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💫 Summary
The video tells the story of BNF, a Japanese day trader who became a legend after making billions in trades, facing challenges and setbacks but ultimately achieving success with his disciplined and unique approach to trading in the Japanese market.
✨ Highlights📊 Transcript
BNF, a Japanese day trading legend, gained fame after a successful trade in 2005 and became known as the J COM Man.
00:02
BNF made a name for himself after a successful trade in 2005.
He became a Japanese legend known as the J COM Man.
BNF spent most of his days alone in a room day trading.
He found inspiration from a four-part series about the world of finance aired in 1998.
BNF, a broke college student in Japan, was inspired by the documentary on hedge fund manager Victor Niederhoffer and started saving up to become a day trader.
03:46
BNF based his trader name on Victor Niederhoffer and was captivated by the lifestyle and trading.
He worked part-time jobs, saved money, and spent every moment studying charts and price action.
BNF relied on building his own theories on how the market worked due to the lack of available information in Japan.
BNF focuses on analyzing his losers and realizes that different sectors have different repeating deviations, allowing him to find better entry points for trades.
07:31
BNF looks for stocks deviating at least 20% off the 25-day moving average.
He identifies that different sectors have different ranges of deviation percentages.
BNF learns to develop a feel for the sector before making a trade.
During a bear market crash, BNF sees opportunities with 20% deviations in penny stocks.
BNF found a clever way to ride the bull run by buying lagging core companies and selling them after a few days or weeks, resulting in profitable returns and a 10 million account growth in two years.
11:15
BNF wanted to find a system to minimize risk and profit from the bullish sentiment.
He discovered that core companies tend to rise with the index, but not at the same time, so he bought the laggers.
His trading transformed into a few trades per month, instead of forcing trades.
BNF viewed trading as one global machine and used unemotional discipline to maintain profitable returns.
BNF remains calm and takes a calculated risk by holding 6000 shares overnight, leading to a massive profit of ¥2 billion.
15:00
BNF decides to sell only a small number of shares and remains calm despite the market close approaching.
The J COM Stock gets halted and large institutional players return their shares and profits, but BNF refuses.
Mizuho Securities offers a settlement and agrees to buyback BNF's shares at an opening price of ¥975,000.
BNF makes a total profit of about ¥2 billion, gaining legendary status and becoming known as the 'J COM Man' in Japan.
BNF invested $6.5 million in Lehman Brothers stock, underestimating the level of corruption in the US banking system, resulting in a complete loss of his investment.
18:46
Lehman Brothers stock had fallen 73% that year.
BNF underestimated the level of corruption in the US banking system.
BNF's lack of knowledge and understanding of the US market led to his investment going to 0 overnight.
The US housing market crash and global financial system collapse further impacted BNF's trading decisions.
BNF stuck to his trading strategy despite the market moving against him and his overall position size grew to $64.8 million with positions in over 90 companies.
22:30
BNF doubled down on his trading strategy instead of doubting himself and his own experience.
He started taking diversified positions in the hardest-hit companies that formed the Nikkei.
BNF decided to hold his position overnight and made a profit of over $12 million when the market rallied.
BNF has regained his godlike status and is on a mission to become the world's first Billionaire Bear Bedroom Day Trader.
00:022005.
00:03Billionaire investor
00:04Masayoshi Son was looking for a new way to grow his wealth.
00:08Despite his $4.3 billion.
00:09Not everybody folds under this pressure.
01:22BNF made a name for himself after the J COM trade in 2005.
01:26Everybody wanted a piece of him.
01:29He became a Japanese legend known as the J COM Man.
01:33But to BNF, it was just one trade.
01:36Cup ramen, anime,
01:37and spending most of his days alone in a room day trading.
01:40After making ¥2 billion in one trade, BNF felt the same.
01:45He just wanted the next trade.
01:49But as he adapted to his newfound fame,
