Chat With Traders

Xiao Qiao is a research analyst for a Connecticut-based hedge fund, focused on trading commodity futures. He graduated with a PhD in Finance—and was a teaching assistant to renown economist Eugene Fama.

Notably, Xiao has also worked directly with trading legend Blair Hull on two quantitative research projects, which concern market timing and return predictability.

The main objective of this episode with Xiao, is to learn how a research analyst thinks about things directly related to research, and ways that you can do better market research for yourself.

On top of this, Xiao, based on his experience, shares a few tips for those who have an urge to study something—but are unsure about what to study, and some of the differences he's observed between the world of academia and working as a practitioner.

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Kory Hoang is not a veteran trader—he’s not someone who has been doing this 10-20 years. He’s someone who has been doing this for only a few years, yet he’s begun to make decent gains on his trading capital.

Kory is also not a full-time trader …well, at the time of recording this—a few weeks ago—he wasn’t! Kory was a private equity analyst for Pitchbook, who traded on the side. But he’s since informed me that he’s handed in his notice and taken the leap to focus on trading (plus a couple startup projects).

In terms of how he trades; Kory is a retail systematic trader. He’s running numerous algorithmic strategies, which he’s developed (all of which are fairly simple). These run on various ETFs, ETNs and even some cryptocurrencies.

During our chat, we cover quite a bit; but mostly his journey and how he’s progressed to this point!

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Rick Lane is the current CEO of Trading Technologies—a software provider that develop high-performance trading platforms which are used by; proprietary traders, hedge funds, CTAs, brokers and banks etc.

The reason why I asked Rick to appear on this episode is because, as we know, not everyone is cut out to be a trader. And that’s fine! I’d like to highlight, there are many other roles in the world of trading where you can have a great impact by leveraging skills which you may have already attained…

Prior to teaming up with his cousin, a large interest rate trader, who anticipated the inflection point of automated trading, Rick was modelling combat scenarios for the military and he also did a short stint at Google as a product manager.

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Following on from Episode 149, here’s part two of the interview with Aaron Brown.

To refresh your memory, Aaron is highly regarded as an authority on the subject of risk taking. For the past 30-years he’s worked as a dedicated risk manager, and for the past decade, Aaron was the risk manager for renown quant fund, AQR.

Coming up on this episode, you’ll gain deeper insight to how you can better understand and manage risk for yourself—we go over: Questions traders should be asking themselves, how to leave less money on the table, high win rate verse low win rate strategies, black swans, killing opportunity while trying too hard to prevent disaster. And that’s certainly not all!

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Aaron Brown is highly regarded as an authority on the subject of risk management. Although he originally started out as a poker player and sports bettor (then a trader and portfolio manager), for the past 30-years Aaron’s been a dedicated risk manager. And for the past 10-years, he was the risk manager for quant fund, AQR.

Aaron has also authored several books (ranging in topics from poker to finance and risk), contributes to Bloomberg View and writes a column for Wilmott Magazine.

On this episode, part one, we talk about: Aaron's early days playing poker, unconscious influences on decision making, the goals and objectives of a risk manager, how Aaron managed the quant equity crisis of August 2007, and much more too.

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John Grady is an independent futures trader from Florida, who primarily trades Treasury bonds. His trading is purely discretionary, based upon his read of order flow. Essentially, he’s a scalper.

Throughout this episode we talk all things order flow; the basics, the value of an order book, some of John’s trading methods, order types and managing positions, how to build skill at reading order flow, as well as, the impact of HFT and what’s commonly known as spoofing.

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Dr Thomas Starke is a Physics PhD who once designed microchips, worked as an engineer for Rolls Royce and lectured at University of Oxford, before applying his know-how of modelling to financial markets…

As a trader, Thomas has contracted to various funds and up until recently, he was a Quantitative Developer at a well-regarded Sydney prop trading firm.

Thomas was great to chat with—not only did we talk about things related to quant trading, strategy development and robustness, but also his infatuation with disruptive technologies; artificial intelligence and quantum computing.

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On this episode, I’m joined by three traders from a data-driven, options trading, performance based fund, Blackpier Capital…

Ryan Moffett, the Lead Investment Manager—and a prior guest on Episode 83. Tyler Michalove, who plays a key role in trade execution. And Wayne Klump, who heads up research and strategy development.

We discuss mentoring, the benefits of working in a team, the upside to trading options, the unique edges which can be gained from the multiple dimensions inherent to options, an example of how options could potentially improve an existing strategy and plenty more.

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Episode sponsored by TradeStation – A trusted online broker geared towards active traders. Discover the benefit’s of trading with TradeStation: tradestation.com/traders

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Here’s the first episode in the history of Chat With Traders podcast, where I don’t have a guest with me. That’s because, this episode is the recording of a talk I gave at Noosapalooza 2017—a trading conference hosted by Nick Radge, here in Australia.

Throughout the talk I pull upon many lessons and snippets of wisdom which have been learned through conversations here on this podcast. So, I’ve appropriately titled the talk; Six Ways to Emulate Talented Traders…

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Since 2013, Tim Steenstrup has been a cross-border arbitrage trader at Conventus Capital. Though markets have been a part of his life going back to 1994; Tim’s been part of a brokerage firm in Japan, a hedge fund—which was featured in The Big Short movie, and a prominent New York trading firm.

As you’ll soon hear, we skim through Tim’s backstory and then spend a large part of this episode going into the mechanics of how a cross-border arbitrage strategy works. Tim does highlight, this strategy may be difficult to implement as a retail trader, but regardless, I think it’s valuable for you to hear about the various approaches of how professional traders trade…

Episode sponsored by TradeStation: A trusted online broker geared towards active traders. Discover the benefit’s of trading with TradeStation.

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