Larry Port sits down with his old Little League coaching friend, Elliot Edelman, to discuss the reality of making a living in the stock market. After 30 years as a professional trader working for hedge funds and proprietary firms, Elliot recently made a major pivot: he left the corporate office to trade his own money from home.

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Elliot explains the trade-offs of this lifestyle change. He no longer has access to firm leverage or a back office, but he also avoids compliance headaches and the commute. He shares honest insights on what it actually takes to survive as a trader. It requires a grasp of probability akin to that in poker, the discipline to handle losses, and the ability to compete against high-frequency algorithms. Larry and Elliot also discuss the "efficient market," why retail traders sometimes outsmart the pros, and how AI might change the finance industry forever.

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Elliot Edelman is a seasoned financial professional with 30 years of experience in the securities industry. He spent over a decade as a proprietary trader at T3 Trading Group, LLC, before transitioning to self-employment in January 2023. Holding an MBA and a background in programming, Elliot now operates as an independent trader and financial content writer, focusing on quantitative market analysis and educational material.

1. The transition to independent trading: Elliot describes leaving the proprietary firm environment to trade his own account, noting the freedom to finally "walk around at noon" on a Wednesday.
2. Breaking into the industry: The story of how headhunters called Elliot "washed up" at 27 and how he eventually used his programming skills and MBA to get his foot in the door at a hedge fund.
3. The trader mindset: Why successful traders need to understand risk and probability rather than just loving stocks. Elliot compares trading logic to sports betting and poker.
4. Market efficiency: How the move from fractional pricing (1/8th of a dollar) to pennies created an environment dominated by high-frequency trading firms.
5. Retail vs. Professional traders: A look at how amateur traders often win by "buying the dip" on popular stocks, while professionals sometimes over-analyze valuations.
6. The future of finance jobs: Elliot discusses how AI is already automating tasks like writing 10-K reports and what this means for young people entering the field.
7. The barrier to entry: Trading is unique because anyone can open an account and start immediately, unlike becoming a doctor or lawyer.

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1. Elliot Edelman on LinkedIn
2. Virtu Financial (High-frequency...