Chat With Traders is your key to the minds of trading's elite performers. Start listening to learn how a diverse mix of traders went from zero to hero, how they successfully trade markets today, and get their best tips 'n pointers for profitable performance, plus much more. Note: You are responsible for your own trading decisions—this is not financial advice.
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Nishant Porbanderwalla, a proprietary trader at Kershner Trading Group, discusses his career's evolution, detailing early arbitrage strategies, a significant $40k loss that taught crucial risk management, and his massive seven-figure profit during the 2015 Flash Crash. He also explains his current reversal trading style, the importance of psychological strength, and how his DJing side hustle provides financial stability.
This episode features proprietary trader Michael Katz, who offers an in-depth look at his trading strategies for the Lyft IPO's first day. He discusses his bearish fundamental thesis, the execution of initial short positions, scalping techniques around a core trade, and the rationale behind his long reversal and subsequent late-day short, emphasizing the critical role of price action and disciplined risk management.
This episode features Anthony Riley, a Sydney-based futures trader with a decade of market experience, who discusses his systematic approach to trading various spreads, particularly in bonds and equity indices. He recounts a challenging six-figure drawdown and his disciplined, strategic recovery, highlighting the critical role of mindset, detailed trade review, and adapting to market changes. Anthony also touches on his motorsport podcast, drawing parallels between racing and trading psychology.
Stan Gluzman, an intraday equities trader at Seven Points Capital, details his progression from a college investor to a successful prop trader, emphasizing the advantages of prop environments over retail trading. He discusses his past highly profitable scalping strategies, their eventual decline, and his current focus on fading small-cap gap-ups using a blend of statistical, fundamental, and technical analysis. Stan also shares insights into leading a junior trading team, the importance of continuous learning, and adapting skills as market strategies evolve.
This episode features Joshua Greenwald, who transitioned from low-latency options market making in Asian markets at DRW and his own firm, Greenlight Trading, to launching LXDX, a crypto derivatives exchange. He shares insights into building high-frequency trading systems, the importance of low latency and machine learning, and the significant deficiencies he identified in existing crypto exchanges. Greenwald outlines how LXDX aims to bridge these gaps by offering institutional-grade technology, diverse products like warrants, and a commitment to regulatory compliance, funded in part by a security token offering.
Proprietary futures trader Jack Ma discusses his progression, lessons learned, and the importance of trading as a skill rather than just a strategy. He details his inventory-style trading in Australian bank bills and bonds, and explains his philosophy on mindset, competition, and risk management. Jack also introduces Minter Capital, his firm dedicated to mentoring and backing developing traders through a structured, team-oriented approach.
Anand "Lucci" Sanghvi, a seasoned options trader, discusses his journey since 2015, including the closure of his prop trading firm and hedge fund, his relocation to Puerto Rico for tax benefits, and his experience with the crypto market. He delves into his evolved options trading strategies, emphasizing a shift from long to short options and the use of hedging to manage risk and preserve capital. Lucci also shares insights on trader psychology, the importance of adapting to market conditions, and his vision for the future of trading through hybrid behavioral automation to mitigate common pitfalls.
Bobby Cho from Cumberland, a major crypto liquidity provider, revisits the past year's market events, including Bitcoin's surge to $20k and subsequent stabilization. He shares insights from the Cumberland Summit, the firm's global expansion, and how market makers adapted to extreme volatility. The discussion also covers current market maturity, evolving use cases for Bitcoin, the state of altcoins, and the ongoing build-out of infrastructure for institutional crypto adoption, highlighting a long-term vision for the industry.
Ian speaks with data scientist Hugo Bowne-Anderson about the compelling reasons for traders to learn programming. They explore the advantages of coding over traditional spreadsheets, offering insights into language selection (R vs. Python) and practical first steps for beginners. The discussion also covers overcoming common coding frustrations, the importance of asking the right data questions, and Hugo's perspective on building a basic quant trading strategy. The episode delves into data cleaning challenges, predictive model pitfalls, and the ethical considerations in data science.
