Limit Up!

Being a trader is akin to being an athlete. If you don’t have a performance mindset, you’ll never succeed in the rough and tumble world of trading. George Papazov is the founder and head trader at TRADEPRO Academy. George’s company is similar to TopstepTrader in that it’s community oriented and focused on education. Today on Limit Up! George discusses his roots growing up as an immigrant and how that affected his mindset. George also talks about ways you can increase your mental capital as well as the benefits of community-orientated trading. [00:16] - This week: George Papazov [03:39] - Visit TopStep on https://www.youtube.com/channel/UCTDYMpdFhZU6Ivf3F2AEVUQ (YouTube) [04:51] - Limit down [06:45] - Interview with George Papazov [07:55] - George's drive to educate and empower traders [15:41] - Blogging on the side [16:31] - The dangers of trading alone [19:27] - Trading psychology breakthrough [26:59] - Mental capital [32:05] - Recognizing emotional barriers [36:53] - Understanding feedback [40:09] - Fosteri

Whether you’re new to trading or a seasoned pro, the extreme volatility in the markets this week is a reminder of risk. That’s why we’re talking to TopstepTrader’s own, Eddie Horn. Eddie has been involved at Topstep as both a market broadcaster as well as a specialist and mindset coach for Topstep clients. He spends his days coaching traders of all skill levels and helps them navigate challenging market conditions. Today on Limit Up! Eddie, Jack, and Dan discuss market volatility and advice on when to keep going vs. when to get out. Tune in for practical advice regardless of your trading experience. https://www.linkedin.com/in/eddie-horn-92a70441/ (Eddie Horn) has been with TopstepTrader for almost a decade and, in that time, has been both a market broadcaster and a mindset coach. Eddie works with traders of all stripes to help them make the most of their trading experience at Topstep. Read Eddie’shttps://blog.topsteptrader.com/author/eddie-horn ( blog posts) to stay up to date. [01:38] - This week: Eddie Hor

As a trader, you need to be a bargain hunter. That’s according to today’s guest, Anne-Marie Baiynd. Anne-Marie is the president and CEO of https://thetradingbook.com (TheTradingBook.com) and author of The Trading Book: A Complete Solution to Mastering Technical Systems and Trading Psychology; so she knows a thing or two about what makes traders tick. In this episode of Limit Up! Anne-Marie will be walking Jack and Dan through how to train your mind to be a trader. The key ingredient is to master the management of risk. Jack and Dan are also excited to announce that Anne-Marie will be bringing her expertise to TopstepTrader. Anne-Marie will be using https://www.topsteptrader.com/learn-how/ (The Trading Combine®) for her own trades so all Topstep customers will be able to watch a master in action. [00:16] - This week: Anne-Marie Baiynd [00:41] - Market reaction [09:58] - Interview with Anne-Marie Baiynd [10:54] - The Trading Combine® collaboration [14:30] - Blowing out an account [21:13] - How Anne-Marie found

In ourhttps://blog.topsteptrader.com/limit-up-how-to-get-into-prop-trading-with-matt-murnighan ( last episode), TopstepTrader’s own, Matt Murnighan, discussed how he got started as a prop trader in the 2000s. This week, Matt is back to discuss what the daily grind of prop trading is really like. Matt, Jack, and Dan discuss the differences between trading for a firm versus as an individual, how trading and poker are similar, and how to know the right time to take a step back from trading. One of the key takeaways from this conversation is to remember that trading is ephemeral. The industry is volatile with explosive highs and stressful lows. But trading and markets will always be there, so if a break is needed, it’s possible to return later or carve out a whole new niche – just look at Jack and Dan. Stay tuned for this week’s MARKet Reaction. [01:04] - This week: Matt Murnighan [01:49] - https://www.youtube.com/channel/UCTDYMpdFhZU6Ivf3F2AEVUQ (Visit TopStep on YouTube) [04:34] - Interview with Matt Murnighan

