Diary Of A Trader Podcast

In this episode, we dive into the world of trading with Simon Reece, a former futures broker who spent 25 years in high-level finance, including leadership roles at Goldman Sachs and Citibank. After walking away from the corporate grind in 2017, Simon now trades his own money full-time and is dedicated to teaching others how to navigate the stock market. He challenges the common belief that the market is rigged for the wealthy and shares his insights on how to overcome the fear that often paralyzes even the smartest investors. With a focus on practical strategies, Simon emphasizes the importance of financial independence—not just for wealth accumulation but for living a creative and joyful life. Tune in to explore his journey, the myths of Wall Street, and how to make empowered financial decisions.[00:02:21] Journey into financial markets.[00:07:35] U.S. financial markets’ global appeal.[00:10:18] Transition from technical to fundamental analysis.[00:14:23] Risk mindset differences in trading.[00:17:05] Options complexity and misconceptions.[00:22:17] Zero DTE trading popularity.[00:26:14] Trading methods and market changes.[00:32:00] Persistency of trend in finance.[00:35:36] Options trading book overview.[00:37:42] Risk management strategies in trading.[00:44:05] Supply and demand dynamics.[00:46:15] Eulogy reflections and values. Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, we dive into the fascinating journey of Samir Varma, a theoretical physicist turned finance expert. Samir shares his unique perspective on money, risk, and decision-making, shaped by his background in particle physics. He discusses the challenges he faced growing up in India under a restrictive socialist regime and his desire to escape it by pursuing education in the United States. With a PhD in theoretical physics, Samir reveals how he had to reprogram his thinking to thrive in the volatile world of trading. He highlights the psychological aspects of trading, emphasizing that the biggest liability in the markets isn’t just a bad trade but the narratives our brains create under pressure. Tune in to discover how to build a resilient process in the face of chaos and gain insights that may just change the way you think about trading and risk management.[00:01:12] Particle physics to finance transition.[00:06:11] Chaos Theory in trading.[00:10:16] Chaos theory in trading.[00:12:44] Computational irreducibility in AI.[00:17:44] Human behavior in algorithmic trading.[00:20:38] Stop loss strategies in trading.[00:26:31] The concept of alpha.[00:30:42] Concept of risk timing.[00:32:13] Market risk classification model.[00:36:36] Academic work and free will.[00:40:23] The mathematics of Bitcoin.[00:43:13] Social arbitrage and individual advantage.[00:47:34] Low Earth Orbit technology.[00:52:17] Trading advice for beginners.[00:55:30] Over-leveraging in trading risks.[00:59:14] Financial strategies and investments.Substack: Samir Varma Twitter: (17) Samir Varma (@samirvarma) / XVS Asset management: https://www.vsasset.com Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, I had the pleasure of speaking with Stephen Goldstein, a seasoned trader turned performance coach. Stephen shared his extensive journey in the trading world, starting from his early days in the mid-1980s when he began his career at a Japanese bank in London. He detailed his progression through various roles, including his time at Credit Suisse and Commerzbank, where he honed his skills in interest rate and FX trading. Stephen's career culminated at American Express, where he spent seven years as a prop trader before transitioning to coaching in 2010.Stephen's transition to coaching was inspired by his own positive experience with a coach during his trading career. He now focuses on helping traders, from professional investors to retail traders, enhance their performance by addressing the psychological and emotional aspects of trading. Stephen emphasized the importance of understanding oneself as a risk-taker and maintaining a positive relationship with oneself to succeed in trading.We delved into the challenges traders face, such as self-sabotage, emotional control, and the importance of staying on process. Stephen shared valuable insights on managing risk, the significance of having a structured approach, and the necessity of experiencing the pain of trading to learn and grow.Stephen also discussed his book, "Mastering the Mental Game of Trading," which aims to provide traders with a comprehensive guide to navigating the mental challenges of trading. The book is filled with real stories