Kieran Duff
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Systematic Portfolio Manager 路 Live since April 2025

Systematic Trading. Written down as I go.

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Capital at risk. Past performance is not indicative of future results.
$3.7M+ Live capital
Apr 2025 Portfolio inception
+46.32% All-time return (gross)
Performance 路 XAQP As of 30 July 2026 路 Before fees (gross) 路 USD
Jul (MTD) +0.98%
YTD 2026 +7.46%
All-time (since inception) +46.32%
Max DD (12m) −5.83%
Sharpe (since incept.) 3.51
Sortino (since incept.) 4.89
Capital at Risk. Past performance is not indicative of future results. Figures are before fees (gross), denominated in USD, and reflect the live track record of XAQP since inception on 28 April 2025, as managed under Darwinex (Tradeslide Technologies Ltd). Returns are gross of costs; actual investor returns will be lower after fees. Where a monthly return is shown, the corresponding YTD return is shown alongside it.
Latest Letter 015 · 30 Jul 2026

How Much Capital Do You Actually Need?

Nobody can hand you one number for how much capital you need to trade systematically. Four things set it, and here is how to work out your own floor.

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Letters & Notes View all →
L014 27 Jul The Systematic Execution Stack L013 23 Jul Strategy Decay: Is it Dead? L012 20 Jul Risk of Ruin 032 17 Jul Drawdown or Death? L011 16 Jul Raising Capital 031 15 Jul Size the Distribution 030 14 Jul Smart Money, Dumb Money
What people are saying

Thanks man. Really appreciate it. You're a big inspiration for why I went into algo trading.

D. Martin @dmartin_nq · via X

I've followed you since I learned you were also a Dante student. I really appreciate the time you take with everyone and Darwinex. You inspired me to re-open my old folders from 2018 and get back into automation alongside my discretionary trading. Trading is an insular game and I place zero faith in 99% of what I see, but I know a real one when I come across it.

Anonymous via X DM

Found you through @Trader_XO and immediately loved the content. I wish I could filter good content on X and avoid the noise!

Floppy22 @Sup2022a · via X

Well written guide for traders that want to dive into automated trading.

Algomatic Trading @AlgomaticTrade · via X

I am already at chapter 3, but man. This handbook is masterpiece. Thx

Mike | Prop Trading 馃嚨馃嚤 @MikePropTrade · via X
About

A systematic approach, in writing.

I manage systematic strategies with $3.7M+ in live capital. The portfolio went live on 28 April 2025. I'm starting to write the things I wish someone had told me at the start of my career, because they were not, anywhere, accessible.

If you can't write it down, you don't have a system.

The letters cover what I actually do: position sizing, risk allocation, drawdown management, regime detection, at the level of detail I'd want from someone years ahead of me.

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The letter, twice a week.

Two pieces a week on how I run the book. No promotions, no third parties.

By subscribing you agree to receive the letter. Capital at risk. Past performance is not indicative of future results. Nothing in this letter constitutes investment advice or a solicitation.