01:51a deadly storm was coming,
01:53as the global market
01:54started showing signs of a bear market.
01:56The greatest financial bubble of his lifetime,
01:59one that could wipe out his portfolio size.
02:02He knew he had to cut out the noise.
02:05He had always kept it unprofessional.
02:07Because he didn't kiss the ring of the people
02:09with the chequebooks,
02:10BNF had set up his trading in a tiny apartment.
02:13His small, unprofessional setup reflected BNFs
02:16distrust of the system.
02:331986 Osaka,
02:40What are you doing?
02:41That's way too far!
02:42We got to rewind the track.
02:47In 1986, Osaka,
02:49Growing up, it was the same.
02:52BNF spent most of his days inside.
02:55But then a blessing happened to BNF
02:57that turned his whole worldview bright,
03:00and made him ready to believe you could outsmart
03:02the system.
03:18BNF was living the college life.
03:20Like a lot of you, he was experimenting with...
03:24erm...
03:26his life purpose.
03:28Ramen, anime, sake,
03:31not much had changed, until one day he came
03:33across an episode.
03:36In 1998*, NHK, a Japanese TV network,
03:40aired a four-part series about the world of finance.
03:42With the first episode titled
03:44‘The Man Who Lost 50 million’.
03:46The episode covered the legendary
03:48hedge fund manager Victor Niederhoffer.
03:51Victor Niederhoffer was a wild guy.
03:53He was a notorious speculator.
03:55His fund traded options on Index futures,
03:57and was known for blowing his fund twice.
04:01After watching the series, BNF got hooked.
04:05BNF was so inspired by the documentary, lifestyle
04:08and trading,
04:09he based his trader name, BNF on Victor Niederhoffer.
04:13The game of trading and the freedom it gave,
04:15It was the lifestyle he had always dreamed of.
04:30But unlike Victor,
04:31BNF wasn't born in opportunity.
04:34At the time, BNF was a broke college student.
04:37He knew he would have to save up
04:38for years to even get started.
04:40Let alone make profits?
04:42Are you kidding me?
04:43He knew nothing about trading.
04:45And he's not like you,
04:46he didn't have YouTube.
04:47In the 1990s, Japan had very little
04:50textbooks on trading, let alone trading via a computer.
04:53There was no information on it.
04:55Even though the odds were stacked against him.
04:57Nothing in life beat the excitement he felt
05:00when he thought about making millions in trading.
05:02How his life would change.
05:04The charts captivated him.
05:06He knew he wanted to become a day trader,
05:09against all odds.
05:15So in college, he got the work.
05:18BNF started working part-time jobs.
05:20He was working weekday nights and weekend shifts.
05:23Besides rent and cup ramen, he saved as much as he could.
05:28In between college and his job, he spent every moment
05:31he could looking at charts.
05:33Day in and day out.
05:34Studying price action.
05:38Like a bear studying currents for its next meal,
05:41Bnf was learning how stocks moved.
05:43Studying all the top stocks in the Japanese Nikkei Index.
05:46In time, he started identify meaning in the movements.
05:50There is a flow to it.
05:52To make up for the lack of available information,
05:54he relied on building his own theories
05:56on how the market worked.
05:58He sacrificed
05:59all his time.
06:02After two years,
06:04working part-time jobs and studying the charts
06:06every single day,
06:07the moment had come.
06:09By living frugally, he had managed to save up
06:11$16000.
06:13It was time to face the markets.
06:27Young, hungry and disciplined.
06:29BNF is anxiously trading to make a living,
06:32but the market he faced,
06:34was an unforgiving bear market.
06:38As you know in 2000,
06:39the global stock market
06:40had just been hit
06:41by the burst of the Internet bubble,
06:43aka
06:43the ‘Dotcom’ bubble.
06:45But what you might not know
06:46is Japan
06:47had already experienced a huge asset bubble burst
06:50in the nineties.
06:51It is known to Japanese economists as the ‘Lost Decade’,
06:54where asset prices dropped over 70%.
06:58A decade of terrible economic pain.
07:01Despite studying the charts for two years,
07:03BNF started suffering initial losses.
07:06However, through his experience,
07:08he quickly developed a strategy
07:09that was simple yet brilliant.
07:14In a bear market, the overall sentiment
07:16is fear.
07:17People hate losing,
07:18and think positive upswings are unlikely in the short term,
07:21so they underestimate their likelihood.
07:24His strategy was Contrarian Trading.
