Chat With Traders

Hosted by Kevin Avery

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Oct 2026

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Chat With Traders is your key to the minds of trading's elite performers. Start listening to learn how a diverse mix of traders went from zero to hero, how they successfully trade markets today, and get their best tips 'n pointers for profitable performance, plus much more. Note: You are responsible for your own trading decisions—this is not financial advice.

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October 14, 20261 hr 19 min

334 · Andrew Perry - What $450M Portfolio Manager Learned From Paul Tudor Jones

Andrew Perry spent over 35 years at the intersection of institutional macro research and active portfolio management, including five years as a portfolio manager at Tudor Investment Corporation under Paul Tudor Jones. Managing up to $450 million, Andrew developed a disciplined, multi-dimensional framework to understand where global markets are going and how to structure trades with strict risk management. After entering the financial markets during the 1987 crash, Andrew learned firsthand how market regimes and trader psychology shape long-term survival. Today, through Macro Pillars, he distills decades of experience into a structured 5-pillar approach, combining government policy, nontraditional liquidity, monetary mechanics, technicals, and price execution, to help traders separate market noise from real edges. In this conversation, Andrew shares the priceless lessons learned from working alongside legendary trader Paul Tudor Jones, why time horizon and adaptability outweigh being right, and how major market dates (like Treasury funding shifts) create key structural turning points. In this episode, we explore:• What $450M Portfolio Manager Learned From Paul Tudor Jones• Andrew’s entry into markets during the 1987 crash and how it shaped his view of risk• Life inside Tudor Investment Corporation and managing capital at scale• Why winning 55% of the time is enough when risk-reward is properly managed• The 5-part Macro Pillars framework: Policy, Liquidity, Monetary Mechanics, Technicals & Execution• The significance of non-traditional liquidity, Treasury issuance, and key dates• Understanding the Move Index (bond volatility) as a key indicator over the VIX About Andrew Perry:Andrew Perry is an institutional macro portfolio manager with over 35 years of market experience. He previously managed FX risk at Commonwealth Bank of Australia, served as a Portfolio Manager at Tudor Investment Corporation, and held senior trading roles at Nomura. He is the founder of Macro Pillars, a service designed to provide professionals with a rigorous, independent perspective on macro markets and liquidity. Links + Resources:Website: https://macropillars.com/Twitter/X: https://x.com/MacroPillars_Youtube: https://www.youtube.com/@MacroPillars Free Trial: https://confirmsubscription.com/h/signup/t/CBDE5ADDD9C6BAC5 Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads.00:00 What a $450M Portfolio Manager Learned From Paul Tudor Jones 06:04 How Your Background Influences the Way You Trade 11:47 Winning 55% of the Time vs. Cutting Losses and Letting Winners Run 16:26 Managing an Internal Hedge Fund with $50 Million in Capital 21:40 Why Time Horizon Matters and Matching Risk Parameters 28:28 Why Being a One-Dimensional Trader Leads to Failure 31:50 Overview of the 5 Macro Pillars Framework 38:18 What Is the Difference Between Good and Bad QE? 43:57 Why the Move Index Is So Important 51:39 Why Starting a Career with a Big Win Can Be Bad News for Traders 44:56 Key Takeaways from Treasury Bond Announcements and Issuance 01:01:05 Memorable Stories and Hard Lessons Over a 35-Year Career 01:06:32 Adapting to Market Shifts When Other Traders Refuse to Change 01:10:36 Why Many People Enter Trading for Freedom and the Reality 01:13:17 Crucial Advice for Beginner Traders 01:14:00 Where to Find Andrew Perry and Access a Free Trial of Macro Pillars Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

