Part of educating people on trading, is having the ability to understand that folks come with different outlooks on life and varying personality characteristics. These variables can have an impact on how one approaches trading. Coming from a family Auto Business background in Brooklyn NY, I was a street-smart kid who had a huge array of friends from Westchester, NY, Boston, MA, Florida and of course my Brooklyn hoodies. I learned to navigate my way through all their very different outlooks on life and huge personality differences.
My closest friends all either worked straight out of High School or went to college as I did. After my 1st year of college, I decided to take part in my family’s Automotive Business.
The Auto Business was amazing! We grew from a small repair and body shop business, to becoming one of the east coast’s premier multi new car franchises along with leasing, financing, rentals, service parts, and auto insurance divisions. We covered every facet of the industry you can imagine. It was here that I learned how to be an entrepreneur at a young age and turn a good business model into a booming one.
Overseeing the Pre-Owned Car portion of the business and going to auctions, became one of my favorite aspects of the car business. We had a tremendous new car sales dept., which involved thousands of vehicle trade ins and required the ability to know what to keep for inventory resale and what to ship off to the AUCTIONS and wholesale!!
Ah, the word AUCTION. I love it! From the prepping of the cars and making them look Red Carpet ready for the sale, to watching the auction valet drive them onto the auction block ready to be bid on! When my car would come onto the lane I would get right up on that auction block with the auctioneer’s to watch all the hungry bidders. Auctions were so exciting for me! Needless to say, the buy side was equally as exciting as the sell side.
The AUCTION process is buying and selling by offering items up for bid, taking bids, and then selling the item to the highest bidder. The process is used in every facet of trading known to man. The open ascending price auction is arguably the most common form of auction in use today.
Bye Bye Cars, Hello Stocks. After 10 years in the Auto Business, I was taunted by some of my Brooklyn paisan’s to join them at their firm on Wall Street. I knew absolutely ZERO about Wall Street. What intrigued me was the fact that neither did any of my friends and yet, they were loving it and making a killing at it at the same time. My calling came on the day before Thanksgiving in 1991 when three of my friends pulled up in front of my Nissan dealership, parked on the sidewalk in their new Italian hotrods and came in to give me one last tweak to join them while they wrote checks for the new cars they were each buying their mothers as Christmas gifts. This gave me that one last tweak that pushed me over the Wall Street Edge I was in! These were guys who before Wall Street, had bar tendered, sold life insurance, ran retail boutiques, or were in a family business as well. None of us had any financial backgrounds.
Four months later, I earned my Series 7 license and became blue skied to sell securities in all states and was ready to work. In the beginning it was nothing less than 18 hours days, 600 minimum cold calls a day to unknown people all over the world and all for $200 a week! Man, did that $uck. Within 45 days, I reached the firm’s 30 qualified account opening minimum and was able to get out onto the main boardroom floor on my own. The next week I had my own desk, my own monitor and an awesome sales assistant to manage all my calls, accounts and other related admin I was set! This was just the beginning.
Within 2 years and after opening several hundred accounts of my own, I decided to leave the guys who started me in the business and open my own brokerage firm. Although the rate of success was dismal, I opened my office in Brooklyn, with space for a crew of 15 people, 10 sales representatives, some administrative assistants and my dog.
We were hungry guys for years we spent hundred +hour weeks opening accounts meeting clients and working every aspect of deal making from Private Placements and reverse shell mergers to being lead and syndicate underwriters on IPO’s and Secondary offerings. We listened to sales pitches on everything from small companies that were looking to raise money privately, with the intent to go public, to now giant multi billion mkt cap cos that we traded on the NYSE. I was in my glory! Wall Street was like a backstage pass to the Entire WORLD!! I had exposure to every industry, every facet of business, some of the smartest people I have ever met as well as some of the biggest shysters I ever knew.
6 years later, I controlled over $1.6 Billion at my Firm. I could buy any stock, bond, IPO, private placement, or real estate at my command. I controlled enough money that I could move a low float stock and triple its market cap with one phone call if I wanted to.
Here was the catch!!
I had a conscience, one of the rarest commodities on Wall Street! I wasn’t a typical stock jockey playing some financial news hype or fundamentals. I did not follow any analysts’ or expensive newsletters and financial services I did all my own research and followed my gut and street smarts. Since day one, I have never stopped learning, I became a funnel for information and I constantly read, took thorough notes and recorded every due diligence meeting and seminar on market education that I could.
In June of 2001 I closed my firm and went on to manage private client’s money and divest into other business I acquired along the way. I had a heck of a run. During my journey I did amazing deals, some of which are global names currently on the markets and others that popped and faded. All the while I kept an impeccable record with the SEC and FINRA regulators and in 2014 I finally retired my series 7 & 24 licenses.
My twitter handle, @nydough_pro reflects my trading experience. From my near 30 years on Wall Street, I offer an invaluable tool. The information I share is heavily tied to my hands on experience as well as that of a group of smart educators and market savvy people whom I have met along the way. My Trading style incorporates methods and lessons into all styles of trading and asset management which in essence is passed on to all my follows. This is done out of a pure passion to teach and help feed my PERSONAL ADDICTION OF THE MARKETS!
AUCTIONS!! Back a few paragraphs ago, I talked about the auto auction. Lo and behold, the whole stock market is an auction!! It is nirvana for me!! I know the process better than anyone! Please join me and my family of friends on my AUCTION MARKET THEORY trading crusade, where I will out bid, out sell, and beat this market at its own game!