07:27BNF found when traders are fearful
07:29about the overall bear market.
07:31They will often oversell falling stocks
07:33to avoid the pain of losing,
07:34or in BNF’s own words:
07:36‘When going for short-term rebound,
07:38what you should focus on is the Moving Average Divergence.
07:42In the bear market of ’01,
07:43I would only look at stocks
07:44deviating at least 20% off the 25-day moving average,
07:48with 35% being somewhat a safe level to buy.
07:51The price would then
07:52surge and I would close the trade in a profit.’
07:55But it wasn't that simple.
07:57Even after stumbling upon this revelation,
08:00a lot of BNFs trades were losses.
08:03With more losers than winners.
08:04It was painful to see his hard-earned savings shrink.
08:08To him,
08:08it seemed like some sectors of the market
08:10were trickier than others.
08:12Despite the pain,
08:13he knew it was unrealistic to expect overnight success.
08:17Instead, he decided to focus his mind
08:19and double down on analyzing his losers.
08:23From studying the losing charts.
08:25BNF had realized his losers
08:26were repeatedly the same sectors,
08:28and each of them had different repeating deviations.
08:32He concluded the divergent percentages
08:34were different per sector,
08:36or in BNF’s quote from his old 2-channel posts:
08:39‘For the service sector stocks, the range of deviation
08:42from the 25-day moving average
08:44was between 22 and 30%.
08:47For the post-dot.com crash IT stocks,
08:50The ranges were 25 to 45%,
08:52and for emerging stocks, it was 28% to 60%.’
08:56Applying different numbers
08:57per sector
08:58allowed him
08:59to find greater entries to the temporary upswings.
09:02BNF had learned
09:03he first had to develop a feel for the sector
09:05before being able to make a trade.
09:07With this intense focus,
09:09he was producing more wins than losses.
09:12But by December 2001, the bear market got even more insane.
09:15There was a massive crash in penny stocks.
09:18It looked like a market wide
09:19Black Friday sale.
09:21BNF saw 20% deviation opportunities everywhere.
09:24These were companies with strong brands
09:26and often liquid war chests.
09:28A lot of BNF friends he met on 2-channel
09:30started buying in.
09:32It looked like the perfect buying opportunity.
09:35But to BNF’s instincts,
09:37he felt there was a problem.
09:39When everything is on fire sale,
09:41is it even a sale?
09:43So he passed.
09:44Having learned that different sectors
09:46have different points of rebound.
09:47Now was no different.
09:49Instead of stocking up on the fire sale,
09:51he only focused on the extreme cases.
09:53Stocks that had dropped
09:54significantly greater than the market average.
09:56Stocks closer to 65% deviation.
09:59off the 25-day moving average.
10:01He made the right call.
10:03All of his stocks rebounded after only 1 to 2 days.
10:06A lot of them jumped up 50%.
10:08Some even doubling after 2 to 3 trading days.
10:11Remaining calm
10:11and applying his self-developed
10:13feel for the market had paid off.
10:15If he had bought it
10:15the typical levels
10:16like his friends, his losses would have been catastrophic.
10:20Instead, by the end of 2002,
10:22BNF had grown his account to 1 million in US dollars.
10:26He had become the great bear of Japanese day traders.
10:29The high was exhilarating.
10:31He was finally living off his trades.
10:34But then a tragedy happened
10:35to BNF that turned his whole worldview dark.
11:00Yup.
11:02The whole world went on a massive bull run.
11:04You heard that right.
11:05That's the tragedy.
11:06Well, the whole world was ecstatic.
11:08BNF was stressed.
11:10See, BNF’s strategy only worked in a bear market.
11:13He needed the fear sentiment.
11:15But now the market has flipped.
11:17He was facing a whole different opponent.
11:19To continue making a living trading.
11:21He had to figure out how to beat this new bull market.
11:24And to make things worse,
11:26he actually had some money now.
11:28He didn't want to lose his freedom.
11:30To ensure he didn't blow his account,
11:31he had to find a system to minimize this risk.
11:34From his past trades,
11:36BNF learned the importance of market sentiment.
11:39To minimize his risk,
11:40he decided he didn't want to fight the bullish sentiment.
11:42Instead, he wanted a strategy that profited from it.
11:46I mean, we all know bull markets.
11:48As long as you hold, you will make money in the long run.
11:51But you can't daytrade that.
