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Algorithmic trader | 7 years live | 10+ algos live Turning every trader algorithmic. Co-founder @AskEdgarIO (agents for funds). Advisor to Long Ridge EP.

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ray dalio spent his 77th birthday in an ibiza club until 4am somehow this one didn't make it into Principles

ray dalio spent his 77th birthday in an ibiza club until 4am somehow this one didn't make it into Principles

1,062,101 Aufrufe

In the initial days of my trading, I had no clue about order flow. 4 years later, order flow is a critical final part of my trading. I've built a list of the top 3 ways I use order flow in a systematic way. Today, I am sharing it with you 🧵

In the initial days of my trading, I had no clue about order flow. 4 years later, order flow is a critical final part of my trading. I've built a list of the top 3 ways I use order flow in a systematic way. Today, I am sharing it with you 🧵

77,065 Aufrufe

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bill ackman on why large, boring companies now drop 25% in a day, something he says almost never happened when he started: "a quarter of every american business, plus or minus, is owned by some combination of vanguard, state street and northern trust. when you shrink the float of a public company, the marginal buyer and seller is going to have more impact on the stock price." "the marginal buyer and seller today is a citadel or a millennium. they operate with a large amount of leverage, very large gross books, and they're increasingly short-term." "most investors are very short-term focused because they're compensated that way. they won't invest in a company unless they're confident the price is going to be higher on december 31st." passive owns the float, pods set the price, and both are structurally unable to hold through a bad quarter. that inability is the opportunity.

bill ackman on why large, boring companies now drop 25% in a day, something he says almost never happened when he started: "a quarter of every american business, plus or minus, is owned by some combination of vanguard, state street and northern trust. when you shrink the float of a public company, the marginal buyer and seller is going to have more impact on the stock price." "the marginal buyer and seller today is a citadel or a millennium. they operate with a large amount of leverage, very large gross books, and they're increasingly short-term." "most investors are very short-term focused because they're compensated that way. they won't invest in a company unless they're confident the price is going to be higher on december 31st." passive owns the float, pods set the price, and both are structurally unable to hold through a bad quarter. that inability is the opportunity.

1,315,021 Aufrufe • vor 21 Tagen

bill ackman thinks paying analysts on individual P&L gives them an incentive to push their own ideas too hard. at his investment firm, pershing square, nine investment professionals oversee 12–14 investments. everyone's compensation is based on the overall portfolio. two people research an idea in depth. ackman and his CIO do some of the work, then the whole team hears the pitch and makes a collective decision.

bill ackman thinks paying analysts on individual P&L gives them an incentive to push their own ideas too hard. at his investment firm, pershing square, nine investment professionals oversee 12–14 investments. everyone's compensation is based on the overall portfolio. two people research an idea in depth. ackman and his CIO do some of the work, then the whole team hears the pitch and makes a collective decision.

24,919 Aufrufe • vor 1 Tag

jane street, the quant firm with a reported $39.6 bn in trading revenue in 2025, built its own card game to teach trading. it's called figgie. four minutes to read the other players, work out what the cards are worth and decide what you're willing to pay. here's one example of what they're teaching: a trader bids 3 chips for a card he's happy to buy at 6. two of its traders explain why.

jane street, the quant firm with a reported $39.6 bn in trading revenue in 2025, built its own card game to teach trading. it's called figgie. four minutes to read the other players, work out what the cards are worth and decide what you're willing to pay. here's one example of what they're teaching: a trader bids 3 chips for a card he's happy to buy at 6. two of its traders explain why.

43,637 Aufrufe • vor 1 Tag

alexandr wang spent his 19th birthday as an MIT freshman on a winter internship at hudson river trading. around the table: jeff yan, who went on to start hyperliquid (~$20B) scott wu, who went on to start cognition ($48B) jesse zhang, who went on to start decagon ($4.5B) and wang, who started scale AI, got $14.3B from meta for 49% of it, and now runs meta's superintelligence lab. when HRT's founder told him they were starting to do private investments: "just invest into the interns. all the interns get seed checks." another wonderful episode from David Senra.

alexandr wang spent his 19th birthday as an MIT freshman on a winter internship at hudson river trading. around the table: jeff yan, who went on to start hyperliquid (~$20B) scott wu, who went on to start cognition ($48B) jesse zhang, who went on to start decagon ($4.5B) and wang, who started scale AI, got $14.3B from meta for 49% of it, and now runs meta's superintelligence lab. when HRT's founder told him they were starting to do private investments: "just invest into the interns. all the interns get seed checks." another wonderful episode from David Senra.

