The Outlier Trading Podcast Agustin Lebron: Jane Street Trader on Why You Should Trade | the Outlier Podcast
Dec 10, 2025
Agustin Lebron, an experienced trader from Jane Street and author of 'Laws of Trading,' shares his insights on the trading world. He discusses why most people shouldn't trade due to steep competition and institutional advantages. Agustin highlights the hidden costs of trading and the importance of conservative sizing. He also delves into the role of AI in trading and the need for continuous strategy improvement. Additionally, he warns against predatory trading courses, advocating for better practices and mentorship for aspiring traders.
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Markets Are An Elite Competition
- Trading is like playing in the NBA: you're competing against top players with massive resources.
- Your prior should be that trading is hard because opponents have superior tech, capital, and talent.
Choose Where You Can Compete
- Avoid trading games where you can't win; pick markets that fit your edge and scale.
- Understand your strengths and iterate until you find a small, exploitable niche that works for you.
Market Making Is A Low-Margin Service
- Market making is a mechanical business: buy cheap, sell dear, and collect the spread.
- It's highly competitive with low margins, requiring excellent tech, people, and low costs.
