The operating layer of professional trading.

The Art & Business of Professional Trading — a field guide for ambitious traders ready to think with the rigor of an institutional desk.

This book replaces vague advice about discipline and mindset with the actual frameworks used by professional traders. The Operator’s Equation for calculating true expectancy after friction. Forced-player dynamics that create genuine edge. Return decomposition that reveals what’s actually driving your PnL. Regime awareness for knowing when your strategy’s environment has shifted.

Published by Wiley, alongside Schwager, López de Prado, E.P. Chan, and the CFA curriculum.

Co-founded and led Raen, a global principal trading firm with proprietary desks across futures and equities. Discretionary and systematic strategies, with systematic approaches managed through the Raen Alpha Fund. Backed by ARB Trading Group. Desk alumni from Jane Street, Point72, and DRW. Exited via founder buyout in May 2026.

Professional trader and operator across futures and equities.

Ryan has operated in principal trading and absolute-return fund environments where firm capital is allocated to discretionary and systematic strategies. His work has spanned proprietary trading, fund management, trader evaluation, portfolio construction, risk management, and the capital-allocation frameworks required to run a professional trading operation.

The focus has always been the operating side of trading: defining the book, measuring the track record, understanding exposure, sizing risk, reviewing performance, and knowing when a strategy or regime has changed.