The Trading Game

The Trading Game Plot Summary

Introduction

The morning sun glinted off the glass towers of Canary Wharf as Gary stepped onto the trading floor for the first time. His heart raced beneath his ill-fitting suit—the only one he owned—purchased hastily from a discount store in East London. Around him, traders in crisp shirts shouted numbers into phones and stared intently at screens filled with flickering green and red digits. Just four days earlier, he had been a university student from a working-class neighborhood. Now, at twenty-one, he stood in the epicenter of global finance, about to be handed the keys to trade hundreds of millions of dollars. The contrast between his childhood home—where his father returned exhausted each evening from the Post Office—and this cathedral of wealth was so stark it felt almost comical. This extraordinary journey from the streets of East London to the trading desks of Citibank serves as our window into the hidden mechanics of global finance and growing economic inequality. Through Gary's eyes, we witness how the 2008 financial crisis created unprecedented profit opportunities for those already inside the system, while ordinary people struggled with stagnant wages and mounting debt. His story illuminates the profound disconnect between financial markets and the actual economy they supposedly serve, revealing how traders can make millions by correctly predicting—and profiting from—continued economic suffering. As we follow his rise to becoming one of the bank's most successful traders and his eventual disillusionment with the system, we confront essential questions about wealth, purpose, and the true cost of financial success.

Chapter 1: From East London to Wall Street: An Unlikely Journey

Gary Stevenson never imagined he would become a millionaire trader. Growing up in Ilford, East London, he delivered newspapers for £12 a week, kicking footballs between lamp posts that framed a distant view of Canary Wharf's gleaming towers. These skyscrapers winked at him in the evening light, promising a different life that seemed as remote as the moon. While many children from his neighborhood shared similar dreams, few would ever cross the invisible barrier between their world and the trading floors above. His path to Citibank came through an unconventional route—winning a trading game competition at the London School of Economics where he demonstrated an intuitive understanding of market dynamics that his more polished competitors lacked. When he finally stepped onto the trading floor at age twenty-one, just four days after his final university exam, Gary entered a bizarre parallel universe. The Short Term Interest Rates Trading desk was populated by characters who seemed pulled from fiction: Rupert Hobhouse, the privately educated trader who would later take him to Las Vegas; JB, the rugby-playing Australian who spoke a million miles an hour; and Billy, the taciturn Liverpudlian who made more money than anyone else. The culture shock was immediate and disorienting. Gary found himself thrust into broker lunches where he accidentally ate raw chicken because he didn't realize there was a grill hidden in the table. He watched as traders made millions during the 2008 financial crisis while celebrating the collapse of rival institutions. His first profitable strategy emerged during this turmoil—lending dollars through FX swaps when everyone desperately needed American currency. While the global economy teetered on the edge of collapse, the trading desk was making more money than ever before. What set Gary apart wasn't just his mathematical ability or his willingness to work hard. It was his perspective as an outsider. While his colleagues came from privileged backgrounds and elite schools, Gary brought a street-smart sensibility to the trading floor. He could see patterns others missed because he wasn't blinded by conventional economic wisdom. When his first significant bonus arrived—£395,000, an unimaginable sum for someone who had been fluffing pillows for £40 a day just years earlier—the moment was overwhelming. Sitting alone in a small patch of grass amid towering skyscrapers, he thought about his father who had worked for the Post Office for thirty-five years, waking before dawn and returning home exhausted each evening—all for perhaps £20,000 a year. This stark contrast between his sudden wealth and his family's modest background sparked something in Gary. He realized that the trading game wasn't just about making money—it was about taking it. The financial world revealed itself as a mechanism not for creating value, but for extracting it from others. This insight would eventually lead him to question the entire system, even as he mastered its rules and rose to become one of its most successful players.

