Traders Trade Quotes

You mean that this is a matter of patriotism and traders aren't patriotic?" "Notoriously not. Pioneers never are.

Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.

Pride is the recognition of the fact that you are your own highest value and, like all of man’s values, it has to be earned. His own happiness is man’s only moral purpose, but only his own virtue can achieve it…Life is the reward of virtue- and happiness is the goal and the reward of life. Happiness is a state of non-contradictory joy- a joy without penalty or guilt, a joy that does not clash with any of your values and does not work for your won destruction, not the joy of escaping from your mind, but using your mind’s fullest power. Happiness is possible only to a rational man, the man who desires nothing but rational goals, seek nothing but rational values and finds his joy in nothing bu rational actions. The symbol of all relationships among such men, the moral symbol of respect for human beings, is the trade…A trader is a man who earns what he gets and does not give or take the undeserved.

Markets are actually set up so that most traders must lose money

Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.

Your mission as a trader is to filter only the very best trade setups, which is what successful traders often do.

Perhaps the most chaotic of Divisions Ke Hui Feng 第一 Ψ visited was Recycling. First, it was mammoth, so big most of her tour was spent aboard a drone. Thousands of Dazhong used the 401 thoroughfares from both east and west, the 427 from the south and the 400 from the north to bring their loads of recyclables from the MASS to the enormous MEG Recycling Centre. The roadways might be in ruins outside the MEG boundaries, jagged fragments of pavement between cavernous potholes and trails made by traders, but within the MEG the wide lanes had been cleared and covered with recycled rubber. They were smooth and divided, one lane in—one lane out, between hundred-metre high foamstone walls on either side. No one from the MASS would ever get into the MEG illegally; at least, that was how it seemed. Only those with proper credentials could enter the massive gates: MASS traders, or trading companies, who specialized as middlemen between the gatherers and the Recycling Centre. Not far outside the gates the MASS traders had rebuilt ancient warehouses in which they received goods, stored, and sorted them, then brought them, usually by land freighters, down the ingress roads to meet MEG approved Di sān overseers and, of course, decontaminated Dazhong who further sorted the goods.

The expectation that you bring with you in trading is often the greatest obstacle you will encounter.

The mind is a fascinating instrument that can make or break you.

From now on, you need to treat trading on key support/resistance your second nature. It is the secret of all successful traders in the world.

In order to succeed, you first have to be willing to experience failure.

Money is just something you need in case you do not die tomorrow. Let this is a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness... Paradoxically (and as an unintended consequence) your trading performance will improve significantly.

I’m not studying the heroes who lead navies—and armies—and win wars. I’m studying ordinary people who you wouldn’t expect to be heroic, but who, when there’s a crisis, show extraordinary bravery and self-sacrifice. Like Jenna Geidel, who gave her life vaccinating people during the Pandemic. And the fishermen and retired boat owners and weekend sailors who rescued the British Army from Dunkirk. And Wells Crowther, the twenty-four-year-old equities trader who worked in the World Trade Center. When it was hit by terrorists, he could have gotten out, but instead he went back and saved ten people, and died. I’m going to observe six different sets of heroes in six different situations to try to determine what qualities they have in common.

An astute trader aims to enter the market during quiet times and take profits during wild times.

A quiet mind is able to hear intuition over fear.

When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you.

Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.

The battle between bankers and traders is the closest thing to class warfare on Wall Street. Investment banking was esteemed as an art, while trading was more like a sport, something that required skill, but not necessarily brains or creativity.

They don't try to trade 'reality', they try to trade other people's perceptions of reality. If a market is dominated by enough technical traders, it could lapse into a 'postmodern' state, with traders trading perceptions of perceptions of reality.

Losses are necessary, as long as they are associated with a technique to help you learn from them

You just stay focused on what you have to do. Exactly.

Fear, inherently, is not meant to limit you. Fear is the brain’s way of saying that there is something important for you to overcome.

the typical trader wants to be right on every single trade. He is desperately

The answer is to draw a line between a businessman's risk and a loss. As traders, we always take businessman's risks, but we may never take a loss greater than this predetermined risk.

Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

If instead of saying, “I’m going to do this trade,” you say, “I’m going to watch myself do this trade,” all of a sudden you find that the process is a lot easier.

Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price

There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.

You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.

The process by which one accumulates money is so simple, yet so hard to implement for most.

The best job a concert pianist can get nowadays is trader for Citibank. It pays very well.

To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.

believe in defining my risk. I don’t believe in defining my reward.

99% still don’t get it – when they win, they start betting less. Bet more!

Trading is not the same as investing. Trading includes a lot of fear, lack, and scarcity thinking. Traders aim to buy low and sell high in the quickest turnaround time possible, always fearful of potential outcomes and always needing to incessantly monitor the status of things and micromanage results. However, Investing includes a lot of faith, vision, trust, and endurance. Investors look at larger societal patterns and systems. Investors have wealth consciousness and they expect to earn exponentially larger profits over a longer timeframe.

Reaching any goal in trading requires specific domain knowledge and technical skills. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake.

Most traders have absolutely no concept of what it means to be a risk-taker in the way a successful trader thinks about risk. The best traders not only take the risk, they have also learned to accept and embrace that risk. There is a huge psychological gap between assuming you are a risk-taker because you put on trades and fully accepting the risks inherent in each trade. When you fully accept the risks, it will have profound implications on your bottom-line performance.

Privilege implies exclusion from privilege, just as advantage implies disadvantage," Celine went on. "In the same mathematically reciprocal way, profit implies loss. If you and I exchange equal goods, that is trade: neither of us profits and neither of us loses. But if we exchange unequal goods, one of us profits and the other loses. Mathematically. Certainly. Now, such mathematically unequal exchanges will always occur because some traders will be shrewder than others. But in total freedom—in anarchy—such unequal exchanges will be sporadic and irregular. A phenomenon of unpredictable periodicity, mathematically speaking. Now look about you, professor—raise your nose from your great books and survey the actual world as it is—and you will not observe such unpredictable functions. You will observe, instead, a mathematically smooth function, a steady profit accruing to one group and an equally steady loss accumulating for all others. Why is this, professor? Because the system is not free or random, any mathematician would tell you a priori. Well, then, where is the determining function, the factor that controls the other variables? You have named it yourself, or Mr. Adler has: the Great Tradition. Privilege, I prefer to call it. When A meets B in the marketplace, they do not bargain as equals. A bargains from a position of privilege; hence, he always profits and B always loses. There is no more Free Market here than there is on the other side of the Iron Curtain. The privileges, or Private Laws—the rules of the game, as promulgated by the Politburo and the General Congress of the Communist Party on that side and by the U.S. government and the Federal Reserve Board on this side—are slightly different; that's all. And it is this that is threatened by anarchists, and by the repressed anarchist in each of us," he concluded, strongly emphasizing the last clause, staring at Drake, not at the professor.

As the years passed, new myths arose to explain the mysterious objects the strangers brought from the land of the dead. A nineteenth-century missionary recorded, for example, an African explanation of what happened when captains descended into the holds of their ships to fetch trading goods like cloth. The Africans believed that these goods came not from the ship itself but from a hole that led into the ocean. Sea sprites weave this cloth in an "oceanic factory, and, whenever we need cloth, the captain ... goes to this hole and rings a bell." The sea sprites hand him up their cloth, and the captain "then throws in, as payment, a few dead bodies of black people he has bought from those bad native traders who have bewitched their people and sold them to the white men." The myth was not so far from reality. For what was slavery in the American South, after all, but a system for transforming the labor of black bodies, via cotton plantations, into cloth?

You’re already a financial trader. You might not think of it in just this way, but if you work for a living, you’re trading your time for money. Frankly, it’s just about the worst trade you can make. Why? You can always get more money, but you can’t get more time.

The trader's ideal entry point is after a stock consolidates in a new trading range and pulls back close to the moving average, then breaks out again above resistance.

In trading, 80 percent of your profits come from 20 percent of your ideas.

But the fact is: The people who are really successful in trading are tremendously hard workers.