September 30, 20261 hr 25 min

333 · Tim Furey - Why Defense, Not Offense, Makes You a Profitable Trader

Tim Furey went from surviving the high-intensity floor trading pits of the Chicago Board of Trade to surviving a near-fatal medical emergency, ultimately building TradeView Markets into a global financial brokerage.After getting his start as Merrill Lynch's youngest commodity broker hire in nearly four decades, Tim risked everything to move to Chicago and learn the craft of floor trading. Through grueling pit battles, he learned the ultimate lesson in market survival: mastering defense and managing risk above all else. Years later, while running his firm and raising a family, Tim survived a sudden medical crisis where doctors gave him a 5% chance of living, an experience that further cemented his relentless drive, resilience, and vision as a leader.In this conversation, Tim breaks down his "hungry dogs run faster" mindset, the lost art of pit trading, why defense creates offense in the markets, and how he turned adversity into fuel to build a global financial services brand. In this episode, we explore:• Lessons learned from legendary mentor Jeff Stoutland ("Hungry dogs run faster")• Becoming Merrill Lynch’s youngest commodity broker hire in nearly 40 years• Survival in the Chicago Board of Trade pits and the concept of the "power of the lean"• Why risk management and learning how to lose are the keys to long-term trading survival• Transitioning from prop trading to launching TradeView Markets• How a near-fatal medical emergency and a 5% chance of survival reshaped his life and mindset About Tim Furey:Tim Furey is the Founder and CEO of TradeView Markets, a global multi-asset brokerage serving traders worldwide. Beginning his career in Merrill Lynch’s Futures Division, Tim went on to trade on the floors of the Chicago Board of Trade before transitioning to proprietary trading and entrepreneurship. Known for his resilient leadership and commitment to continuous improvement, Tim leads TradeView Markets while actively supporting amateur sports initiatives, including women's rugby in the Cayman Islands. Links + Resources:LinkedIn: https://www.linkedin.com/in/timfurey/Instagram: https://www.instagram.com/timfurey.ceo/Facebook: https://www.facebook.com/timfureyofficial/Website: https://www.tradeviewmarkets.com/en/ Tim’s Book Recommendations:How to Win Friends and Influence People by Dale Carnegie: https://www.amazon.com/dp/0671027034Reminiscences of a Stock Operator by Edwin Lefèvre: https://www.amazon.com/dp/0471059706The Magic of Thinking Big by David J. Schwartz: https://www.amazon.com/dp/0671646788Think and Grow Rich by Napoleon Hill: https://www.amazon.com/dp/1585424331The Education of a Bodybuilder by Arnold Schwarzenegger: https://www.amazon.com/dp/0671797484 Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 Why Defense, Not Offense, Makes You a Profitable Trader 04:10 The Mindset You Need To Have 08:06 Talking About My Mentors “Hungry Dogs Run Faster” 12:38 How Do You Stay Hungry When Your In Success16:58 Being A Trader In Chicago Board Of Trade21:11 The Power Of The Lean26:06 Defense Turn Into Offense31:23 The Trader’s Gut33:48 Starting Tradeview Markets35:46 My First Ever Trade In High School41:10 What Do You See In Traders That Make Them Last?45:31 Which Markets Has The Highest Success?50:44 How Do You Identify Top Performers?55:23 Going Into A Coma01:04:03 Giving Back To People01:06:51 What’s One Of Your Best Trade?01:08:45 Your Worst Trade?01:10:05 What Advice Do You Give To Traders?01:13:49 Book You Recommend To Traders01:16:26 What Lesson I’ve Learned In Trading01:17:29 Where Can Traders Find You? Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