Chapter 2: Learning the Game: Mentors and Million-Dollar Mistakes

"What is UK consumer confidence?" Rupert would suddenly grab Gary by both shoulders from behind and shout these questions at random intervals. This bizarre initiation ritual was just one of many ways the young trader learned the unwritten rules of the trading floor. When Gary hazarded a guess at one of these economic indicators, shouting "Forty-seven point one!" in panic, Rupert's righteous fury made it clear that making up numbers was never acceptable, even if you didn't know the answer. Learning to trade wasn't just about understanding financial instruments—it was about understanding people. Gary quickly realized that each trader had their own personality and approach. Billy, the quiet Liverpudlian who had become the desk's most successful trader, built what Gary called "palaces of culinary balance"—carefully constructed portfolios where each trade hedged against the risks of another. Spengler, the South African with questionable personal hygiene, was a natural risk-taker who loved to "rip" customers on trades. These mentors shaped not just Gary's trading strategies but his understanding of the moral universe of finance. The most important lesson came when Gary was caught in a devastating trade that lost him $8 million in less than a week. The Swiss National Bank had unexpectedly offered to lend Swiss francs at negative 4.5% interest—something that had never happened before in financial history. Gary had bet heavily in the opposite direction. As his losses mounted, he kept doubling down, convinced the market would correct itself. It eventually did, but not before his superiors forced him to close the position at a massive loss. When Gary later asked Billy what he had done wrong, the older trader gave him advice he would never forget: "Never fucking tell me, in your whole fucking life, that there's a trade that doesn't have a fucking risk in it." A pivotal moment in Gary's development came when Billy caught him reading economic textbooks after this disaster. Billy slapped the books from his hands and delivered a lesson that would transform Gary's approach: "You're not a fuckin' kid anymore. I know you've lost a lot of fuckin' money. But you're not gonna find a penny of it there in them books. You wanna know what's happening in the world, you go take a fucking look at the world." This advice led Gary to stop relying on economic theory and start observing reality—talking to friends about their financial struggles, noticing empty storefronts in his neighborhood, recognizing the signs of economic distress that textbooks ignored. These harsh but valuable lessons revealed the essence of successful trading: it wasn't about being right—it was about being right when everyone else was wrong. The greatest opportunities came when the market consensus diverged from economic reality, and recognizing those moments required looking beyond the trading floor to the world outside. Gary's journey from novice to expert wasn't just about mastering financial techniques; it was about developing a unique perspective that allowed him to see what others missed, even when that vision revealed uncomfortable truths about the system that was making him rich.

Chapter 3: The Zero Interest Rate Revelation

By early 2011, Gary had recovered from his Swiss franc disaster and was establishing himself as a formidable trader. But something was bothering him about the global economy. Despite central banks slashing interest rates to zero after the financial crisis, people weren't spending money as economists had predicted. The textbook theory was clear: lower interest rates make saving less attractive and borrowing cheaper, which should stimulate spending. Ben Bernanke, then head of the Federal Reserve, had confidently declared: "The US government has a technology, called a printing press, that allows it to produce as many dollars as it wishes at essentially no cost... Under a paper-money system, a determined government can always generate higher spending." But it wasn't working. Two years after the crisis, interest rates remained at zero, and the economy remained stagnant. Economists kept predicting recovery, and their predictions kept being wrong. Gary's Italian colleague Titzy, fresh from economics school, saw it as a "crisis of confidence" that would eventually pass. Bill thought that once the banking system was repaired, the economy would bounce back. But when Gary asked his friends outside finance, he heard a different story. Harry had holes in his shoes and was jumping over tube barriers to save money. Asad's mother had sold the family home to support her children. Aidan was paying his mother's mortgage because she had lost her job and couldn't refinance at a lower rate. The reality hit Gary during a meeting where an economist presented charts showing government debt problems across multiple countries. He realized the pattern was the same at every level—from individuals to governments, outgoings exceeded income, debts were growing, and assets were being sold to service those debts. But if everyone was losing, who was gaining? The answer was all around him on the trading floor: "Millionaires. Every single one of them. And me, too. What about me? I'd be a millionaire, before long." What Gary had discovered was that the economy wasn't suffering from a temporary crisis of confidence or a technical banking problem. It was experiencing a fundamental shift in wealth distribution: "It was inequality. Inequality that would grow and grow, and get worse and get worse until it dominated and killed the economy that contained it. It wasn't temporary, it was terminal. It was the end of the economy. It was cancer." This insight led Gary to a contrarian trading strategy—betting that interest rates would remain at zero for years, contrary to market expectations of imminent recovery. When a devastating earthquake and tsunami hit Japan in March 2011, triggering a nuclear crisis at Fukushima, markets panicked and interest rates plummeted—exactly as Gary had predicted. He made $11 million in days while his colleagues lost fortunes. His success continued through the European debt crisis later that year, when he traded over half a trillion euros daily as the European Central Bank took unprecedented measures to prevent financial collapse. By the end of 2011, Gary had made over $35 million for Citibank and received a bonus that made him a millionaire at age 24. This remarkable success came with a troubling realization: Gary's profits were directly tied to correctly predicting continued economic suffering. Each time central banks acknowledged the economy wasn't recovering as expected, each time they pushed back rate hike expectations, Gary's positions gained value. His personal fortune grew precisely because the economy remained broken—and his insight about inequality told him it would stay broken for a very long time.