There is a saying that bad traders divorce their spouse sooner than abandon their positions. Loyalty to ideas is not a good thing for traders, scientists - or anyone.

The idea that trading success is tied to finding some specific ideal approach is misguided. There is no single correct methodology.

You don’t want to have a position before a move has started. You want to wait until the move is already under way before you get into the market.

Fear, greed, and ego are very expensive monkeys to have on your back while trading.

Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.

Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.

Trading mastery is a state of complete acceptance of probability, not a state of fight it.

Money matters, but not as much as you probably think.

You have power over how you'll respond to uncertainty.

Trading effectively is about assessing probabilities, not certainties.

Everybody is a long-term investor till the market drops by 10% or more.

A successful trader must learn to be a good loser before he can start winning.

Most people think the big money in crypto is in day trading, but the holy grail in cryptocurrency industry right now is spotting the gems before the public knows about it. Understanding pre-sale, public sale and pre-exchange purchase arrangements is so vital for massive profits.

Ultimately, consistent profitability comes down to choosing between the discomforts you feel when you follow your plan and the urge to let yourself be captures ( and ruled) by your emotions.

The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the trading floor. He’d go upstairs. Lewie would piss on your desk.

I discovered that you can’t train people how to trade by just imparting knowledge. The key to trading success is emotional discipline. Making money has nothing to do with intelligence. Think of all the bright people that choose careers on Wall Street. If intelligence were the key, there would be a lot more people making money trading.

I figured out that for every dollar I made trading, 30 percent was going to the government, 30 percent was going to support my planes, and 20 percent was going to support my real estate. So I finally decided to sell everything.

My goal on Wall Street was never to get rich but to stay in business. There’s a big difference. If you’re out of the business, you can never get rich. That’s why you have to be especially cautious when you’re trading a larger position size.

One of my favorite patterns is the tendency for the markets to move from relative lows to relative highs and vice versa every two to four days. This pattern is a function of human behavior. It takes several days of a market rallying before it looks really good. That’s when everyone wants to buy it, and that’s the time when the professionals, like myself, are selling. Conversely, when the market has been down for a few days, and everyone is bearish, that’s the time I like to be buying.

I feel my success comes from my love of the markets. I am not a casual trader. It is my life. I have a passion for trading. It is not merely a hobby or even a career choice for me. There is no question that this is what I am supposed to do with my life.

Charting is a little like surfing. You don’t have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when it’s happening and then have the drive to act at the right time.

Why do most traders lose and wash out of the markets? Emotional and mindless trading are big reasons, but there is another. Markets are actually set up so that most traders must lose money. The trading industry slowly kills traders with commissions and slippage.

Events, circumstances, and experiences arise and pass away. Winning trades, losing trades, fear, greed, sadness, happiness, and eventually your own life. Everything is in a constant flux. Learn to go through it with stability of mind. A meditation practice helps a lot.

The game had a powerful meaning for traders. People like John Meriwether believed that Liar’s Poker had a lot in common with bond trading. It tested a trader’s character. It honed a trader’s instincts. A good player made a good trader, and vice versa. We all understood it. The

After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

But who, sir, makes the trader? Who is most to blame? The enlightened, cultivated, intelligent man, who supports the system of which the trader is the inevitable result, or the poor trader himself? You make the public statement that calls for his trade, that debauches and depraves him, till he feels no shame in it; and in what are you better than he?

I was convinced that I was totally incompetent in predicting market prices - but that others were generally incompetent also but did not know it, or did not know they were taking massive risks. Most traders were just "picking pennies in front of a steamroller," exposing themselves to the high-impact rare event yet sleeping like babies, unaware of it.

Most of us take for granted the ease with which we can fill up our cars, buy a new smartphone or order a cup of Colombian coffee. But underpinning almost all of our consumption is a frenetic international trade in natural resources. And underpinning that trade, from their offices in sleepy towns in Switzerland or New England, are the commodity traders.

The worst thing that can happen to you in the markets is being right and still losing money. That’s the danger in buying on rallies and selling on breaks these days.

