Limit Up!

As we round into the holiday season at the Topstep office, Jack and Dan are ending the year strong with their last interview of the year. Greg Baird comes onto the show to break down all things stocks, futures and options as well as what it’s like to answer the lure of the pit when you’re just getting started.  Greg talks about the importance of always making adjustments when you’re trading, getting into the rhythm but also creating distractions so you can enjoy the process. It’s not all about the money after all. But first, Jack and Dan break down the latest news from the market, the start of the COVID-19 vaccine rollout and...dead squids? All that and more on this week’s Limit Up! by Topstep. (02:14) - Market reaction (05:58) - Interview with Greg Baird(06:36) - Getting to the pit (09:34) - Last year was easier (11:32) - Time decay (12:43) - Leaving the floor (14:33) -https://www.topstep.com/a-poker-champion-on-high-risk-decisions-annie-duke/ ( Limit Up! Episode #044 with Annie Duke) (16:31) - The stakes (2

Viktor Nebehaj didn’t originally want to get into investing. Preferring technology over finance, his career started with HTML and SEO rather than stocks and ETF. After an early stint at Google in the early 00’s left him with some of their stock, he started to get more interested in the financial world of investing and trading. Faced with challenges trading within the U.K., he thought there has to be a better way to access the markets. Fast forward to present day and Viktor is the co-founder of Freetrade, the main commission free trading platform in the U.K.  In this episode of the Limit Up! podcast, we talk to Viktor about growing up in Europe, working at Google on SEO and investing in international markets. With a goal of helping people build wealth through the financial world, Viktor and team are looking to expand into Europe soon and possibly beyond that in the future. Listen in for all that and tips on avoiding the pitfalls that come with investing in complex financial products. (03:29) - Interview with V

Latoya Smith worked in finance for a time before pursuing her passion for trading. She is now the co-founder of The Profit Room, a stock market and trading educational company. On this week’s edition of the Limit Up! Podcast, Jack and Dan talked to Latoya about her road to becoming a day trader. One interesting thing about Latoya is that she learned about the stock market by forming an investment club with friends. She talked about this formative experience, how investment property helped her create wealth, and why she loves to trade gaps. Take a listen to the episode for more on Latoya’s journey. (01:41) - Interview with Latoya Smith(02:44) - Getting into finance (07:54) - Fundamental analysis (09:39) - Short-term trading (10:05) - Compliance (15:53) - Futures capital (24:23) - Forminghttps://theprofitroom.com/ ( The Profit Room) (28:20) - Structure (30:49) - Trading gaps (32:00) - Courses with mentorship (35:28) - Trade what you see https://www.linkedin.com/company/68022041/admin (Latoya Smith) is the co-f

Happy Thanksgiving to all of our listeners! As a special holiday treat, this week on Limit Up! we have compiled some of our best advice from forex traders. Whether you have been wanting to trade forex or you have no idea what that is, we’ve got you covered by expert guests including https://limitup.topsteptrader.com/episodes/perception-vs-reality-in-trading-with-akil-stokes (Akil Stokes), https://limitup.topsteptrader.com/episodes/how-to-be-a-traveling-trader-with-etienne-crete (Etienne Crete), and https://limitup.topsteptrader.com/episodes/building-a-trading-plan-with-austin-silver (Austin Silver). Listen to the episode for best practices, a discussion on cultivating the right mindset, and why now is the best time to start trading forex. (00:15) - Learning to trade forex (01:40) - Getting into trading (05:36) - Accepting guidance (07:10) - Uncertain times (08:16) - Steps for new traders Limit Up! is a podcast for traders of all levels brought to you by https://www.topsteptrader.com/?utm_source=limitup_podcas

Jack Pelzer is one of the fearless hosts of Limit Up! Podcast. If you’ve wondered about his experience as a trader or how he came to be the voice of Topstep, this week’s episode will answer your burning questions. After getting his start at a big prop firm amidst the turmoil of the Great Recession, Jack earned a Master's degree, wrote for the satirical website The Onion, and then made his way to the Topstep family. Listen to the episode for reflections on what it’s like trading at a big prop firm and what the markets look like one year into the coronavirus pandemic. (01:15) - COVID-19 anniversary (04:40) - Interview with Jack Pelzer (09:44) - Jack's introduction to trading (13:01) - Prop firm nights (19:51) - Dance of the spreaders (25:54) - First account (28:13) - Fixed costs (33:26) - DRW acquisition of Chopper Trading (36:30) - Finding Topstep (38:08) - Drive of a billionaire (41:25) - Back in action Limit Up! is a podcast for traders of all levels brought to you by https://www.topsteptrader.com/?utm_sourc

