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Chat With Traders

Author: Aaron Fifield

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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.
217 Episodes
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Since entering the U.S. equity market in 2011, Swedish swing trader Kristjan Kullamägi has attained a rare level of trading success; having realized ten’s of millions in trading profits. Which is only more impressive, given he’s a self-funded, independent trader… During this episode, Kristjan breaks down the breakout strategy which has lead to his exponential returns over the past decade—and he shares valuable market knowledge he’s acquired along the way.
Stan Gluzman’s an equities trader at proprietary trading firm Seven Points Capital, he also heads up a small group of traders at one of the firms’ satellite offices in Fort Lauderdale, Florida. Now two years since our first conversation, Stan returns, talking through how he’s continued progressing the levels toward becoming a distinguished trader and what he’s found most effective in the recent market environment…
Ryan Hasson’s a senior trader at Kershner Trading Group/SMB Capital—having joined the firm’s New York office in 2016, after booking a one-way flight from Cape Town, SA. Ryan may be best described as an intraday equities trader, however he’ll also put on swing positions when there’s a larger story/catalyst/theme at play. I was keen to learn more about how Ryan works these multi-day trades, so we step through specifics. Additionally, I ask Ryan about his path to becoming a prop trader, early developments, and to conclude our talk, Ryan shares a few of his daily habits, routines, etc.
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’ demise (and later became the focal point of a Netflix doco!) In this conversation with Neeraj, he recounts multiple stocks that he’s worked on and explains why he was often a taking contrarian stance, going against market sentiment. Plus, we get into some broader topics around deep-dive research too.
Having traded prop for a large part of his career, Brannigan Barrett has since branched out and backed himself by establishing Habitus Capital—a private, discretionary fund that trades select futures markets across multiple asset classes; commodities, currencies, indices, bonds. When Brannigan first appeared on Chat With Traders (114), we mostly covered his process orientated approach to becoming a bigger and better trader. So naturally, this episode is somewhat of a continuation, discussing his growth and progression since… This leads to Brannigan’s thoughts on ‘practically applying’ patience and how he’s systematized much of his decision making throughout the day. We also speak about the fund and its strategies, then end with macro themes that Brannigan’s monitoring.
Rishi Narang’s the founding principal of T2AM, a fund-of-funds investment manager with a sole focus of allocating to quantitative strategies. He’s also the author of Inside the Black Box, an advisor to DARPA’s Financial Markets Vulnerabilities Project, and previously appeared on Chat With Traders in 2016. Given Rishi’s close contact with many quantitative managers—and being well-versed in the space after 20+ years of seeking alpha—I figured it’d be interesting to catch up and discuss evolving trends…
Dan David is the founder of Wolfpack Research, a short-biased firm that goes to great lengths to meticulously understand the business operations, technical aspects and financials of listed companies. When uncovering a disconnect between what a company announces to the market and what Wolfpack deems to be the truth, the firm may build a short position and publish their findings in a detailed research report (commonly regarded as short activism). Dan also hosts the “I Hung Up On Warren Buffett” podcast and was featured as the lead protagonist in The China Hustle—a documentary about the key players who revealed egregious cases of fraud by Chinese companies that were listing on U.S. markets through the process of a reverse-merger.
Active equities trader and managing partner of proprietary trading firm Seven Points Capital, Michael Katz, returns for a third appearance on Chat With Traders. As we’ve previously done a 'regular' interview and an episode analysing how Mike traded the Lyft IPO, we’ve tweaked the format again and this time Mike’s answering questions submitted by listeners of the show. There were many brilliant questions sent in, which I’ve sorted into four categories: Strategy, Trade Management, Trader Development and Prop Trading.
Three years ago, Brian Lee—a former esports professional—took a leap into day trading equities. Having since developed a talent for shorting the backside of inflated moves, paired with a great emphasis on risk management, Brian’s experienced tremendous growth, both financially and in terms of market knowledge. In this chat with Brian, we go over; his first year challenges and overcoming such challenges, the time he lost it all and how he bounced back, his most frequently traded setup, and a detailed discussion about the use of R as a risk model, plus more…
Casino floor or trading floor, Bob Bright has forever sought an edge for favorable odds… Counting cards in Las Vegas at blackjack tables, calculating three-way options at the Pacific Exchange, pairs trading correlated stocks, exploiting the tracking error of leveraged ETFs; Bob’s always pursued a mathematical advantage to win the game. Also considered by many as a pioneer of proprietary trading, Bob and a partner formed Bright Trading in 1992—at its peak, the firm was home to 490-traders across 42-offices in the U.S. Today, at 80-years of age and undoubtedly a market legend, Bob remains an active trader and a serious high stakes poker player.
Wayne Himelsein begun his career on a proprietary trading desk at Carlin Financial Group in the mid-90’s, doing statistical arbitrage—complimentary to his mathematical nature. Come 1999, Wayne launched his first fund to begin managing money for clients and institutions. Then in 2011, Wayne founded Logica Capital Advisers, where he currently takes the role of Chief Investment Officer. Logica, as a quantitative investment firm, relies on rigorous research to develop its various model-driven strategies. For the most part, these are mean expansion strategies that generate alpha from being long volatility.
