Peter Tuchman is one of the most well-known traders on Wall Street, famous not just for his successful career but also for his distinct look. The first thing you'll notice is his wild gray hair, which makes him look a lot like Albert Einstein, earning him the nickname "The Einstein of Wall Street.”
Another phrase commonly used to describe Tuchman is “The most photographed trader on Wall Street.”
Born on December 23, 1957, Tuchman is currently 67 years old and has more than 40 years of experience in trading.
Peter Tuchman's career has spanned decades, witnessing a dramatic evolution in trading technology and navigating through several financial crises, including the 2008 global financial crisis and the 2000 dot-com bubble. His experience during these tumultuous times has shaped his understanding of market dynamics and the importance of adaptability.
Below, we’ll take a closer look at Tuchman’s trading journey, his top tips, and his views on crypto.
In an interview with the Guardian, Tuchman said:
The "Einstein of Wall Street" began trading commodities in the 1980s while also working on his MBA at Baruch College. In parallel with his studies, Tuchman worked at Studio 54, a Broadway theater and former nightclub.
Around this time, he also opened a record store and art gallery specializing in rare jazz albums. Tuchman was doing a lot at the time and hadn’t yet figured out his direction.
His record store closed after two years of operation, and he decided to take an accounting role in West Africa, even though he was only 30 credits away from finishing his master's degree.
Tuchman moved to the Republic of Benin, where he worked with computer spreadsheets.
After a while, he decided to return to New York. In the summer of 1985, Tuchman landed a summer job at the NYSE as a teletypist. His goal at the time was to become a broker, and two years later, after working as a teletypist, he secured an exclusive trading seat.
Now, he executes buy and sell orders on behalf of clients and may trade a couple of hundred million dollars worth of stocks in a day.
Later, Tuchman remembered that when he first stepped onto the floor of the exchange, he felt both fear and excitement. Then, he realized he had found the thing he wanted to do for the rest of his life.
Born on December 23, 1957, Tuchman is currently 67 years old and has more than 40 years of experience in trading.
Peter Tuchman's career has spanned decades, witnessing a dramatic evolution in trading technology and navigating through several financial crises, including the 2008 global financial crisis and the 2000 dot-com bubble. His experience during these tumultuous times has shaped his understanding of market dynamics and the importance of adaptability.
Below, we’ll take a closer look at Tuchman’s trading journey, his top tips, and his views on crypto.
How Peter Tuchman Got Into Trading?
Peter Tuchman grew up in New York in a family of Holocaust survivors. His father, a renowned doctor, had a patient who ran a firm on the New York Stock Exchange (NYSE) floor.
In an interview with the Guardian, Tuchman said:
I loved business and I loved the environment … the frantic screaming and yelling. That’s my nature, right? I thrive on chaos.
Tuchman graduated from Riverdale Country School in the Bronx, New York City, in the 1970s. He attended the University of Massachusetts Amherst, where he studied agriculture, international business, and finance.
The "Einstein of Wall Street" began trading commodities in the 1980s while also working on his MBA at Baruch College. In parallel with his studies, Tuchman worked at Studio 54, a Broadway theater and former nightclub.
Around this time, he also opened a record store and art gallery specializing in rare jazz albums. Tuchman was doing a lot at the time and hadn’t yet figured out his direction.
His record store closed after two years of operation, and he decided to take an accounting role in West Africa, even though he was only 30 credits away from finishing his master's degree.
Tuchman moved to the Republic of Benin, where he worked with computer spreadsheets.
After a while, he decided to return to New York. In the summer of 1985, Tuchman landed a summer job at the NYSE as a teletypist. His goal at the time was to become a broker, and two years later, after working as a teletypist, he secured an exclusive trading seat.
Now, he executes buy and sell orders on behalf of clients and may trade a couple of hundred million dollars worth of stocks in a day.
Later, Tuchman remembered that when he first stepped onto the floor of the exchange, he felt both fear and excitement. Then, he realized he had found the thing he wanted to do for the rest of his life.
I still get butterflies in my stomach every morning when I’m coming to work - Tuchman says. - It’s like being in the Super Bowl.