413,741 Aufrufe • vor 19 Tagen

flood's trading partner was asked how he'd turn $100k into $1 million. his answer: "get a job" kyle soska says a $100k portfolio is too small to devote your entire working life to compounding. at $1 million, his answer changes. keep living costs under control, take smaller opportunities and wait for the rare trade worth sizing up. people do often underestimate how capital intensive trading is.

flood's trading partner was asked how he'd turn $100k into $1 million. his answer: "get a job" kyle soska says a $100k portfolio is too small to devote your entire working life to compounding. at $1 million, his answer changes. keep living costs under control, take smaller opportunities and wait for the rare trade worth sizing up. people do often underestimate how capital intensive trading is.

278,492 Aufrufe • vor 15 Tagen

an options seller made money in 27 of 28 months. then lost his house and his kids' college funds. nick kokonas, a former chicago options trader, watched it happen. the guy kept selling far-out-of-the-money calls, collecting small premiums until the loss wiped him out. the floor had a name for it: "eat like a bird, shit like an elephant."

an options seller made money in 27 of 28 months. then lost his house and his kids' college funds. nick kokonas, a former chicago options trader, watched it happen. the guy kept selling far-out-of-the-money calls, collecting small premiums until the loss wiped him out. the floor had a name for it: "eat like a bird, shit like an elephant."

45,608 Aufrufe • vor 3 Tagen

citadel's global equities head says some of the biggest hedge-fund losses now happen without a major market selloff. “The S&P 500 didn't move very much.” justin lubell describes huge P&L swings driven by factor shocks and rotations inside the market. a portfolio can look diversified by ticker and still be one crowded bet.

citadel's global equities head says some of the biggest hedge-fund losses now happen without a major market selloff. “The S&P 500 didn't move very much.” justin lubell describes huge P&L swings driven by factor shocks and rotations inside the market. a portfolio can look diversified by ticker and still be one crowded bet.

174,595 Aufrufe • vor 11 Tagen

a 24-year-old ex-openai researcher ran a fund to $45 billion with eight people, was up 439% net through june, and by the end of july had sold his entire public stock portfolio to ken griffin in a single block trade. griffin described this exact failure mode two years ago, asked why portfolio managers wash out at citadel: "you have a portfolio that is extraordinarily highly concentrated, you have large positions, you cannot demonstrate a clear and concise competitive advantage in why you own those positions." "and there are some people that just, with full information, are unable to help themselves and get to a better portfolio construction." he was also asked the opposite question in the same interview, why citadel keeps working, his third and final answer was this: "it's experience. it's the price paid in losses and pain that converts into wisdom. my leadership team, we've been through a lot of very difficult moments of the markets together. we've learned some very bitter lessons. but it makes us much more effective as investors in periods of turmoil and crisis." citadel started in november 1990. situational awareness started in 2024, long AI infrastructure and short software at roughly 4x leverage. both legs went against it in the same three weeks. there was no bitter lesson priced into that book yet. that's what got bought. he wasn't wrong about AI. he was wrong about the construction of his book.

a 24-year-old ex-openai researcher ran a fund to $45 billion with eight people, was up 439% net through june, and by the end of july had sold his entire public stock portfolio to ken griffin in a single block trade. griffin described this exact failure mode two years ago, asked why portfolio managers wash out at citadel: "you have a portfolio that is extraordinarily highly concentrated, you have large positions, you cannot demonstrate a clear and concise competitive advantage in why you own those positions." "and there are some people that just, with full information, are unable to help themselves and get to a better portfolio construction." he was also asked the opposite question in the same interview, why citadel keeps working, his third and final answer was this: "it's experience. it's the price paid in losses and pain that converts into wisdom. my leadership team, we've been through a lot of very difficult moments of the markets together. we've learned some very bitter lessons. but it makes us much more effective as investors in periods of turmoil and crisis." citadel started in november 1990. situational awareness started in 2024, long AI infrastructure and short software at roughly 4x leverage. both legs went against it in the same three weeks. there was no bitter lesson priced into that book yet. that's what got bought. he wasn't wrong about AI. he was wrong about the construction of his book.