11:53So, instead of holding long term,
11:54using his understanding of codependency
11:56in the Japanese market,
11:58BNF found a new clever way to ride the bull run.
12:02When the market strong, core companies
12:04tend to rise with the index.
12:05What BNF found is,
12:06core companies don't go up at exactly the same time.
12:09There are always laggers.
12:11And that's where he buys.
12:13He would ride these laggers up and then sell after a few days
12:16or weeks.
12:17Since these opportunities didn't
12:18appear every day,
12:19his trading transformed into a few trades per month.
12:22Instead of trying to force his trades,
12:24he stuck with this strategy.
12:26Through years of experience, BNF had come to view trading
12:29not as individual price action,
12:31but rather as one global machine.
12:33Understanding the relationship between individual
12:35parts of this machine and his unemotional discipline,
12:39That's his genius.
12:40The strategy allowed BNF to maintain profitable
12:43returns in the bull run.
12:44His account grew by 10 million in two years.
12:47And that's when things took a weird turn.
12:54It's December 2005, 9 a.m.,
12:56another morning on the Japanese Stock exchange.
12:59The markets are rowdy as various new tech companies
13:01had IPO'd on the market
13:02in the last few months.
13:04Traders were hungry for that next unicorn company.
13:07However, this morning their eyes were on a new stock.
13:10J COM Holdings, as it went public on the emerging markets.
13:14Within minutes, panic emerged.
13:17BNF couldn't believe his eyes.
13:19J COM looked to have one of the greatest stock
13:20drops in history.
13:22Unsure of what was going on,
13:24traders were hesitant to buy.
13:26Concerns of financial fraud grew
13:28and the internet started going wild over the story.
13:58Meanwhile, at Mizuho Securities,
13:59a man was fearing for his life.
14:01He had made an unimaginable mistake.
14:04His job was to sell 1 share of J COM at ¥610,000,
14:08but instead
14:09he sold 610,000 shares
14:11 for ¥1 each.
14:13After it went live, there was no reversing it.
14:17Luckily, the Japanese exchange
14:18has what you call a limit up and a limit down,
14:21meaning there's
14:21a limit to how much a stock can move up or down in one day
14:24to prevent highly volatile situations such as these.
14:28But it wasn't enough.
14:30BNF moved quick.
14:31In a matter of minutes since the incident, he attacked.
14:34He bought 7100 shares at the limit down price,
14:37which gave him an unbelievable 49% stake in the company.
14:41He put half his entire account size on his trade.
14:44And his protegé CIS bought in alongside him.
14:48The panic
14:48escalates and
14:49Mizuho Securities realized that can’t reverse their trade.
14:52In a desperate attempt,
14:54they tried to buy back as many shares as possible,
14:56but they weren't the only buyers.
14:58By now, even institutional players
15:00have caught wind of this.
15:01Everybody wanted a piece.
15:03The price started rocketing as the market close approaches.
15:07His protegé CIS cashed out his profits.
15:09He even withdrew the money from the bank,
15:11fearing government drawbacks.
15:13But BNF didn't.
15:15Instead, he remained calm.
15:17He decided to take a calculated risk and sell
15:20only a small number of shares.
15:22BNF held 6000 shares overnight.
15:26Would he lose half of his account size?
15:28Or make an ungodly fortune?
15:32For most traders,
15:33this would be the most stressful night of their life.
15:36But BNF was calm.
15:38To him, it wasn't about the money.
15:40It was a game.
15:41And his opponent
15:42had just made a huge blunder of a move.
15:45The next morning,
15:46while blood was on the streets,
15:48the news came out.
15:50The J COM Stock had got halted.
15:52Fearing legal implications,
15:54Large institutional players
15:55returned their shares and profits to Mizuho Securities.
15:59But rogue players like BNF refused.
16:01As time passed
16:02and the government showed
16:03no intention of intervening,
16:05Mizuho Securities only had one remaining solution.
16:08A settlement.
16:10Mizuho agreed to buyback rogue trader shares
16:12at the expected morning price of the stock.
16:15Before halting,
16:16That opening price was set at an unbelievably high number
16:19of ¥975,000.
16:22BNF made a total profit of about
16:25¥2 billion.
16:27One of the largest profits ever made
16:28by a bedroom day trader.
16:42Everybody wanted to cover the story.
16:44BNF became known as the ‘J COM Man’ in Japan.