What made Tuchman famous was his reaction to the US stock market's drop in February 2007, when the Dow Jones Industrial Average fell by more than 400 points in a single day. His expression was captured and appeared on the cover of the New York Daily News.
Tuchman embraced his newfound popularity and began selling Dow hats, which he wore every time the index surpassed a new milestone.
There are some tips and secrets that helped Tuchman survive market transitions, and he often shares his advice through his Instagram account or various interviews. In addition, Tuchman moderates a trading class at Wall Street Global Trading Academy with trader and businessman David Green.
Tuchman mentioned that, throughout his career, he needed to be flexible and reinvent himself many times. He says there has been a huge shift in what floor traders do over the years. For example, the NYSE building, which was built in 1903, has seen significant changes with the advent of technology, which has transformed trading.
Despite this, Tuchman says there are still many traders who prefer on-floor trading. He personally employs a strategy to trade around imbalances at the close, which only occurs on the floor of the stock exchange. This gives him access to market data and insights from orders and trades that may not be immediately visible to electronic systems. He analyzes this information and conveys it to clients, helping them gain a market edge.
Tuchman says one of the greatest problems that day traders have is getting emotional about trade. He mentions that fear is the biggest issue in trading but it’s important to keep in mind that it’s about money. “You make it, you lose it.” That’s also the reason why Tuchman has never owned a share of stock. He says: “I don’t eat my own cooking.”
Another piece of advice Tuchman shared is that day traders need to ask themselves, 'Why am I buying or shorting this stock?' He says the only two valid reasons are either price action or technical analysis. According to him, unsuccessful day traders tend to blame other market participants for their losses, while successful ones accept the possibility of losing. They are disciplined, have a plan, and know they made the right decision, regardless of the outcome.
The NYSE veteran highlights the importance of trading psychology. He says that both profitable and losing trades need to be executed with the right mindset.
According to Tuchman, there are specific rules to follow to do this correctly. It's crucial to act at the right time-don’t turn a winning trade into a losing one by refusing to take profits, and know when to stop when you're losing. Tuchman advises setting a target amount you want to make, and once you hit that, turn the machine off and take a break.
“If you have three losing trades, you turn your machine off,” he says.
He also warns about the dangers of trading psychology and revenge trading.
When you think, “I’ve got to get back what I lost,” you start trading irresponsibly, which can lead to even bigger losses. Tuchman explains, “You might end up going home down not $150, which would have happened if you turned the machine off, but down $3,000 or more.”
“So, never revenge trade. You’ll come back from a bad day,” he advises.
Tuchman recommends understanding market basics and paying attention to indicators like moving averages and relative strength index (RSI), as they represent support and resistance, as well as oversold and overbought conditions.
He says it’s better to look at all major indicators together rather than focusing on a single one. For day traders, identifying these indicators is a necessity, according to Tuchman. On the other hand, he advises against making decisions based on economic data, FOMO, and hype.
FOMO or Fear of Missing out is a psychological phenomenon that can lead to impulsive trades, often resulting in losses. By staying disciplined and relying on sound technical analysis, traders can avoid falling victim to FOMO and make more informed decisions.
However, with Bitcoin’s rising popularity, Tuchman started receiving more and more questions about the asset. Eventually, he conducted research on the crypto industry.
In recent Instagram posts, the famous trader admits that he rejected crypto for a long time but has since changed his opinion. Now, he says everybody should pay attention.
In 2023, Tuchman launched his NFT collection, “Einstein of Wall Street,” focused on financial education.
In his videos, he discussed Dogecoin and other memecoins.
Benjamin, who is also a trader, works at the NYSE alongside his father.
Tuchman embraced his newfound popularity and began selling Dow hats, which he wore every time the index surpassed a new milestone.
Peter Tuchman’s Top Trading Tips
The Wall Street veteran and NYSE floor trader noted during an interview with Insider News that many traders he started out with are no longer trading. They either retired or couldn't keep up with the changing market.