Trading today is a different beast than it was in the 80s and 90s. Whereas it used to be all about who you knew, today there are many points of entry to the industry. Today we’re talking to https://www.linkedin.com/in/matthew-murnighan/ (Matt Murnighan), a front-end developer for Topstep Trader. Matt cut his teeth trading props before moving on to software engineering and how he navigated a post-crash market is a lesson for all the newbie traders out there. Matt, Jack, and Dan swap stories on each of their different paths that led them to trading. Whether you went to business school, got a spot on the floor, or answered an ad on Craigslist, there are many routes to making trades. Check back next week for Part Two. [01:58] - This week: Interview with Matt Murnighan [04:05] - Footman [05:15] - Getting a job as a prop trader [06:54] - Entering the workforce after college [09:00] - Becoming interested in trading [11:43] - The interview process [16:04] - Pay structure [18:27] - Night guys and clerks [21:48] - Crus

Limit Up! has got a new look. In our survey last year, the overwhelming consensus was that listeners were interested in more trader education. That’s why this week Jack and Dan are talking to trading legend, Dan Hodgman Sr. Dan has talked in the past about growing up with a trader for a father and this week you’ll hear from the man himself. Dan Hodgman Sr. discusses how the landscape of trading has changed, how he was able to build a balanced life for himself within the trading industry, and the mentorship that informed his years on the floor. Dan also talks about what risk really means and why you should never think of treasury bonds as money. Listen to the episode for tips and wisdom from a trading veteran. [00:16] - This week: Dan Hodgman [01:07] - Market reaction [04:19] - Interview with Dan Hodgman [05:46] - Family trading legacy [08:03] - From stockbroker to floor trader [10:53] - Trading classes [12:17] - What's my risk? [15:03] - Sizing down [17:59] - Controlling the trade [21:58] - Getting back into

Today on Limit Up! we’re talking to a legend in finance. https://www.linkedin.com/in/richard-l-sandor-11b2bb67/ (Dr. Richard Sandor) is widely known as the Father of Financial Futures, having pioneered futures trading in the 1970s. After decades of accomplishments (check out his https://en.wikipedia.org/wiki/Richard_L._Sandor (Wikipedia) page!), Dr. Sandor is back at it trying to revolutionize trading again with the introduction of a LIBOR alternative called AMERIBOR. In this wide-ranging conversation, Jeff and Dr. Sandor discuss the fundamentals of trading, the process by which Dr. Sandor came up with his revolutionary ideas, what motivated him to work with the American Financial Exchange, and finally, why Dr. Sandor believes American financial markets are the strongest in the world. This is truly a masterclass in trading. [00:27] - This week: Dr. Richard Sandor [01:08] - Market reaction [02:11] - Jeff Carter interview with Dr. Richard Sandor [02:43] - https://www.gofundme.com/f/name-a-hotel-room-so-we-never

In an era of fake news and widespread distrust in the media, standard-bearer media organizations like The Wall Street Journal remain a beacon for hard-hitting reporting on what’s going on in finance as well as the world at large. On today’s show, Jeff is talking to https://www.gregoryzuckerman.com/ (Gregory Zuckerman), Special Writer to The Wall Street Journal who focuses on money and investing.Listen in as Gregory explains his process for finding interesting stories, why successful companies hire people who show potential as opposed to just hiring for open positions, and why some media organizations are booming despite open hostilities. If you have a tip for Gregory, you can reach him on Twitter https://twitter.com/GZuckerman (@gzuckerman) or via email Gregory.zuckerman@wsj.com [01:43] - Market reaction [09:07] - Jeff Carter interview with Greg Zuckerman[09:29] -https://www.gofundme.com/f/name-a-hotel-room-so-we-never-forget ( Name A Hotel Room So We Never Forget ) [09:39] - Breaking stories in finance [11:0

