, bound to and from the various towns along the south shore, down in the bight of the bay, and to the eastward; here and there a square-rigged vessel standing out to seaward; and, far in the distance, beyond Cape Ann, was the smoke of a steamer, stretching along in a narrow, black cloud upon the water. Every sight was full of beauty and interest. We were coming back to our homes; and the signs of civilization, and prosperity, and happiness, from which we had been so long banished, were multiplying about us. The high land of Cape Ann and the rocks and shore of Cohasset were full in sight, the lighthouses, standing like sentries in white before the harbors, and even the smoke from the chimney on the plains of Hingham was seen rising slowly in the morning air. One of our boys was the son of a bucket-maker; and his face lighted up as he saw the tops of the well-known hills which surround his native place. About ten o’clock a little boat came bobbing over the water, and put a pilot on board, and sheered off in pursuit of other vessels bound in. Being now within the scope of the telegraph stations, our signals were run up at the fore, and in half an hour afterwards, the owner on ‘change, or in his counting-room, knew that his ship was below; and the landlords, runners, and sharks in Ann street learned that there was a rich prize for them down in the bay: a ship from round the Horn, with a crew to be paid off with two years
”
”
Charles William Eliot (The Complete Harvard Classics - ALL 71 Volumes: The Five Foot Shelf & The Shelf of Fiction: The Famous Anthology of the Greatest Works of World Literature)
“
30th. No trade yet; but our Traders came on board to-day and informed us the people had burnt four towns, so that to-morrow we expect Slaves off. “31st. Fair weather, but no trade yet; we see each night towns burning, but we hear the Sestro men are many of them killed by the inland Negroes, so that we fear this war will be unsuccessful. “The 2d of January. Last night we saw a prodigious fire break out about eleven o’clock, and this morning saw the town of Sestro burnt down to the ground, (it contained some hundred houses) so that we find their enemies are too hard for them at present; consequently our trade spoiled here, so that about seven o’clock we weighed anchor, as did also the three other vessels, to proceed lower down.” Here follows another relation taken from an original Journal of a Surgeon who sailed out of New-York, “Being on the Coast of Guinea at a place called Basalia, the Commander of the vessel, according to custom, sent a person on shore, with a present to the King, acquainting him with his arrival, and informing him they wanted a cargo of Slaves. The King promised to furnish them, and in order to do it, set out to war against his enemies; designing also to surprise some town, and take all the people prisoners: Some time after, the King sent them word, he had not yet met with the desired success, having been twice repulsed in attempting to break up two towns; but that he still hoped to procure a number of Slaves for them, and in this design persisted,
”
”
James Swan (A dissuasion to Great-Britain and the colonies, from the slave trade to Africa: Confronting the Legacy of Inhumane Exploitation)
“
Back then, Ron Howell’s job might have seemed easy enough: he sold the gasoline and other fuels that Koch Industries produced at its refineries. As the senior vice president of supply and trading at Koch, Howell made sure that Koch’s fuel went straight from the refineries to the highest-paying customer. Gasoline was the kind of product that seemed to sell itself—there was always demand for fuel. People at Koch referred to Howell’s job as the “dispossession of molecules,” meaning that he simply had to find a home for the various fuels that Koch produced. This seemed straightforward. But Howell’s job was the kind of job that produced insomnia and ulcers. It forced him to retire when he was in his thirties before the job killed him. When he talked about oil trading, even decades later, Howell often used words like whippin’ and savage. The savagery of Howell’s average workday began when he walked into the office in Houston every morning and picked up the phone to sell the first barrel of gasoline or diesel fuel. The stomach acids started to boil the instant Howell tried to establish what might seem like a basic, simple fact: the price of oil that day. Determining the price of oil at any given minute was an arcane art practiced by a network of traders around the world. They spent their days on the phone with one another, arguing, cajoling, bluffing, and bullying. The fact is that nobody really knew the price of a barrel of oil, or gasoline, or diesel fuel. Everybody had to guess, and the person who could guess with the most precision walked away with profits that were almost limitless. The person who guessed wrong faced instant, brutal downsides in the market. There was a common misperception that the price of oil floats up and down on a global market. Every day, business commentators and journalists talked about the “price of oil” as if it were like the price of General Electric stock—a price that was determined by millions of buyers and sellers who traded on large, open exchanges. In fact, there was no global market for oil. Oil was bought and sold inside a constellation of thousands of tiny nodes where transactions and prices were totally hidden to outsiders.
”
”
Christopher Leonard (Kochland: The Secret History of Koch Industries and Corporate Power in America)
“
The crucial role of trust explains why our financial systems are so tightly bound up with our political, social and ideological systems, why financial crises are often triggered by political developments, and why the stock market can rise or fall depending on the way traders feel on a particular morning.
”
”
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
“
I despised myself for my weakness. I may have dreamed all my youth of life as a horse-trader like my father; I may have railed against my conscription and loathed the legions on principle, but even so, every morning in this place I cursed my lack of valour and every night, when I slept, my traitorous
mind brought me dreams drenched in the blood of our enemies as my comrades in the Vth launched themselves into battle, taking risks, winning glory, rising in the ranks, killing the enemy and so becoming men...all without my being there.
The fact that it was winter, when the weather forced a kind of peace on both sides, and that my comrades were currently enduring endless forced marches over the mountains in western Armenia because their general had deemed them unfit for battle, did nothing to hamper my fantasies.
”
”
M.C. Scott (Rome: The Eagle of the Twelfth (Rome, #3))
“
You listen to the street traders any morning. They don’t shout, ‘Nearly-fresh oranges, only slightly squashy, reasonable value,’ do they? No, they shout, ‘Git chore orinjes, they’re luvverly.’ Good business sense.” He
”
”
Terry Pratchett (Moving Pictures (Discworld, #10))