Linda Raschke is a futures trader who has been through it all. Bull markets, Bear markets, the takeover heydays of the 1980s, the low volatility grinding post-GFC. She started as a floor trader, traded 'upstairs' from the floor, managed money for decades, and now trades from home in her 'semi-retirement.' If you ask Adam Grimes, whom we profiled last week, the vast majority of floor traders who tried to adapt to electronic trading failed desperately.
Linda’s trading career got started almost by mistake. She landed her first job after college at a broker-dealer that happened to be across the street from the late Pacific Coast Stock Exchange in San Francisco. Due solely to her curiosity, she began hanging out there before work and scoping out what the hell was going on. The floor traders took a liking to her, and eventually, she got staked for $25,000 and became a floor trader. Not long after, she went bust buying short straddles on Cities Services (Citgo) before a takeover bid.