1,657,907 Aufrufe • vor 3 Monaten

ken griffin, founder of the $77 bn hedge fund firm citadel, has little patience for blaming every losing trade on hedge fund deleveraging. he says people love that explanation because it removes their own accountability. his first questions are about the prices changing, the information his team lacks, and what other investors may have worked out. only after exhausting those paths does he want to discuss who might be forced to sell. his concern with reaching for that explanation too quickly: “I actually stop learning.”

ken griffin, founder of the $77 bn hedge fund firm citadel, has little patience for blaming every losing trade on hedge fund deleveraging. he says people love that explanation because it removes their own accountability. his first questions are about the prices changing, the information his team lacks, and what other investors may have worked out. only after exhausting those paths does he want to discuss who might be forced to sell. his concern with reaching for that explanation too quickly: “I actually stop learning.”

123,402 Aufrufe • vor 9 Tagen

Jane Street just showed the inside of their AI training data center in Texas. 4,032 GPUs. 56 racks. 8,000 km of fiber. liquid cooling running through every server because air cooling can't handle the heat anymore. but the part that got me was the origin story. Ron Minsky, who co-heads their technology group. said their first compute cluster was literally six Dell boxes stacked on top of each other at the end of a desk row. they called it "the hive." the trading systems sat out in the room with the traders because they wanted to be able to unplug them if something went wrong. at one point, someone vacuuming the office unplugged a live trading system in the middle of the day. from six Dell boxes and a vacuum cleaner incident to a liquid-cooled GPU data center processing trades in under 100 nanoseconds. that's a 20-year arc.

Jane Street just showed the inside of their AI training data center in Texas. 4,032 GPUs. 56 racks. 8,000 km of fiber. liquid cooling running through every server because air cooling can't handle the heat anymore. but the part that got me was the origin story. Ron Minsky, who co-heads their technology group. said their first compute cluster was literally six Dell boxes stacked on top of each other at the end of a desk row. they called it "the hive." the trading systems sat out in the room with the traders because they wanted to be able to unplug them if something went wrong. at one point, someone vacuuming the office unplugged a live trading system in the middle of the day. from six Dell boxes and a vacuum cleaner incident to a liquid-cooled GPU data center processing trades in under 100 nanoseconds. that's a 20-year arc.

2,278,856 Aufrufe • vor 5 Monaten

jane street doesn't allocate its GPU cluster by committee. it runs a live internal auction and lets researchers bid against each other for it. no approvals. no allocation meetings. no manager deciding whose model matters more this quarter. "our compute cluster is available for everybody. you're tasked with realistically thinking about how to value this job you're running versus all the other things." "and there's not really any guard rails." it's also globally readable and writable. anyone can see what anyone else is running, and anyone can kill anyone else's job. "you can just nuke somebody else's job anytime." which produced exactly the outcome you'd expect at least once: "there was an instance where an unwitting researcher ran a command in a jupyter notebook to adjust the bids on his job. he accidentally ran the command without any arguments — which meant he changed the bids of every single job running on the hive." they fixed that one afterwards. but the visibility is the point. if your job is failing while you're away from your desk, someone else sees it and pauses it for you. "i see that you're running this job and this MFU is just terrible. what's going on?" "a lot of things can be sorted out without it going up the ranks." that cluster is the same one from their data centre film. 4,032 GPUs, 56 racks, 8,000km of fiber, allocated by internal price discovery. they built a market to decide who gets to use the market-making machine.

jane street doesn't allocate its GPU cluster by committee. it runs a live internal auction and lets researchers bid against each other for it. no approvals. no allocation meetings. no manager deciding whose model matters more this quarter. "our compute cluster is available for everybody. you're tasked with realistically thinking about how to value this job you're running versus all the other things." "and there's not really any guard rails." it's also globally readable and writable. anyone can see what anyone else is running, and anyone can kill anyone else's job. "you can just nuke somebody else's job anytime." which produced exactly the outcome you'd expect at least once: "there was an instance where an unwitting researcher ran a command in a jupyter notebook to adjust the bids on his job. he accidentally ran the command without any arguments — which meant he changed the bids of every single job running on the hive." they fixed that one afterwards. but the visibility is the point. if your job is failing while you're away from your desk, someone else sees it and pauses it for you. "i see that you're running this job and this MFU is just terrible. what's going on?" "a lot of things can be sorted out without it going up the ranks." that cluster is the same one from their data centre film. 4,032 GPUs, 56 racks, 8,000km of fiber, allocated by internal price discovery. they built a market to decide who gets to use the market-making machine.