and practical advice to help traders develop a mindset that increases their chances of success.00:00:00 - Introduction and Early Career00:00:48 - Transition to Interest Rate and FX Trading00:01:20 - Move to Credit Suisse and Prop Trading00:01:40 - Career at Commerzbank and American Express00:02:25 - Career Crossroads and Transition to Coaching00:03:12 - Becoming a Performance Coach00:04:19 - Influence of Performance Coaching00:04:50 - Early Life and Motivation for Trading00:06:34 - Initial Experience in Trading00:06:58 - Starting in Fixed Income and FX00:07:55 - Reality vs. Movies: Trading in Investment Banks00:10:10 - Challenges in Trading00:12:13 - Mindset and Routine in Trading00:14:29 - Scaling Trades and Risk Management00:19:15 - Performance Coaching Approach00:21:44 - Common Issues Faced by Traders00:24:09 - Trends and Cautions in Current Markets00:26:18 - Online Prop Firms: Concerns and Changes00:29:02 - Overcoming Losses and Mental Challenges00:37:03 - Personal Experiences and Self-Improvement00:39:10 - Insights from the Book00:42:35 - Closing Tradition: Question for the Next Guest00:46:11 - Where to Find Stephen GoldsteinBookmap Link - https://bookmap.com/members/aff/go/Drake44ATAS Platform - https://atas.net/?rs=partners_oft290559 Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, I had the pleasure of speaking with Bear, a seasoned trader who shared his fascinating journey into the world of trading. Bear started his career in real estate investing, where he experienced significant success but eventually grew tired of the challenges associated with it. This led him to explore trading, initially through a somewhat reckless leap into futures trading after watching a YouTube video.Bear's early trading days were marked by a mix of luck and a steep learning curve. He candidly shared how his rough childhood, where he had to fend for himself from a young age, instilled in him a resilience and a somewhat delusional confidence that he could succeed in any field, including trading.One of the most intriguing parts of our conversation was Bear's discovery of a market inefficiency in the ES futures market, which he exploited successfully for a couple of years. This exploit was a turning point for him, providing the confidence and capital to dive deeper into trading. However, he also faced significant challenges, including a harrowing experience during the COVID-19 pandemic where a trade went disastrously wrong, resulting in a substantial financial loss and a long recovery period.Bear emphasized the importance of forward testing over back testing, building a mental and physical database of trading setups, and the value of discretionary trading. He also discussed his approach to trade sizing, which involves grading trades and using exponential bet sizing based on the quality of the setup.We delved into his preference for scalping, which he views as his primary income source, while also engaging in swing and big-picture trades. Bear shared his thoughts on the evolving efficiency of markets, the potential in obscure markets, and the importance of being open-minded and adaptable in trading strategies.Towards the end of our conversation, Bear reflected on the importance of thinking outside the box and not blindly following conventional trading wisdom. He advised new traders to be critical of the information they consume and to develop their own discretionary trading skills.Overall, this episode provided a deep dive into Bear's unique trading journey, his strategies, and the lessons he's learned along the way. It was an insightful discussion that highlighted the complexities and rewards of trading, as well as the importance of resilience and adaptability in this challenging field.Sponsor Links: Bookmap - https://bookmap.com/members/aff/go/Drake44ATAS - https://atas.net/?rs=partners_oft290559 Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, host Dan sits down with Tom, a former chemical engineer turned $600m futures trader, to discuss his unique journey into the world of finance. Tom shares insights from his early life, highlighting his analytical background and passion for math and science. He reflects on his hardworking upbringing, which included delivering newspapers and investing in mutual funds at a young age. After earning his degree in chemical engineering from Clarkson University, Tom navigated the realities of the economy and eventually transitioned into trading. Tune in to hear Tom's story and gain valuable perspectives on how an analytical mindset can influence success in the trading world.ATAS Platform Sponsor Link - Free Access00:00:00 - Introduction and Early Life00:00:39 - Guest Introduction: Tom's Background00:01:08 - Tom's Early Analytical Interests00:02:03 - College and Early Career00:02:14 - Economic Realities and Financial Planning00:02:46 - Minimalist Lifestyle and Early Investments00:03:19 - Introduction to Stock Market00:03:42 - Realization About Price Action00:04:45 - Becoming a Trend Follower00:05:08 - Technical Analysis and Charting00:05:25 - Using Charts Over Tape00:05:56 - Profound Realization About Charts00:07:10 - Trend Following Philosophy00:08:05 - Importance of Catching Big Moves00:09:42 - Missing a Big Trade00:10:23 - Commitment to Never Missing a Trade00:12:06 - Support from Family00:12:24 - Wife's Role in Supporting Trading00:14:22 - Transition to Futures Trading00:14:47 - Risks in Stock Market vs. Futures00:15:53 - Tax Advantages of Futures00:17:06 - Tax Straddles and IRS Rules00:18:02 - Margin and Leverage in Futures00:19:08 - Shorting Stocks vs. Futures00:20:00 - Learning Curve in Futures Trading00:20:21 - Diversification in Futures Markets00:21:05 - Benefits of Diversification00:23:07 - Advertisement Break00:24:10 - Focus on S&P 500 Futures00:24:42 - Challenges and Learning in Trading00:25:05 - Struggles in Early Trading Years00:26:08 - Learning from Losses00:26:40 - Influence of Larry Height00:27:02 - Importance of Bet Size00:28:05 - Risk Management and Position Sizing00:29:20 - Finding the Optimal Bet Size00:30:23 - Book on Position Sizing00:31:02 - Book Details and Availability00:32:18 - Automation in Trading00:32:29 - Leveraging Time with Technology00:33:23 - Automating Trading Processes00:34:06 - Example of Manual Data Entry00:35:56 - TrendsStat Overview00:36:07 - Success and Retirement00:37:08 - Memorable Trades00:37:22 - Japanese Yen Trade00:38:38 - Importance of Catching Every Trade00:39:36 - 80-20 Principle in Trading00:39:47 - Mindset and Routine00:40:14 - Balanced and Agnostic Approach00:41:09 - Observing Market Movements00:42:03 - Developing and Executing Strategies00:43:12 - Emotional Detachment in Trading00:44:10 - Importance of Flawless Execution00:44:58 - Ideal Bet Sizing00:45:15 - Variability in Bet Sizing00:46:09 - Personal Bet Sizing Strategy00:47:02 - Client Risk Tolerance00:48:18 - Stability in Client Portfolios00:48:45 - Contrarian Trading During COVID00:49:06 - Shorting Crude Oil During COVID Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, host Dan welcomes Rick, an emerging voice in the trading world, who shares his unique journey from growing up in Bergen County, New Jersey, to studying finance at Fordham University. Rick discusses the fast-paced environment of his upbringing and how it shaped his direct and ambitious personality. He reflects on his early uncertainty about his career path, driven by a desire for financial success. The conversation dives into the intricacies of trading, the importance of acting swiftly in the market, and the balance of making money for clients while also benefiting oneself. Tune in for an insightful look at the mindset of a trader who operates away from the spotlight.Timestamps00:00:00 - Introduction and Career Beginnings00:00:39 - Early Life and Education00:01:05 - First Job at J.P. Morgan00:02:31 - Transition to Equity Capital Markets00:04:08 - Moving to First New York Securities00:05:54 - Role as an Analyst in Event-Driven Trading00:07:29 - Experience at National Bank of Canada00:08:22 - Financial Crisis and Job Loss00:09:03 - Returning to First New York00:10:06 - Discovering a New Trading Strategy00:12:13 - Adapting to Market Changes00:13:52 - Importance of News in Trading00:15:55 - Risk Management in Event-Driven Trading00:17:06 - Example of a Recent Trade00:20:52 - The Role of Tape Reading00:23:12 - Challenges in Transitioning from Analyst to Trader00:25:29 - Identifying Relevant Events00:31:00 - Trading in the Pre-Market00:34:02 - Examples of Bad Trades00:37:02 - Learning from Mistakes00:41:37 - Evolution as a Trader00:43:49 - Considering Giving Up00:47:03 - Advice for New Traders Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, I had the pleasure of speaking with David, a seasoned trader with over two decades of experience in the financial markets. We delved into his journey from his early days in college, where he first got intrigued by the world of day trading, to his professional career as a prop trader.David shared his initial misconceptions about the stockbroker role, thinking it would involve picking stocks and managing money, only to find himself cold-calling clients. However, this experience laid the foundation for his understanding of the market. His first trade during the