If you’re a regular listener, you know that Topstep’s own Dan Hodgman comes from a family of traders. But his route to the trading floor and ultimately to Topstep was not linear. On this week’s episode of Limit Up! Jack interviewed Dan to find out how he became a trader and how those experiences shaped the kinds of trades he makes. Dan talked about his time clerking for his father, his time in the Marine Corps, and a bit about his trading strategy these days. Listen in as we learn Dan’s trading origin story. (00:15) - Interview with Dan Hodgman (03:05) - Family of traders (05:14) - Early transitions (09:58) - Joining the Marine Corps (13:01) - The draft (26:44) - Trading after service (22:55) - Controlling the downside (28:42) - Committing to the lifestyle (31:58) - Joining Topstep (35:49) - Illiquidity Limit Up! is a podcast for traders of all levels brought to you by https://www.topsteptrader.com/?utm_source=limitup_podcast&utm_medium=cta&utm_campaign=ongoing_limitup_to_tst&utm_content=limitup_p

To be a successful trader requires strategy and creating systems that help you succeed. When you get stuck in the emotion of trading, it becomes little more than gambling. Austin Silver is a Forex trader and Head of Trading and Education at ASFX. He believes that the key trait of successful traders is to create your own trading plan. Austin joined Jack and Dan and talked about why it’s important for traders to focus on one area instead of juggling multiple things. He also talked about his journaling practice and how that has helped him become a better trader. Tune in for Austin’s advice as well as Jack and Dan’s thoughts as election returns began to trickle in. (00:56) - Market Reaction (04:21) - Interview with Austin Silver (05:10) - Austin's vision of trading (10:20) - The wedding DJ game (11:54) - Founding ASFX (14:54) - Lifestyle marketing (17:45) - Caught chasing (20:10) - Emotional journaling (27:50) - Paying the rent (35:11) - Austin Silver on YouTube http://www.instagram.com/austinsilverfx (Austin Sil

Etienne Crete is the founder of Desire To Trade, a trading education website. Before he became a founder and full-time trader, he worked a job he hated and searched for a way to generate income while devoting time to his love of traveling. His success came about thanks to his adherence to routines and systems designed to help him improve his skills. Etienne is our guest this week on Limit Up! and talks to Jack and Dan about one of his most important tools: old fashioned journaling. Listen to the episode for Etienne’s story and learn how you can make algorithms and strong routines work for you. (00:49) - Market Reaction (05:59) - Interview with Etienne Crete (07:26) - Forex in uncertain times (08:51) - Traveling & trading (12:46) - Designing algorithms (16:54) - Consistency in habits (19:07) - Desire To Trade Podcast (23:44) - Desire To Trade on YouTube (25:22) - How to get back on track (28:14) - Winning streaks (30:10) - Daily routines (32:46) - Adaptive learning (37:23) - The itch to move (40:07) - Surr

The media often portrays trading as a get rich quick scheme. The reality however, is that trading is a job like any other and it is a job that contains a high degree of stress. Many trading education programs focus on how to trade, but not many offer tools on how to find personal happiness while trading. Jacob Rudge of TradeHappy wants to change that. On today’s episode of Limit Up! Podcast, we’re diving into why mindset matters, what tips you can use to cultivate more happiness into your trading, and when it might be time to move on. Listen to the episode to learn Jacob’s tips. (00:55) - Market Reaction (04:15) - Interview with Jacob Rudge (04:51) - Learning to trade (07:18) - Risk management (08:48) - TradeHappy (12:41) - Cultivating creativity (15:58) - Staying positive (17:10) - Moving on (21:03) - Misconceptions around forex (24:55) - Trader's Podcast (27:56) - Take time and seek instruction https://www.youtube.com/channel/UCudy_QTbfAGlrdB1IbXCh1w (Jacob Rudge) is the Founder and CEO at https://tradehapp

Modern economists have grown so reliant on bailouts whenever there is market instability that the tax burden inevitably gets passed on to regular people. Most US families only have income streams from their jobs, the most heavily taxed revenue stream. Jerry Robinson is a trader and author who wants to change all that. On today’s episode of Limit Up, Jerry discusses two key fundamental concepts for every trader: know your trading niche and diversify. Traders who are educated in a specific area do well to trade in that area as opposed to casting a wide net. Jerry also passionately believes in ending the consumption trap and discusses how he and his family have managed to live mostly off the grid. Listen to the episode for Jerry’s advice on the best ways to diversify your portfolio and educate yourself on the opportunities that come with careful investment. (00:47) - Market Reaction (05:28) - Interview with Jerry Robinson (05:51) - Cracking the code (07:09) - Bankruptcy of Our Nation (09:09) - Red flags (15:09)

