Odds on Open

Ex–Goldman and DRW Trader on Trading Before Algorithms Took Over

20 Nov 2025

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John Knorring spent over a decade on the Goldman Sachs trading floor, leading natural gas trading through the 2000s—a period defined by trading in a financial crisis, Hurricane-driven volatility, the Amaranth blow-up analysis, and trading during 2008 when bank desks had to price massive option books overnight. He explains how bank trading desks, pit traders, handwritten tickets, and early prop trading shaped risk management in trading, how hedge fund risk systems evolved under stress, and why trading psychology mattered in fast-moving energy commodities trading.John then breaks down the transition to electronic markets, the rise of algorithmic trading, and how the broader electronic trading evolution compressed spreads but expanded opportunity for strong discretionary trading strategies. He contrasts Goldman’s flow-driven environment with DRW trading strategies, explains why some investment strategy decisions still require human judgment in regime shifts, and shows how his commodities background led to building Green Tiger Markets—a new platform transforming the Philippines energy market.We also discuss...Hedge fund trading on early bank trading desksHurricanes, volatility spikes, and the Amaranth blow-upPricing massive books during financial crisis tradingOpen-outcry pits, voice execution, and price discoveryHow Goldman built risk systems for huge positionsFundamentals of natural gas trading and energy marketsStorage cycles, weather models, and pipeline flow dataHow paradigm shifts shape trading psychologyEvolution of algorithmic trading and market microstructureWhen bid-ask compression increased trader P&LWhy discretionary traders lost edge to commodity algosLessons from discretionary vs systematic trading careersThe path from Goldman to DRW prop tradingBuilding Green Tiger Markets for PH electricity hedgingHow electricity forward markets unlock investment in emerging economies

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13:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

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Odds on Open

Ex–Goldman and DRW Trader on Trading Before Algorithms Took Over

This episode hasn't been transcribed yet

Other recent transcribed episodes

13:00H | 21 DIC 2025 | Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

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