There are some tips and secrets that helped Tuchman survive market transitions, and he often shares his advice through his Instagram account or various interviews. In addition, Tuchman moderates a trading class at Wall Street Global Trading Academy with trader and businessman David Green.
- Adapt to Market Transitions
Tuchman mentioned that, throughout his career, he needed to be flexible and reinvent himself many times. He says there has been a huge shift in what floor traders do over the years. For example, the NYSE building, which was built in 1903, has seen significant changes with the advent of technology, which has transformed trading.Despite this, Tuchman says there are still many traders who prefer on-floor trading. He personally employs a strategy to trade around imbalances at the close, which only occurs on the floor of the stock exchange. This gives him access to market data and insights from orders and trades that may not be immediately visible to electronic systems. He analyzes this information and conveys it to clients, helping them gain a market edge.
- Never Get Emotional About Money
Tuchman says one of the greatest problems that day traders have is getting emotional about trade. He mentions that fear is the biggest issue in trading but it’s important to keep in mind that it’s about money. “You make it, you lose it.” That’s also the reason why Tuchman has never owned a share of stock. He says: “I don’t eat my own cooking.” - Have a Plan When Getting Into the Market
Another piece of advice Tuchman shared is that day traders need to ask themselves, 'Why am I buying or shorting this stock?' He says the only two valid reasons are either price action or technical analysis. According to him, unsuccessful day traders tend to blame other market participants for their losses, while successful ones accept the possibility of losing. They are disciplined, have a plan, and know they made the right decision, regardless of the outcome.- Know When to Stop
The NYSE veteran highlights the importance of trading psychology. He says that both profitable and losing trades need to be executed with the right mindset.According to Tuchman, there are specific rules to follow to do this correctly. It's crucial to act at the right time-don’t turn a winning trade into a losing one by refusing to take profits, and know when to stop when you're losing. Tuchman advises setting a target amount you want to make, and once you hit that, turn the machine off and take a break.
“If you have three losing trades, you turn your machine off,” he says.
He also warns about the dangers of trading psychology and revenge trading.
When you think, “I’ve got to get back what I lost,” you start trading irresponsibly, which can lead to even bigger losses. Tuchman explains, “You might end up going home down not $150, which would have happened if you turned the machine off, but down $3,000 or more.”
“So, never revenge trade. You’ll come back from a bad day,” he advises.
- Don’t Make Decisions Based on FOMO and Hype
Tuchman recommends understanding market basics and paying attention to indicators like moving averages and relative strength index (RSI), as they represent support and resistance, as well as oversold and overbought conditions. He says it’s better to look at all major indicators together rather than focusing on a single one. For day traders, identifying these indicators is a necessity, according to Tuchman. On the other hand, he advises against making decisions based on economic data, FOMO, and hype.
FOMO or Fear of Missing out is a psychological phenomenon that can lead to impulsive trades, often resulting in losses. By staying disciplined and relying on sound technical analysis, traders can avoid falling victim to FOMO and make more informed decisions.
What’s Peter Tuchman’s Views on Crypto
Peter Tuchman’s views on crypto have evolved over the years. In a 2017 interview, he expressed skepticism about Bitcoin, saying, “I don't want to talk about Bitcoin, nobody down here does... It's a bit of a distraction.”
However, with Bitcoin’s rising popularity, Tuchman started receiving more and more questions about the asset. Eventually, he conducted research on the crypto industry.
In recent Instagram posts, the famous trader admits that he rejected crypto for a long time but has since changed his opinion. Now, he says everybody should pay attention.
I was very resistant to the whole crypto thing for a while. Just didn't believe in it. I'm a big equity guy. I've been trading on the NYSE for 40 years, so I didn’t believe in it. Then once it got away from me, I got angry that I didn’t get involved,Tuchman says.
Peter Tuchman Reacts to Bitcoin’s Rise After the 2024 Presidential Election. Source: Instagram
The famous NYSE trader believes that crypto is going to become big and that, at some point, Bitcoin will be worth millions of dollars per coin.
In 2023, Tuchman launched his NFT collection, “Einstein of Wall Street,” focused on financial education.
In his videos, he discussed Dogecoin and other memecoins.