September 16, 202648 min

332 · Steve Nison - The Man Who Introduced Candlestick Charting to the West

Steve Nison came to Wall Street as a technical analyst in the late 1980s, discovered an obscure Japanese charting methodology, and spent years translating rare texts to introduce candlestick charting to the Western world.Through his landmark research, bestselling books, and institutional training at major firms like Merrill Lynch and Daiwa Securities, Steve opened the eyes of global investors to the power of price action and market psychology. Today, candlestick charts are the universal standard across virtually every financial trading platform in the world.In this conversation, Steve pulls back the curtain on how candlesticks first arrived in the West, sharing the cultural and military roots of candlestick patterns, market psychology, and his foundational Trading Triad framework. In this episode, we explore:• How Steve Nison introduced Japanese candlestick charting to the Western world• Discovering candlesticks at Merrill Lynch through a Japanese broker and early Bloomberg charts• Translating 13+ rare Japanese books and working with Japanese technical organizationsy• Why candlesticks complement rather than replace traditional Western technical analysis• The mechanics behind his "Trading Triad" approach• Steve’s reflection on how candlesticks became the global charting standard• Advice for the next generation of traders pulling up candlestick charts today About Steve Nison:Steve Nison, CMT, is the founder and president of Candlecharts.com and is widely regarded as the authority who introduced Japanese candlestick charting to the Western world. He authored the landmark classic Japanese Candlestick Charting Techniques, which has been translated into 21 languages and fundamentally changed technical analysis across global financial markets. Over his 30+ year career, Steve has advised top institutional financial firms including Fidelity, J.P. Morgan, Goldman Sachs, Morgan Stanley, NYSE, and NASDAQ market makers and has presented by request at the World Bank and the Federal Reserve. Links + Resources:Get Free Candlestick Resources, a Free Consultation Call, and a $20 Gift towards your first program: https://www.candlecharts.com/welcomeWebsite: https://www.candlecharts.comX (Twitter): https://x.com/candlecharts Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 The Pioneer Who Brought Candlesticks to the West 07:42 A Japanese Broker and a Chart Book 08:35 Translating Rare Japanese Texts & Working with Japanese Analysts 10:22 Making Recommendations Based on Candles 13:46 Why Were You the First? 15:02 Military and Cultural History Behind Candlesticks 19:08 The Story Behind Discovering Price Windows 22:19 Everybody's Using Candlesticks 25:39 Dealing with Institutional Clients 28:14 The Lucky Number Three 31:19 Common Misconceptions Traders Have About Candlestick Patterns 32:36 The Trading Triad 36:34 An Ounce of Emotion Can Be Worth a Pound of Facts 41:01 Reflecting on the Global Shift to Candlestick Charting 41:55 Essential Advice for the Next Generation of Traders 42:48 Where to Learn More About Steve Nison & Candlecharts Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

September 2, 20261 hr 39 min

331 · Jeff Holden - How Top Prop Traders Find and Scale Their Edge

Jeff Holden was once a kid watching his father get laid off during a department cut, realizing early on that he never wanted to be at the mercy of unpredictable market shifts, he wanted full control over his own destiny. Today, as the Head of Trader Development at SMB Capital, Jeff has transformed that drive into a career of identifying, recruiting, and mentoring prop traders into multi-million dollar, seven- and eight-figure performers. After starting as an independent trader working to find his own way, Jeff built his philosophy around structure, baseline consistency, and rigorous risk allocation. Rather than relying on guesswork or emotional "gut feelings," Jeff developed actionable frameworks like the "ASET" protocol to help traders systematically identify edge, manage risk, and scale capital. In this conversation, Jeff pulls back the curtain on how top-tier prop traders are actually built from the ground up. He breaks down the mechanics of price action and tape reading, why scalping serves as the ultimate baseline foundation, and how traders can bridge the gap between steady baseline income and aggressively swinging the bat on high-conviction A+ setups. In this episode, we explore:• How Jeff Holden develops high-performing 7- and 8-figure prop traders at SMB Capital• Jeff’s personal backstory and how a childhood lesson in market volatility shaped his trading philosophy• Why beginner and developing traders must focus on building a consistent baseline strategy first• The "ASET" Protocol: Allocation, Stop, Entry, and Target framework explained• Matching your individual personality and trading psychology to the right archetype and strategy• Jeff’s perspective on trading discipline, daily report cards, and long-term risk management About Jeff Holden:Jeff Holden is the Head of Trader Development at SMB Capital, one of the world's premier proprietary trading firms. Having started his career as an independent trader working to find his own way in the markets, Jeff now specializes in identifying talent, building desk playbooks, and guiding developing traders along the path to consistent, seven- and eight-figure profitability. He is known for his structured, data-driven approach to risk allocation, tape reading, and team trading dynamics. Links + Resources: LinkedIn: https://www.linkedin.com/in/jeff-holden-357a1b31a/SMB Capital Website: https://www.smbtraining.com/YouTube: https://www.youtube.com/@smbcapitalX (Twitter): https://x.com/smbcapital Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads.00:00 How Top Prop Traders Find and Scale Their Edge04:05 A Bunch of Nerds Excited About Trading08:42 The Formula for a Trading Career: Baseline Strategies + A+ Setups 14:11 How Not to Approach Trading17:02 Consistency First: The 4-Month Consistency Rule19:55 How Jeff Started Trading & Why SMB Starts Traders with Scalping25:15 Deconstructing the “Bella Scalp”30:33 Price Action Scalping vs. Tape Scalping36:48 Is There a Point in Time a Trade Can Be Adjusted? 40:08 The ASET Protocol: Allocation, Stop, Entry, and Target Breakdown54:00 At What Point Do You Shut Your Computer Down?59:22 Do the Work and Analyze What's Happening in the Market01:11:21 The 3 Archetypes of Traders and Their Internal Self-Talk01:16:01 Commonalities of Traders' Personalities?01:18:38 Traits Jeff is Looking for in Traders01:21:53 Passion is Overrated in Trading01:24:18 Community Trading vs. Team Trading 01:28:56 The Single Greatest Thing That Developing Traders Need to Get Right01:32:04 Where to Follow Jeff Holden & SMB Capital Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