Chapter 4: Profiting from Economic Dysfunction

The European debt crisis of 2011 created chaos in financial markets as countries like Greece, Spain, and Italy teetered on the brink of bankruptcy. Interest rates swung wildly, sometimes moving from negative territory to above 2% on consecutive days. Most traders couldn't keep up with this volatility, but Gary thrived. His understanding of inequality as the root cause of economic stagnation gave him confidence to make massive bets against recovery—positions that paid off handsomely as the crisis deepened. One particularly profitable day came when the European Central Bank announced it would offer unlimited loans to banks at 1% interest. The market initially surged on this news, interpreting it as a sign of recovery. Gary saw it differently—as confirmation that the economy was so broken it required extraordinary intervention. While other traders bought into the rally, Gary positioned himself for the inevitable crash. When reality set in and markets tumbled, he made millions in a single day. His colleagues were bewildered by his consistent success, unaware that it stemmed from a fundamental insight about inequality they couldn't or wouldn't see. The moral dissonance of this situation wasn't lost on Gary. During a dinner with other top traders, he witnessed the excess and arrogance of his profession. A senior trader named Carlo Lengua held court, surrounded by plates of meat and flowing wine, boasting about his profits while dismissing concerns about the real economy. Billy, drunk and disgusted, later grabbed Gary and warned him: "If you ever, fuckin ever. End up like that Fat Roman Cunt. I will fucking, fucking kill you myself. With these hands!" This moment crystallized the ethical contradiction at the heart of trading—success came from correctly anticipating suffering, not from creating value. As Gary's wealth accumulated, his personal life suffered. He lived in a luxury apartment with no furniture except a TV on the bare concrete floor and a mattress. His relationships deteriorated as he became increasingly absorbed in his work. "I dream about them sometimes," he confessed about trades and positions. "Who am I kidding, I dream about them every fucking night." The trading floor consumed him completely, leaving little room for human connection or reflection on the broader implications of his work. During a rare moment of clarity, Gary asked a fellow trader, Arthur, "Do you think we should do something about the economy?" Arthur was baffled by the question: "What are you gonna do mate? You gonna become fucking Prime Minister? You gonna save the whole fucking world?" The exchange revealed the moral void at the center of their profession—they could profit from economic dysfunction, but felt no responsibility to address it. The system rewarded those who correctly predicted problems, not those who solved them. This perverse incentive structure explains why brilliant minds on trading floors focus on exploiting economic dysfunction rather than fixing it. Gary's success came not from creating value but from recognizing patterns of inequality that others missed or ignored. His story illuminates how financial markets, far from efficiently allocating capital to productive uses, often reward those who best anticipate—and bet on—continued economic suffering. The trading game, as Gary discovered, isn't about building; it's about betting on what will break next.

Chapter 5: The Human Cost of Financial Success

By 2012, Gary had become one of Citibank's most profitable traders, but the strain was showing. He had developed chronic acid reflux that required medication, was losing weight rapidly, and found himself unable to perform basic life tasks like buying furniture for his apartment. The trading floor had consumed him completely, leaving little room for human connection or personal wellbeing. When his former mentor Caleb offered him a position in Tokyo, Gary reluctantly accepted, hoping for a fresh start. The toll of Gary's success extended beyond his physical health to his relationships. When he used his bonus to buy a luxury apartment, he coldly told his roommate Harry, "I'm buying this place. Me. Not you. I'm buying this place and you're gonna go home." This moment marked the fracturing of a friendship that had sustained him through difficult times. "I didn't speak to Harry for eight years," Gary later revealed, showing how success can isolate as much as it empowers. Similarly, his relationship with his girlfriend Wizard deteriorated as he became increasingly absorbed in his work and the battle with his employer. In Tokyo, Gary's isolation deepened. The trading floor there was nothing like London—quiet, orderly, and with virtually no trading to do. His new "manager," Hisa Watanabe, was actually the trader whose job Gary had taken, creating an awkward dynamic where Hisa constantly monitored and second-guessed Gary's every move. Cut off from friends and meaningful work, Gary's health deteriorated further. He dropped to under 60 kilograms (about 132 pounds) and struggled with insomnia. When he did sleep, he would wake in cold sweats at 2 or 3 a.m. and run around the Emperor's Palace to exhaust himself. The breaking point came after Gary received his bonus in January 2013. With his deferred compensation now worth over £1.5 million, he decided to quit. He approached Caleb with a plan to work for a charity focused on economic inequality, which would allow him to keep his deferred stock according to a little-known clause in his contract. When the bank rejected this plan, Gary entered an extraordinary standoff. He refused to either quit (which would forfeit his deferred compensation) or commit to staying. After obtaining sick leave from the company doctor, he spent six months away from the bank, slowly recovering his health while exploring Tokyo. When forced to return, Gary was relegated to "Business Management" under the supervision of the monotonous Gerald Gunt, given meaningless spreadsheet work which he completed in fifteen minutes instead of the weeks it was supposed to take. Eventually, he was effectively abandoned—given no work at all while still receiving his full salary. The standoff continued for months, with Gary requesting to leave through the charity route only to have his application rejected on technicalities. Throughout this ordeal, he recorded conversations and gathered evidence, determined not to surrender his deferred compensation. This battle with Citibank reveals the human cost of financial success—not just for Gary, but for everyone in the system. The trading floor creates a culture where worth is measured solely by profit, where human connections are sacrificed for financial gain, and where even the winners end up damaged. Gary's story shows how the pursuit of wealth without purpose leads to a hollowing out of the self, a disconnection from others, and ultimately, a crisis of meaning that no bonus can resolve.

