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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With over 40 years as an equity index trader, Chris Cady discusses why experience can be overrated in rapidly changing markets, contrasting old-school trading floor courtesy with today's vertical distributions. He outlines his unique "structure and process" philosophy, which involves time-disregarded market profile analysis and mean reversion strategies. Cady also shares memorable career moments, including the Hunt Brothers silver market corner, and offers profound lessons on mental flexibility and self-discovery for sustained success.
Domer, a veteran prediction market trader, discusses the mechanics of these nascent markets, his transition from stock trading, and the strategies behind his significant annual profits. He delves into his research process for identifying mispriced contracts, the importance of liquidity, and how he structures trades, including specific examples like the Suez Canal obstruction and Britney Spears' conservatorship. Domer also offers valuable advice for new traders on bet sizing, managing biases, and distinguishing luck from skill.
Kenny Sharkness, a top trader at SMB Capital, recounts his evolution from a beginner with no prior experience to an eight-figure P&L generator. He emphasizes the importance of starting with small risk, setting process-oriented goals, and the psychological fortitude gained from significant losses, like his pivotal KBIO blowout. Kenny details his continuous adaptation of trading strategies, use of technology, and how hedging with options allows for controlled scaling and stress reduction. His enduring motivation stems from a pursuit of excellence rather than just monetary gain, enabling him to avoid complacency.
Senior trader Nishant Porbanderwalla revisits his massive six-figure profit from trading DWAC, the Truth Social SPAC, during its manic surge. He candidly shares his initial missteps and losses due to personal bias, then walks through his refined approach on day two, highlighting his use of pre-market buy imbalances, strategic entries during trading halts, and decisive profit-taking. The episode emphasizes adapting to extreme volatility and the importance of disciplined risk management.
James Chen, a heavy-hitting equities trader, discusses his journey from retail trading and exploiting an ASX competition loophole to becoming a partner at BlueLake Partners. He delves into his sophisticated strategies, including profitable trades around index rebalances and dual-listed stocks (ADRs), providing a concrete example of a PLS trade during market panic. James also introduces his "ASIA" framework for finding alpha and reveals current inefficiencies he's capitalizing on in the crypto market, highlighting the importance of seeking less-crowded niches.
This episode features Oliver Chalk, who shares his path from early crypto curiosity and DIY Ethereum mining in high school to co-founding Proxima Capital, a crypto trading firm. He elaborates on the firm's focus on market-neutral strategies, particularly the basis trade involving perpetual futures and spot markets, and touches upon the capital-intensive nature of crypto trading and their decision to relocate to the Cayman Islands. Oliver also offers insights into the competitive landscape of crypto arbitrage and expresses excitement for Ethereum's upcoming technical upgrades.
In the second part of this interview, top trader Lance Breitstein delves into how he continually refines his skills, from deliberate practice and advanced trading technology to a powerful daily "1% improvement" framework that transcends daily P&L. He also discusses his philosophical approach to wealth and introduces the Impact Competition, his initiative challenging university students to solve real-world social issues, showcasing how even small philanthropic efforts can compound into significant, lasting change.
This episode features Lance Breitstein, an elite proprietary day trader, who candidly discusses his challenging early career, including a year without profit and almost giving up. He reveals how a pivotal "exhaustion gap" trade and a systematic approach to "meta-learning" transformed his performance. Lance also delves into his specialized strategy of trading market capitulations, explaining the psychological edge and how "risky" moves can be the safest.
Australian equities trader Chase Galbraith breaks down a profitable swing trade in Kingsrose Mining (KRM) from late 2021. He explains how a management change and strategic pivot to battery minerals initially caught his attention, leading to a fundamental-driven entry. The discussion covers his tactical execution around iceberg sellers, managing risk with a cash-backed valuation, and capitalizing on a 'sell the news' event post-acquisition announcement, ultimately resulting in a $160,000 profit.
Kyle Schultz, managing director of Ravinia Investment Management, shares his unique approach to algorithmic futures trading. He discusses developing diversified strategies across various financial futures, focusing on intraday momentum and mean reversion. Kyle delves into robust backtesting methodologies, including walk-forward analysis and optimizing for risk-adjusted returns like the Kalmar ratio, while stressing the importance of a long-term perspective for systematic traders.
