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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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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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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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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For this episode, I had the great pleasure of speaking with Dan Aisen—one of the co-founders of IEX, and one of Forbes’ 30 Under 30 in Finance (2015).

Dan got his start at RBC where he developed their flagship execution algorithm, THOR. This was also where he met and worked under Brad Katsuyama—one of the other co-founders and CEO of IEX, who was heavily profiled in Flash Boys.

As many of you may already know, IEX is an Alternative Trading System (ATS), or more commonly referred to as a dark pool. However, they’re currently in the midst of filing for exchange status.

During our talk, I asked Dan more about the projects he worked on at RBC, how IEX went from nothing more than an idea to an operating trading venue, and why they’re on a quest to make markets “fair”.

We also discuss the “speed bumps” which have been implemented at IEX, the mechanics of dark pools, and general chat about the broader market structure.

[FREE: An unreleased interview with trader, Peter Brandt]

Peter’s been a market speculator for 45+ years, and is undeniably one of the greats. Listen to his wisdom in our second interview—available here only.

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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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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.

Join the free Facebook group for Chat With Traders listeners and traders.

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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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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.

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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.

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