This week on Limit Up! we’re getting back to the basics and taking a look at the habits and attributes of top traders. Jack, Dan, and John are on mic this week sharing some of their observations from their lives on the trading floor.Listen in to find out why your P&L monitor is just a distraction, why the best traders are first to arrive and last to leave, and have an ultra-compulsive work ethic (we didn’t say all the traits are healthy). We’re also announcing the winners of the listener survey and sharing some of the feedback we’ve received.If you’ve been wondering how you can improve your trading game, tune in and take notes! [00:16] - This week: Jack, Dan, and John "The Dancing Bear" Doherty [02:08] - Lessons of highly effective traders [06:09] - Final five listener survey winners announcement! [08:30] - Ultra-compulsive commitment [11:27] - Process over profits [17:34] - Smart Losses [22:11] - Assessing risk like a poker player [25:54] - Always looking for a good deal [29:05] - Confidence not hubris [33:5

Crypto has been around for quite a while but there are still many who don’t fully understand how it works or how it will change the industry further down the road. Tokenization has big implications and can potentially become a great equalizer. On this week’s episode of Limit Up! Brock Connelly of RoundBlock Capital is here to explain crypto futures.Brock shares his advice for traders looking to get into the crypto space and talks about some of the common misconceptions people have about bitcoin and other cryptocurrencies. Listen for Brock’s tips and learn more about his new venture RoundBlock Capital. Stay tuned for this week’s MARKet Reaction.  [00:16] - This week: Brock Connelly [00:55] -http://topsteptrader.com/listenersurvey ( Limit Up! 2019 Listener Survey ) [01:12] - Gift certificate winners announcement! [02:26] - Jeff Carter interview with Brock Connelly[02:39] -https://www.gofundme.com/f/name-a-hotel-room-so-we-never-forget ( Name A Hotel Room So We Never Forget ) [03:12] - Digital asset futures at R

Trading is an adrenaline rush. But when that rush starts to feel like a drag, it might be time to look for your next steps. Our guest this week on Limit Up! spent 31 years on the floor before making the transition to academia and private consulting. https://www.linkedin.com/in/johnnyhoff/ (John Nyhoff), whom Jeff used to trade with on the floor, stopped by to chat about what it’s like to make the leap.John discusses the adjustment period he underwent just to get used to the amount of free time he’d acquired thanks to school breaks. John also talks to Jeff about his predictions for where the financial market is headed in 2020.  [00:36] - This week: John Nyhoff [01:17] -http://topsteptrader.com/listenersurvey ( Limit Up! 2019 Listener Survey ) [01:59] - Jeff Carter interview with John Nyhoff[02:10] -https://www.gofundme.com/f/name-a-hotel-room-so-we-never-forget ( Name A Hotel Room So We Never Forget ) [03:11] - Day to day at the desk [04:03] - Cultivating customers [04:57] - Time horizon for institutional trad

We’re back this week with part two in our Best Of Limit Up! series. Listen to these bite sized nuggets of wisdom from some of the top traders out there to set yourself up for success in 2020 and beyond.Today’s conversations include topics ranging from finding opportunity after market blowups, how to participate in dual momentum investing, futures trading, how to handle failure, and an enlightening discussion with https://www.linkedin.com/in/michaelpatak/ (Michael Patak), the founder of https://www.topsteptrader.com/ (TopstepTrader). Tune in, get inspired, and get trading! [00:16] - This week: Best of 2019 part two [00:41] -http://topsteptrader.com/listenersurvey ( Limit Up! 2019 Listener Survey ) [01:27] - Best of 2019 part two[01:27] - Henry Yoshida: Thoughts on robo-advisors [07:57] - Michael Patak: What is it like working at TopStepTrader? [14:22] - Gary Antonacci: Using dual momentum [18:51] - Pete Mulmat: How Pete trades today [23:49] - Gustavo Razzetti: Getting over the fear of making mistakes Want to

