Note: This interview was recorded 3rd February 2016
This weeks guest is Daniel Goldberg, an active trader and partner at Futex – a proprietary trading firm located in London, UK.
Dan has been involved with financial markets since 1995 (straight out of college), and got his start as a book-runner on the exchange floor. He later became a pit trader, and was also there for the transition to electronic markets.
These days, Dan plays a major role in training new traders to the firm, and predominantly focusing on two markets; Bunds and Euro Stoxx.
Some of the topics we covered during our discussion; how Dan seeks out trading opportunities and uses tools such as the price ladder and market profile. And how macro events effect have a significant impact on his trade decisions.
I also ask Dan a bunch of questions centered around prop trading, and he has some really interesting points to share on the topic of risk. So there’s plenty to learn from Dan, enjoy!
![daniel goldberg futex](https://chatwithtraders.com/wp-content/uploads/2016/02/daniel-goldberg-futex.jpg)
Follow Daniel on Twitter: @DMG_FutexLive.
Lessons learnt in this interview:
- How Dan landed his first job as a book-runner, and later traded in the pit, basing decisions off of ‘gut instinct’ (which came with many challenges).
- The “free money” that was available in the transition to electronic trading, and what lead to an improvement in Dan’s trading performance.
- An overview of how Dan analyzes the market for trade opportunities, and the value of understanding correlation between various markets – the big picture!
- How Dan uses tools such as the price ladder and market profile for greater context about the price action and to confirm trade idea.
- We discuss the advantages of prop trading and ‘risk tolerance’ – can it be taught, or is it something built into your personality?
- How traders new to the firm are trained during a 12 week initiation process, and the anticipated length of time before consistency is achieved.
- A guide to the success/failure rate of prop traders versus the retail sector, and words of advice for traders who feel stuck in the mud.
Links and resources mentioned:
- FutexLive.com – Follow this link to learn more about Daniel, Futex, and the resources they have available for aspiring traders.
- Futex.co.uk – Similar to the link above, except this site is more centered around Futex as proprietary trading group.
- @DMG_FutexLive – Go ahead, follow Dan on Twitter (especially if you trade similar markets).
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