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Life in the Pits: My Time as a Trader on the Rough-and-Tumble Exchange Floors Paperback – December 5, 2023

by Brad Schaeffer (Author)
4.7 4.7 out of 5 stars 30 ratings
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A former commodities trader gives an intimate glimpse into what it was like to work on the raucous exchange floors in the trading pits of Chicago and New York.

In 1989, Brad Schaeffer was working as an artist when his trader brother invited him to visit the floor of the Chicago Mercantile Exchange. Schaeffer promptly quit his job and became a clerk in that most iconic arena of raw capitalism. During the next six years, Schaeffer rose from clerk to trader, making markets on Eurodollar options in Chicago and heating oil options in New York. In that time, jammed literally shoulder-to-shoulder, he screamed, flailed his arms, hurled expletives, and pushed and shoved his way through his day. He was a keen observer of the methodology, incidents, and personalities that made the now-extinct open outcry trading pits such a unique place to do business.

Life in the Pits recollects those last, most glorious days when red-faced alphas in colorful jackets performed thousands of transactions per hour, even as computerized trading heralded the floors’ ultimate demise. Schaeffer recalls the uneasy camaraderie of working right next to fierce competitors, the sheer intensity of dealing in stacks of money changing hands with a simple scream or hand signal, and the hijinks, excesses, and collection of characters as colorful as the jackets they wore, giving the reader an intimate look into what life was like down in the financial mosh pits.

A worthy successor to Liar’s Poker and Reminiscences of a Stock Operator, Life in the Pits offers nuggets of wisdom on what makes a successful trader and the rules all must follow to survive in such an unforgiving environment. Schaeffer’s often hilarious, yet sometimes profound, reflections take us on his personal journey from penniless artist to moving millions of dollars’ worth of commodities in the blink of an eye—courtesy of being thrown into the crucible of the trading floors that are no more—and explore the lessons he learned along the way.

“Brad’s book about those now bygone days of the trading pits is both hilarious and insightful. Anyone interested in how markets behave, how to trade them, and the broader life lessons such a stressful work environment imparted should add this easily digestible read to their collection of business literature. I spent years on the floor, and this fun and lighthearted reflection on those truly unique business venues brings it all back to life. I highly recommend it.” —J. Robert Collins Jr., CEO of Mercantile Bank International and Former President of the New York Mercantile Exchange
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  1. Print length
    192 pages
  2. Language
    English
  3. Publisher
    Post Hill Press
  4. Publication date
    December 5, 2023
  5. Dimensions
    5.5 x 0.4 x 8.25 inches
  6. ISBN-13
    979-8888454107
  7. See all details
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Editorial Reviews

About the Author

Brad Schaeffer was a commodities options trader on the floors of the Chicago Mercantile Exchange and New York Mercantile Exchange as well as an equities trader on the American Stock Exchange. He now manages his own money trading over-the-counter. He is also a prolific author and columnist whose eclectic writings can be found on the pages of the Wall Street Journal, New York Daily News, National Review, The Federalist, Daily Wire, and ZeroHedge. He is the author of two acclaimed novels: the World War II drama Of Another Time and Place and bestseller The Extraordinary, which tackles autism and PTSD.

Product details

  • ASIN ‏ : ‎ B0CKPNCMQW
  • Publisher ‏ : ‎ Post Hill Press (December 5, 2023)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 192 pages
  • ISBN-13 ‏ : ‎ 979-8888454107
  • Item Weight ‏ : ‎ 7 ounces
  • Dimensions ‏ : ‎ 5.5 x 0.4 x 8.25 inches
  • Customer Reviews:
    4.7 4.7 out of 5 stars 30 ratings

About the author

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Brad Schaeffer

Brad Schaeffer

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Brad Schaffer was born in Baltimore, MD but grew up in a suburb of Chicago. After attending the University of Illinois at Urbana-Champaign, he lived in Chicago where he embarked on his dual career as both a commodities trader and author/novelist. He currently resides in New Jersey.

His prolific and eclectic writing can be found in the pages of the Wall Street Journal, New York Daily News, National Review, Daily Wire, and other well-read publications. His interests as reflected in his articles encompass a wide swath from business, to science, education, the arts, history, politics, social issues, and general day-to-day living. He is also an accomplished guitarist and pianist and can be found playing in local New Jersey clubs with one of several rock bands in which he has played over the years.

He is the author of two novels "Of Another Time And Place" (2018) takes place in World War II Europe. It is a study of the conflicts that good men confront when compelled through national loyalty and indoctrination to fight for morally reprehensible causes. "The Extraordinary" (2021), deftly tackles two sensitive subject matters, autism and PTSD, and the impacts they have on not just those who have these conditions but also the families who support those they love while trying to cope with the stresses they induce.

Customer reviews

4.7 out of 5 stars
4.7 out of 5
30 global ratings
The Age of Financial Mosh Pits
5 Stars
The Age of Financial Mosh Pits
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Top reviews from the United States

Nikki Din
5.0 out of 5 stars An inside peep into the fascinating world of traders
Reviewed in the United States on February 23, 2024
Verified Purchase
The beauty of this book is in the writing. Mr. Schaeffer manages to captivate the reader with his wit, observations, insights and endearing humility. A must read.
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stephorrion
5.0 out of 5 stars Trade Pit Chronicles: An Exciting Journey into the History of Wall Street
Reviewed in the United States on January 27, 2024
Verified Purchase
Life in the Pits by Brad Schaeffer is an engrossing story about the crazy world of trading pits in New York and Chicago. Schaeffer takes readers on an exciting voyage while combining wit and wisdom, giving them a nostalgic look back at the heyday of open outcry trading.
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Sherry Nelson
5.0 out of 5 stars The Age of Financial Mosh Pits
Reviewed in the United States on February 22, 2024
Verified Purchase
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Sherry Nelson
5.0 out of 5 stars The Age of Financial Mosh Pits
Reviewed in the United States on February 22, 2024
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Solange Roe
5.0 out of 5 stars First-Class Seat for Economic Background
Reviewed in the United States on January 25, 2024
Verified Purchase
Explore the complex world of commodity trading by drawing on Schaeffer's own experiences. A lighthearted and perceptive read, Life in the Pits gives readers a close-up look at the rivalry, friendship, and eccentric personalities that characterized the trading pits.
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Richard Meister
5.0 out of 5 stars Compelling & Enjoyable!
Reviewed in the United States on December 27, 2023
Verified Purchase
Finished Life in The Pits over the XMAS break and truly enjoyed Mr Schaeffer's compelling tale! Full disclosure, I am a former NYMEX heating oil trader(in the futures ring) so the book truly resonated-What really stood out to me was the background on the Chicago exchanges-the juxtaposition between the two alone makes this a worthwhile read!My only complaint was that it was too short, lol
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Jersey Mike
2.0 out of 5 stars Another trading book, nothing special.
Reviewed in the United States on December 18, 2023
Verified Purchase
Lots of traders, former traders, and wanna be traders run out and buy every new book that comes out about trading - I'm no exception. I wasn't expecting to learn any strategies or techniques, I was just hoping for a good entertaining read. But short of a couple good one-liners, this book was a dud for me.
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Kylia Van Delden
5.0 out of 5 stars Excellent Read!!
Reviewed in the United States on February 26, 2024
Really enjoyed the book. Highly recommend.
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Tommy Boy
5.0 out of 5 stars Entertaining and Insightful
Reviewed in the United States on February 22, 2024
Life in the Pits is a fun read and retrospective of trading from a Gen X’ers view, I liked it a lot.
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