Wed, 21 December 2016
Alex (@AT09_Trader) is a 22-year old, discretionary day trader, who’s seen great results in the few years he’s been grinding away at this. He trades small caps, and he trades aggressively—as you’ll soon hear, Alex is far from conservative.
This conversation was recorded on the 16th of November (2016), right around the time when the madness in the shipping sector was unfolding. So we got talking about the ticker DRYS and how Alex racked up a $40k loss a day or two before our interview (although, he had his first +$100k day shortly after too).
Also we spoke about how Alex got started, the types of trade scenarios that he looks for, areas that he’s working on to improve, and also his venture into real estate—where he flipped a foreclosure property for a tidy profit, plus much more.
Note: Nothing you hear on this podcast is financial advice. You’re entirely responsible for your own trading decisions.
Mon, 19 December 2016
Machine learning is a hot topic right now, with a lot of people wondering how it could be used in finance and trading. Used naively, machine learning poses a great deal of risk. We’ll discuss why that’s the case and also some good ways to use it carefully.
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Wed, 14 December 2016
On this episode, I’m joined by a quant trader who works at a high frequency trading firm—though you might be surprised to hear, he started out on the same path that many retail traders do—his name is; Dave Bergstrom.
The thing that makes Dave unique from most traders who’ve been on this podcast previously, is how he uses data-mining techniques to develop trading strategies. Though data-mining, in trading, often has a negative connotation attached to it, Dave believes this stems from bad practices and poor evaluation of methods.
In addition to the above and ways to reduce curve-fitting, we talk about escaping randomness, learning to write code, Dave’s three laws for strategy development, setting expectations and plenty more.
Q+A: Got a question for Dave? Write in the comments area at chatwithtraders.com/103.
Mon, 12 December 2016
When one has a price model that they think will work well for forecasting returns, the next step is to actually trade it. This isn’t that simple for a variety of reasons. For one thing, you need to define how much risk you’re okay with taking on in a portfolio, and then try to maximize your returns while staying within those boundaries. This is the foundation of modern portfolio theory—we’ll discuss some real life issues with this.
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Wed, 7 December 2016
Eugene Soltes is an author and finance professor at Harvard Business School.
Over the past eight years, give or take, he’s spent a lot of time with many big-time executives and professionals who have been convicted of major financial crimes, such as; cooking the books, fraud, Ponzi schemes, and insider trading.
What initially began as nothing other than self-interest has materialized into a 464-page hardcover book, which was released in October this year (2016). The book is titled, Why They Do It: Inside the Mind of the White-Collar Criminal.
Intrigued by the subject matter, I invited Eugene onto the podcast and we got talking about; how Bernie Madoff became the mastermind behind the biggest fraudulent scheme in US history—sucking billions of dollars from unsuspecting investors, some of the notorious insider trading cases, and ultimately, why they do it.
Mon, 5 December 2016
In practice, no one trading model will ever be that good on its own. Luckily statistics has come up with a lot of theory about how you can combine weaker models to create better overall predictions. We’ll discuss how to combine many different trading signals into overall models and some of the practical considerations in doing so.
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Wed, 30 November 2016
My guest for episode 1-0-1 is Siam Kidd, from Norwich in the UK. He’s a former-air force pilot, turned retail trader. He’s also a serial entrepreneur, and on a quest to dramatically improve the schooling system.
We got to chat about his shaky beginnings as a trader, his rock bottom moment, and how he trades currency pairs—using a technical-driven approach, with the goal of catching major trends when they happen.
During the later half, I ask Siam about why he got into business, how he’s found the ability to “think big” and how he’s gotten to a point where he now owns fifteen businesses. Then we also talk about flaws in the schooling system, Siam’s grand scheme, and what the future has in store for us.
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Mon, 28 November 2016
Factors are at the core of a modern quant equity workflow. This episode introduces the notion of alpha and risk factors at a high level, and delves into some of the use cases which include: understanding how the market is moving, understanding how a portfolio is exposed to sources of risk, and turning ideas for price forecasting into encapsulated alpha factors.
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Wed, 23 November 2016
My guest for this special milestone (being episode 100!) is someone who I’ve been attempting to bring on since before episode one was even released…
Folks, I’d like to introduce you to Bao—or better known as @Modern_Rock on Twitter.
Bao is an independent day trader, and a former-Silicon Valley software engineer, who made the large majority of his fortune trading stocks on the OTC bulletin board market. His story emphasizes; anyone with the will to succeed, even amongst adversity, can become unstoppable.
During the interview we speak about avoiding complacency, the greatest trade of Bao’s career, discovering a niche, managing confidence, consistency tips, how to progress as a developing trader, and much more.
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Mon, 21 November 2016
The worst case in finance is when you think you’re right, but you’re actually wrong. This can be especially dangerous when you’ve used some methodology or statistics to justify a decision, but are unaware of all the subtle biases that can cause false results. In this episode we’ll cover many of the ways that you can be wrong without knowing it in trading and finance.
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Wed, 16 November 2016
My guest for this episode is Brynne Kelly; an electricity, natural gas, and crude oil trader who’s spent the majority of her career on merchant trading desks, for the likes of BP amongst others. She has also been a prop trader and has experience as a hedge fund portfolio manager.
A few of the key topics we hit on include: Brynne’s responsibilities as head of trading desks, how she taught, trained and managed newer traders, and an overview for how Brynne trades relationships using fundamentals and macro trends. And plenty more.
For many listening, much of this may not necessarily be directly applicable to your own trading, but you’ll get great insight to how things work from the merchant side.
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Wed, 9 November 2016
Before day trading equities, Peter To played a lot of online poker and did fairly well for himself. He then dabbled in markets as an investor, but was soon attracted to OTC stocks after discovering a strange inefficiency…
In this episode we spend quite a bit of time talking about Peter’s prop trading experience, both the good and the bad. Trading nihilism and doing everything you supposedly shouldn’t do, why Peter accepts he’s not a “cold blooded assassin” and does trade with the influence of emotion. Plus, we briefly touch on Bitcoin and exchange hacks towards the end too.
Peter also writes about many of these subjects on his blog, which you can read here.
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Wed, 2 November 2016
On this episode, I have our very first guest from China; Derek Wong—he is the Director of Systematic Trading and Options at a private fund in Shanghai.
Initially though, Derek got his start in the agricultural pits at the CBOT, then following on from this, he’s worked at various quant shops in Chicago, South Korea, and now days, mainland China.
After discussing Derek’s backstory, we talk; emerging markets, cultural differences of Chinese investors, convergent and divergent strategies, diversification, and some slightly unconventional ways of thinking about how you trade.
Additionally, Derek also has some awesome insight for traders who are discretionary and what traders should focus once reaching profitability.
Derek has agreed to answer any trading questions you may have. So if you’ve got a question go to chatwithtraders.com/97, scroll to the bottom of the page and write in the comments area…
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Wed, 26 October 2016
Nico (@InefficientMrkt on Twitter) is a day trader with a thirst for momentum. He predominately trades low-priced stocks that have a tendency to move fast and far—and roughly 90% of his positions are on the short side.
But the main reason why I brought Nico onto the podcast, is I feel as though he has a story which many traders will be able to relate to, on one level or another…
The short of it is; Nico placed his first trade in 2007, made 4x on his starting capital year one, and then slowly bleed his trading account for the next seven years. He’s now found his groove, but his overnight success was eight years in the making.
This episode is very much centered around Nico’s journey and development as a trader, and how full-time trading became more than a pipe dream.
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Wed, 19 October 2016
For this episode, the trader who I had the opportunity to speak with, and who you’re about to hear from, is Adrian—or @AdeyF69 on Twitter.
Adrian was a pro sailor for almost two decades, but for the past six years, he’s been on dry land, taking an income from financial markets as an independent day trader.
Adrian primarily trades the Bund and the DAX, though he initially started out in foreign exchange. His trading strategy is influenced by support and resistance areas, volume profiling, order flow, and stats.
After talking about how Adrian’s survived storms at sea, torturous sleeping patterns, and run-ins with pirates, we spend a fair amount of time discussing; how Adrian uses stats and some things to watch out for, and why it pays to be process driven.
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Wed, 12 October 2016
My guest on this episode is a former-stand up comedian, turned questionable stockbroker, turned day trader—folks, I’d like you to meet, Kenny Glick.
During the 90’s, Kenny went from the stages of comedy clubs into a hyper-aggressive brokerage firm, which he describes as being identical to scenes from the movie, Boiler Room—and he has some wild stories to share, which you’ll hear very soon.
Once Kenny realized his morals were getting in the way of his ability peddle junk stocks, he went on to pursue a career in trading stocks and options. And that’s, also, what we go into detail about during this episode.
Additionally, you’ll pick up some simple chunks of wisdom which you can apply to your own way of trading—if you choose to.
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Wed, 5 October 2016
What you’re about to hear is a conversation I had with a short-term futures trader, Ben—whose last name we won’t mention only for privacy reasons, but he goes by @BLB_Capital on Twitter.