In The Voyage of the Dawn Treader, King Caspian tangles with slave traders who, with statistics and graphs, try to justify their operations as 'economic development.' Caspian wants the trade ended: 'But that would be putting the clock back,' gasped the governor. 'Have you no idea of progress, of development?' 'I have seen both in an egg,' said Caspian. 'We call it "Going Bad" in Narnia. This trade must stop.

Kovner lists risk management as the key to successful trading; he always decides on an exit point before he puts on a trade. He also stresses the need for evaluating risk on a portfolio basis rather than viewing the risk of each trade independently. This is absolutely critical when one holds positions that are highly correlated, since the overall portfolio risk is likely to be much greater than the trader realizes.

well-functioning market requires all three types of investors for socially beneficial projects to have access to cheap capital. Value investors allocate capital to its most productive use. Speculators, because they trade frequently, provide the liquidity and trading volume that allows value investors and relative value traders to execute their trades cheaply. They also ensure that information is disseminated quickly.

King Leopold’s private fiefdom in the Congo was precisely the counterfactual to colonial rule and the best argument for colonialism. His inability to control his native rubber agents who continued their pre-colonial business of slave-trading and coercive rubber harvesting showed the problems that would arise if European freelancers allied with native warlords and slave-traders to establish regimes with no outside scrutiny.

Be greedy when others are fearful and fearful when others are greedy.' Easier said than done for the vast majority of stock traders. ... On every stock trade there is someone who wants to sell and someone who wants to buy, at least at a particular price. ...the person who is selling thinks that she is getting out just in time while the person buying thinks that he is about to make good money. ... The truth is that the market doesn't really reflect some magical perfect valuation of a stock under the efficient market hypothesis. It reflects the mass consensus of how actual individual investors value the stock. It is the sum total of everyone's hopes and fears...

It is a curious thing that at my age — fifty-five last birthday — I should find myself taking up a pen to try to write a history. I wonder what sort of a history it will be when I have finished it, if ever I come to the end of the trip! I have done a good many things in my life, which seems a long one to me, owing to my having begun work so young, perhaps. At an age when other boys are at school I was earning my living as a trader in the old Colony. I have been trading, hunting, fighting, or mining ever since. And yet it is only eight months ago that I made my pile. It is a big pile now that I have got it — I don't yet know how big — but I do not think I would go through the last fifteen or sixteen months again for it; no, not if I knew that I should come out safe at the end, pile and all. But then I am a timid man, and dislike violence; moreover, I am almost sick of adventure. I wonder why I am going to write this book: it is not in my line. I am not a literary man, though very devoted to the Old Testament and also to the "Ingoldsby Legends." Let me try to set down my reasons, just to see if I have any.

Long-term success in the stock market has nothing to do with hope or luck. Winning stock traders have rules and a well-thought-out plan. Conversely, losers lack rules, or if they have rules, they don’t stick to them for very long; they deviate.

When asked what he thought the average trader did wrong, Tom Baldwin, who in the days before electronic trading was the largest individual trader in the Treasury bond pit, replied, “They trade too much. They don’t pick their spots selectively enough.

On the American Oligarchy "How about the United States?" a man yelled from the audience. "And what about it?" Martin retorted. "The thirteen colonies threw off their rulers and formed the Republic so-called. The slaves were their own masters. There were no more masters of the sword. But you couldn't get along without masters of some sort, and there arose a new set of masters–not the great, virile noble men, but the shrewd and spidery traders and money-lenders. And they enslaved you all over again–but not frankly, as the true, noble men would do with weight of their own right arms, but secretly, by spidery machinations and by wheedling and cajoling and lies. They have purchased your slave judges, they have debauched your slave legislatures, and they have forced to worse horrors than chattel slavery your slave boys and girls. Two million of your children are toiling today in this trade-oligarchy of the United States. Ten millions of your slaves are not properly sheltered nor properly fed.

Now it’s no longer sufficient to assume that because you trade with the trend, you’ll make money. Of course, you still need to be with the trend, because it puts the percentages in your favor, but you also have to pay a lot more attention to where you’re getting in and out.

