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Trading Education Posted by Team Topstep February 13, 2020

How to Get into Prop Trading with Matt Murnighan

Episode Summary:

Have you been interested in getting into props trading or derivatives but don’t know where to start? On today’s episode of Limit Up! Jack and Dan are talking to Matt Murnighan, a Topstep Trader engineer who started out as a props trader. In an effort to shine a light on how traders break into the industry, each will share how they got their starts and what it was like cutting teeth as a trader during the Great Recession. Listen in next week for Part Two.

Full Show Notes:

Trading today is a different beast than it was in the 80s and 90s. Whereas it used to be all about who you knew, today there are many points of entry to the industry. Today we’re talking to Matt Murnighan, a front-end developer for Topstep Trader. Matt cut his teeth trading props before moving on to software engineering and how he navigated a post-crash market is a lesson for all the newbie traders out there.

Matt, Jack, and Dan swap stories on each of their different paths that led them to trading. Whether you went to business school, got a spot on the floor, or answered an ad on Craigslist, there are many routes to making trades. Check back next week for Part Two.

  • [01:58] – This week: Interview with Matt Murnighan
  • [04:05] – Footman
  • [05:15] – Getting a job as a prop trader
  • [06:54] – Entering the workforce after college
  • [09:00] – Becoming interested in trading
  • [11:43] – The interview process
  • [16:04] – Pay structure
  • [18:27] – Night guys and clerks
  • [21:48] – Crush options
  • [26:37] – Managing a busted options book
  • [31:22] – Correlation trading
  • [33:49] – The MF Global buzzsaw
  • [36:22] – Starting a firm
  • [37:53] – Weaving timelines

Matt Murnighan is a web developer for Topstep Trader and an assistant teacher at Northwestern’s Coding Bootcamp. Matt spent the first eight years of his career as a trader of props and derivatives.


What is Limit Up?

Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Risk Disclosure:

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Podcast episode production by Dante32.