Here's What Mish Schneider's Days in the Commodity Pit Taught Her About Markets

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Michele "Mish" Schneider started her professional career as a teacher in New York City. However, a chance encounter with a neighbor ended up with her staring at a different career in the pit of the New York Commodities Exchange. 

She used her life experience to write her new book 'Plant Your Money Tree: A Guide to Growing Your Wealth', which is available May 7. 

"I was there in the heyday day of commodities during the 80s it was a decade, not only that was great for commodities, but it was a wild decade in general. So when I went down there as a very young girl, I had been a school teacher, special education teacher, and I was extremely lucky," Schneider told TheStreet.

Schneider was one of a handful of women in a certified boys club, but her time there in the rough and tumble commodities pit taught her a lot about not only toughness, but the nature of markets themselves. 

"I became a very patient trader, picking my spots and only jumping into the pit at the strategic moments when I had to actually either buy something or sell something," Schneider said.

"What you see in that herd mentality, you actually see acted out on the floor through people's whole behavior. And so what that taught me was that at the certain levels of momentum that when everybody would jump in and the trade would get crowded, at first you could actually really catch that move. But then eventually that emotional adrenaline would run out and then things will either settle down or things with reverse."

Watch the full video to hear more from Mish about how her time in the commodity pit helped shape her time as an equities trader.

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