Recency bias means that you pay the most attention to the last thing you heard or said over historic knowledge. For many traders that means that because the markets have been going up that they will always go up. Chris Tate is a trading veteran and the Director at Trading Game. He joined Jack and Dan to discuss this phenomenon. Chris has been a trader for over 30 years and has seen it all. He makes the case for training yourself to be comfortable with discomfort, honing your money management skills, and increasing your patience. Listen in for a masterclass on trading psychology. (02:03) - Market Reaction (04:45) - Interview with Chris Tate (08:57) - The common thread (12:32) - Pride goeth before a fall (18:53) - Money management (32:06) - Components of a trading plan (39:25) - Recency bias (43:28) - Be a student of markets Chris Tate is one of the first people to ever release a share trading book in Australia and has had an extraordinary impact on thousands of traders. He is the bestselling author of The Art

Hollywood has given many would-be traders a warped perception of what it actually means to be a trader. The truth is, trading isn’t a get rich quick scheme so much as a skill that needs to be developed. Akil Stokes is a trading coach and co-founder of Tier One Trading. He joins Dan this week to debunk some of the myths around trading. Akil also takes time to break down Forex trading and discusses why trading psychology is the most important piece when it comes to making successful trades. Listen to the episode for advice on creating the systems you need to be successful. (03:44) - Market Reaction (07:19) - Interview with Akil Stokes (13:56) - Consistency (16:15) - The importance of trading psychology (18:07) - Reality vs. perception (22:34) - Small clues (24:42) - Execute the play (29:03) - Stop & go traffic (33:28) - Preparing for when things get better (40:00) - Tier One Trading https://www.linkedin.com/in/akil-stokes-82411118/ (Akil Stokes) is an investor, Forex trader, trading coach, and host ofhttps:

Elections have the power to turn markets into chaos. Just look back at 2016 and Brexit to see the uncertainty and volatility. We can’t tell you who will win the 2020 election, but we can tell you how to plan your trades for the weeks leading up to November 3. This week on Limit Up! we’re hosting a panel discussion about the strategy of trading around election time. If you’re unsure how election modeling works or want to know what usually happens in the futures market around elections, tune in so you can craft your trading plan. (00:15) - Trading the election: Don't be a homer (01:08) - Lessons from 2016 volatility (06:34) - Mechanics of the 2020 election (08:19) - Understanding polling models (16:00) - The problem with election markets (22:06) - Figure out your trading plan (35:47) - Keeping it flat https://www.linkedin.com/in/johnmdohertychicago/ (John Doherty) is a Chicago native and 15-year veteran of the trading industry. He spent his formative years on the floor of the Chicago Board of Trade before headi

When you’re a trader, wins are fleeting, and hypervigilance is key to not losing money. This can create a high degree of stress and uncertainty. Adam Boostrom is a former trader turned author, investor, and startup founder. He sat down with Jack and Dan to discuss his life beyond the trading floor. These days, Adam is following the Warren Buffet approach and focusing his time and energy on the things he’s most interested in. Listen for our latest market reaction and a discussion on knowing when it’s time to take a break.  https://www.amazon.com/Athenas-Choice-Adam-Boostrom/dp/1794205551/ (Athena's Choice) (01:48) - Market Reaction (05:10) - Interview with Adam Boostrom (06:27) - Life of the night guy (11:42) - Pushing what works (14:26) - Measuring risk (27:32) - The joy of storytelling (32:27) - https://www.amazon.com/Athenas-Choice-Adam-Boostrom/dp/1794205551/ (Athena's Choice) (35:06) - Reusable logistics (40:06) - After the prop firm (45:56) - The Warren Buffett approach https://www.linkedin.com

Interested in getting involved in structured note trading? Our guest this week on Limit Up! is Biju Kulathakal, founder of Halo Investing and a huge proponent of this type of trade. He offers up a convenient guide to structured note trading and how risk is assessed. Biju did not get into trading via the traditional route. After starting his career as an aerospace engineer, he found quantitative analysis and trading models similar to the problems he faced as an engineer. Listen to the episode for Biju’s story and his biggest advice for would-be traders: treat it like a job, not a hobby. (01:24) - Market Reaction (07:28) - Interview with Biju Kulathakal (08:51) - Aerospace engineering (12:27) - Quantitative analysis (15:00) - Making models (18:12) - Structured notes (23:35) - Risk assessment (27:10) - Direct-to-retail (29:57) - Driving forces in 2020 (35:19) - Take it seriously https://www.linkedin.com/in/biju-kulathakal-b5b80b1/ (Biju Kulathakal) is the Co-founder and CEO of Halo Investing where he leads the o