I find that major trends are now frequently preceded by a sharp price change in the opposite direction. I still make my judgments as to probable price trends based on overall market action, as I always did. However, with a few exceptions, I now buy on breaks and sell on rallies.

Jesse Livermore, who declared in How to Trade in Stocks, “I absolutely believe that price movement patterns are being repeated. They are recurring patterns that appear over and over, with slight variations. This is because markets are driven by humans—and human nature never changes” (Greenville: Traders Press, 1991, 96).

skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of its stock. Traders apparently lack the skill to answer this crucial question, but they appear to be ignorant of their ignorance.

In the same mathematically reciprocal way, profit implies loss. If you and I exchange equal goods, that is trade: neither of us profits and neither of us loses. But if we exchange unequal goods, one of us profits and the other loses. Mathematically. Certainly. Now, such mathematically unequal exchanges will always occur because some traders will be shrewder than others. But in total freedom—in anarchy—such unequal exchanges will be sporadic and irregular. A phenomenon of unpredictable periodicity, mathematically speaking. Now look about you, professor—raise your nose from your great books and survey the actual world as it is—and you will not observe such unpredictable functions. You will observe, instead, a mathematically smooth function, a steady profit accruing to one group and an equally steady loss accumulating for all others. Why is this, professor? Because the system is not free or random, any mathematician would tell you a priori. Well, then, where is the determining function, the factor that controls the other variables? You have named it yourself, or Mr. Adler has: the Great Tradition. Privilege, I prefer to call it. When A meets B in the marketplace, they do not bargain as equals. A bargains from a position of privilege; hence, he always profits and B always loses. There is no more Free Market here than there is on the other side of the Iron Curtain. The privileges, or Private Laws—the rules of the game, as promulgated by the Politburo and the General Congress of the Communist Party on that side and by the U.S. government and the Federal Reserve Board on this side—are slightly different; that’s all. And it is this that is threatened by anarchists, and by the repressed anarchist in each of us,

Smiths were sacred in the old days. We know that they made a secret of their trade which overrode the bounds of district, tribe, and race. A smith was welcome in any village, his person safe on the road. In fact, the roads themselves were under the protection of the gods; there was peace on them for all wayfarers. The land was wide then, and it was empty. The tribes were few and small, and there was plenty of room for the hunter, the farmer, the trader. Life was not such a scramble of man against man, but rather of man against nature—

By 1900, a small white minority radiating out from Europe would come to control most of world’s land surface, imposing the imperatives of a commercial economy and international trade on Asia’s mainly agrarian societies. Europeans backed by garrisons and gunboats could intervene in the affairs of any Asian country they wished to. They were free to transport millions of Asian labourers to far-off colonies (Indians to the Malay Peninsula, Chinese to Trinidad); exact the raw materials and commodities they needed for their industries from Asian economies; and flood local markets with their manufactured products. The peasant in his village and the market trader in his town were being forced to abandon a life defined by religion, family and tradition amid rumours of powerful white men with a strange god-on-a-cross who were reshaping the world- men who married moral aggressiveness with compact and coherent nation-states, the profit motive and superior weaponry, and made Asian societies seem lumberingly inept in every way, unable to match the power of Europe or unleash their own potential.

Grazer and Cohn - two outsiders with learning disabilities-played a trick. They bluffed their way into professions that would have been closed to them. The man in the cab assumed that no one would be so audacious as to say he knew how to trade options if he didn't. And it never occurred to the people Brian Grazer called that when he said he was Brian Grazer from Warner Brothers, what he meant was that he was Brian Grazer who pushed the mail cart around at Warner Brothers. What they did is not "right," just as it is not "right" to send children against police dogs. But we need to remember that our definition of what right is, often as not, simply the way that people in positions of privilege close the door on those on the outside. David has nothing to lose, and because he has nothing to lose, he has the freedom to thumb his nose at the rules set by others. That's how people with brains a little bit different from the rest of ours get jobs as options traders and Hollywood producers-and a small band of protesters armed with nothing but their wits have a chance against the likes of Bull Connor

it is clear that for the large majority of individual investors, taking a shower and doing nothing would have been a better policy than implementing the ideas that came to their minds. Later research by Odean and his colleague Brad Barber supported this conclusion. In a paper titled “Trading Is Hazardous to Your Wealth,” they showed that, on average, the most active traders had the poorest results, while the investors who traded the least earned the highest returns. In another paper, titled “Boys Will Be Boys,” they showed that men acted on their useless ideas significantly more often than women, and that as a result women achieved better investment results than men.