In this episode, Michael Samuels, an event-driven trader specializing in mergers and acquisitions, shares his unique approach to the markets. He recounts his early experiences, including a significant portfolio loss, and his transition into professional trading. Michael elaborates on how he identifies value-changing events, the importance of rigorous research, and even a case of "excessive" due diligence in a complex M&A deal. He also candidly discusses common trading mistakes, emphasizing discipline, avoiding envy, and managing ego to improve decision-making.
Nick Fabrio is an exceptional day trader. With a bias for short selling and playing catalysts on the Australian stock market, Nick had surpassed a million dollars in trading profits within his first three years. And all along, he’s been a self-directed ‘retail’ trader. Although he currently lives in Texas, Nick and I were able to catch up, sit down and record this podcast while he was back in Sydney last month. We got talking about many things; from dealing chips at The Star casino to receiving ...
In this live episode, legendary trader John "Rambo" Moulton reflects on his four-decade career, from his early days as an "over-trader" who went broke twice to his current detached approach. He emphasizes the critical importance of learning to manage losses, cultivating self-belief, and developing keen observational skills to discern market signals. Moulton also delves into the impact of algorithms, the quest for mental freedom through trading, and the continuous need for adaptability in ever-changing markets.
Mike Bellafiore details a structured approach to trading success, starting with stages like consistency, sizing, and breadth. He highlights the importance of a growth mindset, adapting to market conditions, and utilizing a "daily report card" and "playbook" for continuous improvement. The discussion also covers how technology and data-driven decisions enable traders to scale their operations and overcome psychological barriers.
Trader Mike Agne shares insights into his transition from fixed income to global macro trading, detailing his refined algorithms and systematic risk management. He analyzes recent market volatility, critiques the Federal Reserve's influence, and provides an in-depth look at the VIX ETN implosion. Additionally, Mike offers strategies for bear markets and discusses the future of cryptocurrency regulation.
This episode features Kimberly Trautmann, Head of DRW Venture Capital, exploring how DRW leverages its trading expertise to strategically invest in early-stage fintech companies. She details DRWVC's unique hands-on investment philosophy, methods for assessing opportunities and managing risk, and their deep involvement in the evolving crypto and blockchain space. Kimberly also provides insights into market trends like automation and offers advice for aspiring venture capitalists.
In this episode, Greg Newman details his evolution as an oil derivatives trader, highlighting how a structured approach, influenced by Toyota Kata and Stoicism, fueled his success at Mandara Capital and the founding of Onyx Commodities. He elucidates his "tradecraft" for navigating the complex oil markets, explaining the nuances of futures versus OTC swaps, the importance of understanding underlying physical assets, and the strategic advantages of market making. Greg also discusses the pivotal role of risk management, mental discipline, and leveraging diverse information sources to gain an edge against larger players in a constantly evolving energy sector.
Phil "OzarkTrades" Goedeker recounts his unique path from a lucky college trader who made a million dollars to a disciplined short seller specializing in overhyped, low-float stocks. He discusses the critical lessons learned from significant losses, his refined strategy of cutting losses quickly and aggressively sizing up on high-conviction "golden setups," and the importance of finding one's trading niche. Additionally, Phil explains his rationale for diversifying his trading profits into conservative farmland investments, highlighting the need for a stable backup outside the volatile market.
Alex (@TAGRtrades) discusses how he achieved a remarkable 1400% return in 2017 with minimal drawdown, leveraging the cryptocurrency and blockchain mania. He details his refined strategy, focusing on preparation, identifying leading stocks, and knowing when to exit. The conversation also delves into managing psychological challenges, improving consistency, and future goals, including slowly incorporating short selling and considering larger cap stocks.
Michael Katz, a highly consistent day trader and managing partner at Seven Points Capital, shares his extensive experience from the dot-com boom to current market dynamics. He details his unique market-making and momentum strategies, explaining how access to dark pools and a commission-free model provide an edge. Katz emphasizes meticulous risk management, the importance of defined trade setups, and the need for traders to develop their own, personalized approach to succeed consistently.
This episode features Market Wizard Anthony Saliba, who discusses his journey beyond trading to build generational wealth through parallel entrepreneurship and investing. He shares candid stories of successes and failures, from early restaurant ventures and a premature "Uber" idea to successful tech firms and early-stage startups. Saliba emphasizes the importance of a trader's mindset, hands-on management, and strategic delegation in scaling wealth.