The end of the year is all about reflection and that’s what we’re doing for the next two weeks on Limit Up! In 2019 we had a wealth of knowledge shared with us from guests across industries. Listen in for the segments that we think had the most profound advice that you can use as you look to the next year (and decade!) ahead.Today’s episode features clips from conversations with https://www.linkedin.com/in/michael-ieronimo-0009867/ (Mick Ieronimo), https://www.linkedin.com/in/ben-lichtenstein-3482009/ (Ben Lichtenstein), https://eminimind.com/ (Tim Racette), and Danny & Hoag. We’re covering everything from maintaining success, managing emotions, maintaining focus, and simple ways to alter your perspective so you see the glass half full. Listen in for this week’s MARKet Reaction and stay tuned for Part 2 in this Best Of series next week.  [00:16] - This week: Best of 2019 part one [00:41] -http://topsteptrader.com/listenersurvey ( Limit Up! 2019 Listener Survey) [02:21] - Best of 2019 part one[03:28] - Mick Ie

In 2011, MF Global went bankrupt, destroying the livelihoods of thousands of people. https://www.linkedin.com/in/jameskoutoulas (James Koutoulas), CEO of https://typhoncap.com/ (Typhon Capital Management), co-founded the Commodity Customer Coalition and set to work helping customers of MF Global get their money back. James joined Jeff for this week’s episode of Limit Up!Tune in to learn how Typhon Capital Management operates, why James believes traders need to be process-oriented, and how he was able to lead a large customer suit with virtually no experience.   [00:41] - This week: James Koutoulas [01:35] - Listener survey [02:27] - Market reaction [07:31] - Jeff Carter interview with James Koutoulas[08:35] - Futures over equities [09:10] - Screening process [11:59] - Becoming a candidate [13:12] - Qualified eligible participants [15:10] - Getting money out [16:25] - Due diligence [18:04] - Crypto diligence [20:49] - Smarter than the algorithms [22:07] - Commodity Customer Coalition & Corzine [36:21] - Gettin

David Klusendorf, Chief Investment Officer of Typhon Capital, likens managing risk to a quote from the movie Good Will Hunting: “I can't play the piano. When I look at a piano, all I see are black and white keys. But Beethoven saw a symphony.” Likewise, with trading, you have to be able to look at the numbers and see the big picture.On this week’s episode of Limit Up! Jeff talks to David about market volatility and risk. David shares his best tips for managing risk and makes the case for why you need to be curious enough to find your trading niche. He also offers up his advice for new traders and explains why trading is not magic: it’s a lot of behind-the-scenes work.   [00:29] - This week: David Klusendorf [00:49] - Market reaction [08:31] - Jeff Carter interview with David Klusendorf[09:09] -https://www.gofundme.com/f/name-a-hotel-room-so-we-never-forget ( Name A Hotel Room So We Never Forget ) [10:45] - How David got into trading [13:37] - Analyzing risk [17:36] - Uncontrollable risk [21:34] - No trade is

When things fall into place and you make a great trade, you feel a rush of exhilaration. However, trades like that don’t happen every day and more often than not you feel the pressure and anxiety inherent in trading with large amounts of money.https://www.linkedin.com/in/kbmorton/ ( Keith Morton) knows the drill. As a trader in the 80s, he turned to exercise and marathons to manage his stress and stay in shape.On this week’s episode of Limit Up! Keith talks to Jeff about his new venture Citywide Superslow and how he stays healthy through HIIT workouts and intermittent fasting. If you want to maximize your workouts to minimize stress and impact on your body, you’ll want to listen in for Keith’s advice.  [00:37] - This week: Keith Morton [01:49] - Jeff Carter interview with Keith Morton[01:59] -https://www.gofundme.com/f/name-a-hotel-room-so-we-never-forget ( Name A Hotel Room So We Never Forget ) [02:29] - Prior life as a pit trader [03:52] - Brief, intense, infrequent, and safe [07:50] - Fitness for trading [