Before entering the market, Ben previously ran a construction company until an injury put him out of action for a period of time, which is when a friend got him interested in trading. Developing his craft over recent years, the bulk of Ben’s trading now revolves around order flow and he’s most active in Oil, Gold and ES.
Over the next 50-mins or so we discuss; what Ben learned and emulated from a large bond trader he was trained by, insight to his core trading strategies, how he utilizes automation, why traders should be aware of “right-to-left syndrome” and more.
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Wed, 28 September 2016
For this episode I spoke with fund manager, Dario Mofardin.
Dario went from a finance degree, straight into a market analyst and then trader position at a private global macro hedge fund, during the early 90’s. He then went into investment banking for 13 years, working with mergers and acquisitions from various locations around the globe. And since 2008, Dario has been trading independently, but has recently begun trading external funds also.
Some of the key points we chat about during this episode include; seeing the whole board as a global macro trader, how to build a body of evidence, why Dario went from short-term trading to higher timeframes, plus trade management and checklists too.
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Wed, 21 September 2016
Craig Scott is someone who has been trading and investing for most of his life, first starting in school when he participated in a year long stock picking competition.
Once completing a double major in finance and accounting, Craig spent many years as an auditor and an accountant, and later on, the entrepreneur within had him start and grow several businesses (doing similar things) along the way.
As Craig describes his style of trading and investing; it’s a hybrid of fundamentals, momentum, sentiment and instinct. He uses options for short-term positions and for mid/longer-term positions he uses stocks. And worth mentioning; Craig’s very adamant about the fact that he does not use charts!
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Wed, 14 September 2016
For this episode I’m joined by Michael Halls-Moore, who runs QuantStart.com—a site well-known by many algorithmic traders.
Prior to trading, Michael studied computational fluid dynamics and was the co-founder of a tech startup, before getting involved a small equity fund as a quant developer—where his key role was cleansing data.
Now, independently, Michael trades his own short-term algorithmic strategies, consults to hedge funds on machine learning and quant infrastructure, and also has a keen interest in space exploration.
We discussed a whole range of topics, including; the need for quality data, thinking about risk from a portfolio level, trading multiple automated strategies, the role of common sense in parameter optimization, learning to program, and more.
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Wed, 7 September 2016
Blake Morrow (otherwise known as @PipCzar on Twitter) started out as a stock broker in 1995, but this only lasted for a short period of time, before becoming a trader…
A wealthy friend put up $50,000 in starting capital, which Blake lost about $30,000 of it within the first six months. Though, before wiping out, Blake was able to turn that remaining $20,000 into roughly $1.5M in the next few years that followed.
He’s since been involved in various trading and technology firms, but today, Blake is the Chief Currency Strategist for WizeTrade, co-founder of Forex Analytix, and an independent forex trader.
Over the course of this episode you’ll hear about Blake’s story in greater detail, how he navigates forex markets—using charts and technical analysis as well as economic drivers, some tips for beginning traders using leverage, and plenty more.
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Wed, 31 August 2016
Dave Lauer is a former-high frequency trader for firms such as Citadel and Allston Trading. He’s worked specifically in various areas of the HFT pipeline, including; research and modelling, building hardware, and programming and operating strategies—which are measured in millionths of a second (or microseconds).
Following the Flash Crash, Dave left his role as a trader (for various reasons we discuss during this episode) and now, as a partner of KOR Group, consults to institutional managers on market structure and best execution.
Dave was also featured in the VPRO documentary, The Wall Street Code, along with other Chat With Traders guests; Haim Bodek, Eric Hunsader, and Blair Hull.
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Wed, 24 August 2016
This week on the podcast, I spoke with Tom Sosnoff, who many of you will already know—he’s pretty close to a household name name in this industry. But if you don’t…
Tom was a floor trader at the CBOE for 20 years, later going on to co-found thinkorswim—a widely popular online brokerage. In 2009, thinkorswim was sold to TD Ameritrade for approximately $606M, and Tom left the company shortly after to start financial news show, tastytrade.
In this episode we hit on; the issue with being too risk adverse in markets and in life, Tom’s extensive trading career, plenty of talk about options, the value of intellectually challenging ourselves (with respect to finance), and more.
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Wed, 17 August 2016
Jared Tendler is an internationally recognized mental game coach. His clients include world champion poker players, the #1 ranked pool player in the world, professional golfers, and more recently, traders too.
If Jared was to summarize exactly what he does (and what he specializes in), it would be; removing negative and excessive emotion from decision making.
So naturally, this serves as the underlying theme throughout our conversation, but we also discuss higher-level topics like; variance, the major crossovers between high-stakes poker and trading, how psychology has been oversold and when it really matters, plus how to identify various types of “tilt.”
Wed, 10 August 2016
Blair Hull has been labeled by Forbes as, “One of the most successful traders of the last 40 years,” and he was also profiled in Jack Schwager’s, The New Market Wizards.
Prior to trading, Blair was a serious Blackjack player for 5-years during the 70’s. From there he took his winnings to the the Pacific Exchange to trade mispriced options, and in 1985, he founded one of the world’s premier market-making firms, Hull Trading.
At its peak, Hull Trading was active on 28 exchanges in nine countries. Then in 1999, the firm was acquired by Goldman Sachs for $531 million dollars.
Today, Blair is the founder of Hull Investments—the parent company of an actively managed ETF, Hull Trading Asset Allocation, and proprietary firm, Ketchum Trading.
Listening to this interview, you’re going to hear more about Blair’s career and his observations as a trader, why he believes great things happen in teams, and why everything revolves around having an edge.
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Wed, 3 August 2016
This episode features Dr. Yves Hilpisch—the founder of The Python Quants.
TPQ do a lot of good for those involved in quantitative finance, they; frequently host meet-ups and workshops, have developed platforms and analytics libraries, and often contract to exchanges, banks and hedge funds for custom Python development.
Yves is also a three-time published author, with his most notable title probably being “Python for Finance” which was released through O’Reilly. He regularly gives presentations and speaks at events on the subject of quant finance, and lectures at Universities too.
Over the next sixty minutes, you’ll hear us unpack many subjects related to being a quant and why programming in Python can be a useful skill to have in your toolbox.
Note, some of the discussion in the later part may be a little heavy for non-programmers. So if there is something that doesn’t make sense or you’d like more context around, please just write in the comments at the bottom of this page and I’ll do my best to point you in the right direction.
Wed, 27 July 2016
The trader I interviewed for this episode is; Ryan Moffett from Blackpier Capital.
Having been involved with markets for about 12 years now, Ryan has experience in trading, strategy design, portfolio construction and even alternative investments—all, while working for several firms (one of which, managed upwards of $2B).
More recently though, Ryan’s ventured out to start a fund of his own, where he wears the badge of Lead Investment Manager.
Some of the subjects we check off during this episode, include; the snapping point that lead Ryan to pursue trading and cold-call 50 fund managers for guidance. How he was able to form various mentoring relationships, the first steps of starting a fund and the unseen challenges.
Plus we discuss options, strategies and research, but the highlight for myself was hearing Ryan’s insight on deliberate practice and mental discomfort.
Wed, 20 July 2016
This week, for the second time on Chat With Traders, my guest is Morad or better known as; Futures Trader 71.
As you could imagine, FT is a futures trader, he’s also very short-term and has been trading for about 16 years now. During this time, he was the founder of a successful prop firm and more recently, has started a brokerage; Stage 5 Trading.
First time around (on episode 37) we spoke extensively about FT’s path of becoming a trader, market profile and volume profile, and creating a legacy. This time we spoke about all new topics…
For example; how to learn a new skill, how to measure your progress besides PnL, how to remove attachment to the outcome, how FT uses a regressive risk management strategy, and plenty more too.
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Wed, 13 July 2016
Our guest this week is Alan Farley, who took his first trades in the late-80’s.
Alan is an active swing trader, and most of his positions take place in the US equity market—although he occasionally trades index futures and currencies too.
In 2001, Alan released his first book, The Master Swing Trader, which may be the best-selling book on the subject). He’s also a regular contributor to The Street and Investopedia, having written hundreds of articles over the years.
Subjects you’ll hear about include; the unusual way in which Alan got a well-rounded education of financial markets. Some of the big lessons that shaped him into the trader he is now, in particular, the concept of convergence and divergence. Plus, we talk about the dynamics that generate price movement, and much more too.
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Wed, 6 July 2016
Anthony Crudele started at a very young age on the CME floor, and he has one really interesting story about coming up as a trader…
It does involve some pretty drastic failures, burning through significant amounts of cash, and a whole lot of perseverance. But, he eventually broke through and went on to have years of making six and seven-figures, while heavily trading the E-Mini S&P 500 from it’s inception.
In our chat, you’ll hear about Anthony’s multiple blowouts and comebacks, his turning point as a trader, his approach to trading futures today, and a healthy reminder to protect your downside.
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Wed, 29 June 2016
Raoul Pal has a history rooted in the hedge fund industry, and with him, he carries more than 25+ years of experience in financial markets.
