In this special episode, Charlie Bathgate sits down with legendary trader and trading psychologist Chris Cady for a deep dive into the mental side of the markets. They explore why traders fall into the “this is insane” trap, how to stay emotionally engaged in mechanical markets, and what it takes to preserve your edge in an environment that no longer plays by old rules.

Chris shares wisdom from four decades in the game — from dealing with chaos in the pit to recognizing red flags before a blow-up, and why trading is still the most life-affirming thing you can do if you do it with intention.

They cover:

This is required listening for any trader serious about long-term survival.

In this episode of the Market Misfits Podcast, hosts Joe and Smiddy are joined by the legendary "Wall Street Jesus," Jay, to break down the most pressing themes in the market.

The crew dives headfirst into the chaotic "stock picker's market," where low-priced AI power and crypto-treasury plays like NBIS, BE, and HUT are exploding. But is this a sign of a healthy rotation or the final blow-off top before a major correction?

They tackle the million-dollar question on everyone's mind: the upcoming Fed decision. Should they cut? What happens to a market at all-time highs when economic data is softening? Jay provides a masterclass on market microstructure, explaining the critical divergence between "systematic" and "discretionary" fund positioning and why it's preventing a major meltdown—for now.

The conversation takes a deep, wonky dive into the terrifyingly large short position in the VIX, the potential for a historic volatility explosion, and why the next market crash could be breathtakingly fast thanks to levered ETFs and options.

Plus, the group shares war stories from the trenches, including Smiddy's brutal year with client accounts and the dark side of crypto trading.

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Joe and Smiddy, and not much has changed — except the market’s still climbing and vol is still pinned. In this episode, they unpack what’s behind the slow grind higher: vol control funds, CTAs with more to buy, and a retail flow that refuses to quit. They dig into the “Summer of George” market regime, recap Cem Karsan's latest take (blow-off top or slow burn), and reflect on what it’s like trading when fundamentals take a back seat to flows.

Also:

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Joe and Smiddy are back. Vol is crushed and dealers are pinned, leaving markets calm on the surface — but underneath, the pressure is quietly building. Levered ETF rebalancing, synthetic gamma exposure, and short gamma from retail and institutions are creating a potentially explosive mix. As these flows start to collide, dealer hedging could flip from passive to aggressive, forcing movement into thin summer tape.

They break down McElligott’s latest note, walk through how gamma traps and vol control are setting the stage, and explain the structural flows fueling what could be the next leg higher. This isn’t about macro headlines — it’s about positioning mechanics that might kick the market into gear.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

In this special episode, Charlie Bathgate sits down with trading psychologist and veteran trader Chris Cady to break down the full emotional arc of a trading career. From the early stages of chasing fast money to the long grind of consistency, they unpack how traders evolve—and why most never make it through. Chris shares timeless lessons from the floor, explains what it means to become a student of yourself, and offers hard-earned insights on adapting to changing regimes, managing doubt, and finding your edge without losing your mind.

Whether you’re just starting out or deep in the game, this is one of those episodes you’ll come back to again and again.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

On this episode, Joe and Smiddy break down the melt-up into OPEX and why the real move might come after. They explain how gamma is pinning the tape short term, but once it rolls off, positioning gets freed up — setting the stage for potential macro fireworks in August. They talk about the short gamma dealer problem that could push past ATH and dig into McElligot’s "crash” thesis. Plus: trader psychology during slow summer chop, recent wins and losses from the room, and a few rants on overvalued names and $30 sandwiches.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Join Wall St. Jesus and the rest of our community each Thursday after the close for the best, FREE analysis of market activity you can find.

Wall St. Jesus takes you through the most important options flow, vital changes in sentiment, and so much more. For equities, futures, and options traders of all time-frames, there's no easier way to understand how smart money is positioning itself and what you can do to take advantage of it.

DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

In this special episode of Market Misfits, Steamroom Trading CEO Charlie Bathgate sits down with Marsh — a community member whose trading path is anything but typical. From putting $150K in a penny stock trade to walking away from the market entirely to go all-in on education, Marsh shares an unfiltered look at what it takes to grow not just as a trader, but as a person. This conversation dives deep into psychology, discipline, and what it really means to stay relentless.