Evolution of Trading with Tom Sosnoff

Tom a trailblazer in the trading industry stops by to chat with our Confessions Of A Market Maker team!

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Hey everyone,

In this episode of Confessions of a Market Maker, our cohosts Ray & JJ had the pleasure of speaking with Tom Sosnoff, a trailblazer in the online brokerage industry, former floor trader, and co-founder of Thinkorswim. Tom shared his journey into trading, which began when he graduated from college during a time of high unemployment and landed a job on Wall Street. After learning about trading options on the trade desk, he was offered a job in Chicago and decided to take the opportunity to become a floor trader.

Tom describes his first experience on the floor as chaotic and exciting, and he was immediately drawn to the energy and potential of the trading industry. He built a successful career as a market maker and later co-founded Thinkorswim, which revolutionized the options trading platform. We also discussed the changes in the trading industry and the loss of the energy and excitement of the trading floor.

Tom also shared some interesting stories about his time as a floor trader, including how he and his friends made a lot of money in the 80s and how he met Tony Batista and Scott. We also talked about his experience with Thinkorswim, the online brokerage platform he co-founded with Scott Sheridan in 1999. Despite the challenges and hurdles they faced, they persevered and eventually sold Thinkorswim to TD Ameritrade in 2009.

Tom shares his experience of buying the domain name "Tasty Trade" for $9.95 with a company credit card and how it became the name of his company. The conversation then shifts to the pandemic and the boom in retail trading. Tom reflects on his attempts to find the secret sauce to get young people interested in markets and how Robinhood was able to achieve that through the virality of their platform and timing.

Overall, the episode highlights Tom's journey in trading and the evolution of the industry. We also discussed his current trading style and his philosophy of letting the market beat him rather than trying to beat the market.

If you want to learn more about Tom's journey and insights into the trading industry, be sure to listen to the full episode on your favorite Confessions of a Market Maker podcast platform.

Our Confessions of a Market Maker Substack Report is being sponsored by our good friends at Microefutures Trading Room.