When it comes to trading, Gary Morrow, investment advisor and President of Yosemite Asset Management, considers himself a bull. He was around for the 1987 crash and currently counsels investors both in his private practice and on his popular blog, This Week on Wall Street. His advice for nervous traders: embrace the decline. Gary joined Jack and Dan for a discussion on his life as a trader and his biggest tips for new investors. He encourages traders to grow their confidence and systems, so they don’t succumb to panic selling. For Gary, trading is akin to climbing Yosemite: focus and precision are key. Tune in for Gary’s tips and our weekly market reaction. (01:23) - Market Reaction (06:54) - Interview with Gary Morrow (08:55) - Getting involved with trading (12:20) - Transitioning off the floor (17:15) - Creating Yosemite Asset Management (20:15) - Writing on https://www.thestreet.com/ (TheStreet) (21:58) - http://thisweekonwallstreet.com/ (This Week On Wall Street) (27:23) - Embrace the decline (30:16) - Ti

This week on Limit Up! we’re welcoming back to the podcast Bob Greifeld, the former CEO of Nasdaq and current Chairman of Virtu Financial. Over the past 20 years, Bob has witnessed a tremendous shift in the trading industry. He joins us today to talk about how things have changed and what he sees ahead for retail trading. Bob touched on issues of technology, speed, and the importance of data and gave an overview of how his new company Virtu Financial works. As always, stay tuned for our market reactions. (02:04) - Interview with Bob Greifeld (06:25) - Getting listed on Nasdaq (07:05) - Share of mind (09:14) - Virtu Financial (11:32) - The future of market making (17:49) - Adaptability is key (20:09) - Structural change (24:48) - In-studio commentary at CNBC (27:48) - https://www.amazon.com/Market-Mover-Lessons-Decade-Change/dp/1538745135 (Market Mover) (28:45) - Living in the era of MMT (33:12) - https://usatffoundation.org/ (USA Track & Field Foundation) Robert (Bob) Greifeld, is currently Chairman of Vi

Gary Antonacci wrote the award-winning book, Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk. He’s back for his second time on the Limit Up! Podcast to give us an overview of his theory of dual momentum. He shared how this theory takes into account 200 years of market trend information and explains how this system can make you more adaptable to the changing whims of the market. Listen to learn how a monthly analysis of trends can make you a more competitive trader. (02:08) - Market reaction (05:40) - Interview with Gary Antonacci (11:00) - Technological edge (14:54) - https://www.amazon.com/Dual-Momentum-Investing-Innovative-Strategy/dp/0071849440 (Dual Momentum Investing) (20:53) - Consistent proprietary models (24:28) - Academic research (26:25) - Adaptation and diversification (30:19) - The trend is your friend (33:20) - Following the rules (36:30) - Sports models https://www.linkedin.com/in/garyantonacci/ (Gary Antonacci) introduced the investment world to dual momentum

If you’ve only been trading S&P futures, you’re missing out on the flexibility and diversity of commodities trading. David Klusendorf is the Chief Investment Officer at Typhon Capital Management and joined Jack and Dan to give an overview on how you can benefit from a CTA. David is a trading veteran and was around for the 1987 crash. He discusses what happened that day and the differences he sees between then and our current market volatility. He also shares current trends as well as the most important question to ask yourself when trading: do I have an edge? (02:48) - Interview with David Klusendorf (08:24) - https://en.wikipedia.org/wiki/MF_Global (MF Global) (11:09) - Starting your own place (15:43) - Typhon Capital Management (16:56) - The CTA advantage (20:41) - Risk management in 2020 (28:40) - https://www.imdb.com/title/tt1326220/ (Floored) (31:57) - Dominating trends (37:33) - Making trading a profession https://www.linkedin.com/in/davidklusendorf/ (David Klusendorf) is the Chief Investment Office

Jane Gallina was laid off when she was pregnant with her first child. Instead of letting the layoff get her down, she immersed herself in day trading and was able to create a career for herself on her terms. Now Jane runs the popular day trading site, See Jane Trade. She stopped by the Limit Up! Podcast to talk about what she’s learned from bouncing around careers, how to break up with a bad trade, and how to balance the demands of trading with the demands of motherhood.  (02:59) – Interview with Jane Gallina (04:08) – Returning to the trading world (10:00) – Learning the process (12:41) – https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Lefevre/dp/168422294X/ (Reminiscences of a Stock Operator) (13:45) – https://www.amazon.com/Pit-Bull-Lessons-Streets-Champion/dp/0887309569/ (Pit Bull) (14:47) – Evolving as a trader (23:00) – Motherhood and trading (25:47) – Getting used to live money (29:03) – https://seejanetrade.com/ (See Jane Trade) https://www.linkedin.com/in/jane-gallina (Jane Gallina), a