659,403 Aufrufe • vor 2 Monaten

Lloyd Blankfein, former CEO of Goldman Sachs, broke down his entire personal trading setup: portfolio: 98% risky assets. 75-90% single stocks. mostly big tech hyperscalers plus "second tier" names slightly below blue chip. "i invest in risky assets. that's what's fun for me." "do you have a team? oh, just me." hardware: no computer. an iPad and a phone. information source: texting and calling people. "somebody will text me. i'll text them. then i'll get tired of tapping things out because of my fat fingers. so i just call people up." frequency: trades every single day. multiple times. "it's taking a lot of discipline not to look at my screen while i'm talking to you right now." "some people listen to music. to me, the market is like music. it's out there. it's going on." has he outperformed the market? "yes, i have for a while. it's because of where i focused, tech, energy, and financial services. i know a lot about financial services having been in financial services." the former CEO of Goldman Sachs. manages his own money. on an iPad. alone. focused on three sectors he actually knows. and beats the market. sometimes the edge isn't the model. it's 40 years of pattern recognition and a phone full of the right contacts.

Lloyd Blankfein, former CEO of Goldman Sachs, broke down his entire personal trading setup: portfolio: 98% risky assets. 75-90% single stocks. mostly big tech hyperscalers plus "second tier" names slightly below blue chip. "i invest in risky assets. that's what's fun for me." "do you have a team? oh, just me." hardware: no computer. an iPad and a phone. information source: texting and calling people. "somebody will text me. i'll text them. then i'll get tired of tapping things out because of my fat fingers. so i just call people up." frequency: trades every single day. multiple times. "it's taking a lot of discipline not to look at my screen while i'm talking to you right now." "some people listen to music. to me, the market is like music. it's out there. it's going on." has he outperformed the market? "yes, i have for a while. it's because of where i focused, tech, energy, and financial services. i know a lot about financial services having been in financial services." the former CEO of Goldman Sachs. manages his own money. on an iPad. alone. focused on three sectors he actually knows. and beats the market. sometimes the edge isn't the model. it's 40 years of pattern recognition and a phone full of the right contacts.

1,072,276 Aufrufe • vor 4 Monaten

Ken Griffin on the single factor he looks for when hiring at Citadel: "show me an athlete who did well academically." "an athlete because they know what it takes to win and they've had to experience loss." talent is everywhere. what's rare is someone who knows how to lose, recover, and still perform at a high level. same thing separates profitable traders from everyone else.

Ken Griffin on the single factor he looks for when hiring at Citadel: "show me an athlete who did well academically." "an athlete because they know what it takes to win and they've had to experience loss." talent is everywhere. what's rare is someone who knows how to lose, recover, and still perform at a high level. same thing separates profitable traders from everyone else.

1,248,383 Aufrufe • vor 5 Monaten

did a defense contractor just sell me a Nintendo 64? palmer luckey sold oculus to facebook for $2 billion at 21. now runs anduril, a $61 billion autonomous weapons company. and this weekend I find him on youtube, 30 minutes deep, explaining an N64 clone he engineered to last for centuries. gold-plated every connector. removed every component that can physically degrade. built the first bluetooth 6.2 device on earth to get wireless latency down to 0.375ms. then open sourced the entire thing. "i wish that all hardware was designed this way, but i unfortunately only designed the hardware that i saw."

did a defense contractor just sell me a Nintendo 64? palmer luckey sold oculus to facebook for $2 billion at 21. now runs anduril, a $61 billion autonomous weapons company. and this weekend I find him on youtube, 30 minutes deep, explaining an N64 clone he engineered to last for centuries. gold-plated every connector. removed every component that can physically degrade. built the first bluetooth 6.2 device on earth to get wireless latency down to 0.375ms. then open sourced the entire thing. "i wish that all hardware was designed this way, but i unfortunately only designed the hardware that i saw."

551,592 Aufrufe • vor 2 Monaten

nick kokonas, a former options trader, says his firm made over $100m in a year after finding a 20-second advantage over goldman sachs. he connected traders in new york directly to the chicago pit while rivals still passed paper tickets through brokers. that let them trade the price gap between an ETF and its futures hedge before the slower process caught up. you can point to exactly why they made money and their edge, key for any profitable trader.

nick kokonas, a former options trader, says his firm made over $100m in a year after finding a 20-second advantage over goldman sachs. he connected traders in new york directly to the chicago pit while rivals still passed paper tickets through brokers. that let them trade the price gap between an ETF and its futures hedge before the slower process caught up. you can point to exactly why they made money and their edge, key for any profitable trader.

