Chat With Traders

184: Mike Mangieri – Behind the Scenes of an Equities Day Trading Firm

Nov 28, 2019
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ANECDOTE

Seven Points Capital's Origin

  • Mike Mangieri met Mike Katz while working a back-office job at Katz's firm around 2000.
  • After a fistfight between the firm's partners, Mangieri, Katz, and another partner started their own firm.
INSIGHT

Pivot to Proprietary Trading

  • Seven Points Capital transitioned from a brokerage model to proprietary trading after the 2008-2009 financial crisis.
  • The firm shifted from executing client orders to trading its own capital, developing multiple strategies.
ADVICE

Starting a Prop Firm

  • Start a prop firm with smaller capital and traders accustomed to trading smaller books.
  • Reinvest profits into the firm, gradually scaling up capital and trader count.
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