For a number of years he worked at Goldman Sachs where he co-managed the hedge fund sales business in equities and equity derivatives. He later moved on to GLG, one of the largest hedge fund groups in the world, where he launched their global macro fund in London.
Today, Raoul no longer manages client money but continues to invest his own. He also writes a premium research newsletter, The Global Macro Investor, and is the co-founder of Real Vision TV.
In this episode we navigate through some uncharted waters which have not been explored previously on this podcast. So in addition to macro investing, technical analysis and hedge funds, we discuss theoretical economic models, business cycles, negative interest rates, and why the world is economically in a frightening position.
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Wed, 22 June 2016
As I’m sure you already well aware, Jack Schwager has been involved with financial markets for many years, he’s the author of the acclaimed Market Wizards series and others, and he’s also the co-founder of FundSeeder.
During our talk, we go behind the scenes of the Market Wizards and Jack shares his experiences from conducting interviews with trading royalty and some of his most memorable moments.
Of course, I ask Jack to flesh out some of the great knowledge he’s learned from this—discussing; self-confidence, sacrifices, what separates a profitable trader from a super trader, and the issue with seeking comfort.
You’ll also hear an update on FundSeeder, as well as something you might be very interested to know, what trading books does Jack recommend to others?
The New Market Wizards is now available as an audiobook on Amazon. Get a free copy
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Wed, 15 June 2016
You’re about to hear a really interesting conversation I had with Dennis Dick.
Dennis first started out meddling with penny stocks, before soon joining a well-established prop firm known as; Bright Trading—this was in the late 90’s. To this day Dennis remains with the same firm, still as an active short-term equities trader, but also as their Market Structure Analyst.
If his voice sounds familiar, that’s probably because he’s the co-host of Benzinga’s PreMarket Prep live morning show too.
Some of the key talking points that come up over the next 60 minutes, include; scalping, surviving as a short-term trader in a high frequency world, various order types, and the opportunities that can be found trading the open (this is actually where Dennis makes 50% of his money each day—within the first five minutes).
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Wed, 8 June 2016
Our featured guest for this weeks interview is, Saul Knapp.
Saul originally started out as a runner on the floor of the LIFFE exchange (in London), when he was just 16 years old. Later moving on from there, he’s had various roles as a risk manager for proprietary trading firms, at times, monitoring positions for as many as 120+ traders. Today, Saul lives in Spain where he runs a small prop firm of his own.
In regard to how he trades, Saul is a spread trader who’s most active in the energy markets. So, spread trading is something we cover during our conversation, as well as his observations from being a risk manager and helping other traders improve.
If you have any questions, or if there’s anything which you’d like further explanation on, just write in the comments below to get a response from Saul.
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Wed, 1 June 2016
Wed, 25 May 2016
My guest this week is John Walsh, aka The Black Cabbie Trader.
The backstory of John; in 2012 he entered a competition—the City Index Trading Academy. The idea was to take a group of people with very little market experience to see how well they would perform as active traders, over the span of 5 weeks. John came out on top and won the £100,000 prize money which was up for grabs.
He’s of course continued trading ever since, and has developed into quite the trend/position trader—focused on US equities, making simplicity an absolute top priority. He’s also a black cab driver in London, which you’ll hear more about shortly.
In this episode we chat about; the competition, John’s trading methodology, why you must ‘stay out of your own way’ (as John puts it), and plenty more.
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Wed, 18 May 2016
For Charlie Bathgate, trading has been a part of his life since as far back as he can remember—his father was an options market maker, and not to mention his brothers and sister work major-roles in the industry too.
Today, Charlie is a partner and the CEO of two operations; Sang Lucci and Flammarion. Sang Lucci being a provider of trader education, and Flammarion being a hedge fund (which mostly consists of automated traders).
We had an awesome chat, speaking about; his observations from working with and evaluating traders, why humility is key, and what it means to “own your strategy”. Also Charlie shares big insight from his obsession with psychology and biohacking, and how innovative technology being used by the NBA can benefit traders.
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Wed, 11 May 2016
This weeks guest preferred to remain somewhat anonymous, although his name is Rob – others know him as RG, and he’s a part of Discovery Trading Group.
Rob is an active futures traders and is what most people would call a pure scalper, but he refers to himself as a “street level gambler with an appetite for risk”. Either way, he is very short-term and often just trading for a couple ticks at a time. So that’s one side of what he does, the other side, Rob is also involved in a quantitative research firm which trades a whole range of strategies, over various timeframes, in many different markets.
Over the next 60 minutes; you’ll hear about Rob’s early years of trading during the 80’s, and how he’s developed into the trader he is today. Rob also drives home the importance of risk management, shares a few gambling analogies, and talks about the benefit of interacting with other traders on a regular basis.
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Wed, 4 May 2016
A big guest on the podcast this week—a man who for many won’t need any introduction, he is; Eric Scott Hunsader.
Eric started out as an algorithmic trader in the early 80’s, soon after became a self-taught programmer, and since then he’s written many software applications for financial data. But today, Eric is the founder of Nanex, a whole market streaming data feed, which transmits 20 billion data points every day.
Well-known for speaking out against the many issues that surround high frequency trading, Eric will tell you straight; HFT firms are stealing money, exchanges have rigged the market, and the regulators that allow this type of activity to continue are corrupt individuals.
Additionally we talk about quote stuffing, mini-flash crashes that occur on a daily basis, and why Eric recently received a $750,000 whistle-blower award from the SEC.
Wed, 27 April 2016
Jeff is a day trader who specializes in the S&P futures, and predominately trades a mean-reversion strategy which is built upon data and statistical probabilities.
Across his 20+ year trading career, Jeff has also been heavily involved in the process of developing and deploying algorithmic strategies—but slightly less these days.
In this interview we talk about Jeff’s prop days, risks of being a one-man-business, automated trading, specializing, statistics, and more.
From this conversation, I think you’ll pick up on the underlying theme, which is all about building confidence in your strategy and then being able to size up when you have an edge.
Also, Jeff is answering your questions…
So if you have a trading question or would like more depth on any topic discussed, leave your question in the comments area at chatwithtraders.com/70 and Jeff will respond to you.
Wed, 20 April 2016
Welcome back for another installment of the Chat With Traders podcast. I’ve got an awesome guest lined up for you, John Carter, from Austin Texas.
In short; John is an options trader (and also futures, to a slightly lesser extent), he’s been trading for around about 25 years now. His typical holding time for any given trade is just a couple days, and he classifies himself as an aggressive trader – which I think you’ll pick up on pretty quickly.
In this interview, you’ll hear I ask John about the multiple boom ‘n bust cycles he endured over the space of about 8 years before gaining real consistency. I also ask, is a high risk tolerance essential for becoming a successful trader?
Then we get into some talk about options, and John has some really great advice for those who are still trying to find their feet. Additionally, we talk about indicators and technical analysis, and we go step-by-step through John’s million dollar TSLA trade.
So there’s a lot packed into this episode, I hope you enjoy it, but more than that, I hope you can take at least just one thing away from this and apply it to your own trading.
Wed, 13 April 2016
For this episode, we have our very first guest from Sweden—big shout out to Sweden!
I spoke with Mikael Syding; a value investor who spent 15 years in the hedge fund business, and in 2009, he was awarded European Hedge Fund Manger of the Decade before retiring shortly after.
During the interview, I ask Mikael to share his three greatest lessons for traders and investors, how he spotted growth opportunities, and I also ask him how his views on money have changed over the span of his career, plus a whole lot more…
All of this was great, but I have to say, my favorite part of this conversation was the last 10-15 minutes, where Mikael talks about artificial intelligence and technology becoming one with humans. It’s full on—prepare to have your mind blown!
Wed, 6 April 2016
We have a very special guest on the podcast right now; Jerry Parker.
For those who don’t know, Jerry is one of the original widely-recognized, Turtle Traders. The Turtles were a small (somewhat secretive) group of traders who were mentored and trained by Richard Dennis, a big time commodities trader, in the 80’s.
It’s an interesting story and you’ll hear more about this in just a moment.
Today, Jerry remains the founder of Chesapeake Capital, which is a commodity trading advisor, and he has well ‘n truly stuck to his roots as a die-hard trend follower.
We discuss all the above at length, plus I also had a few questions for Jerry around the subject of trading other people’s money–which is something you may not have considered before. And on the other side, some of the questions you should ask a CTA (or money manager) before investing.
It was a huge honor to speak with Jerry Parker, and I hope you enjoy the interview.
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Wed, 30 March 2016
This week we have returning guest, Dan Shapiro, who was first on episode 32. And after receiving a lot of really great feedback from that interview, I knew I would have to have him back on, so here we are…
Dan works on an intraday timeframe and predominately trades high beta stocks. He’s been trading for 16 years, and during this time has experienced the extreme highs and lows that this business can throw at you. For a good part of his career, Dan was heavily involved in the prop world, but now trades independently from New York.
Over the next 60 minutes you’ll gain some insight to Dan’s methodology, thoughts on managing risk, an outsiders view on the current state of prop trading, and more…
This interview will leave you with plenty to think about, and may even help you to adjust your mindset – if that’s something which is holding you back.