Andreas Koukorinis, a former trader at Morgan Stanley and Deutsche Bank, delves into his transition from traditional finance to co-founding Stratagem Technologies, a firm using AI and machine learning for sports betting. He explains why sports markets are ripe for rigorous trading principles, detailing their strategies, data-driven approach, and the evolving role of AI in predictable environments like sports. The discussion also touches on market inefficiencies, bookmaker relationships, and the broader societal impact of artificial intelligence.
This episode features Xiao Qiao, a research analyst who transitioned from a PhD in finance to working at a Connecticut-based hedge fund. He discusses his academic path, including insights gained from renowned economists Fama and Hansen, and his collaboration with trading legend Blair Hull on quantitative research. Xiao offers practical advice on generating and testing research ideas, highlights the critical role of factors like trading costs and liquidity often overlooked in academia, and provides guidance for aspiring researchers.
This episode features Rick Lane, CEO of Trading Technologies, who shares his journey from military combat modeling and Google to leading a major trading software provider. He discusses the acquisition of Norensic, an AI-powered trade surveillance tool, and its implications for compliance and individual traders, including MiFID II requirements. Lane also delves into the unique technical challenges of fintech, the evolving "latency race," and the future of machine learning in empowering smarter trading, offering career advice for aspiring trading technologists.
In this episode, acclaimed risk manager Aaron Brown delves into the essence of risk, contrasting public perceptions with a trader's objective view. He explores the psychological aspects of trading, emphasizing the importance of calculating edge over emotional decisions and planning for both upside maximization and downside protection. Brown also discusses the theoretical and empirical differences between high and low win rate strategies, the role of stress testing for "black swan" events, and the practical application of models like Kelly Criterion and Value at Risk for robust trading decisions.
This episode features Aaron Brown, a highly respected authority on risk management and former risk manager at AQR. He delves into his early life as a poker player, driven by deep financial anxieties, and how this led to an understanding of both quantitative and unconscious decision-making in risk. Brown details the historical context of modern financial risk management, its evolution through front, middle, and back-office roles, and his critical experience managing AQR during the 2007 quant equity crisis. He explains the nuanced causes of the crash and the strategic importance of implementing drawdown control policies.
Independent futures trader John Grady details the fundamentals of order flow and the order book, emphasizing its value for identifying true supply and demand in liquid markets like Treasuries. He shares his discretionary trading methods, including risk management and adapting to high-frequency trading and spoofing. Grady also provides practical advice on developing order flow reading skills and the importance of market specialization.
Dr. Thomas Starke, a physicist with a background at Rolls-Royce and Oxford, shares his journey into quantitative trading. He delves into advanced strategy development, emphasizing methods for testing robustness and avoiding overfitting, including techniques like system parameter permutation and Monte Carlo. The conversation also explores the emerging roles of artificial intelligence and quantum computing in finance, discussing their current limitations and future impact on market efficiency and trading approaches.
This episode features Blackpier Capital's Ryan Moffett, Tyler Michalove, and Wayne Klump, who delve into the benefits of a team approach to options trading. They share insights on how their data-driven fund leverages diverse skills, mentors new talent, and overcomes limiting beliefs about trading and fund management. The discussion highlights the unique advantages of options for creating tailored market exposure, managing risk, and achieving outsized returns, even in challenging market environments.
In this episode, Aaron Fifield presents a recording of his talk, "Six Ways to Emulate Talented Traders," delivered at Noosapalooza 2017. Drawing from over 130 interviews, he distills essential lessons on developing an unstoppable demeanor, playing the long game, intimately knowing one's strategy, trading with an edge, managing risk effectively, and adhering to a game plan. The talk emphasizes the dedication and professional mindset required for sustained success in trading.
This episode delves into the mechanics of cross-border arbitrage, a strategy professional stock traders use to exploit price differences for the same asset on different global exchanges. Tim Steenstrup explains how he identifies opportunities, manages currency risk, and adapts to market volatility, offering insights into his past successes and significant losses, alongside advice for aspiring traders on risk and continuous learning. He also discusses his recent expansion into US options trading to navigate low volatility environments.