Chapter 6: Finding Purpose Beyond the Trading Floor

After leaving Citibank, Gary faced the daunting question that haunts many who achieve early financial success: what next? At just 26 years old, he had accumulated enough wealth to never work again, yet found himself adrift without the structure and validation the trading floor had provided. The skills that had made him millions—mathematical brilliance, pattern recognition, contrarian thinking—didn't necessarily translate to finding meaning or rebuilding connections. Gary's first instinct was to understand the economic forces he had profited from. He pursued further education, studying at Oxford and working with economic think tanks focused on inequality. The trader who had once bet on economic disaster now sought to prevent it. This transition wasn't easy—the financial world views those who leave as either failures or threats, and Gary's insider critique of the system wasn't always welcomed. Moreover, he had to learn to value himself beyond his PnL (profit and loss). In the trading world, your worth is literally calculated daily, displayed on screens for all to see. Outside that environment, Gary had to develop new metrics for success and new sources of identity. The relationships damaged during his trading years proved difficult to repair. His friendship with Harry had fractured when Gary's success created an unbridgeable gap between them. Similarly, his relationship with Wizard ended during his battle with Citibank, another casualty of his single-minded focus on "winning" against the bank. The wealth that was supposed to bring freedom had instead created isolation. As Gary reflected on his childhood friend whose mother would skip meals so her children could eat, he recognized the human reality behind the abstract economic forces he had traded on. For every profitable position he took, real families were struggling with impossible choices. Gary eventually found purpose in education, creating a YouTube channel called "GarysEconomics" to teach people about real-world economics. Drawing on his unique perspective as someone who had both mastered and rejected the financial system, he began explaining complex economic concepts in accessible terms. His videos about inequality, housing, and monetary policy have reached millions, giving him a platform to address the very issues he once profited from. This educational work represents a form of redemption—using insider knowledge to empower rather than exploit. Years after leaving Citibank, Gary learned that his departure had become legendary within the firm. On a conference call coinciding with his last day, someone had asked, "So who won then? Gary, or Citibank?" After a moment's pause, Caleb had simply replied, "Gary won." The traders on the call had muted their phones and laughed uproariously—even as they continued playing the same game Gary had escaped. This anecdote captures the cynicism of the trading floor, where even moral victories are seen through the lens of profit and loss. What emerges most clearly from Gary's story is that financial success alone doesn't provide fulfillment. The trading floor offered wealth, status, and intellectual challenge, but it also fostered isolation, anxiety, and moral compromise. True satisfaction came not from winning the trading game, but from finding a purpose beyond it—using his knowledge to help others understand and navigate an increasingly unequal economy. His journey suggests that real wealth lies not in accumulation but in contribution, not in taking but in giving back.

Summary

The Trading Inequality takes us on an extraordinary journey through the hidden mechanics of global finance, revealing how the pursuit of profit often comes at the expense of economic equality. Gary Stevenson's transformation from a working-class kid to a multi-millionaire trader illuminates the contradictions at the heart of our financial system. His success came from a profound insight: the growing inequality in our economy would prevent recovery and keep interest rates at zero indefinitely. While economists and fellow traders kept predicting a return to normal, Gary bet against recovery—and won, again and again. The most disturbing revelation is how the financial system rewards those who correctly anticipate suffering rather than those who alleviate it. Gary's millions came directly from betting that ordinary people would continue to struggle, that wages would stagnate while asset prices soared. This misalignment of incentives explains why brilliant minds on trading floors focus on exploiting economic dysfunction rather than solving it. Gary's eventual rejection of trading in favor of economic education offers a path forward. His journey suggests that real fulfillment comes not from accumulating wealth but from using our knowledge and resources to address the inequalities that define our era. For readers navigating their own careers, the message is clear: success without purpose or connection is ultimately hollow. The true challenge isn't winning whatever game we find ourselves playing, but choosing the right game—one aligned with creating rather than extracting value, with building rather than betting on our collective future.

About Author

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Gary Stevenson

Gary Stevenson left his trading career behind, convinced that solving inequality was the only way to repair the world economy. He has since studied for an MSc at Oxford, worked with economic think tanks, and founded a YouTube channel, GarysEconomics, teaching people about real-world economics. He regularly appears on television and radio and has written for The Guardian and OpenDemocracy, among others.

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