Part two of the "Best of Day Trading" compilation features insights from seasoned traders. Stan Gloosman discusses intraday strategies, including recycling shares and leveraging dark pools. Sam Bankman-Fried explains his approach to crypto liquidity provision and arbitrage. Peter To shares his discovery of a unique market inefficiency and delves into "trading nihilism." Christina Chi recounts the challenges of building an HFT firm from scratch. Ryan Hassen details how he found his trading edge, while Nico emphasizes the discipline of timing entries. Finally, Tom Dante reveals his strategies for identifying day trading opportunities by finding "trapped traders" and understanding market curiosity.
This "Best of Day Trading, Part 1" episode features expert insights on critical trading topics. Mike Katz explains how to identify parabolic moves and execute reversals, while Alex (TaggerTrades) shares his experience profiting from market manias and building consistency. Liam Vaughan delves into the controversial story of Nav Sarao's spoofing algorithm. Nishant Purbandowella provides guidance on managing risk during volatile periods and recognizing market bottoms. Brian Lee offers foundational advice, Dennis Dick reveals his edge in trading the open, and Phil Godecker discusses aggressive shorting and using multiple brokers. Finally, Jeff Davis emphasizes range trading, robust system execution, and the profound benefits of specialization.
Luke Cummings discusses his fund's core strategy of trading mergers and acquisitions, likening it to a 'game of poker.' He outlines a step-by-step process for assessing takeover bids, differentiating between binding and non-binding offers, and managing positions based on bidder credibility and shareholder influence. The conversation covers deal structures, risk management, identifying market signals, and the strategic value that often drives deal prices beyond fundamental valuations, emphasizing how M&A can offer uncorrelated returns.
Matthew Dibb, CIO of Astronaut Capital, shares his insights on running a crypto and digital asset fund, which has achieved over 1,200% returns since 2019. He explains the shift from traditional finance, details the fund's thematic trend-trading approach, and highlights key differences and risks in crypto markets, including lessons from a flash crash. Dibb also provides advice for new investors and strategies for identifying scams and managing portfolio risk.
Erik Swanson, CEO of Simplex Trading, offers a rare look into how top market makers operate in US equity options. He details their automated strategies for identifying edge, managing risk, and the importance of self-calibrating systems. The episode also explores Simplex's experience during the GameStop saga, the impact of increased retail participation, and their stance on payment for order flow, including its mechanics and the ongoing criticisms.
Edwin Dorsey, the force behind The Bear Cave newsletter, shares insights into his unique process of uncovering corporate wrongdoing through consumer complaints and SEC filings, all while avoiding personal short positions to maintain intellectual honesty. He clarifies common misconceptions about short selling, highlights unethical practices by some activist investors, and details the specific red flags he seeks out. Finally, Dorsey presents a compelling, long-term bullish outlook for Twitter, emphasizing its potential in the burgeoning creator economy through features like "Super Follows."
Shaun Factor, a veteran Australian small cap trader, shares his unique, instinct-based trading approach, emphasizing market psychology, volume, and capitalizing on hot sectors. He delves into managing large positions, the critical skill of taking losses, and the perils of a gambling mentality. Additionally, Factor provides an in-depth look at capital raising, explaining why companies do it, how deals are structured, and identifying potential red flags, drawing from his experience as co-founder of 180 Markets.
Mental game coach Jared Tendler shares insights from his new book, "The Mental Game of Trading," detailing a systematic approach to resolving psychological issues. He explains how to map emotional patterns, identify underlying performance flaws like FOMO or perfectionism, and implement strategies for permanent resolution rather than mere emotional control. Tendler also covers adapting to market changes and understanding the impact of A, B, and C game performance levels.
Billionaire investor Jim Mellon shares his unconventional path, starting as a trainee fund manager in Hong Kong with no prior experience. He discusses key entrepreneurial principles like curiosity, adaptability, and hard work, and his strategy of diversifying across sectors while working with trusted partners. Mellon also recounts major career setbacks and his current focus on disruptive agriculture and alternative food technologies, predicting a massive industry shift within a decade.
