Lighter's early product decisions were guided by direct customer feedback, which showed that perpetual contracts dominate high-frequency trading. Spot markets are still important, but the bulk of volume and capital efficiency comes from perp trading, shaping Lighter's roadmap.
Bamber argues that pure mechanical systems fail without an understanding of price intention, while over-reliance on intuition alone leads to sloppy execution. A balanced approach that uses mechanics as a scaffold for intuition yields consistent profitability.
Nang argues that raw IQ matters little; success depends on emotional intelligence, perseverance, and humility.
“Emotional intelligence and persistence outweigh raw academic brilliance in quant trading”
Trading performance hinges on hitting a sweet spot of emotional arousal. Too much emotion leads to reckless behavior, while too little creates disengagement. Each trader must discover their personal mix of energy and calm to stay effective.
Trading triggers ancient survival circuits—fight‑or‑flight, predator‑prey assessments—that shape our emotional responses to market risk.