Wed, 23 March 2016
For this episode, I interviewed a very special guest; Dr Brett Steenbarger (after many, many requests from listeners).
Brett is a very well known trading psychology coach, and has consulted to some of the biggest names in the industry. He’s also a respected author who has now published four books, some which have been recommended reading by previous guests on this podcast.
During our conversation, I asked Brett how to break bad trading habits and introduce new best practises, to explain why traders need to be adaptable in markets, plus how we should think about goal setting and measure progress. And of course, much more about how to enhance your performance as a trader.
If you do enjoy the interview, please leave an iTunes review! Click here
Wed, 16 March 2016
For this episode I spoke with returning guest Nick Radge, who was originally on episode number 4.
But in case you missed it; Nick is a systematic trend follower and momentum trader, most active in Australian and US equity markets.
This time around, we discussed mean reversion strategies and why they may appeal to certain traders, the importance of trade frequency when developing a system, which then leads into the characteristics of a robust trading system.
One of my own ‘top takeaways’ from this conversation, was hearing about Nick’s emphasis on trying to break and stress test systems – rather than simply trying to develop the “best system”.
Like the last few guests, Nick has also offered to answer any trading questions you might have. So if there’s something you want to know more about, just leave your questions in the comments are at the bottom of this page.
Wed, 9 March 2016
Here we are, episode 63 and I have another brilliant (and very experienced) guest lined up for you this week.
Her name is Nicola Duke, or @NicTrades on Twitter. She’s a professional swing trader from the UK, actively tracking 36 futures and forex markets – who takes a technical and systematic approach to trading.
Some of the highlights from our conversation…
Hearing about how Nicola’s typical trading day used to start 1:30am, learning that her mentor never showed her a single setup, the concept of preserving ‘mental capital’, and insight to how she trades with a systematic approach.
You may also like to know, Nicola is open to answering any questions you might have, so if there’s something you’d like to ask leave a comment at the bottom of this page.
And if you’re enjoying the podcast, please leave an iTunes review. It’ll take you no more than two minutes and it helps more than you know – you can even do it while you’re listening.
Wed, 2 March 2016
For this episode, I spoke with a trader who has spent many years in the financial hub of Chicago; Tracy – otherwise known as @ChiGrl on Twitter.
Tracy is a technical intraday trader, but also tracks fundamentals very closely. She solely focuses on the energy sector and has an obsession with crude oil...
During our interview, Tracy shares her story about how she up and left LA to chase her desire of becoming a trader. And how she wound up at a “hack-shop” brokerage, which is best described as a scene from the trading movie, Boiler Room.
We also discuss the bear market of oil, the impact falling prices have on a macro level, the skill sets that are have helped Tracy to survive and thrive as a trader, plus much more.
And last thing, Tracy has kindly offered to answer any questions that you may have – whether they’re about oil specifically, or just trading in general. Just scroll to the bottom of this page and write your questions in the comments area.
Wed, 24 February 2016
Ari Pine has many years of real market experience on his side, and during this time he’s traded a whole range of markets in various positions and roles…
Some of those include; working at J.P. Morgan, developing risk management software, trading for a long volatility hedge fund, making markets in gold and silver options, and even giving presentations to the Chinese stock exchange.
Moving forward to current times, Ari is now in charge of building out a quantitative trading group – approaching the markets from a scientific perspective, and asking “good questions” to solve trading problems.
Our conversation includes all the above, plus some really valuable info about; positive expectations, the law of large numbers, and process over outcome.
Wed, 17 February 2016
Here we are at episode 60, and my guest is Peter Tuchman, aka the ‘Most Photographed Man on Wall Street’.
Peter is a broker on the floor of the New York Stock Exchange, and he’s worked there for the past 30 years. So as you could imagine, he’s seen massive shifts in the landscape of trading (especially on the floor), and has been in the thick of it for many significant market events.
During our interview, Peter shares some of his most memorable moments – reflecting on the crash of ’87, and what it was like to be there trading the Alibaba IPO. He also explains the role of a broker on the floor of the exchange today, and almost like a lesson in history; how this has changed over time. And of course, much much more.
I had a lot of fun doing this interview, Peter has an undeniable passion and excitement for markets, which you’ll pick up on straight away – so I hope you enjoy this interview.
Wed, 10 February 2016
This weeks guest is Daniel Goldberg, an active trader and partner at Futex – a proprietary trading firm located in London, UK.
Dan has been involved with financial markets since 1995 (straight out of college), and got his start as a book-runner on the exchange floor. He later became a pit trader, and was also there for the transition to electronic markets.
These days, Dan plays a major role in training new traders to the firm, and predominantly focusing on two markets; Bunds and Euro Stoxx.
Some of the topics we covered during our discussion; how Dan seeks out trading opportunities and uses tools such as the price ladder and market profile. And how macro events effect have a significant impact on his trade decisions.
I also ask Dan a bunch of questions centered around prop trading, and he has some really interesting points to share on the topic of risk. So there’s plenty to learn from Dan, enjoy!
Note: This interview was recorded 3rd February 2015
Wed, 3 February 2016
This week I spoke with Paul Singh, a long-time trader who has been doing this since his college days. Over the years he’s traded stocks, options and futures, but now tends to focus purely on stocks.
In fact, Paul actually began trading during the ‘dot com boom’ and quickly racked up huge profits – he was living large in a penthouse, his neighbors were professional athletes, and all was good …until the bubble burst, and that’s when he returned to square one.
So, during this interview we discuss; the light-bulb moments and changes he made to his trading which helped him to achieve sustainability and consistency. We talk about how he transitioned into full-time trading, why you should be cautious of micromanaging positions, and overall; how to be a better swing trader.
It’s worth mentioning, there’s also something within this interview for day traders, because Paul is very active on an intraday timeframe too.
Wed, 27 January 2016
This week, I have a really interesting guest on the podcast; his name is Jesse, but in the Twittersphere he goes by @PsychoOnWallSt. (a play on the cult film American Psycho)
A couple things you should know about Jesse is; he made $500,000 in 90 days trading marijuana penny stocks, and then lost it all just as quickly – one wild story…
He went from part-time to full-time trading, and for now, has returned to part-time trading with the results confirming this was a profitable move. He describes his approach as a hybrid between a day trader and a swing trader.
And his motive for trading, is to one day open a fully-functional no-kill animal shelter – needless to say, I have a great amount of respect for Jesse.
All of these topics and more are covered in-depth during the interview. Plus, Jesse has also offered to answer any questions you may have for him at chatwithtraders.com/57. So go ahead and take advantage of this!
Wed, 20 January 2016
This weeks guest is Matt Zimberg – the founder of Optimus Futures, a boutique brokerage firm.
Matt has been deeply involved in the business of trading since his early 20’s, and while he’s no longer an active trader – he is extremely insightful on the subject. Keeping in mind, he has extensive conversations with many traders every day; from absolute beginners to those trading 7-figure accounts and upwards.
In particular some of the topics we covered during this interview, include; the make-up of a successful trader, why professional trading should be boring (you hear it all the time, but Matt does a really great job of explaining WHY), some tips and pointers for selecting the right broker, and much more.
Wed, 13 January 2016
This week on the podcast I interview Nathan Michaud of Investors Underground.
Nate has been a day trader since 2003, and the stories from his first few years in the game are enough to make your head spin. After experiencing major highs and lows, both financially and psychologically (all covered during the interview), he’s gone from strength to strength playing small-cap momentum stocks.
Over the next 60 minutes you’ll learn about; Nate’s approach to fast moving stocks, the additional risks linked with short-selling, a smart way to scale up, the power of compounding, and heaps more.
For educational material and on-going support from the Investors Underground community, go to chatwithtraders.com/IU for a discounted rate.
Wed, 6 January 2016
To start the year with a bang, I have a very special guest on the podcast this week, who I’d like you to meet – his name is, Rishi Narang.
Rishi has an impressive background, and has been involved with financial markets for over 20 years now. He originally started out as an analyst at Citibank, prior to co-founding TradeWorx with his brother Manoj Narang (a fintech company, turned high-frequency hedge fund).
Since 2005, Rishi has been the Founding Principal at T2AM – a fund of funds, which specialize in short term quant trading strategies.
He’s also the author of Inside the Black Box, and was featured in a must-watch VPRO documentary titled ‘Money & Speed: Inside the Black Box’.
During our discussion (which went for well over an hour), we spoke about; the non-textbook definition of alpha, the components of a black box, where humans have an advantage over computers and vice-a-versa, and we also explore the subject of high frequency trading and speed.
Wed, 30 December 2015
This week I interviewed a short-term Bitcoin trader, who goes by the alias of BTCVIX.
As you can imagine, this episode is a little different – this is an area (or should I say, a market) we haven’t yet explored on the podcast, in past interviews.
With that being said, I found this discussion to be really interesting and I’m certain you will also. Some of the topics we spoke about include:
- Why VIX went from initially trading stocks and options, into the Wild West – Bitcoin markets.
