The Day Trader: From the Pit to the PC by Lewis Borsellino (1999)

The author and his brother (also a trader in the S&P pit), grown up in a Sicilian Italian family, with their made man father serving a organized crime robbery conviction in their younger years, and who was later murdered by his own associates. The childhood education sticks, he and his brother shaking down exhibitors as a summer job with the and it also earned Mr. Borsellino a battery conviction during college. It also helped him to muscle in quite literally (by beating up other traders) into several pits of the Merc. We also learn how much their father loved them, how they loved him back, how hard it is to be discriminated against as an Italian, and how smart and hard working the author is. Fortunately for him, the author was not indicted in the FBI sting against illegal trading practices at CME. We also learn of escapades, with trades outside of any reasonable trading limits, with throwing up right afterward in the bathroom, and also how to scalp the customer order flow for nice quick profits (of course this is only nice if you are the one doing the scalping). The author also offers his (narrow-minded) views on electronic trading (basically it is good-for-nothing), where his limited knowledge of computer systems does show. Some references to support and resistance, reading the mind of market are there, but if looking for some trading knowledge, there is not much to see here, so move along. Otherwise the book makes a nice biographical read of the almost bygone era of the pit trading, similar to Charlie D.: The Story of the Legendary Bond Trader.

No comments: