- Could I mic you too?
- [Peter] Platform for - Oh my god,
exclusive access. - retail trader
similar things.
9 out of 10 day traders do not succeed at this.
- So, I know you, you are famous for
all the faces you made on CNBC Online.
Can we make some of those faces?
- My pleasure.
- Do you ever plan on retiring?
(upbeat music)
The New York Stock Exchange has been
closed to the public since 9/11.
So in order to gain access, you must have an
invitation from a member of The Exchange.
And during my tour inside the New York Stock Exchange,
guess who I ran into.
Does this face look familiar?
- Trader here for 137 years. (voice laughs)
- Yes, he's that guy with a devastating
good looks that you see on CNBC.
Whenever the stock market crashes,
his name is Peter Tuchman, A.K.A
the most photographed trader on Wall Street.
Not only did Peter give me his number,
he also agreed to do a quick interview with me,
so I can share it with all of you.
You guys and girls flooded my comment
section asking for this interview.
So here we are with the Einstein of Wall Street.
And make sure you smash the like button.
It really gives me the strength
and motivation to make more exciting content
like this for you guys in the future.
So I asked Peter Tuchman, what are the
three golden tips for aspiring traders
and investors in the stock market right now?
Hi everyone we're here with Peter Tuchman.
This man needs no introduction. (laughs)
Hi Peter nice to meet you.
- Hi, great, thank you for having me.
I am, I'm Peter Tuchman, I do need an introduction.
I'm known as the Einstein of Wall Street.
We're here in front of the New York Stock Exchange,
greatest financial institution in the world.
I've been a trader here for 137 years.
I went to high school with Alexander Hamilton.
So, I can share my experience with you.
They're rare, it's rare to find
someone with more experience than me.
- What is, do you have a favorite stock,
or are you allowed to pick a favorite?
- You know what, no, I'm not a,
let's have a good disclaimer.
- Okay.
- I'm not a stock picker.
- Mm-hmm.
- I am not a financial advisor.
What I do is I'm a trader on the floor,
I've been doing this for 37 years.
And what I do is I, well, my active trading account,
I trade for hedge funds and individual,
like prop traders, all over the country.
I have about three customers.
My career is a span of all different things.
I did convertible arbitrage,
I've done institutional trading.
I don't trade for myself.
We on the floor
are not really allowed to do that.
- Mm-hmm.
- You know, I trade about 348 of the S&P stocks
that are listed here in the NYSE every day.
So, it's sort of a conflict of interest for me
to be involved trading for my own account
and my customers.
So I do a good enough business.
I'm more of what I call a forensic analyst of the market.
I try and share, through my experience,
having seen as many movies here since 1987,
as one can see and I have to admit,
I've never seen this movie before,
what we're going on right now.
So I try and understand and explain why
the market's doing what it's doing on a daily basis.
I do every day recaps on
why the market did what it did today.
I can explain to you what happened here this morning.
I'm here, I'm trading on the floor every day so, I think
this is the greatest
trading market in the world.
Even though we don't have 10,000 people here,
as we did back in the day,
we still have a good solid handle
on what's going on in the market,
the only market with the human element, right.
And I think in a market that goes up and down
a thousand points on any given day,
we could be bearish at 11, bullish in the afternoon.
We could be in a death cross at 12,
we could be in a recession tomorrow.
- [Shay] Oh my god.
- I mean, these terms are irrelevant,
you know, in my opinion in a market doing what it's doing.
So it's really important to understand
what price action is going on in the marketplace
on a day to day basis,
especially for the new retail trader.
- Yeah, price action above.
What was it like for you, during the whole 2021,
you know, the WallStreetBets movement here,
what was it like on the floor?
Peter also graciously offered
to appear in even more Humbled Trader videos in the future.
So if you guys wanna do a Q & A video
where you get to submit your questions
for the Einstein of Wall Street,
make sure to comment, Peter, down below to let me know
and I will make that happen for you.
- So look for me, look, a lot of people
have not embraced,
in my position having been a long timer here,
have not really embraced that community in a big way.
You know, they felt that they sort of came in
and they, rode rickshaw all over the floor of the
Stock Exchange and they attacked everybody
on the short side and whatnot.
For me, I'm sort of a little bit different.
