[Other Mountain's Stone] BNF (Takahiro Kobayashi): The Disciplined Journey from a Retail Investor to Japan's "J-Com Stock God"

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"Success is not derived from luck, but from a combination of preparation, discipline, and execution."

In the trading world, few can turn market errors into personal opportunities like BNF (Takashi Kotegawa). This legendary trader, known as the "God of Stocks in Japan", started as an ordinary retail investor but transformed an initial capital of $18,000 (approximately 16 million yen at the time) into $153 million within a few years through remarkable discipline and unique strategies. His story is not only astonishing but also serves as a practical lesson on how to find opportunities in imperfect markets.

Legendary Rise: From Otaku Stock God to Market Legend

BNF's trading career is full of drama and inspiration:

Early start (around 2000)

· Originally an ordinary Japanese otaku, with no financial background or professional training.
· The starting capital is only $18,000 (approximately 16 million yen)
· Initially traded in my own bedroom, self-taught trading knowledge through the internet and books.

style formation period

· Focus on intraday trading and short-term operations
· Skilled at identifying pricing anomalies and liquidity issues in the market.
· A unique fast-response trading system has gradually formed.

Famous Overnight (2005)

· Through the J-Com stock erroneous order incident, a single-day profit of 17 million dollars.
After this transaction, his reputation spread throughout the Japanese financial community.
By 2008, its assets had grown to $153 million.

Recent developments

· Despite being famous for many years, BNF still maintains a low profile and rarely makes public appearances.
· Continue to trade actively in the market and manage your assets.
· Its trading case has become a learning material for many traders in Japan.

Core Trading Philosophy: The Art of Capturing Market Errors

The trading system of BNF is built around several key principles:

1. Error = Opportunity Principle

BNF believes that errors and anomalies in the market provide the best opportunities for prepared traders. His core belief is:

· The market is not completely efficient and often experiences pricing errors.
· Abnormal liquidity can create rare profit opportunities.
· The key is to prepare in advance so that you can act quickly when the opportunity arises.

2. Absolute Emotional Control

In describing BNF's success, observers noted that he never allowed panic to influence his decisions. This emotional control is reflected in:

· Stay calm during market volatility
· Strictly adhere to the predetermined trading plan
· Do not easily change strategies due to short-term market fluctuations.

3. Knowledge Preparation and Long-Term Vision

The trading of BNF does not rely on intuition, but is based on in-depth research and long-term preparation:

· He spent a lot of time studying market patterns and risks.
· Adhere to the approach of "studying models, understanding risks, and calculating bets"
· Maintain an understanding of long-term trends even in the context of rapid trading.

Classic Battle: J-Com Error Order Incident

The J-Com incident in 2005 was a turning point in BNF's trading career, perfectly demonstrating his trading philosophy:

Event Background

· A trader at Mizuho Securities made a fatal error: he placed an order for 610,000 shares at 1 yen each, instead of 1 share for 610,000 yen.
· This error allowed J-Com stocks to be acquired almost for free.
· The market suddenly experienced a huge liquidity anomaly.

Response to BNF

· With a deep understanding of the market and quick reactions, BNF quickly bought 7,100 shares of J-Com stock at a low price.
When the market realized the mistake and began to correct it, he sold part of his position.
· Achieved approximately $17 million in revenue within a single day.

Success Factor Analysis

· Knowledge Reserve: BNF has a deep understanding of market mechanisms and can quickly identify anomalies.
· Experience accumulation: Years of trading experience have enabled him to maintain composure under pressure.
· Execution speed: Act decisively when opportunities arise.
· Risk control: Maintain position management even in seemingly certain opportunities.

The Revelation of Three Stones:

1. Turn market errors into opportunities
In the cryptocurrency market, phenomena such as flash crashes, abnormal liquidity, and undervalued assets are more common than in traditional markets. Traders can learn the mindset of a retail investor, viewing market errors as opportunities rather than threats. For example, in 2021, a trader mistakenly sold $90,000 worth of ETH for $9,000 due to a decimal error, providing an opportunity for prepared traders.
2. The Absolute Importance of Emotional Control
The success of BNF is largely attributed to his ability to not let panic influence his decision-making. In the more volatile cryptocurrency market, staying calm and strategic is crucial for success. This means:
· Establish clear entry and exit rules
· Do not trade impulsively during market volatility.
· Stick to the pre-established trading plan
3. Prepare for "J-Com Moment"
The story of BNF proves that rare opportunities in the market always favor the prepared mind. In the field of cryptocurrency, a similar "J-Com moment" may take various forms:
· Platform flash crash (e.g., Bitcoin briefly dropped to $8,200 on a certain U.S. platform in 2021, while the trading price elsewhere was $65,000)
· Listing error (e.g., a trader mistakenly lists a Bored Ape NFT worth $300,000 for $3,000)
· The rebound after a project collapse (e.g., some traders bought at extremely low prices after the Terra (LUNA) collapse and made millions during the short-term rebound)
4. Discipline as a Core Competitive Advantage
In commenting on BNF's success, the analysis pointed out: "BNF's success is not due to luck, but rather to preparation, discipline, and execution." In the information-overloaded trading world, these simple qualities have become the rarest competitive advantages.

Three Stone Conclusion

BNF's trading career reveals a commonly overlooked truth: the richest returns in the market often come from the mistakes of others rather than the rewards of one's own cleverness.

In the case of BNF, we saw how an ordinary trader transformed market anomalies into personal opportunities through continuous learning, strict discipline, and psychological control. His success was not reliant on insider information or complex algorithms, but rather on a profound understanding of market mechanisms and the ability to seize mispricings at any time.

The insights he left for the trading world are not limited to his profit record, but are fundamentally about his attitude towards the market: treating every market anomaly as a learning opportunity, maintaining sufficient cash reserves to take advantage of these opportunities, and staying calm while others panic.

A true trading expert is not someone who predicts the most accurately, but rather someone who is the most prepared, has the strictest discipline, and can turn market mistakes into personal opportunities. In tomorrow's series, we will continue to explore the wisdom of another trading master and see how his trading philosophy differs from that of BNF.