- We spend plenty of time discussing the landscape of Bitcoin; going into how the digital currency is ‘mined’, how inflation is hard coded in the ‘ledger’, and the real ‘counter-party risks’.
- Changing the way you may think about consistency, and understanding non-linear outcomes within your trading results.
But that’s just a quick sample of topics ahead – hit the ‘play’ button to learn more about the realm of cryptocurrencies.
Wed, 23 December 2015
This week I had the great pleasure of speaking with Dr Ernest Chan, from Toronto (Canada).
While many traders in the quantitative arena will already be familiar with Ernie, here’s a brief intro…
You could say, Ernie had somewhat of an unconventional introduction to trading – he started out on a research team at IBM, using machine learning and artificial intelligence techniques, teaching computers to understand human languages – before joining a prop trading group.
Today, Ernie has upwards of 15 years applying similar techniques to the domain of finance and trading – working with multiple prop firms and hedge funds across his career. And currently, Ernie is the managing member of QTS Capital Management.
Just to top it off, Ernie has written two books ‘Quantitative Trading’ and ‘Algorithmic Trading’, and also regularly speaks at conferences.
Some of the topics we cover during this episode are; diversification, capital allocation, generating strategy ideas, back-testing and a much more.
Wed, 16 December 2015
I have a brilliant guest on the show this week who I can almost guarantee you’ve never heard of, he generally likes to fly under the radar, but thankfully for us he did agree to an interview – his name is Bryce Edwards.
Bryce is an Australian equities trader, he takes a discretionary approach, making his money from intraday price movements and goes home flat at the end of each day.
During the interview we walk through the 10+ years in the build up to Bryce becoming a profitable trader – he’s got an interesting story, and you may discover it’s quite relatable to your own situation.
We also talk about how the order book plays a key role in his trading decisions, and how he creates a ‘stocks in play’ watchlist using catalysts such as; company news, underlying commodity prices and broker upgrades and downgrades.
Wed, 9 December 2015
You may recall for episode 25 I invited Zach Hurwitz back onto the podcast (after being a featured guest on episode 011), to grill me about my own trading progress – well we’re another 25 episodes on now, so I thought it’d be a good point to check in with you and give another update on how I’m tracking…
To do this, Zach joins me again for the big 5-0 – and you’ll find the first part is mostly Zach asking questions for me to answer, then we switch it up, and during the later part I fire questions at Zach to answer. And we dive into a bunch of great topics (many listed below).
Just to add on this – pretty much every question asked during this episode has been crowd-sourced, so if you contributed a question last week, then there’s a good chance you’ll hear it asked at some point.
Two things you should know:
- Zach is offering a FREE 30 minute, one-on-one coaching session to any trader listening who is, of course serious, and feels as though they could really do with some help. This is a very generous offer, and if you’d like to take him up on it – then send Zach an email, his address is TradingCoachZ@gmail.com.
- And second, if you have any questions or comments for Zach or myself, scroll to the bottom of the page and drop a line in the comments area – both Zach and I will be keeping a close eye on this to respond and interact with you.
Wed, 2 December 2015
There’s a very special guest on the podcast this week, who I’m excited to introduce…
His name is Haim Bodek, although some refer to him as ‘The Algo Arms Dealer’ (and I totally understand why).
Haim began his trading career at Hull Trading, a prestigious firm well known for driving forward innovation in the domain of automated trading. Following Hull, Haim then went into significant roles at Goldman Sachs, and UBS – which are all discussed during the interview.
But to further set the scene, in 2007 Haim founded Trading Machines, a high frequency trading operation. At the peak, Trading Machines accounted for 0.5% of all options trading volume, with a team of 25 (one of who, was Bryan Wiener of EP 040).
All was well for a couple years until the beginning of 2009, when Trading Machines ran into issues and began to bleed money, for unknown reasons. Until Haim later discovered, at the root of the problem were secretive order types being used by a select few firms, giving them an unfair advantage to front-run the orders of other participants.
With this discovery, Haim went to the SEC to raise his concern about such order types – little did he know at the time, that this would be the beginning for one of the most sophisticated and complex investigations carried out by the SEC to date. So of course, we speak about all of this in much more detail during the interview.
And we also speak about another fascinating topic – which is, Payment for Order Flow. Haim shares with us what is really happening to your orders after you click the button to buy or sell – you might even be surprised to find out that a large majority of retail orders, never even make it to an exchange…
Wed, 25 November 2015
This week on the show I interviewed Linda Raschke – an active trader since 1981, when she started out on the floor of the Pacific Coast Stock Exchange as an options market maker.
In 1992, Jack Schwager interviewed Linda for his second installment of the Market Wizard series; The New Market Wizards.
Since then, Linda has traded for several hedge funds, and in 2002 she began one of her own – which has been ranked 17th out of 4,500 hedge funds for ‘Best 5 Year Performance’ by BarclaysHedge.
During this interview we covered some great topics, for example; adapting to environment changes, using models to study price behavior, and the part I really enjoyed was Linda’s advice to young traders towards the end. So please, make sure you pay close attention to this part.
Wed, 18 November 2015
This week I interviewed Timothy Sykes (of Profit.ly).
If you’re not already familiar with Tim (for some strange reason), he’s made quite a name for himself as the penny stock guru, who trades, teaches and flaunts big piles of cash on Instagram. And before you can get a word in sideways, he’ll also gladly remind you that he does have ‘millionaire students’!
I really enjoyed this conversation with Tim, because we covered many substantial topics that do play an important role in a traders’ success. To rattle off just some of those topics, we discussed:
- What’s all fuss the about making a million dollars?
- How to stay motivated and get the most out of your dedicated study time?
- How to combat the urge of over-trading?
- How to avoid liquidity issues in OTC markets?
- And so much more…
Hope you enjoy this episode, with the man who has become wealthy from penny stocks (the most hated niche in all of finance) –Timothy Sykes.
Wed, 11 November 2015
This week I interviewed Hans Dederle, the founder and president of Honza Financial – an options trading asset management firm (located in Florida).
Hans originally started out as an accountant, before becoming a stock broker, following that he began to trade independently and now, trades other peoples money as well.
He’s been doing this for just over 8 years now, and one of the things I really liked that come about during our discussion, was how Hans has a laser focus on quality over quantity. As a day trader he averages between 1-3 trades per day, which he’s usually in and out of within the first couple hours of each session.
Which then lead into the topic of making money as a secondary objective, and having a primary objective to consistently make good trades, inline with your strategy. There’s a bunch of great takeaways over the next 45 minutes… enjoy!
Wed, 4 November 2015
My guest on the podcast this week is Jack Litle of MercenaryTrader.com.
Jack is a global macro trader who originally started out as an international commodity broker – today, he now has more than 17 years of market experience and is a very competitive trader. He’s also a keen poker player, and believes there are many crossovers between poker and trading (which of course, makes for some interesting conversation during this episode).
Also during this episode, we speak about how Jack thinks of trading in terms of probabilistic outcomes, instead of attempting to ‘predict’ the future – we spend quite some time on this subject, and I myself found his views on this particularly interesting.
Another highlight, would be mastering the art of the big bet – where Jack shares insight to the times when you should press hard on a trade to make profits that have real impact.
For your chance to WIN a free 90 minute, one-on-one mentoring session with a genuine, pro trader – enter here: http://chatwithtraders.com/win
Wed, 28 October 2015
Let me introduce you to my guest for episode 44 – Michele Koenig of Trade on the Fly, from Montana (at the very top of the United States).
Michele is primarily a swing trader of technical chart patterns, but also takes an occasional intraday position when she spots an opportunity.
During our discussion we spoke about a whole range of really interesting topics. To start with we covered Michele’s first few years when starting out, where she had some early success, then shortly after, lost almost everything – we spoke about how this happened, how she was affected, and how she bounced back.
Plus some of the other highlights would include; insight to Michele’s scanning process and how she tracks a watchlist, a reminder not to ‘trip over dollars while trying to save dimes’, and some words of wisdom to traders who are yet to breakthrough.
For your chance to WIN a free 90 minute, one-on-one mentoring session with a genuine, pro trader – click here to enter.
Wed, 21 October 2015
This week we’re at episode 43 and my guest is Jon Boorman (of Alpha Capture).
Jon has been immersed in the world of trading for over 30 years now, and has spent the majority of this time in the institutional space – he’s been on the buy-side, sell-side, run a trading desk, assistant to a portfolio manager, and has also been a prop trader. But now days Jon trades independently and does also manages assets for others.
His approach to trading is best described as a long-only trend following strategy, which we discuss extensively during this episode. Some of the topics we hit on include; why the simplicity of trend following can be both, a gift and a curse, why Jon trades the long-side only and how this affects him in a full fledged bear market.
Plus, Jon shares a few pointers on position sizing, and his best tips for long term survival. Jon was an interesting guest, and shared a lot of wisdom – I feel like you’re really going to enjoy our discussion.
For your chance to WIN a free 90 minute, one-on-one mentoring session with a genuine, pro trader, visit – http://chatwithtraders.com/win.