16:48Niche trading communities
16:49started worshipping as a GOD amongst traders.
16:52He had even won the attention of billionaire investor
16:55Masayoshi Son.
16:56Despite the high risk, BNF had come out on top.
16:59He had now achieved legendary status.
17:02Was it time to go pro?
17:12He had finally won a comfortable, regular lifestyle
17:14doing the thing he loved.
17:16In an interview he did at the time,
17:17he said,
17:18‘I don't enjoy taking money off the account.
17:20Seeing the physical amount of cash
17:22makes me fearful of how much I'm
17:23putting on the line trading.
17:25It makes me a worse trader.’
17:27BNF quickly realized
17:29he hated the attention.
17:31While the money gave him a comfortable lifestyle.
17:33He noticed he had no motivation
17:35to spend it on traveling the world
17:37or living a high society lifestyle.
17:39He would rather grab a drink in town with his friends.
17:42Spending the money
17:43only took away from his love for trading.
17:46He only cared about the art of trading.
17:49As BNF battled to maintain his humble
17:51and comfortable lifestyle.
17:52The tide shifted.
17:54The markets were changing.
17:55A familiar storm had returned on the horizon.
17:58But little did he know
17:59this would be his toughest challenge yet.
18:26As BNF once again faced the birth of a new bear market.
18:29He found himself
18:30returning to his roots,
18:32revisiting his same old strategy.
18:34The Japanese news even covered the crumbling banking
18:36system of the US.
18:38This was a global event,
18:39but BNF had been studying it for months already.
18:42On September 13, 2008, BNF made a similar bet to J COM,
18:46and invested $6.5 million in the Lehman Brothers stock.
18:51Lehman's stock had fallen 73% that year.
18:54See, Japanese banks were safe and boring,
18:57and this was the fourth-largest investment bank in America.
19:00It had strong reputation.
19:02To BNF, a rebound was inevitable.
19:05But he made a critical mistake.
19:21BNF underestimated
19:22the level of corruption in the US banking system.
19:25Even though it met all his bear
19:27market strategy deviation targets.
19:29He didn't know the U.S. market.
19:31He hadn't studied it the way he spent years studying
19:34Japanese stocks,
19:35and the fundamentals were off.
19:37He had broken his own golden rule.
19:40His 6.5 million went to
19:410 overnight.
19:43After suffering such a painful loss.
19:45BNF swore he wouldn't trade the US markets
19:48ever again.
19:52But the storm wasn't over.
19:55The US housing market crash
19:57led to a global collapse of the financial system.
20:00For bear market traders like BNF,
20:02when there's blood on the streets,
20:04it's time to go in for the kill.
20:06On October 10th, 2008,
20:08he smelled blood.
20:09The global financial system was collapsing.
20:13The Japanese markets were taking a heavy hit,
20:16and the Nikkei 225 index was no exception.
20:20The Nikkei had dropped.
20:21BNF saw an opportunity for a rebound.
20:23So we bought in.
20:24Following his old principles.
20:26But the markets continue to move against him.
20:29As the market closed,
20:30he faced a decision.
20:31Should he cut his losses
20:33or hold overnight.
20:35Knowing the exact setup had worked for him in the past.
20:37BNF decided to hold.
20:41But the markets got even worse in Japan.
20:44In 2008, Japan was one of the countries hit hardest.
20:48With the global financial crash,
20:49people were buying a lot less consumer products.
20:52And at the time,
20:53Japan had restructured their economy
20:54around export and trade openness.
20:5790% of Japanese export was industrial supplies.
21:00Though most of it went to Asia,
21:02it was used for Western products,
21:04which took a huge demand hit.
21:06Further, Japan had been increasing its trade openness.
21:09While it helped
21:09Japan climb out of its stagflation economy in the 90s,
21:13it also meant they were now more prone
21:14to shocks in the stock market.
21:18The next morning,
21:20BNF woke up to nothing but red numbers.
21:23His old deviation targets seemed to no longer work.
21:26The index kept dropping.
21:28BNF was on a losing streak,
21:31heading towards greater losses.
21:33While most traders would have went on tilt
21:35and make desperate attempts
21:36to reclaim their losses, BNF remained calm.
21:39He found the discipline to cut his losers short.
21:41But after the Lehman loss,
21:43the hits were starting to add up.
21:45He had to go back to the drawing board.
