Chat With Traders 184: Mike Mangieri – Behind the Scenes of an Equities Day Trading Firm
Nov 28, 2019
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Pivot to Proprietary Trading
- Seven Points Capital transitioned from a brokerage model to proprietary trading after the 2008-2009 financial crisis.
- The firm shifted from executing client orders to trading its own capital, developing multiple strategies.
Starting a Prop Firm
- Start a prop firm with smaller capital and traders accustomed to trading smaller books.
- Reinvest profits into the firm, gradually scaling up capital and trader count.
Risk Management
- Monitor risk at both firm and individual levels.
- Managing individual risk is more challenging because it involves the trader's psychology.