The TRUTH Behind Market Algorithms & How 'Manipulations' Actually Happen - Rishi Narang

Nov 10, 2025

Rishi Narang, a renowned quantitative trader and author, reveals the intricate world of market algorithms. He discusses how price movement is influenced less by manipulation and more by human behavior and game theory. Rishi emphasizes the importance of discipline and rigorous testing over instinct in trading. He explores the evolution of market trading practices, highlighting how quants adapt to predict market participants' actions. Finally, he critiques short-termism in markets, advocating for a deeper understanding of risk and strategy.

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INSIGHT

Art And Science Of Quant Trading

Quant trading combines design (art) with implementation (science) where the autopilot runs once built.
Rishi Narang says the art is designing the algorithm and the science is in executing and monitoring it.

ADVICE

Stop Using Models When Premises Break

If the premise of your model no longer holds, stop using it and go to cash when faced with known unknowns.
Rishi advises stepping aside for extreme regime changes like Lehman or COVID rather than risking model obsolescence.

ANECDOTE

Three Times He Went To Cash

Rishi recounts three times he intervened and went to cash, including before Lehman's bankruptcy and COVID.
He used observable ‘‘known unknowns’’ to avoid catastrophic quant losses.

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Best offers for funding with FundedNext:https://fundednext.com/?fpr=tot(Or Use Code: TOT)30% off all funding with Alpha Capital: https://app.alphacapitalgroup.uk/signup/TOT(Or Use Code: TOT)Get Up To 40% Off Alpha Futures funding: https://app.alpha-futures.com/signin?next=%2F (Or Use Code: TOT)Get 20% off journaling with Tradezella: https://www.tradezella.com/?via=waqar(Or Use Codes: ToT10 or ToT20)Rishi Narang, one of Wall Street’s most secretive quant traders, breaks down how price really moves, the truth behind market manipulation, and why most traders are fighting the wrong battle.__________________________________________ 🔗Connect with Waqar here: https://www.youtube.com/@WaqarAsim./videosTitans Of Tomorrow here:https://www.instagram.com/titansoftomorrowpodcastGuest:https://www.linkedin.com/in/rishiknarang/____________________________________________________________________Chapters:00:00 – 01:30 | Intro 01:30 – 07:2 0Art vs Science of Quant Trading07:20 – 12:50 The Key Differences Between Quant & Discretionary Traders12:50 – 17:10 Correlation, Causation & The Quest for Predictability17:10 – 21:20 Randomness, Human Behavior & Game Theory in Markets21:20 – 25:15 Institutions, Algorithms & Market Evolution25:15 – 30:20 Systematic vs Discretionary: The Role of Intuition30:20 – 34:10 Biases, Overfitting & Sample Size Myths34:10 – 40:00 Discipline, Losing Streaks & Probability of Drawdowns40:00 – 46:20 Alpha Decay, Regimes & Knowing When You’re Wrong46:20 – 51:00 Technicals, Universality & Market Concepts51:00 – 57:00 Time Horizons, Forecast Accuracy & Market Impact57:00 – 01:03:30 Fundamentals, Technicals & The Self-Fulfilling Nature of Markets01:03:30 – 01:09:00 Positioning, Crowding & Market Impact Explained01:09:00 – 01:14:50 Liquidity, Stop Hunts & How Price Really Moves01:14:50 – 01:20:40 Retail Order Flow, Market Makers & Manipulation Myths01:20:40 – 01:27:30 Market Conspiracies, Consumerism & The Real “Elites”01:27:30 – 01:33:20 Risk, Stop Losses & Quant Approaches to Exposure01:33:20 – 01:40:20 Profit Taking, Distribution Curves & Data-Driven Strategy01:40:20 – 01:46:20 The Core Trading Archetypes: Trend, Reversion, Sentiment & Value01:46:20 – 01:51:00 Intelligence, Ego & What Makes a Great Quant Trader01:51:00 – 01:56:00 Institutional Incentives, Capital Allocation & The Game Theory of Funds01:56:00 – 01:57:36 Final Reflections & Timeless Trading Advice