Chat With Traders

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.

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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

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.
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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

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