Wed, 14 October 2015
What you’re about to hear is an interview with Bert Mouler – he’s a trader of futures and equities, and has been involved with markets since ’07. But he does things a little different to most…
He’s an algorithmic trader who harnesses the power of machine learning to discover and develop profitable trading strategies. This is an area that hasn’t been covered in previous episodes, (except for the odd mention here and there) so it was really great to have Bert on the show to share some insight on machine learning and how it works in the field of trading.
Beyond this, you’ll also hear Bert’s views on diversification and how he thinks about risk management. Plus, one of the things I really respect about Bert – his drive for continual progression, attitude towards further education, and the way he approaches goal setting.
Wed, 7 October 2015
This week my guest is a discretionary futures trader from London (UK), his name is Kam Dhadwar.
Kam originally started out in 2001, from 2005 onward he spent a few years trading within a prop firm, and now days has reverted to trading independently.
During this interview we discuss the great emphasis Kam places on auction market theory, market profiling and volume profiling techniques, to capitalize on intraday moves.
Additionally, we also discuss the importance of believing in your trading plan, the two types of risk; financial and psychological. And how Kam uses NLP, mindfulness and meditation practices to continually improve trading performance.
Plus plenty more – but, developing the right mindset seems to be the underlying theme throughout this episode.
Wed, 30 September 2015
This week I’m joined by Bryan Wiener, to put it simply, he’s a man crazy about options. So options guys, this should be right up your alley. I have to admit there were a few moments where my lack of knowledge of options is probably quite obvious – but Bryan delivered well and truly.
So a little background on Bryan…
He’s been actively trading for just over 15 years – and what’s particularly interesting about Bryan is how he’s been involved with markets from a number of various angles. And what I mean by that is…
He originally started out as a market maker on the floor of the CME (and by the way, has some great stories which he shares during the interview). From there he later joined Haim Bodek for the rise and fall of Trade Machines, which was essentially a black-box startup which was ruined due to HFT manipulative orders.
And now days he’s the quantitative options specialist on the Sang Lucci team, as well as an independent trader.
During the interview we of course go right into Bryan’s journey of how he got to where he is now. As well as plenty of discussion about options markets, including; how options have evolved, the various types of options traders and where their edge exists, and a few things aspiring options traders need to be aware of.
Wed, 23 September 2015
This week, for episode 39 I had the great pleasure of speaking with Tom Dante (who you may already know from Twitter as @Trader_Dante).
But if you don’t, that’s cool – I’ll give you a real quick snapshot now…
Tom’s a day trader from London, who tells it exactly how it is, he makes no attempt to soften the blow from the harsh realities of trading.
He’s got a really interesting and unique story about how he got started trading, which was around 1999. And from that point on there was a period of about 7 years, where Tom struggled to gain consistency with his trading results (we speak at lengths about this during the first part of the interview).
After developing a track record of profitability, Tom joined a prop trading firm, where he learnt many of the solid trading principals that have shaped him into the trader he is today – many of which are discussed during this episode.
Now days, Tom is an independent trader who focuses mostly on the Bund market intraday, as well as other futures.
Besides the few points I’ve already mentioned, we of course discuss much more, including; the competitiveness of professional trading, the importance of learning from your mistakes quickly, and the real cost of becoming a great trader.
To learn more about the dedicated one-on-one coaching service, visit: chatwithtraders.com/coaching
Wed, 16 September 2015
This week on the podcast I have algorithmic trader, Kevin Davey. Who like many guests in the past, he comes from a background in engineering – there’s something about these engineers, they seem to make really great traders…
After getting off to a bumpy start 25 years ago, Kevin has come a very long way. Between 2005 and 2007 Kevin competed in the World Cup of Futures Trading Championship, where he finished in first place once, and second place twice. Each time with returns in excess of 100%!
Kevin is also the author of Building Winning Algorithmic Trading Systems, a book which has been well-received by the trading community and has plenty of 5-star ratings and reviews on Amazon.
During this interview we cover the great focus Kevin places on trading multiple strategies in multiple markets to achieve a smoother equity curve. And he also walks us through his development process for taking an algorithmic strategy from objectives and initial idea, through to total automation. Plus plenty more, and even if you’re not familiar with this side of trading, you shouldn’t have too much trouble keeping up, because Kevin does an excellent job of explaining everything.
Also, I’m going to ask again… If you haven’t already done so, could you please leave a very brief review on the podcast in iTunes while you’re listening. Just go to chatwithtraders.com/itunes, if you’d like to support the show.
Wed, 9 September 2015
This week I had the pleasure of speaking to another brilliant trader, who has been heavily requested – his name is Morad, but many know him best as Futures Trader 71 (or FT for short).
To give you the 30 second rundown, FT has been an active trader since 2000, when he started out scalping NASDAQ stocks among the original SOES Bandits. A few years in he made the transition to trading futures, and later started his own proprietary trading firm, where he funded and mentored a team of traders.
These days FT runs a brokerage, where he provides continuous education and risk control to a structured community. And of course, he remains an active futures trader, with a great focus on reading market profile and volume profile – which we get into during this interview.
While you’re listening, I’d love it if you could please leave a brief review on the podcast in iTunes. This helps in a huge way to increase rankings and reach more listeners!
Wed, 2 September 2015
I can promise you right now, this one will not disappoint…
My guest today is the legendary trader, Peter Brandt.
Peter first started trading around 1975 (which I’m sure is before many of you listening were even born – that’s certainly the case for me). So that’s 5 decades involved with markets, i.e. ’70’s, ’80’s, ’90’s… – a very long time!
To give you an idea of Peter’s performance during this time, he has achieved a compounding annual growth rate of approximately 42%, with his best year returning well over 600%. Of course we want to know about his worst years also, well there has only been three of them, which were all drawdowns of less than 8%.
During this interview we discuss Peter’s early years working at the Chicago Board of Trade, and classical charting patterns (which form the roots of his trading methodology). We also get into Peter’s views on high frequency trading operations, why he has the default assumption that every trade will be a losing bet and some of the common misconceptions about super-traders.
Learn more about the latest CWT eBook here: chatwithtraders.com/read
Wed, 26 August 2015
This week I have a very special guest on the show who almost needs no introduction, Howard Lindzon. Who’s best known as the co-founder of StockTwits, but he’s a man who wears many hats, he’s also a trader, investor, hedge fund manager, entrepreneur and a rock-star angel investor.
So as you could imagine, I was thrilled to have Howard on the show this week. We spoke for around 50 minutes, and discussed the early years of his career (from the days of when he used to work in the back office of a brokerage firm).
We also covered Howard’s methodology around trading high growth stocks and the idea of ‘buy high, sell higher’, how innovative technology may revolutionize the landscape of trading over the next 5-10 years. And on top of this, we also talk about some of the angel investments that Howard has been involved with.
Now if you enjoy this interview, please go to chatwithtraders.com/itunes and leave a review. It doesn’t have to be anything major, even a single sentence would be a huge help (as it improves the CWT rankings in iTunes). I’d really appreciate this, and it’s the easiest way that you can support this show…
Wed, 19 August 2015
When the market went down in ’08 this weeks guest, Michael Melissinos was right there, in the thick of it. He was an analyst on the trading desk at Bear Sterns, and then later at JP Morgan after they were bought out.
Since then, Michael’s left his Wall Street days behind him, and now trades a fund of his own, using a systematic trend following approach, that operates on 40 global markets.
Although I missed a large chunk of the story there, you’ll hear how Michael got to this stage of his career during the interview. And a few of the lessons that shaped him into the trader he is today, including the advice he received from Market Wizard, Ed Seykota.
I also like Michael’s thoughts around why you should consider playing a game that’s larger than money, and the emphasis he places on preparation.
Wed, 12 August 2015
Chris is an equities trader from Southampton, UK.
His journey to becoming a trader kicked off roughly 7 years ago, after his interest in markets was peaked from reading through a book about stocks.
While these days Chris has found his edge, he did spin his wheels for several years to begin with, and also managed to run several accounts into the ground. During this time, one of the greater turning points came when Chris found another trader who was willing to pass down his experience, and offer him some much needed guidance.
And as we all understand, to have a mentor on your side is extremely valuable, so I asked Chris a number of questions around this subject which you may find helpful.
We also discuss the importance of repetition in your learning, how to build discipline and also touch on some mindset challenges that can be early roadblocks for developing traders.
I feel like many of you listening will find Chris’s story to be relatable, and hopefully you’ll takeaway a few important lessons from this interview.
Wed, 5 August 2015
I’ve received many requests for this weeks guest, in recent months. Maybe it’s because he’s a straight shooter who doesn’t mix his words, or maybe it’s because he’s bounced back from harsh failures, to become an exceptional trader.
Whatever the reason may be, I know for certain, you’re going to appreciate the raw honesty and insight of this weeks guest – Dan Shapiro.
Coming up from humble beginnings, Dan called on the neighborhood loan shark to fund his first trading account, which got him through the door to one of the largest prop firms at the time. This is where he rubbed shoulders with many phenomenal traders, who helped shape him into the trader he is today.