For the past 5-years, Hayden Beamish has been a portfolio manager and director at Endeavor Asset Management—a hedge fund based in Melbourne, with ~$300m AUM. The Hedge portfolio that Hayden manages ended the 2020 financial year up 28% after fees—in comparison, the benchmark Australian All Ordinaries ending down 7%. The main purpose of speaking with Hayden was to gain insight to his institutional investment process. This includes talk of; researching companies and prerequisites for investing, the role of analysts and brokers in providing information and flow, and managing investments. It also includes a detailed discussion about the various types of execution algorithms he’ll use for buying and selling large volumes of stock.
As an extension of the previous episode, I present to you the second installment for the ‘Best of Trading Psychology.’ Taken from past episodes of Chat With Traders, this is a compilation of snippets on psychology and mindset—an important topic to highlight, given the psychological aspect can truly make or break many traders. With any of the snippets, if you’d like to hear the full episode, direct links are listed in the show notes at: chatwithtraders.com/200
Much like the recent Best of Risk Management episodes, here is another compilation. Except this time, I’ve compiled the best clips on trading psychology, for you to hear how varying types of traders deal with mindset maters to stay focused and competitive. Again, I dug up way too much from the back catalogue of almost 200-episodes to pack into a single episode, so this is only part one—part two will follow shortly. Besides creating a go-to trading psychology resource, I hope this might also highlight some past episodes that you’ve not yet heard. If you’d like to hear the full interview with any guest featured, you’ll find a link in the show notes: chatwithtraders.com/199
In her early-20’s, after graduating from MIT, Christina Qi and two classmates; Luca Lin and Jonathan Wang—who had collectively been trading futures from a campus dorm room—founded Domeyard. It was 2012, and Domeyard was to be one of the few high frequency trading hedge funds… As Christina states during the interview, “By all means we should have failed,” given the three of them had little trading experience and minimal insight to the hedge fund industry. Not to mention, the three had almost no money, so Domeyard is also one of the few hedge funds that went out and raised money from VC’s (such as Softbank and a RenTech co-founder) as a necessary means to launch. Now eight years on, the Boston-based fund is well-established and well-passed the start-up phase. Domeyard trades thousands of times daily, sometimes exceeding 10,000 trades across various futures products. And during its single biggest day this year, the fund did turnover in excess of $7-billion dollars.
Featuring on this episode is Haim Ben Ami; CEO of Raft Technologies. Having constructed shortwave radio towers in Chicago, Frankfurt and London, Raft have established ultra-low latency connections between various exchanges, which are leased to algorithmic trading firms who seek a speed advantage. In talking with Haim, we discuss why some firms are prepared to pay big bucks in order to be a few milliseconds quicker than other market participants. Haim also draws comparisons of the various technologies used to transmit data (shortwave, microwave and fibre optic cable), and going beyond the connection, how firms further optimise for speed, plus what’s next in the race to zero.
For this third episode in the My First Year Trading Full-Time series, I speak with Ryan Trost. At the time of recording, Ryan had recently crossed 12-months as a junior equities trader at SMB Capital in New York City. Our conversation begins with Ryan speaking to how he was trading the massive intraday ranges of TSLA during it's parabolic run in February. From there we chat about Ryan’s trajectory in life prior to trading, how he landed a seat on a proprietary trading desk, lessons from losing money month after month, how he began to develop an edge, Ryan’s take on trader psychology, a recap of his best and worst days, and ares in which he’s trying to improve upon.
Ilan Israelstam’s a co-founder of Australian ETF manager BetaShares and a principal at VC firm Apex Capital Partners. Betashares first begun trading in 2010, and currently, it manages approximately $10-billion dollars in assets, across 61 funds—all of which trade on the Australian Securities Exchange (ASX). The motive in asking Ilan to be on the podcast was to learn more about how ETF managers operate and to delve into some of the technical aspects of ETFs. In summary, the topics we cover: risks for ETF managers, how ETF managers make money, the necessity of designated market makers, how ‘short’ and ‘leveraged’ ETFs trade as intended, tips for investing in ETFs and researchable ideas for trading ETFs.
Liam Vaughan is a finance author and senior reporter for Bloomberg. His latest book Flash Crash tells the story of Navinder Singh Sarao, a London trader, living at his parents house, who made ~$70M from his bedroom and was later accused by the U.S. government of playing a role in the 2010 Flash Crash. For anyone unaware, this was a deeply perplexing event in which the U.S. stock market, one afternoon, plunged approximately 9% and then almost completely rebounded, all in the space of just 30-minutes. While Liam speaks on many interesting moments from Nav’s life in this episode—from beginning as prop trader in 2003, through to when he was extradited to the U.S. in 2016—it’s only a sample of what’s covered in the book (an absolute must-read!)
Returning guest, Greg Newman, is a founding partner and the CEO of Onyx Commodities—a London-based proprietary trading firm, prominent in market making of oil derivatives. This episode focuses on recent events pertaining to the global oil market. More specifically, Greg talks through; key themes impacting prices, supply and demand dynamics, why Crude and Brent futures alone aren’t entirely a true reflection of the oil market, how lower prices affect producers and corporates, etc. Given the subject matter, this episode won’t be for everyone—it’s very specific to oil. But if the energy sector interests you, believe me, Greg’s an incredible wealth of knowledge. Episode recorded: 2nd April 2020.
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Comments (48)

