308 · Jack Schwager and Emanuel Balarie - Market Wizards, Measured: Inside the Criteria, Craft, and Grit

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Sep 29, 2025

Guest

Emanuel Balarie

Guest

Jack Schwager

Join industry legends Jack Schwager and Emanuel Balarie as they dive into the intricate world of trading. Jack reveals what it truly takes to be a Market Wizard, emphasizing the blend of discipline and adaptability required for success. They discuss the importance of position sizing and pre-planned exits in safeguarding against losses. Emanuel shares insights on FundSeeder's mission to help undiscovered talent, creating a unique pathway for aspiring fund managers. If you've been honing your skills, this conversation might just inspire your next big move!

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INSIGHT

Two Paths To Market-Wizard Performance

There is no single formula for exceptional trading performance; it manifests as either spectacular wealth growth or extraordinary return-to-risk consistency.
Jack Schwager looks for long-term proven results, often 10–20 years, to validate a trader's edge.

ADVICE

Position Size Before Strategy

Size positions relative to your defined risk, not nominal capital, to avoid catastrophic losses.
Use predefined stops and limit per-trade risk so one bad trade cannot damage your whole account.

INSIGHT

Obsession And The Trainee Mindset

Top traders treat trading as an obsession and constantly study and iterate their process.
They maintain a trainee mindset to adapt when market edges degrade or change over time.

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We’re joined by Jack Schwager—author of the legendary Market Wizards series and co-founder of FundSeeder—along with his partner and fellow co-founder & CEO, Emanuel Balarie. Jack shares what it really takes to be considered for a Market Wizards book: not one formula, but a mix of standout performance, disciplined risk, and an almost obsessive commitment to process and adaptation. Along the way, we dig into why survival so often hinges on position sizing and pre-planned exits, whether strategies like trend following can still hold up today, and the paradox of how fundamental convictions can actually work against risk management.

Emanuel then explains how FundSeeder discovers talented but undiscovered traders worldwide, using analytics to measure performance and the FundSeeder Rise accelerator (now part of RQSI) to help top performers make the leap from trading their own accounts to managing outside capital. Think of it as a “farm system” for the next generation of fund managers. Few will ultimately make the cut, but every great manager starts somewhere—and if you’ve been honing your craft and building a real track record, this episode might spark the thought: why not you?

Time Stamps:

Please note: Exact times will vary depending on current ads.

00:00 – Introduction and background
10:50 – What qualifies as “Market Wizards” performance
15:20 – Longevity vs. hot streaks
17:20 – Position sizing & cutting losses
19:20 – Obsession level + trainee mindset
24:20 – When edges die (index adds, VIX pattern)
27:20 – Trend logic vs. whipsaw reality
32:20 – Fundamentals vs. risk management
38:20 – “Know your exit before entry”
39:50 – FundSeeder origin story
42:20 – Evaluating traders (quant + qual)
48:20 – Why the Rise accelerator exists
52:20 – RQSI’s role in seeding talent
55:20 – Free analytics & benchmarking for traders
57:20 – How to apply / contact

Trading Disclaimer:

Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice.

Links + Resources:

FundSeeder: https://fundseeder.com
FundSeeder Rise (accelerator): https://www.fundseeder.com/rise
FundSeeder on X: https://x.com/fundseeder
Jack Schwager: https://x.com/jackschwager | http://www.jackschwager.com/
Emanuel Balarie: https://x.com/emanuelbalarie

Sponsor of Chat With Traders Podcast:

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