To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss—the recognition that they are not beasts of burden, born to carry the weight of your misery—that you must offer them values, not wounds—that the common bond among men is not the exchange of suffering, but the exchange of goods. Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade—with reason, not force, as their final arbiter—it is the best product that wins, the best performance, the man of best judgment and highest ability—and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

Stock-exchange traders are also in danger. Most financial trading today is already being managed by computer algorithms that can process in a second more data than a human can in a year, and can react to the data much faster than a human can blink. On 23 April 2013, Syrian hackers broke into Associated Press’s official Twitter account. At 13:07 they tweeted that the White House had been attacked and President Obama was hurt. Trade algorithms that constantly monitor newsfeeds reacted in no time and began selling stocks like mad. The Dow Jones went into free fall and within sixty seconds lost 150 points, equivalent to a loss of $136 billion! At 13:10 Associated Press clarified that the tweet was a hoax. The algorithms reversed gear and by 13:13 the Dow Jones had recuperated almost all the losses.

Only optimists thought this possible at the time and even the leaders of the anti-slavery movement did not at first attempt the direct abolition of the institution of slavery itself, hoping instead that stopping the buying and selling of human beings would dry up the source and cause slavery as an institution to wither on the vine. At this juncture in history, Britain was the world's largest slave trader and the powerful vested interests which this created were able to roundly defeat early attempts to get Parliament to ban the trade. In the long run, however, such powerful opposition to the proposed ban, combined with equal tenacity on the other side, simply dragged out the political struggle for decades, making ever wider circles of people aware of the issue. Something that had never been a public issue before now became a subject of inescapable and heated controversy for years on end. Slavery could no longer be accepted as simply one of those facts of life that most people do not bother to think about. The long, drawn-out political controversy meant that more and more people had to think about it—and many who began to think about slavery turned against it. Eventually, such strong feelings were aroused among the British public that anti-slavery petitions with unprecedented numbers of signatures poured into Parliament from around the country, from people in all walks of life, until the mounting political pressures forced not only a banning of the international slave trade in 1808, but eventually swept the anti-slavery forces on beyond their original goals toward the direct abolition of the institution of slavery itself.

And the abolition of this state of things is called by the bourgeois, abolition of individuality and freedom! And rightly so. The abolition of bourgeois individuality, bourgeois independence, and bourgeois freedom is undoubtedly aimed at. By freedom is meant, under the present bourgeois conditions of production, free trade, free selling and buying. But if selling and buying disappears, free selling and buying disappears also. This talk about free selling and buying, and all the other “brave words” of our bourgeois about freedom in general, have a meaning, if any, only in contrast with restricted selling and buying, with the fettered traders of the Middle Ages, but have no meaning when opposed to the Communistic abolition of buying and selling, of the bourgeois conditions of production, and of the bourgeoisie itself.

When I heard about the path, I had to come down and see it for myself. I had heard about it before but didn’t really think it existed.” Zach was quick with his questions. “What do you think it is, and who made it?” he asked. Jeff looked at the boy, then back at Rock. “It’s my theory that Native Americans made the path using a giant shell for a mold. It’s the shape of a Noble Pen Shell, which is odd, because this shell is only found in the Mediterranean Sea. It could have been brought here from across the sea by early traders though - something to trade to the Indians in exchange for rich minerals such as gold or silver. They would have been fascinated by a shell this large and odd shaped. “The mold would have been filled with a crushed base layer, probably ground oyster shell, sand, rock and maybe even non-porous clay - then mixed with a binding agent, I have no idea what until I analyze it.