August 19, 202651 min

330 · Steve Quirk - From Chicago Pit Trader to Robinhood Exec

Steve Quirk began his career in 1987 on the fast-paced trading floors of Chicago, surviving the historic market crash that wiped out $1.7 trillion worldwide.From navigating open-outcry pits where a trader's word was their bond, Steve transitioned into market technology, helping build landmark tools at thinkorswim and leading trading strategy initiatives at TD Ameritrade. Today, as Chief Brokerage Officer at Robinhood, he sits at the intersection of retail investing, market structure, and financial innovation, shaping products for millions of retail investors.In this conversation, Steve shares key lessons from decades in the markets, the evolution of retail trading technology, and how removing friction like the Pattern Day Trader rule is unlocking the next era of retail investing. In this episode, we explore:• Steve’s early days in the Chicago trading pits in 1987• Why decisive decision-making and accepting being wrong 50% of the time is crucial• The transition from floor trading to building technology at thinkorswim• How Robinhood levels the playing field for retail investors and opens up global access• Managing risks: framing the absolute worst-case scenario before taking a trade• The impact of removing the Pattern Day Trader (PDT) rule for retail traders About Steve Quirk:Steve Quirk is Chief Brokerage Officer at Robinhood Markets. With over 35 years of financial markets experience, he previously led trading strategy at TD Ameritrade, developed innovative trading tools for thinkorswim®, and created the TD Ameritrade U program. Steve started his career in 1987 in the Chicago open-outcry pits across the CME and CBOE, and is a frequent market commentator featured on CNBC, Fox Business, and The Wall Street Journal. Links + Resources:LinkedIn: https://www.linkedin.com/in/steve-quirk-56148a22/X (Twitter): https://x.com/SteveQuirk_ Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 From Chicago Pit Trader to Robinhood Exec 02:57 What Pulled You to the Market? 07:17 Trading Pits Are More Organized Than They Appear 11:51 Transitioning to Creating Technology for Retail Trading 19:01 Leveling the Playing Field for Retail Traders 21:10 Giving People What They Want 24:45 Did You Fall in Love with Scaling Robinhood Like You Did with Trading? 29:48 What Robinhood Is Doing to Teach 32:12 Early Mistakes in Trading 34:31 Advice to People from Robinhood CBO 36:44 What's Your Next Product Going to Be? 40:24 What Is the PDT Rule? 43:23 What Is a Memory That Came to Mind in Your Trading Career? 45:16 Is There Anything in Your Life That Changed Your Line of Thinking? 46:22 Your Piece of Advice to Your Younger Self 46:57 Where Can Traders Find You? Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