21:51Nobody can time the bottom, or else we would all be rich.
21:55His strategy of gradually increasing position size
21:57based on the 25-day moving average deviations,
22:00and differentiating per sector,
22:02it had always worked.
22:04And after careful analysis of the market,
22:06he felt now should be no different.
22:09However,
22:10he noticed over the years,
22:12his deviation targets had become outdated.
22:14Markets had grown and rebounds across the Japanese sectors
22:17had become quicker.
22:19So,
22:20he recalculated his deviation targets
22:22per sector of the Nikkei index.
22:25On October 27,
22:26the Nikkei had fallen.
22:27BNF went in for another rebound.
22:30The market refused to work with him.
22:32The Nikkei continued to fall.
22:34As time passed, the weight of his trades got heavier.
22:45Watching Anime to calm his mind, no longer worked.
22:48Had he become too comfortable?
24:02That day he realized his greatness
24:04didn't come from his strategies.
24:10It came from his ability to tune out the noise.
24:14And his discipline, to develop his own
24:16understanding of the market.
24:19BNF stuck to his guns.
24:22Instead of doubting himself and his own experience,
24:24BNF doubled down on his trading strategy.
24:27As the position continued to move against him
24:29throughout the morning,
24:30BNF went on a buying spree.
24:32BNF started taking diversified positions
24:34in the lot of the hardest
24:35hit companies that formed the Nikkei.
24:37His overall position size grew to
24:39$ 64.8million
24:41with positions in over 90 companies.
24:44While the Nikkei had fallen below $7,000.
24:52After the Tokyo Exchange lunch close,
24:55the game changed.
24:56A couple of the top names have begun to rally,
24:59slowly bringing the Nikkei back up.
25:01As the Nikkei climbed,
25:02the positive chain reaction
25:03started spilling over
25:04to more of BNF’s positions before the market close.
25:07Having faith in his understanding of the markets,
25:10BNF decided to hold his position overnight.
25:13The next morning,
25:14the market continued to rally.
25:15And that's when BNF decided to start to unload his position.
25:20His trade
25:20gave him a profit of over
25:22$12 million.
25:26BNF has regained his godlike status.
25:32He was once again
25:33a GOD amongst
25:34Japanese traders.
25:40In the last few years, BNF had diversified his portfolio.
25:45He bought two commercial real estate buildings.
25:47Commercial properties
25:48tend to have longer term tenants,
25:50and it offers great tax-cut incentives.
25:53Real estate
25:53is typically
25:54a great place to benefit from
25:55during an increase in inflation.
25:57He sold one of his properties,
26:00but he seemed to stick to his main focus;
26:03Trading.
26:04With no signs of changing his lifestyle
26:06and his God-like growth.
26:07BNF is on a mission to become the world's first
26:10Billionaire Bear
26:12Bedroom Day Trader.
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FAQs about This YouTube Video

1. Who is BNF and how did he make a name for himself?

BNF, a day trading legend in Japan, made a name for himself with a massive trade in 2005 and became known as the 'J COM Man.' He gained recognition for his significant trade and was celebrated as a trading icon.

2. What challenges did BNF face during the global market bear market and the US housing market crash?

During the global market bear market and the US housing market crash, BNF faced significant challenges. His trading strategies were put to the test as he navigated through the challenging market conditions.

3. How did BNF remain disciplined despite suffering losses?

Despite suffering losses, BNF remained disciplined and focused. He stayed committed to his trading principles and continued to refine his strategies, demonstrating resilience in the face of adversity.

4. What strategies did BNF develop to ride the bull market and make profitable trades?

BNF developed effective strategies to ride the bull market and execute profitable trades. His ability to adapt and innovate in the market enabled him to capitalize on the upward trends and optimize his trading performance.

5. What is the story behind BNF's journey as a trading icon?

BNF's journey as a trading icon is marked by his resilience, adaptability, and unwavering commitment to excellence. His story serves as an inspiration for traders seeking to navigate complex market conditions and achieve success in the world of trading.

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