Ryan Scarth

Great podcast, thanks Aaron

Feb 3rd
Reply

Daniel Neustadter

Great pod

Nov 14th
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Jussie

Definitely worth setting 2 hours aside for. A fair bit went right over my head but I'll listen again for sure!

Oct 27th
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Jussie

Definitely worth multiple listens.

Oct 17th
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Ricardo Santos de Castro Ribeiro

Bob gives great advises. I know how difficult it is to not #tilt. I am a #poker player and #forex #investor. I #meditate every day to avoid tilt. it's not easy. I will follow Bob's advice and try hard to not tilt. costs a lot to tilt.

Sep 20th
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Jussie

57 minutes

Sep 11th
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Pa

That was a fantastic interview - Wayne’s got incredible knowledge around options , really enjoyed it. Would like more strategies discussions around options and futures - new to me, thanks!

Sep 10th
Reply

ari_ela4@hotmail.com

This is the best episode I have listened to so far. Great content!

Aug 21st
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Happy Trader

thank u!!!

Aug 7th
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Angel Negron

this is the best episode, ever! haha. I'm from NY ,too, and this guy stayed real, true to himself. Gave me a good laugh.

Jul 27th
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Happy Trader

thank you!

Jul 24th
Reply

ayush aggarwal

great listen

Jun 18th
Reply

Vat

Love this podcast because I've not found any other podcast that provides more valuable content than “Chat With Traders”

Jun 6th
Reply

Stijn De Cock

you know you know

Mar 30th
Reply

Jugjit Kairo

Interesting to hear about Quant and its foundations from Jim Simons. Thanks for a good podcast.

Jan 3rd
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SPeed_FANat1c

i think it was 9 months

Nov 14th
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Dayeveed

I'll be the first Nigerian on your show. 💪

Nov 14th
Reply

Dayeveed

Best podcast I've listened to so far 🔥

Nov 7th
Reply

SPeed_FANat1c

bitcoin is not completely anonimous, as far as i know

Aug 3rd
Reply

SPeed_FANat1c

fucking bastard s those banks. they should take responsibility if they lose the money.

Aug 1st
Reply
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