August 5, 20261 hr 43 min

329 · Peter Brandt - How a 50-Year Veteran Thinks About Risk Management

Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, survived years of market shifts, and turned a passion for price action into a legendary career spanning over 50 years as one of the world's premier classical chartists.After starting with Conti handling large institutional accounts like Campbell Soup Company and Homestake Mining, Peter went on to found Factor Trading Co., Inc. (now Factor LLC) in 1980 to trade proprietary capital. Author of the classic Diary of a Professional Commodity Trader and featured in Jack Schwager’s Unknown Market Wizards, Peter has spent over five decades navigating inflationary booms, market crashes, and the transition from open-outcry pits to electronic markets. Today, his edge is built on process, discipline, and classical charting principles that have stood the test of time.In this conversation, Peter pulls back the curtain on his five-decade journey, sharing the specific principles that have allowed him to navigate the markets for half a century. He breaks down why high win rates are a myth, how he caps risk at 60–70 basis points per trade, and how he transitioned from searching for quick wins to building a career as a master craftsman in speculation. In this episode, we explore:• Peter Brandt’s 50+ year journey from advertising to commodity pits and Factor Trading• Why high win rates are a myth and how the 80/20 Pareto Principle applies to trading profits• How Peter limits risk to 60–70 basis points per trade and why he never pyramids positions• Why he shuns indicators and diagonal trend lines in favor of horizontal classical patterns• Why the real edge comes from risk management and emotional control, not chart patterns• Peter's advice for the next generation on craft, capital preservation, and longevity About Peter Brandt:Peter L. Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. In 1980, he founded Factor Trading Co., Inc. (now Factor LLC), trading proprietary capital across forex, futures, fixed income, and equity markets. Over his career, he has managed trading activities for major institutional clients, including Commodities Corporation of Princeton, NJ.Peter is the author of Trading Commodity Futures with Classical Chart Patterns (1990) and Diary of a Professional Commodity Trader (2011), which held Amazon's #1 trading rank for 27 weeks. Featured in Jack Schwager's Unknown Market Wizards and named among the 30 most influential people in finance by Barry Ritholtz in 2011, Peter is widely recognized as one of the world's foremost authorities on classical chart analysis. Links + Resources:X (Twitter): https://x.com/PeterLBrandtWebsite: https://www.peterlbrandt.com/ Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 How a 50-Year Veteran Thinks About Risk Management05:42 Wanting a Career from Trading09:42 Taking 5 Years to Be Profitable15:20 Don't Quit Your Day Job to Trade Until You Have a Proven Track Record22:30 Cut Losses Short and Let My Winning Trades Run27:00 Understand the Risk and the Probability31:00 20% of My Trades Account for at Least 80% of My Total Profits36:08 Sizing Is Really Important and It Is the Reason Why a Lot of Novices Blow Out43:00 Removing Yourself from the Equation48:30 I Don't Believe in Optimization Where You Have a Set of Rules52:50 I Like Horizontal and Continuation Patterns54:38 I Don't Believe in Indicators Because They're Just Derivatives of Price1:00:00 Technical Analysis: Charts Resonated with Who I Am1:03:20 The Time Frame I Trade1:07:00 How Important It Is to Identify How You Trade1:09:15 Having a Mentor1:14:50 What Are You Most Proud of in Your Career01:20:09 I Enter Every Trade Assuming It's Going to Be a Loser01:26:05 Become a Craftsman of Trading01:33:48 You Can’t Go Broke Taking Small Profits, But You Will Go Broke Taking Large Losses01:35:40 Peter's Takeaway He Leaves to the Next Generation of Traders01:36:14 Where Can Traders Find You Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