20,277 Aufrufe • vor 4 Tagen

druckenmiller at 27, running $6 billion with no experience, when the shah of iran fell: "I said this is easy, let's put all our money in oil stocks and defense stocks. if I had been a little older, a little wiser, I would have diversified. it went up a lot, so everybody thought I was a genius." "I wasn't a genius. I just didn't know any better."

druckenmiller at 27, running $6 billion with no experience, when the shah of iran fell: "I said this is easy, let's put all our money in oil stocks and defense stocks. if I had been a little older, a little wiser, I would have diversified. it went up a lot, so everybody thought I was a genius." "I wasn't a genius. I just didn't know any better."

276,298 Aufrufe • vor 1 Monat

"every single trader out there seems to make the same mistake over and over again. their position size is probably two to ten times more than it should be." martin shkreli built a kelly criterion simulator to test exactly this. "most folks don't actually have an edge when they trade. but if they did, they're trading as if they had a 4x or 5x kelly edge." "if you run the simulator, you will go to zero each time." "even with a 60/40 edge on every trade you make, you'll go bust if you overbet." "and who has a 60/40 edge in the stock market? nobody has a 60/40 edge." even a real edge, sized wrong, still ends at zero. sizing is too commonly the part I see every trader consider second or third.

"every single trader out there seems to make the same mistake over and over again. their position size is probably two to ten times more than it should be." martin shkreli built a kelly criterion simulator to test exactly this. "most folks don't actually have an edge when they trade. but if they did, they're trading as if they had a 4x or 5x kelly edge." "if you run the simulator, you will go to zero each time." "even with a 60/40 edge on every trade you make, you'll go bust if you overbet." "and who has a 60/40 edge in the stock market? nobody has a 60/40 edge." even a real edge, sized wrong, still ends at zero. sizing is too commonly the part I see every trader consider second or third.

341,984 Aufrufe • vor 2 Monaten

this guy won a World Series of Poker bracelet, then became a quant at Susquehanna (a firm with over $500B in market making). here he breaks down the decision process behind every trade of theirs: incomplete information, time, and EV. this clip is worth 3 minutes of your day.

this guy won a World Series of Poker bracelet, then became a quant at Susquehanna (a firm with over $500B in market making). here he breaks down the decision process behind every trade of theirs: incomplete information, time, and EV. this clip is worth 3 minutes of your day.

559,312 Aufrufe • vor 6 Monaten

3Blue1Brown (grant sanderson) asked a jane street researcher whether people modelling markets think about time as continuous rather than discrete. "when you're modeling real world time series, they're not always so cleanly discrete, or as regular." "i do also think when you're modeling real world physical phenomena it is actually quite nice to say time is continuous. we just sample it at some points that we care for." in language the index is the whole object. token 1, token 2, token 3. there is no duration between tokens unless you add one. market data comes with a clock attached. quotes and trades arrive when they arrive, a 1m or daily bar is a grid you laid over them afterwards, and the waiting time between two events carries information: intensity, liquidity, whether anything is happening at all.

3Blue1Brown (grant sanderson) asked a jane street researcher whether people modelling markets think about time as continuous rather than discrete. "when you're modeling real world time series, they're not always so cleanly discrete, or as regular." "i do also think when you're modeling real world physical phenomena it is actually quite nice to say time is continuous. we just sample it at some points that we care for." in language the index is the whole object. token 1, token 2, token 3. there is no duration between tokens unless you add one. market data comes with a clock attached. quotes and trades arrive when they arrive, a 1m or daily bar is a grid you laid over them afterwards, and the waiting time between two events carries information: intensity, liquidity, whether anything is happening at all.

177,045 Aufrufe • vor 2 Monaten

militia capital, a hedge fund reporting 48.3% annualized returns, recruited a TV game-show winner with no big-bank or major-fund background. founder david orr says the guy had a personal trading account with a sharpe ratio above 2 over several years. that was enough to give him a shot. orr says he'd consider a delivery driver too, provided the trading results were there. “It could be anybody.”

militia capital, a hedge fund reporting 48.3% annualized returns, recruited a TV game-show winner with no big-bank or major-fund background. founder david orr says the guy had a personal trading account with a sharpe ratio above 2 over several years. that was enough to give him a shot. orr says he'd consider a delivery driver too, provided the trading results were there. “It could be anybody.”

21,677 Aufrufe • vor 7 Tagen