Chat With Traders | Weekly interviews with profita

Chat With Traders | Weekly interviews with profita

Norway

If I was to say trading is a tough game to win, would you agree with me? Well I understand first hand exactly how tough it can be. And I also understand that if you truly want to master anything in life you need to absorb many powerful lessons from the greats. Through the Chat With Traders podcast I am making it my mission to give you direct access to these hard-hitting lessons. I am on a journey to becoming a super-trader and I want you to come with me, so subscribe now and never miss another episode. All show notes, resources, and links can be found at: chatwithtraders.com || Follow me on Twitter: @chatwithtraders

Episodes

Q3: Jonathan Larkin – Seeking Alpha? Try MORE Alpha Factors  

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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101: Siam Kidd – Latching onto trends, strategic business moves, and breaking the norm  

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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Q2: Jessica Stauth – Seeking Alpha? Try Alpha Factors  

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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100: Bao (@Modern_Rock) – Overcome adversity, dominate a niche, become ‘the house’  

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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Q1: Delaney Mackenzie – You Don’t Know How Wrong You Are  

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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099: Brynne Kelly – What happens on a merchant trading desk—with an energy veteran  

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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098: Peter To – How successful day trading can fly in the face of conventional wisdom—with a former poker player and ex-prop trader  

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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097: Derek Wong – How to think about strategies like a quant and diversify like a boss  

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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096: Nico (@InefficientMrkt) – An eight year overnight success story, and a thirst for momentum  

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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095: Adrian (@AdeyF69) – Why it pays to be relentlessly process driven, and when stats count  

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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094: Kenny Glick – Shady tales from a real-life Boiler Room, and things profitable traders do  

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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093: Ben (@BLB_Capital) – What an order flow fanatic adapted from one of the “big boys”  

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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092: Dario Mofardin – Observing the whole board, building a body of evidence, swinging at fat pitches  

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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091: Craig Scott – Trading fundamentals, sentiment and events, and why conviction matters  

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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090: Michael Halls-Moore – This quants' approach to designing algo strategies  

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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089: Blake Morrow – From ramen noodles to a lucrative career trading Forex markets  

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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088: Dave Lauer – A former-high frequency trader talks speed, market structure, and dark pools  

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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087: Tom Sosnoff – Speaks on life experiences, trading options, and reaching your potential  

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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086: Jared Tendler – What traders can learn about mental game, from a world champion poker coach  

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.”

085: Blair Hull – Know your edge, exploit your edge—survive the game  

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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