This interview is ultimately focused on the mental and psychological aspects of trading. We discuss some of the darkest moments from Dan’s trading career, how to handle losses and grind through slumps, trading the setup and not your PnL, and why you should care more about trading right, rather than being right.
Dan was great to talk to, and I trust you’ll enjoy this episode. Actually, it may even be worthwhile for you to play this through twice, just to ensure you don’t miss anything.
I’m Aaron Fifield, your host of Chat With Traders, and here is this weeks guest from New York City, Dan Shapiro.
Wed, 29 July 2015
This week I spoke with Luke Cummings, an Australian equities trader with 14 plus years of experience on his side.
After making a last minute decision that journalism wasn’t a good fit, Luke went into a finance degree which lead him to become a stockbroker, which then lead him to become a trader.
Now days Luke remains an active trader, and operates a hedge fund based in Sydney, as well as running The Long And Short Of It – a model portfolio service and trading blog.
We keep things fresh in this interview, by discussing trading methods and strategies that haven’t been spoken about in previous episodes. And additionally, Luke shares some of the common traps that often catch entry-level traders, and how you may be able to avoid the avoidable with insight.
Wed, 22 July 2015
This week we’re taking it up a level…
I had the honor of interviewing the legendary Market Wizard, Tom Basso, president of former money management firm, TrendStat.
Tom started his working life as a chemical engineer, often discussing stocks and investing with colleagues. As he started to experiment with trading from a $2000 account, there was no beginners luck in sight. Tom consecutively lost money for the first few years before things started to turnaround.
With a series of events that followed, Tom went from trading his own money, to forming TrendStat and managing other peoples money. At the peak of his career, TrendStat managed $600million dollars of capital.
And while Tom’s now retired, he still actively studies the market and continues to trade.
This interview covers many topics that range from trend following and systematic trading, to psychology and why you must never forget to ‘enjoy the ride’.
Wed, 15 July 2015
This weeks guest is Brian Shannon, who first and foremost is a professional trader, whose involvement with the market dates back well over 20 years.
He’s also the author of the highly regarded book, Technical Analysis Using Multiple Timeframes. And thirdly, Brian is the founder of AlphaTrends, an educational company focused on teaching traders how to navigate the market successfully.
For the most part Brian is a swing trader, with the occasional day trade in the mix. During the interview Brian discusses both approaches, and gives a few pointers that may help you to discover the right timeframe for your own trading.
We also talk about understanding the psychology of market participants within well-known patterns, the two indicators that Brian uses most often (one of them being VWAP – Volume Weighted Average Price), and Brian also walks us through the 4 stages of a market cycle: accumulation, markup, distribution & decline.
So all in all, Brian hit on plenty of great topics, and I feel like you’re really going to enjoy the insight he shares with us
Wed, 8 July 2015
Attracted by the fact that traders can make money in both rising and falling markets, this weeks guest Andrew Falde, left a career in commercial real estate when the GFC hit in ’08 to focus his attention on becoming a trader.
A few years on, Andrew has carved a profitable niche for himself; trading options and designing systems. Both topics which are covered in depth during this interview.
Some of the highlights from this discussion, would be; the way in which Andrew avoids trying to predict the market, and instead thinks of trades as a series of ‘if – then scenarios’. Also, the purpose of why options markets exist is really interesting, as well as the important factors one should consider when designing a system, and how Andrew applies a blend of systematic and discretionary aspects to his own trading.
GOT QUESTIONS? If there’s something you’re challenged with, or something you want to know more about, then take this opportunity to ask Andrew a question. Whether it’s in regards to trading options, designing systems, or just trading in general – Andrew’s your man, leave a question for him in the comments at the bottom of this page.
Wed, 1 July 2015
The chances are you're already very familiar with this weeks guest, and if you're not - then I'll have to presume you're new to the realm of trading.
Jack Schwager is the author of a number of widely acclaimed financial books, including the timeless Market Wizards series - commonly referred to as all time favourites by many of our past guests.
As well as a bestselling author, Jack is widely recognised as an industry expert on markets, hedge funds and trading advice. He's also the co-founder of FundSeeder; a platform designed to find undiscovered trading talent, and connect successful traders with capital from investors.
During our interview we discuss Jack's lifetime involvement with markets, some of the key lessons he learnt firsthand from interviewing many of the worlds greatest traders, and so much more...
I hope you enjoy this interview, as much as I enjoyed hosting it. It was an absolute honour to speak with Jack for almost 90 minutes.
Wed, 24 June 2015
At a young age some people want nothing more than to be a trader, well this weeks guest is one of those people…
Brad Jelinek first started dabbling in stocks during his days in junior high, then from college he went straight into a Chicago prop firm. Thirteen years later, Brad is with the same firm and predominately trades futures.
So during our conversation, I of course asked Brad a bunch of questions around prop trading, and futures related topics, which he responded with many outstanding answers.
But the part I found to be really interesting, was listening to Brad talk about health ‘n wellbeing, and the emphasis he has on longevity in this business. So if you plan on sticking around, and really want to make something of your trading career, I suggest you pay extra close attention to this segment.
Q + A: Brad is on standby and keen to answer any questions you may have about trading. To ask him something, just scroll to the bottom of this page and leave a comment!
Wed, 17 June 2015
This week I thought I’d change things up a little bit, and reverse the interview. So instead of firing questions at the guests like I normally do, I’m on the receiving end and giving the answers.
If you’ve had the chance to listen to EP 001, then you may recall I gave a brief overview right at the beginning, explaining where I was at with my trading. Well things have gradually progressed since then, so I thought this would be a good milestone to update anyone who is curious to know.
So to keep things interesting I brought on Zach Hurwtiz, who I’m sure you’ll remember from EP 011 of the podcast, and he’ll be the one asking questions. Zach’s a great friend of mine, and is continually guiding me along to becoming a better trader through regular coaching and mentoring, so I couldn’t think of anyone better for the job.
Plus, Zach also expands on many of my responses with additional insight, so all in all I hope you find this episode to be valuable in its own unique way.
And just before we get into it, if you have any questions or comments for either Zach or myself, just go to chatwithtraders.com/25, scroll to the bottom of the page and leave a comment. Both Zach and I will be monitoring this closely to respond and answer.
Alright team, enjoy and lets talk soon.
Wed, 10 June 2015
On the show this week, my guest is Ivan Hoff!
An equities trader of 10 years, who tackles the market with a swing trading approach to capture powerful, short-term gainers that may run anywhere between 3 - 10 days.
While swing trading is his bread and butter, Ivan also allocates a portion of his capital to position trading, when he has reason to believe a trend will continue for the longer term.
He's written several books including 'The 5 Secrets to Highly Profitable Swing Trading' and 'The Next Apple' which was a collaboration with Howard Lindzon (the co-founder and CEO of Stocktwits).
Plus, Ivan is regularly featured in the Wall Street Journal, Bloomberg, Yahoo Finance, Traders Magazine and he's a familiar face amongst the Stocktwits community.
Now, continue listening to learn about Ivan's trading methodology, one of his high probability swing setups, the importance of following industry momentum, and a whole lot more...
Wed, 3 June 2015
I was fortunate enough to speak with David Bush, an extraordinary, seasoned trader with 20 years experience in financial markets.
David comes from a non-traditional background, and what I mean by this; he has no formal education in the field of finance. In fact, he is a music graduate and performed as a professional musician for many years.
But as you’re about to hear, David changed paths during his twenties to become a trader. After overcoming the initial challenges that all new market participants endure, David did well for himself as a discretionary trader for many years.
But with an urge to optimize his trading approach he gradually transitioned into a quantitative trader and went searching for new ways to exploit opportunities within the market. From there David has gone on to take out the number one spot of BattleFin’s ‘Sharpe Ratio Shootout’ (an international quantitative finance tournament), with over 3000 competitors.
During our interview David brings a really insightful take to topics such as the transition from discretionary to quantitative trading, how to eliminate a single point of failure by trading multiple systems, and how the Monte Carlo tool can teach you a lot about how robust your strategy really is.
Wed, 27 May 2015
This week I have great pleasure in saying, my guest on the show is Mike Bellafiore.
Mike is the co-founder of SMB Capital, a proprietary trading firm in New York City, as well as SMB University which is the arm for trader education. He’s also the author of two very popular trading books ‘One Good Trade’ and ‘The Playbook’.
Additionally, Mike is a regular contributor to Yahoo Finance, and often appears on CNBC’s Fast Money, CNN Money, Bloomberg, and Fox Business. But even with all of this going on Mike is still a very active, very successful trader.
During our interview, Mike delivers some great insight about traders often confusing psychology for a lack of edge, and an overview for one of his favorite setups which has been labeled ‘The Money Trade’. Plus, he shares the development program new traders go through when joining SMB Capital, and a few top-level pointers on how to achieve a sustainable trading style.
And I just want to point out this interview was recorded on the 20th of May, only reason I say this is because Mike mentions a few market events during this interview.