In the past, structured note trading was something that was only available to high powered firms or wealthy individuals. A new startup, Halo Investing, is turning that on its head and democratizing structured note trading so that individuals can get a piece of what has become a $3 trillion market. Our guest this week on Limit Up!, Biju Kulathakal, discusses the future of structured note trading and why traders should get in on that now.Biju also talks about his time as a trader and how that helped him on his current path as the CEO of a startup. Stay tuned for this week’s MARKet Reaction.  [00:37] - This week: Biju Kulathakal [01:37] - Market reaction [02:39] - Jeff Carter interview with Biju Kulathakal[02:47] -https://www.gofundme.com/f/name-a-hotel-room-so-we-never-forget ( Name A Hotel Room So We Never Forget ) [03:28] - Biju's variety of experiences [04:13] - Embedded optionality [06:16] - Catching the wave [08:53] - A platform for structured notes [13:34] - How Halo is different [17:06] - Protection on t

Just as the internet has revolutionized trading, it has also changed the landscape of higher education. People need degrees to get desirable jobs, but the cost of an MBA program is rapidly becoming out of reach for all but a few.https://www.linkedin.com/in/professorjeffreybrown/ ( Jeff Brown), Dean of the Gies College of Business at the University of Illinois at Urbana-Champaign, stopped by to talk to Jeff about the state of higher education and what the future is shaping up to look like.The two Jeffs discuss how the school’s iMBA program is democratizing access, why you should be wary of college ranking lists, and what drives the price of a degree. Whether you’re thinking of going back to school, have kids heading off, or you’re just interested in higher education, tune in!  [00:45] - This week: Jeff Brown [01:34] - Market reaction [10:36] - Jeff Carter interview with Jeff Brown[11:03] - Accessing higher education [13:11] - Business school rankings [19:11] - Becoming Dean [20:49] - CFO training ground [24:27

In the high-stakes world of trading, it’s only a matter of time before you make a mistake. But high-achievers are notoriously bad at handling failure. Today’s guest, Gustavo Razzetti wants to change that. Gustavo stopped by to talk to Jeff about resetting your mindset so that you look at mistakes and failures as an opportunity to grow.Tune in to today’s episode as Gustavo offers up his best advice for dealing with failure and stay tuned for this week’s MARKet Reactions. [00:16] - This week: Gustavo Razzetti [01:19] - Market reaction [06:14] -https://www.youtube.com/watch?v=F-fJjsm5wkA ( Trader) documentary with Paul Tudor Jones [08:08] - Jeff Carter interview with Gustavo Razzetti[08:38] - Building positive culture with Liberationist [09:52] - Why companies penalize mistakes [10:49] - Getting over the fear of making mistakes [15:36] - Asking about mistake policies [17:46] - Core principles at Liberationist [19:40] - The behaviors we reward and punish [23:08] - Creating influence within a company [25:58] - Dec

You know Nasdaq to be a multi-billion dollar, global exchange, but it wasn’t always that way. In 2003, Nasdaq made an out-of-the-box hire with Bob Greifeld. Bob then oversaw the digital revolution of trading as well as steered the Nasdaq to become the behemoth it is today.Bob joined Jeff on this week’s episode of Limit Up! to discuss his time at Nasdaq, the importance of creating the right company culture, and Bob’s predictions for the future of trading. Hint: he likes crypto. Bob also shares his advice for rookie traders just starting out and discusses his new book,https://www.amazon.com/Market-Mover-Lessons-Decade-Change-ebook/dp/B07NCY3359 ( Market Mover). Stay tuned for this week’s MARKet Reactions. [00:28] - This week: Bob Greifeld [01:25] - Market reaction [02:29] - Jeff Carter interview with Bob Greifeld[03:24] - Becoming the CEO of Nasdaq during the aftermath of the dot-com bubble [09:06] - Changing the culture of Nasdaq [11:21] - Updating the battleship [13:53] - Changing the industry with rapid depl