The Outlier Trading Podcast Agustin Lebron: Jane Street Trader on Why You Should Trade | the Outlier Podcast
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Dec 10, 2025 
Agustin Lebron, an experienced trader from Jane Street and author of 'Laws of Trading,' shares his insights on the trading world. He discusses why most people shouldn't trade due to steep competition and institutional advantages. Agustin highlights the hidden costs of trading and the importance of conservative sizing. He also delves into the role of AI in trading and the need for continuous strategy improvement. Additionally, he warns against predatory trading courses, advocating for better practices and mentorship for aspiring traders.
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Betting As A Tax On Bullshit
- Prediction markets and bets force people to reveal beliefs by putting money behind words.
- Betting acts as a 'tax on bullshit' and can improve accountability if applied to useful topics.
Book Originated From Intern Training
- Agustin turned his intern training material into Laws of Trading focused on principles over strategies.
- He began with a simple observation about never being happy with trade size and expanded it into a teaching framework.
Trade To Reach The Right Position
- Think in positions, not individual trades; optimize toward the correct position over time.
- Choose actions that move you toward that position given costs and risk, not your entry price.