There are 30,000 meme coins that come out every day. Things are worth what people are willing to pay for it. It's become something real because it's accepted across the board by governments and by entities and by a lot of the big players in the game.The Einstein of Wall Street noted.
Peter Tuchman’s Personal Life and Hobbies
Tuchman was married to filmmaker Lise Zumwalt Tuchman until her passing in August 2023. Together they have two children, Benjamin and Lucy Tuchman.
Benjamin, who is also a trader, works at the NYSE alongside his father.
In interviews, Tuchman said he has a beautiful family and an amazing job. He spends most of his time at NYSE and says the place has become his home.
Outside the stock market, Tuchman’s passions include music, food, and art. The Wall Street trader said in one of his interviews that these things help him relax.
The famous trader has two mottos in his life:
Peter Tuchman, known as the "Einstein of Wall Street," is a veteran equity trader with over 40 years of experience, recognized for his distinctive appearance and successful career on the New York Stock Exchange.
Yes, Peter Tuchman is active on social media platforms, including Instagram and X, where he has 213,000 and 36,500 followers, respectively. He also hosts a podcast, Trade Like Einstein with Peter Tuchman.
Peter Tuchman has stated that while some information online suggests his net worth is around $2 billion, this is not true. However, he does not disclose his actual earnings.
Tuchman describes algorithmic trading as “set it and forget it,” where you set parameters like volume and time, and the trade happens automatically. However, he emphasizes his love for the human element in trading, jokingly saying he’d like to get rid of all the technology. At the same time, Tuchman acknowledges that in today’s market, you can’t fight against technology. “You have to adapt it to a certain extent,” he says. He points out that both human and algorithmic trading are used on the stock market, and it’s possible to find a balance between the two.
Initially skeptical of cryptocurrencies, Tuchman has changed his stance over time and now views crypto as an important part of the financial ecosystem. In a recent post, he said he could see Bitcoin hitting $1 million. He now advises that everyone should pay attention to the crypto market.
Outside the stock market, Tuchman’s passions include music, food, and art. The Wall Street trader said in one of his interviews that these things help him relax.
I can sit in my home or drive in my car and listen to soul music, R&B, opera, classical music, and jazz all day long, super loud, scream and yell and dance around makes me happy.- he mentioned.
Tuchman loves street art and mentors young artists he finds through Instagram and other platforms. Speaking of food, he said he studied cooking when he was young and continues to enjoy it.
The famous trader has two mottos in his life:
If you find something you love to do, you’ll never work a day in your life.
And
If you don’t stand for something, you’ll fall for anything.
FAQ
- Who Is Peter Tuchman?
Peter Tuchman, known as the "Einstein of Wall Street," is a veteran equity trader with over 40 years of experience, recognized for his distinctive appearance and successful career on the New York Stock Exchange.- Is Peter Tuchman Active on Social Media?
Yes, Peter Tuchman is active on social media platforms, including Instagram and X, where he has 213,000 and 36,500 followers, respectively. He also hosts a podcast, Trade Like Einstein with Peter Tuchman.- Is Peter Tuchman a Billionaire?
Peter Tuchman has stated that while some information online suggests his net worth is around $2 billion, this is not true. However, he does not disclose his actual earnings.- What Are Peter Tuchman’s Views on Algorithmic Trading?
Tuchman describes algorithmic trading as “set it and forget it,” where you set parameters like volume and time, and the trade happens automatically. However, he emphasizes his love for the human element in trading, jokingly saying he’d like to get rid of all the technology. At the same time, Tuchman acknowledges that in today’s market, you can’t fight against technology. “You have to adapt it to a certain extent,” he says. He points out that both human and algorithmic trading are used on the stock market, and it’s possible to find a balance between the two.- What are Peter Tuchman’s Views on Crypto?
Initially skeptical of cryptocurrencies, Tuchman has changed his stance over time and now views crypto as an important part of the financial ecosystem. In a recent post, he said he could see Bitcoin hitting $1 million. He now advises that everyone should pay attention to the crypto market.
Anahit Avetisyan
Author
Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
