319 · Sam Gaer - From the Copper Pits to Crypto Derivatives: How Trading Edge Evolves

About this episode

Sam Gaer discusses his extensive trading career and the evolution of trading technology from traditional markets to crypto derivatives.

Sam Gaer’s career spans several major shifts in market structure — from the open-outcry pits of COMEX to high-frequency trading and now crypto derivatives. Sam began his career as a teenage runner on the COMEX floor during the gold boom of the early 1980s before becoming a copper pit trader himself. While most traders relied purely on instinct, Sam was already experimenting with technology — building early pricing tools that helped identify inefficiencies in spread markets. His path eventually led beyond the trading floor into exchange technology and market infrastructure, including building trading software that was later acquired by the New York Mercantile Exchange. In recent years, Sam has focused on crypto markets, where he applies traditional derivatives frameworks to volatility, options, and digital asset trading. In this episode, Sam shares insights from decades of experience across multiple market regimes and discusses how trading edge evolves as markets and technology continue to change. In this episode, we explore: · Getting introduced to markets as a teenager · Life inside the COMEX copper trading pits · Early use of computers to price commodity spreads ·…

People in this episode

Hosts: Ian Cox, Tessa Dao

Guest: Sam Gaer

Topics covered

• trading evolution
• market structure
• crypto derivatives
• technology in trading
• COMEX trading
• high-frequency trading

Keywords

• trading
• crypto
• derivatives
• COMEX
• market structure
• high-frequency trading
• options
• volatility

Mentioned in this episode

Organizations: COMEX, New York Mercantile Exchange, NYMEX

Places: United States

More episodes of Chat With Traders

• 325 · Jack Schwager & George Coyle - The 3 Timeless Rules Shared by 100 Years of Market Wizards · June 10, 2026 · 1h 13m
• 324 · Peter Robbins - The Hard Truths of a 50 Year Trading Career · May 27, 2026 · 58 min
• 323 · Alex Temiz - Starbucks Barista to 8-figure Short Selling Strategy · May 13, 2026 · 1h 2m
• 322 · Stephen Kalayjian - What 43 Years in the Markets Teaches You · April 29, 2026 · 1h 8m
• 321 · Eduardo Briceño - $1,900 Small Cap Trader Hit $2.9 Mil in Profits · April 15, 2026 · 1h 45m
• 320 · Stefan Stadie - Sports Betting and Prediction Markets - Through a Trading Lens · March 26, 2026 · 1h 17m