William Beauchamp shares his journey from aspiring professional poker player to the founder of Seamless Capital, an algorithmic sports betting firm. He recounts early lessons in risk, discipline, and managing significant losses in poker, which prepared him for the world of trading. With a friend's encouragement, he transitioned to applying high-frequency trading and machine learning strategies to sports markets like Hong Kong horse racing, ultimately building a successful 15-person team by balancing optimism with a pessimistic risk manager and continuously challenging complacency.
This episode features James King, author of "Accelerating Excellence," as he outlines four foundational principles for elite performance. The discussion covers defining excellence beyond typical metrics, the pitfalls of relying solely on ambition, and the importance of tailored training. Key principles explored include performing from your "sweet spot" by aligning strengths, interests, and values; adopting "three-dimensional training" for skill acquisition; mastering emotional control to deliver under pressure; and embracing continuous improvement through innovation and experimentation to sustain success.
John Roberson recounts his journey from a struggling discretionary trader to a master of automated trading, now managing over eighty models. He reveals how a tiny, initially manual edge transformed his career, prompting a deep dive into automation. Roberson discusses the challenges and lessons learned from critical system failures, the integration of machine learning with a team of PhD candidates, and his philosophy of 'thinking really, really small' to continuously optimize and compound trading advantages.
This episode features Swedish swing trader Kristjan Kullamägi, who details his journey from day trading to achieving exponential returns with a breakout strategy in the US equity market. He explains how he discovers and validates setups, combines technicals with fundamentals, and manages risk with aggressive entries and trailing stops. Kristjan also discusses the psychological challenges of trading and the importance of scaling capital, emphasizing that his success comes from a few big winners rather than a high win rate.
Stan Gluzman, an equities trader at Seven Points Capital, returns to discuss his significant progress over the last two years, focusing on developing patience and a systematic model for position sizing. He shares insights from trading through 2020's market volatility, including the penny stock craze and the March crash, and explains his shift towards longer-term swing trades and the "Wheel" options strategy. Gluzman also touches on the psychological aspects of scaling up and the modern relevance of tape reading, offering valuable lessons on adapting and growing in dynamic markets.
Ryan Hasson discusses his unique path to becoming a senior prop trader, starting with no prior day trading experience and rapidly developing his skills at SMB Capital. He explains his methodical approach to finding an edge in low-float shorting and how he expanded this into a successful swing trading strategy, particularly focusing on theme plays and managing risk. Ryan also offers insights into crucial daily routines and mental strategies for continuous growth and performance.
For more than a decade, Neeraj Monga was Head of Research at Veritas—a Canadian independent equity research firm—where he published numerous stock reports that garnered plenty of attention from investors, analysts and media… Although it’s not the case he’s most proud of, Neeraj is perhaps best-known for revealing the shady dealings of Kingfisher Airlines—founded and lead by the larger-than-life billionaire, Vijay Mallya. Neeraj’s damning report was ultimately the precursor to the airliners’ demi...
Brannigan Barrett discusses his evolution as a trader, emphasizing the practical application of patience and consistency, and the importance of defining personal trading rules. He details his sophisticated system for systematizing decision-making and risk management, merging human intuition with machine automation. Brannigan also shares his outlook on global macro themes, highlighting opportunities in cryptocurrencies and currencies while advising caution in the bond market.
This episode features Rishi Narang, a prominent quant investment manager, exploring the significant transformations in quantitative trading and investing. He highlights the evolution from traditional statistical arbitrage to more dynamic strategies, emphasizing the growing importance of index rebalance plays and the increasing allocation to international markets, particularly China. Narang also delves into how alternative data and machine learning are reshaping model development, alongside the burgeoning ecosystem of retail and DIY quants, offering practical advice for their growth.
Dan David, founder of Wolfpack Research and lead protagonist in "The China Hustle," shares his journey from operator to activist short seller. He reveals the meticulous research involved in uncovering corporate fraud, from on-the-ground investigations in China to forensic accounting in the US. David also discusses the inherent risks of short selling, managing adverse positions, and the importance of integrity when facing lawsuits and public criticism.
In this listener Q&A episode, active equities trader Michael Katz shares his expertise across four key categories: strategy, trade management, trader development, and proprietary trading. He covers developing and adapting strategies, detecting short squeezes, managing risk in volatile markets, and the benefits of prop firms. Katz provides actionable advice for improving profitability and navigating market challenges.