NASDAQ bubble in 2000 was a significant learning experience, where he lost a substantial amount of money but found himself hooked on the thrill of trading.We explored David's early life influences, including his childhood experiences with gambling in amusement arcades, which shaped his propensity for risk-taking and his eventual trading style.00:00:00 - Introduction and Initial Banter00:00:40 - Guest Introduction: David's Background00:00:55 - David's First Trade Experience00:05:35 - Early Life and Relationship with Money00:09:17 - Career Path and Trading Aspirations00:12:00 - Challenges in Early Trading Days00:17:23 - Prop Trading Strategies and Environment00:20:38 - Why Traders Don't Walk Away After Success00:24:21 - The Evolution of Prop Trading Firms00:29:41 - Benefits of Trading in an Office Environment00:33:10 - Diversifying Trading Instruments00:34:20 - Overcoming Tough Patches in Trading00:38:38 - Writing a Book on Trading Experiences00:42:39 - Considering Giving Up During Tough Times00:46:28 - Reflecting on Career Mistakes and Lessons00:48:36 - Closing Tradition: Question for the Next Guest00:50:16 - Where to Find David Online00:51:03 - Conclusion and Farewell Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, I had the pleasure of speaking with Eduardo, a seasoned trader with a fascinating journey. Eduardo shared his early life growing up in Caracas, Venezuela, and how his initial interest in the stock market was influenced by Wall Street and the adrenaline rush of trading. Despite starting in engineering, Eduardo's passion for finance led him to pursue an MBA and eventually dive into the world of trading.Edu grew his trading account to $1.6m. In this episode we get some hard truths and great lessons from a trader who started from nothing, saw rock bottom and turned adversity into greatness. Time Stamps Below00:00:00 - Introduction and Opening Remarks00:00:39 - Eduardo's Early Life and Background00:03:37 - Professional Journey Before Trading00:05:08 - Discovering a Passion for Trading00:07:10 - Choosing Stocks Over Other Assets00:09:41 - Changes in the Small Cap World00:13:02 - Challenges with Hard-to-Borrow Stocks00:14:07 - Early Challenges in Trading00:17:45 - Managing Expectations and Setbacks00:23:01 - Overcoming Financial Pressure00:28:05 - Turning Point in 202000:33:20 - Learning from Blown Accounts00:36:50 - Building Mental Capacity to Size Up00:41:24 - Future of Trading and AI00:47:52 - Closing Tradition and Final Advice00:49:09 - Where to Find Eduardo and Upcoming Events Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, Andrew Aziz shares his journey from being an engineer to becoming a full-time trader. He discusses how he initially started with day trading, driven by the desire to grow his small account faster. Andrew also highlights the mistakes he made as a beginner and how he eventually settled into active trading. Tune in to learn more about Andrew's experience and insights into the world of trading.00:01:36 Day trading allows for faster capital growth. 00:08:08 Trading stocks requires strategy and risk management.00:13:07 Separate trading from daily life. 00:19:13 Importance of consistency in trading.00:25:32 Risk management is crucial.00:30:24 Importance of mentorship in trading.00:35:36 Resilience is key in trading. Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe

In this episode, the host interviews Jason, a trader, who shares his journey into trading and the ups and downs he experienced along the way. Jason talks about his initial fascination with the market and how he decided to dive in and start trading. He discusses the excitement of being in a bull market and making money, but also the reality of losing it all and realizing he wasn't a genius. Jason shares his learning process, which involved reading books and learning about technical and fundamental analysis. Throughout the interview, he emphasizes the importance of continuous learning and perseverance in the trading world.[00:00:19] Going long on April's week.[00:04:52] Super contrarian trading style.[00:08:29] The importance of having a process.[00:14:46] High probability of making money.[00:18:25] Short term trading environment.[00:19:10] Short term trading failure rate.[00:25:56] Fundamentals vs. market predictions.[00:28:01] Squeezing the shorts.[00:30:42] AI and market edges.[00:34:22] Making money in politics.[00:39:22] Developing Your Trading Process.[00:42:07] Biggest misconception about the market.[00:45:03] The future of trading.[00:49:16] Giving back and mental well-being. Get full access to Diary Of A Trader at diaryofatrader.substack.com/subscribe