July 22, 20261 hr 28 min

328 · Paul Scott - Why Technical Analysis is Just Retail Noise

Paul Scott entered the high-stakes trading floor of the London Metal Exchange at just 16 years old, survived years of trading under survival-mode pressure, and turned old-school pit wisdom into lifelong success. After starting with a three-month probation and carrying the weight of his father's legendary legacy, Paul developed a disciplined approach to the most volatile corner of the market: commodities and forex. Today, his edge is built on experience and his pit logic trading approach, using price and value to guide his decisions while human behavior gives him the confidence to take the trade.In this conversation, Paul pulls back the curtain on his Survival to Success Arc, sharing the specific setups that allowed him to survive and scale through market chaos. He breaks down the fundamentals of his strategy, the open outcry framework, and how he transitioned from trading under pressure to trading with total directional agnosticism. In this episode, we explore:• How Paul Scott Navigated 30+ Years of Volatility on the LME Trading Floor• Paul’s start at 16 years old and trading under extreme physical and mental pressure• The mechanics behind his pit logic trading approach• Why Timeframe Doesn’t Matter • Why every major trade should be simple enough to explain in one sentence• How Do the Big Money Trade?• The Traits Identified in Successful Students• His advice for beginner traders About Paul Scott:Paul is a veteran commodities and forex trader known for his raw, practical approach and deep generational knowledge. Starting with the guidance of his legendary father, Harry Scott, he has documented more than three decades of trading through massive market scandals and institutional shifts. He specializes in momentum strategies and order flow behavior, focusing on the intersection of horizontal value zones and trader psychology. Links + Resources:Website: https://paulscottfx.com/Youtube: https://www.youtube.com/@paulscott3066/videosLinkedIn: https://www.linkedin.com/in/paulscottfx/ Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps: Please note: Exact times will vary depending on current ads. 00:00 Why Technical Analysis Is Just Retail Noise 02:14 Being a Second-Generation Trader 06:36 The Pressure of Having a Trader Dad 07:48 What Was the Pit Really Like? 15:06 The Biggest Metal Scandal in History 21:00 Market Manipulation in the Digital Age 24:50 What Is Pit Logic? 31:56 Working with Goldman Sachs 37:05 Modern Retail Traders vs. Professionals 38:40 Can Traders Find Success Purely on Technicals? 44:00 Trading for a Client vs. Trading for a Company 42:55 Why Timeframe Doesn’t Matter 47:42 Explain Your Trade in One Sentence 49:39 Thinking About What the Institutions Are Doing 54:04 How Do the Whales Trade? 1:01:20 Let's Talk About Capital Preservation 1:06:17 The Traits Identified in Successful Students 1:12:27 Is There a Trade That Stands Out to You? 1:20:18 What Is Your Advice to Your Younger Self? Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

