Market Misfits

Origin Story: Joe "Poko" Pokrzywa (EP. 20)

In this special "origin story" episode of the Market Misfits Podcast, host Joe Pokrzywa takes the hot seat and becomes the guest, handing the mic over to Steamroom Trading Managing Partner Charlie Bathgate. Joe shares the raw, unfiltered journey of how he went from a trading novice to a respected voice in the trading community—through career detours, humbling losses, personal rock bottom, and the obsessive deep dive that unlocked his edge.
Joe opens up about his early days selling payroll, crashing headfirst into options trading, and navigating the high-stress worlds of structured finance and esports—where he worked with legends like Hector Rodriguez and Andy Miller. He details the moment everything fell apart: a broken engagement, job loss, and moving back home with nothing left to lose.
It was at that lowest point that Joe doubled down on the markets, immersing himself completely in options theory, gamma, dealer positioning, and zero-DTE dynamics. Through discipline, study, and relentless curiosity, he transformed from a lurker in the Steam Room to a trusted resource for top traders—developing a unique approach that now helps others decode market movement.
This is a story of resilience, obsession, and finding your niche when everything else falls away. Whether you're a trader or just love a comeback story, Joe’s journey proves that sometimes the deepest insights come from the hardest lessons.
 
DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Fed Cuts, Santa Rally, and Prediction Markets (EP. 19)

Joe and Smiddy close out the year with a wide-ranging conversation on what’s really driving market flows post-Fed. With the AI narrative losing steam, tech rotation accelerating, and volatility picking up into VIX expiry and OPEX, they dig into the psychology behind positioning, the reality of a “Santa rally,” and why skew and vol structure are flashing caution.
They also take a detour into the growing world of prediction markets — from political betting to crypto-fueled arbitrage — and reflect on what it says about risk-taking in today's environment.
 
DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Inside Fast Tape: Gamma, Vol, and Risk (EP. 18)

Joe and Smiddy are back to break down one of the most chaotic market swings of the year — a 4% intraday reversal that left traders stunned and liquidity vanished. They dive into how negative gamma, high Vanna, synthetic positioning in levered ETFs, and vol traps created a perfect storm.
The guys also reflect on how the trading environment has changed, the new volatility regime, and what it means for sizing, patience, and emotional control. From understanding regime shifts to the mechanics behind failed rallies, this episode is a must for anyone who trades intraday or manages macro risk.
They close out with a surprising shift into casino stocks and precious metals, plus a spicy take on why gold might be headed to $10K.
 
DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Winning Smart Money’s Mindgames ft. Chris Cady (EP. 17)

In this special episode, Charlie Bathgate sits down with legendary trader and trading psychologist Chris Cady for a deep dive into the mental side of the markets. They explore why traders fall into the “this is insane” trap, how to stay emotionally engaged in mechanical markets, and what it takes to preserve your edge in an environment that no longer plays by old rules.
Chris shares wisdom from four decades in the game — from dealing with chaos in the pit to recognizing red flags before a blow-up, and why trading is still the most life-affirming thing you can do if you do it with intention.
They cover:– Defensive copes and how they kill your edge– The danger of disengaging during volatile markets– Why stops, size, and personal life transitions matter more than you think– How to trade with courage, not just conviction
This is required listening for any trader serious about long-term survival.

Sitting on a VIX Powder Keg ft. Wall St. Jesus (EP. 16)

In this episode of the Market Misfits Podcast, hosts Joe and Smiddy are joined by the legendary "Wall Street Jesus," Jay, to break down the most pressing themes in the market.
The crew dives headfirst into the chaotic "stock picker's market," where low-priced AI power and crypto-treasury plays like NBIS, BE, and HUT are exploding. But is this a sign of a healthy rotation or the final blow-off top before a major correction?
They tackle the million-dollar question on everyone's mind: the upcoming Fed decision. Should they cut? What happens to a market at all-time highs when economic data is softening? Jay provides a masterclass on market microstructure, explaining the critical divergence between "systematic" and "discretionary" fund positioning and why it's preventing a major meltdown—for now.
The conversation takes a deep, wonky dive into the terrifyingly large short position in the VIX, the potential for a historic volatility explosion, and why the next market crash could be breathtakingly fast thanks to levered ETFs and options.
Plus, the group shares war stories from the trenches, including Smiddy's brutal year with client accounts and the dark side of crypto trading.DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Summer of George Continues (EP. 15)

Joe and Smiddy, and not much has changed — except the market’s still climbing and vol is still pinned. In this episode, they unpack what’s behind the slow grind higher: vol control funds, CTAs with more to buy, and a retail flow that refuses to quit. They dig into the “Summer of George” market regime, recap Cem Karsan's latest take (blow-off top or slow burn), and reflect on what it’s like trading when fundamentals take a back seat to flows.
Also:– Smiddy closes out a painful $15M UNH position– Meme stocks and crypto treasury absurdity– What traders can do if they still want downside exposure– The worst-performing sector of the year– Another round of Trade or Fade

Mechanical Buying and the Hidden Pressure (EP. 14)

Joe and Smiddy are back. Vol is crushed and dealers are pinned, leaving markets calm on the surface — but underneath, the pressure is quietly building. Levered ETF rebalancing, synthetic gamma exposure, and short gamma from retail and institutions are creating a potentially explosive mix. As these flows start to collide, dealer hedging could flip from passive to aggressive, forcing movement into thin summer tape.
They break down McElligott’s latest note, walk through how gamma traps and vol control are setting the stage, and explain the structural flows fueling what could be the next leg higher. This isn’t about macro headlines — it’s about positioning mechanics that might kick the market into gear.
 
DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Student of Yourself: Psychology of the Trader’s Journey ft. Chris Cady (EP. 13)

In this special episode, Charlie Bathgate sits down with trading psychologist and veteran trader Chris Cady to break down the full emotional arc of a trading career. From the early stages of chasing fast money to the long grind of consistency, they unpack how traders evolve—and why most never make it through. Chris shares timeless lessons from the floor, explains what it means to become a student of yourself, and offers hard-earned insights on adapting to changing regimes, managing doubt, and finding your edge without losing your mind.
Whether you’re just starting out or deep in the game, this is one of those episodes you’ll come back to again and again.
 
DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Calm Now, Vol Later (EP. 12)

On this episode, Joe and Smiddy break down the melt-up into OPEX and why the real move might come after. They explain how gamma is pinning the tape short term, but once it rolls off, positioning gets freed up — setting the stage for potential macro fireworks in August. They talk about the short gamma dealer problem that could push past ATH and dig into McElligot’s "crash” thesis. Plus: trader psychology during slow summer chop, recent wins and losses from the room, and a few rants on overvalued names and $30 sandwiches.
 
DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.

Market as a Mirror: Discipline, Loss, and Self-Discovery ft. Marsh (EP. 11)

In this special episode of Market Misfits, Steamroom Trading CEO Charlie Bathgate sits down with Marsh — a community member whose trading path is anything but typical. From putting $150K in a penny stock trade to walking away from the market entirely to go all-in on education, Marsh shares an unfiltered look at what it takes to grow not just as a trader, but as a person. This conversation dives deep into psychology, discipline, and what it really means to stay relentless.DISCLAIMER: Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. All opinions expressed by anyone on the podcast are solely their own opinion.