I think outside the box.
I'm a firm believer that they are going to be the,
they call themself Degenerates.
They're 40 million new retail traders in the world.
I think that's about the real number.
- Yeah. - The D Gens.
(Dan laughing) And, um,
- D Gens.
- And at the end of the day
it's my responsibility to curate
and embrace this new young community,
'cause they're gonna be the trading
and investment community of the future, right.
- [Shay] Yeah, for sure.
- They come on at a wild time, right
2020, March, 2020, everybody was sheltered in place,
you know with Robinhood and TD Ameritrade
and all the trading, the free trading app.
- [Dan] TradeZero, don't forget.
- And TradeZero, all the new trading apps that came in.
They were selling their product for free,
everyone sheltered in place at home,
little bit of a stimulus check,
WallStreetBets, Reddit and whatnot.
So the environment and the landscape was just ripe
for all these new traders to come in.
And look anybody who hit a buy button on March 23rd, 2020,
- Buy button. - suddenly realized that they
had diamond hands and they were, they were golden.
They knew exactly what, you know,
they got this idea it was a get rich quick scheme.
It's not.
This market, 90% of the people who started trading
at that time are now, have blown up their
trading account and you can be sure of that.
9 out of 10 day traders do not succeed at this.
And because it's not a get rich quick scheme.
It is actually markets don't just go off.
We've seen that.
The hardest beginning to a year since 1937 is 2022.
There're stocks that are down 60, 70, 80%, right.
There is the memeification of stocks.
All of that.
For me, it's the most exciting time
to be trading the market.
For me, it's the most exciting time
to learn how to trade this market.
- Yeah.
- You know, if you get a job and it's boring
and nothing's going on and no one's showing up for work,
it's not exciting to learn what's going on.
- It's not, yeah.
- But in a market where you've got candlesticks,
look this morning the market was up half a percent at 8:15.
The jobs report came in at 8:30 and it went down 1%,
and now it's rallied back even more than that.
So when you have these intra-hour moves that are so radical,
you need to understand risk management and stop orders.
You need to understand that taking a profit,
there's nobody got broke taking a profit, right.
That you need to literally, follow the rules
of day trading, which are very, very specific.
You can't trade on hope and FOMO,
those are not trading strategies.
So I'm here to help you guys understand why
the market does what it does
and try and sort of corral you and curate you
into a way where you need to sort
of hit singles and doubles.
You know, you may be right for a dollar
but you're gonna be wrong for $50, and that's dangerous.
- That's bad risk management.
- Very bad risk management.
- So I know you are famous for all the
faces you made on CNBC online.
Can we make some of those faces right now together?
- No, we can't. - No?
- They are natural, they only come.
I can just show how excited I am to meet all
of you guys and to, and to try and partner up
with you guys on doing something.
- Mm-hmm, yes.
- And try and educate your retail community.
But the emotional reactions you see
on a daily basis are pure and honest,
- Oh my God. - and they happen on the spot.
- Oh okay, got it, got it.
What do you have to say to our
900,000 subscribers on YouTube right now?
- You know what, look I'm excited.
Look if I can stand in front of 900,000 people
and you know and share my experience, and my confidence,
and my excitement about the greatest job on Earth.
I have found a job, which I don't call a job,
it's something I love to do.
You know, go out and find something you love to do.
That's gonna get you up in the morning.
Right now is the greatest time in the world
to be learning about this market, trading this market,
as long as you follow the rules.
If I can be of assistance to all of you, and motivate
and inspire you to get excited about this, I've done my job.
- Thank you so much. - My pleasure.
- Do you ever plan on retiring?
- Never. - Never.
- Oh my god, no, no, no.
Even probably after death I'll be trading.
- Oh my God.
- [Dan] And you've been doing it for 136 years already.
- Yeah, of course.
- Look, I look pretty good for that age.
- Yes.
- Like, he's an old statue, I'm still here trading, so.
- If you enjoyed this video,
make sure to drop a like and subscribe.
Again, if you wanna see more Q & A
with the Einstein of Wall Street,
make sure to comment, Peter, down below and let me know.
Thank you guys so much for watching as always.
I'm the Humbled Trader and I'll see you guys next time.
(upbeat music)