July 8, 20261 hr 26 min

327 · David Capablanca - From Skid Row Showers to Short Selling Master

David Capablanca pursued architecture for a decade, culminating in studying under a Pritzker Prize winner at UCLA, before a life threatening brain tumor, massive medical debt, and student loans forced him to completely reevaluate his life.After starting from rock bottom and carrying the weight of massive debt, David developed an all-consuming, "burn the boats" pursuit of trading mastery that saw him sleeping in his office, living out of his car, and showering on Skid Row just to trade the 4 AM pre-market session. Today, his edge is built on rigorous fundamental deep dives, forensic research into small cap pump and dump schemes, and a strict risk management framework designed to survive predatory market algorithms.In this conversation, David pulls back the curtain on his grueling journey from rock bottom to short selling master, detailing how he reverse-engineered the strategies of market manipulators. He breaks down the anatomy of modern short squeezes, his absolute checklist for avoidable stocks, and why protecting your capital to survive the learning curve is the ultimate rule. In this episode, we explore:·        Surviving rock bottom, sleeping in a WeWork desk, and showering on Skid Row during Covid·        Waking up from a coma: The life-threatening surgery that gave David the "gift of urgency"·        How the Covid biotech mania changed his account forever·        Going undercover in Colombia: Inside David’s high-stakes investigation of a cannabis pump and dump·        Why David completely avoids trading Chinese and Singaporean small-caps·        The reality of Wall Street favoritism and the mechanics behind requesting a "trade bust"·        Analyzing early $60,000 losses About David Capablanca:David is an accomplished short seller, author, educator, podcast host, and founder of Friendly Bear University. Over a trading career shaped by intense study, he has built a verified seven-figure track record with a remarkable ninety percent win ratio. He has trained countless developing day traders, expanding his educational insights globally while championing an autodidact, highly disciplined framework to achieve true financial independence. Links + Resources: Upcoming Conference (October 12th): https://www.friendlybearuniversity.com/conference (Chat With Traders Team and Host Kevin Avery will be there live to co-host the forum!) Youtube: https://www.youtube.com/@DavidCapablancaTrades X (Twitter): https://x.com/reverselong Instagram: https://instagram.com/reverselong Facebook: https://facebook.com/profile.php?id=772328557 Website: https://www.friendlybearuniversity.com Pre-Order Short Selling Master Book: https://harriman-house.com/authors/david-capablanca/short-selling-master/9781804093290 Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 The Journey From Skid Row Showers to Short Selling Master05:14 Isolating from society to build an entrepreneurial identity11:05 Betting on Yourself Leaving Architecture15:02 Pattern recognition and risk management19:18 Waking up from a coma25:04 Selling the car, quitting alcohol, and sleeping on a shared office floor30:04 Trading the Covid biotech bubble34:13 Traveling to the Colombian jungle to verify a stock scam38:16 The moment David's spy-pen cover was blown by the cartel44:45 Why David completely bans Chinese stocks from his Trading50:24 How predatory algorithms map locate data to trap shorts55:04 Inside the New York Stock Exchange01:00:09 "Trade Bust" and the reality of Wall Street favoritism01:04:00 Reviewing early painful losses: The $60k loss01:09:04 Insider liquidity of after-hours news01:12:51 David's biggest winner01:17:57 The finish line of excellence01:20:12 Final piece of advice01:20:43 Where to Get The Short Selling Master Book Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 24, 20261 hr 19 min

326 · Jason Berry - This Market Wizard Only Had 5 Losing Months in 14 Years... Here's How

Jason Berry co-founded Positive Equity in 2008. Built alongside partners and traders who raised the bar, the firm operates trading floors in Ireland and Croatia. Over a 14-year stretch of verified clearing statements, his small losses, long career approach resulted in only five losing months.Most people think trading success comes from predicting markets. In reality, Jason's multi-decade longevity proves that true consistency comes from deep discipline, strict risk control, and surviving long enough for compounding to work, earning him a featured chapter in Jack Schwager's book, Market Wizards: The Next Generation.In this conversation, Jason pulls back the curtain on his journey from a remote Northern California commune to the chaotic trading floors of London and Dublin. He breaks down the realities of managing a decaying edge, his framework for identifying raw talent in trainees, and why surrounding yourself with a team of disciplined professionals is the ultimate source of career longevity.In this episode, we explore:· How Jason transitioned from an isolated childhood to the chaotic London trading floors· The hidden edges of the open outcry era and the nature of "elbow trades"· What Jack Schwager and the Market Wizards team look for when verifying a trader's record· The structural reality of Jason's risk-reward framework· Why summer vacations can cause traders to become rusty and lose touch with the market tape· How to spot decaying market edges through the P&L before they do catastrophic damage· The core personality traits and tells that separate successful trainees from those who fail· Jason’s outlook on which traders will survive the next decade of AI and machine learning About Jason Berry:Jason is a professional futures trader, co-founder of Positive Equity, and a featured market wizard in the book, Market Wizards: The Next Generation. Over a career spanning nearly 30 years, Jason has documented a legendary track record of consistency and durability. He has trained well over 200 traders, expanding his operations from Dublin to Croatia while championing a team-driven approach to market mastery. Links + Resources:X (Twitter): https://x.com/JasonHBerryLinkedIn: https://www.linkedin.com/in/jasonhberry Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 He Only Had 5 Losing Months In 14 Years 03:09 Introduction To Trading 09:33 Using Elbow Trades As An Edge 16:22 What Your Risk-Reward Looks Like 20:34 Can You Make A "Mr. Consistency" System? 25:29 What You Possess That Others May Also Have 30:23 Why You Get Rusty When Taking A Summer Vacation 35:56 How Important It Is To Constantly Innovate 38:51 What Traits You Can See In Your Trainees 45:10 The Single Greatest Rule In Trading 51:35 How Do You Scale Positions? 55:54 Which Traders Do You Think Will Survive The Next Decade? 59:45 Trading Euro Stocks 01:03:05 What The Next 30 Years Look Like For You 01:08:30 Have You Had Your Trainees Outperform You? 01:09:34 What Your Advice Is To Traders 01:14:11 Where Can You Find Jason Berry Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