Wed, 20 May 2015
Welcome to episode 21, with a very special guest; Adam Grimes.
Adam is author of the very popular book titled, The Art and Science of Technical Analysis, which covers market structure, price action and trading strategies. He is also the Chief Investment Officer of Waverly Advisors, and host of the Market Life podcast.
Adam’s career dates back almost 20 years, during that time he has traded a wide range of asset classes, both independently and along side a well-respected prop firm. Plus, he also did a stint on the New York Mercantile Exchange (NYMEX).
Over the next hour or so Adam shares his interesting outlook on the market, and many aspects of trading. So as you could imagine this include plenty of discussion around technical analysis, but you’ll also pick up a number of great psychology tips to help you with the mental aspect.
Wed, 13 May 2015
This week I was thrilled to speak with a well respected, high-energy, and incredibly insightful trader. And who many of you probably already know as the head honcho at Bulls on Wall Street, his name is Kunal Desai.
I’ve been trying to bring him on as a guest for quite sometime now, but it’s finally happened, so I’m glad to be sharing this with you!
If you’re unfamiliar with Kunal, I’m gonna give you the super condensed intro, because we discuss his journey in great detail for the first part of our interview.
So Kunal is essentially an intraday momentum trader. He’s been trading since his teens, and just like many of us, he really struggled for many years going into his twenties. Eventually persuading one of the few profitable traders he knew at the time to show him the ropes. This profitable trader was Paul Singh, who taught him how to actually work the market like a trader. From there, overall it’s been onwards and upwards.
During our discussion we cover quite a range of topics, lost of interesting stuff, and a ton of great pointers. Read below for the breakdown, or better yet – hit play!
Wed, 6 May 2015
I’m not sure how it happened, but this interview somehow slipped through the cracks. I actually had the conversation with this weeks guest around November last year (2014), and it’s been tucked away in a folder ever since.
But let me introduce you to this weeks guest – Stuart McPhee from Melbourne (Australia), he’s an equities and forex trader who has been involved with the markets for around about 20 years. And he is also the Author of ‘Trading in a Nutshell’.
Our discussion was heavily based around trading plans, covering things like, what exactly is a trading plan, how to create one, and then the trickiest part of all – how to actually follow it with discipline. Actually, Stuart shares a very simple discipline hack that will help you to follow your plan for the long term, not just the next week or so.
Even though it’s taken a while to surface, I’m pleased to finally share this interview with you.
Wed, 29 April 2015
This weeks guest is a little different to many of the guests I’ve had on in the past. Instead of giving very little weight to fundamentals and news releases, these two things actually form the foundation for his trading approach. In fact, he almost disregards charts altogether, and he relates the reason for this to his background in accounting and finance.
John Welsh has been a full time trader for over 10 years and he’s racked up millions of dollars in profits along the way.
His trading consists of both intraday and swing trading, and he concentrates mainly on Biotech stocks, making roughly 90% of his trades within this sector.
Now that I’ve given you the 1,000 ft view on John’s trading journey, here he is to fill in the blanks, and give us a lot more depth around his approach.
Wed, 22 April 2015
Like many who get into trading, Jason had no formal education in the field. Actually, prior to trading full time he was waiting tables in a restaurant and bartending.
This is where he began swing trading and to this day, Jason is still primarily a swing trader. Riding trends anywhere from a few days or a few weeks, sometimes it's even a matter of months when his aim is to take out a large chunk of the move. Ultimately the market environment dictates his holding time.
This is somewhat similar to the way I like to trade, so I found many of the answers Jason gives out during this interview to be particularly interesting, and I'm sure you will too. Regardless of the time-frame you trade.
Also, in the later part of this interview, Jason shares a story about the wildly successful independent traders he's met, and the one standout trait they all have in common. Which is again, really insightful.
Q + A: If you would like to ask Jason a question and get a few pointers - drop a comment at the bottom of chatwithtraders.com/jason and he'll respond to you with an answer.
Wed, 15 April 2015
It’s almost unfathomable to think that there was a time when it would take a couple minutes to execute an order. And now days we have traders taking extreme measures, just to get filled a nanosecond quicker than the next participant.
But for this weeks guest Tim Biggam, that was the reality when he first entered the world of trading during 1985. And that entrance was straight onto the floor of the CBOE.
Just a couple years into his journey, Tim experienced the full force of the infamous 1987 crash. While he survived, and was still in good shape to trade the following day, this gave him a true appreciation for the importance of correct position sizing, after seeing so many traders get wiped out. Tim really goes into the topic of position sizing and why it is absolutely vital to get it right during the later part of this interview, so make sure to stay tuned in.
Additionally, Tim does a great job of explaining some of the terminology associated with options, how he uses scanning technology to generate trade ideas, and a whole lot more.
TAKE NOTE: Tim will be keeping a close eye on the comments at http://chatwithtrader.com/tim – so be sure to leave a question you would like him to answer!
Wed, 8 April 2015
Joel Kruger has been involved with foreign exchange since the very beginning of his career in investment banking as a currency strategist. This was after he came to the realization that he wasn’t cut out for law school.
But now days Joel is in the trenches as a self funded Forex trader, who has pushed on through many failures and created a tremendous lifestyle for himself, and his family.
Also it’s worth mentioning. Even if you’re not a Forex trader, Joel has a bunch of really good psychology tips that he shares throughout this interview.
And a special thanks to the guys who submitted questions over Twitter before this interview, Joel does a great job of answering these. So hit the play button, and start listening…
Wed, 1 April 2015
With an involvement in trading since his early twenties, and a background in mathematics and computer programming, it was a natural progression that this weeks guest would adapt a completely algorithmic trading approach.
My friends, I would like you to meet Ilan Azbel.
Ilan joins us to discuss algorithmic trading, and share some insights on a side of trading that is unfamiliar territory to many, especially in the retail space.
While we spoke for close to an hour, in the scheme of things, we only just managed to scratch the surface. But all in all, I think you'll find this really interesting and enough to get you curious (and maybe even excited) about the possibilities of algorithmic trading.
Wed, 25 March 2015
Let me introduce you to, Lance Beggs - a price action trader that is a little different to most...
While he relies on technicals to a certain degree, his edge comes from the ability to adapt the mindset of other participants and gauge entries based on their fear. Lance refers to this as the metagame, which he breaks down in much greater detail during the interview.
Lance also goes into how he controls tight stops, and uses an aggressive risk management strategy to trade without fear. Plus, this segment includes some great tips on how to nail the re-entry, that many traders struggle with, mainly due to psychology reasons.
TAKE NOTE: Lance will be keeping a close eye on the comments - so go to chatwithtraders.com/lance and leave a question you would like him to answer!
Wed, 18 March 2015
Just like the majority of those who make it, Adam will not hesitate to tell you, he was no overnight success. He went through the same struggles and faced the same challenges that many of us can relate to.
However, the one thing that set Adam apart was the fact he never gave up. And it was that determination and perseverance that landed him in the hot seat with a trading mentor, who was able to steer him in the right direction.
Jumping forward a few years Adam has forged his own method for success, and actively trades Crude Oil, Gold, and the S&P 500 futures.
During this interview you will hear about his journey on a much deeper level, and you’ll pick up many great pointers, especially around the topic of setting goals and how to actually achieving them.
Wed, 11 March 2015
On the other hand, if you’re already somewhat familiar, then I can promise that you will learn a whole lot more and really benefit from this weeks guest – Zach Hurwitz…
An independent equities trader, trading coach, systems developer, consultant to emerging hedge funds and proprietary trading firms, and VWAP mastermind.
For Zach, VWAP forms the lifeline of his trading, and for good reason, this indicator is heavily relied on by many institutional and algorithmic traders.
Over the next two hours (yes, two hours!) Zach delivers a thought-provoking introduction to VWAP. And shares many insights around his trading philosophies, psychology pointers, and what it takes to code a trading system.
TAKE NOTE: Zach is offering a 30 minute one-on-one coaching session at no cost, exclusively to listeners of Chat With Traders. Listen to the full interview, for details on how to take him up on this generous offer.
Wed, 4 March 2015
It was early 2012 when he first ventured into the jungle of penny stocks. After catching on to how these markets operated and understood the manipulation, he certainly mastered a few setups that paid him generously over and over again. Eventually he hit a few limitations, and now he's predominantly a short-seller of NASDAQ stocks, which makes for an interesting segment during this interview.
He is undoubtedly one guy you should pay close attention to, and his name is Tim Grittani, aka @KroyRunner89.
Looking back, Tim has now pinpointed the 5 key factors that have contributed to the majority of his success to date, and breakdowns each of them over the next 40+ minutes.
Plus, you'll also hear about the events that lead up to his gigantic single trade loss of $290,000 during October last year. This will give you a great appreciation of just how bad things can get when you go against your trading rules. Because as you'll hear when the ongoing problem surfaced, it got ugly - real quick!
Important: This is now one of your last chances to ENTER OUR MASSIVE GIVEAWAY at http://chatwithtraders.com/giveaway