Which meant, if somehow GameStop did start to go up, the people who had shorted the company would begin to feel pressure to buy; the more the stock went up, the heavier that pressure became. As the shorts began to cover, buying shares to return them to their lenders, the stock would rise even higher. In financial parlance, this was something called a 'short squeeze.' It didn't happen often, but when it did, it could be spectacular. Most famously, in 2008, a surprise takeover attempt of the German automaker Volkswagen by rival Porsche drove Volkswagen's stock price up by a factor of 5 — briefly making it the most valuable company in the world — in two quick days of trading, as short selling funds struggled to cover their positions. Similarly, a battle between two hedge fund titans — Bill Ackman, of Pershing Square Capital Management, and Carl Icahn — led to a squeeze involving supplement maker — and alleged pyramid marketer — Herbalife, which cost Ackman a reported $1 billion. And perhaps the first widely reported short squeeze dated back a century, to 1923, when grocery magnate Clarence Saunders successfully decimated short sellers who had targeted his nascent chain of Piggly Wiggly grocery stores.

Cohen continued to struggle with his own well-being. Even though he had achieved his life’s dream of running his own firm, he was still unhappy, and he had become dependent on a psychiatrist named Ari Kiev to help him manage his moods. In addition to treating depression, Kiev’s other area of expertise was success and how to achieve it. He had worked as a psychiatrist and coach with Olympic basketball players and rowers trying to improve their performance and overcome their fear of failure. His background building athletic champions appealed to Cohen’s unrelenting need to dominate in every transaction he entered into, and he started asking Kiev to spend entire days at SAC’s offices, tending to his staff. Kiev was tall, with a bushy mustache and a portly midsection, and he would often appear silently at a trader’s side and ask him how he was feeling. Sometimes the trader would be so startled to see Kiev there he’d practically jump out of his seat. Cohen asked Kiev to give motivational speeches to his employees, to help them get over their anxieties about losing money. Basically, Kiev was there to teach them to be ruthless. Once a week, after the market closed, Cohen’s traders would gather in a conference room and Kiev would lead them through group therapy sessions focused on how to make them more comfortable with risk. Kiev had them talk about their trades and try to understand why some had gone well and others hadn’t. “Are you really motivated to make as much money as you can? This guy’s going to help you become a real killer at it,” was how one skeptical staff member remembered Kiev being pitched to them. Kiev’s work with Olympians had led him to believe that the thing that blocked most people was fear. You might have two investors with the same amount of money: One was prepared to buy 250,000 shares of a stock they liked, while the other wasn’t. Why? Kiev believed that the reluctance was a form of anxiety—and that it could be overcome with proper treatment. Kiev would ask the traders to close their eyes and visualize themselves making trades and generating profits. “Surrendering to the moment” and “speaking the truth” were some of his favorite phrases. “Why weren’t you bigger in the trades that worked? What did you do right?” he’d ask. “Being preoccupied with not losing interferes with winning,” he would say. “Trading not to lose is not a good strategy. You need to trade to win.” Many of the traders hated the group therapy sessions. Some considered Kiev a fraud. “Ari was very aggressive,” said one. “He liked money.” Patricia, Cohen’s first wife, was suspicious of Kiev’s motives and believed that he was using his sessions with Cohen to find stock tips. From Kiev’s perspective, he found the perfect client in Cohen, a patient with unlimited resources who could pay enormous fees and whose reputation as one of the best traders on Wall Street could help Kiev realize his own goal of becoming a bestselling author. Being able to say that you were the