June 10, 20261 hr 13 min

325 · Jack Schwager & George Coyle - The 3 Timeless Rules Shared by 100 Years of Market Wizards

Jack Schwager and George Coyle team up to look at what it takes to master the markets, combining classic wisdom with how modern financial markets work today.After studying top fund managers and over 100 years of market history, Jack and George wrote Market Wizards: The Next Generation to showcase today's best traders. These elite performers range from everyday traders who turned small accounts into millions to steady traders who almost never have a losing month. The secret to their success is matching their trading strategy perfectly with their personality.In this conversation, Jack and George reveal the core rules that great traders follow. They talk about unexpected strategies that surprised even them, like making huge profits trading agricultural futures or shorting small-cap stocks. They also discuss why basic chart reading works better for managing risk than company fundamentals, the reality of a tough work ethic, and why the most important lesson in trading is knowing when to step away from the screen. In this episode, we explore:· How Jack Schwager and George Coyle started working together· The three timeless trading rules that top traders have used for over a century· The specific trading strategies that completely surprised Jack and George· How to balance making big returns while protecting your trading account from large losses· The main differences in managing risk between technical and fundamental analysis· The story of an anonymous multi-millionaire musician who became a legendary trader· The intense work ethic and personal sacrifices needed to reach the top level· Final thoughts on why there is much more to a good life than just trading the stock market About The Guests: Jack Schwager:Jack is the author of the famous Market Wizard series, A Complete Guide to the Futures Markets, and Market Sense and Nonsense. He is a world-known expert on trading and financial markets, famous for showing the mindset and risk management habits of elite traders.George Coyle:George is the co-author of the new Market Wizards book. He is a writer, trader, system designer, money manager, and market strategist. After studying finance at The Ohio State University, he worked for 10 years in NYC at major hedge funds, including John A. Levin & Co. and Clovis Capital. He studied applied statistics at Columbia University, worked briefly with Victor Niederhoffer, and later served as a macro strategist in the US Virgin Islands. George also worked as the Chief Investment Officer for a family office in Chicago before returning to Ohio to run his own investment firm. Links + Resources:George Coyle: https://x.com/gfc4Jack Schwager: https://x.com/jackschwagerOrder Market Wizards: The Next Generation Book: https://harriman-house.com/authors/jack-d-schwager/market-wizards-the-next-generation/9781804093641 Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 The 3 Timeless Rules Shared by 100 Years of Market Wizards 07:57 The First Market Wizards Book 12:13 What George Coyle Was Trying to Solve 15:59 Why It Is Better to Keep Things Simple Rather Than Complex 22:19 Making Sure Your Strategy Fits Your Personality 28:21 The Two Main Types of Profitable Traders 31:55 Finding a Trading Edge in Today's Market Landscape 37:16 Interviews That Challenged Jack and George's Core Beliefs 42:51 Where the Younger Generation of Traders Succeeds 47:07 Core Personality Traits of Market Wizards 52:24 Understanding the Reality of Market Structures 56:03 The Real Problem with Pure Fundamentals 01:01:13 Jack's Most Memorable Moment from the Next Generation Interviews 01:03:50 George's Most Memorable Moment from the Next Generation Interviews 01:04:52 Where to Follow George Coyle and Jack Schwager Online Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

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