In his job as a financial educator, Keith had spent a fair amount of time breaking down the act — and sometimes art — of short selling, in a way that less savvy customers could understand. When a trader believed a company was in trouble, and its stock was overvalued, they could 'borrow' shares, sell them, and then when the stock went down as they'd predicted, rebuy the shares at a lower price, return them to whoever they'd borrowed them from, and pocket the difference. If GameStop was trading at 5, you could borrow 100 shares, sell them for $500; when the stock hit 1, you bought back the 100 shares for $100, returned them, pocketing $400 for yourself. You paid a little fee to the lender for their trouble and came out with a tidy profit. But what happened if the stock went up instead of down? What happened if GameStop figured out how to capitalize on its millions of nostalgic customers, who spent billions on video games every year? What if the stock went to 10 instead of 1? What happened was, the short seller was royally screwed. He'd borrowed those 100 shares and sold them at 5. Now the stock was at 10, but he still needed to return his 100 shares. Buying them on the market at 10 meant spending $1000. And what was worse, when he'd borrowed the shares, he'd agreed on a timeline to return them. There was a ticking clock hanging over his head, so he had a choice — buy the shares back at 10 now, losing $500 on the deal — or wait a little longer, hoping the stock went back down before his time limit was up. And what if he waited, and the stock kept going up? Sooner or later, he had to buy those shares back. Even if the stock went to 15, 20 — he was on the hook for those 100 shares. Theoretically, there was no limit to how much he could lose.

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

Kode’s older sister, Kira, was leaning over a display of jewelry, fisting a jade-green necklace in one hand. Her nose was two inches from the Braetic across the table, the two exchanging intimidating glares. Eena watched for a few seconds as Kira all but crawled over a pile of merchandise, her face scrunched up with resentment, yet enviably stunning as always. “Hey Kode,” the young queen whispered. “Hey, girl.” “What’s going on?” “Kira’s bartering.” Eena watched the fistful of necklace come within a whisker of smacking the merchant’s nose. “She isn’t going to hurt the guy, is she?” Kode snorted on a chuckle. “Not if the dude’s got any sense.” Validly concerned, Eena inched closer to the confrontation, straining to hear their growled dialogue. Kode and Niki crept closer too. Efren, however, stayed where he was, testing the flagpole’s ability to support his body weight. They watched the feisty Mishmorat hold up a small pouch and shake it in front of the Braetic’s eyes. Kira’s fingers curled like claws around the purse. She seemed to smirk for a second when the merchant flinched. In a blink he was back in her face again, shoving aside the purse. “What is she trying to trade?” Eena asked, her voice still hushed as though she might disturb the haggling taking place across the way. “Viidun coins,” Kode said. “Ef gave ‘em to her.” “Are they worth much?’ Kode grinned wryly, “He sure as hell don’t freakin’ think so.” Eena foresaw Niki’s disapproving smack to the back of Kode’s head before he even finished his sentence. He cursed at his girlfriend for the physical abuse, an unwise response that earned him an additional thump on the head. “Freakin’ tyrant,” Kode grumbled. “Vulgar grogfish,” Niki retorted. Still unable to hear well enough to satisfy her curiosity, Eena stole in closer to the scene of heated bartering. She stopped when Kira’s strong voice carried over the murmur of the crowd. Kode and his girlfriend were right on her heels. “This purse is worth ten of those gaudy necklaces. You oughta be payin’ me to take ‘em off your hands, Braetic!” “That alien money is worthless to me, Mishmorat. In all my life I’ve never left Moccobatran soil. And even if I were to take an interstellar trip someday, you’d never catch the likes of me on a barbarian planet like Rapador!” Kira jerked her head, causing her black, cascading hair to ripple over her shoulder. The action made the trader flinch again. His eyes tapered, appearing to fume over what he perceived as intentional bullying. “You ain’t gonna sell this crap to no one else,” the exotic Mishmorat said. “Be smart and take the money. Hell, you could make a dozen pieces of jewelry from these coins. Sell ’em all for ten times the worth of anything you got here.” The Braetic shoved his finger at Kira’s chest, breathing down her throat at the same time. “Why don’t you just take your pretty little backside away from my table and make your own Viidun jewelry. Sell it yourself and then come back with a reasonable offer for my necklace.” His palm opened flat, demanding she hand over the jade stones still in her fist. “You wanna make me?” Kira breathed. “What do you plan to do, steal it?” The merchant challenged her in a gesture, nostrils flaring. “I’m no thief, but I’m not above beating some sense into you ‘til you choose to barter like a respectable Braetic!” Caught up in the intense interaction, Kode supported his sister a little too loudly. “Teach the freakin’ crook a lesson, Sis!” Niki smacked her boyfriend upside the head without missing a beat.