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This interview features Anthony Crudele—a 30-year market veteran and one of the first traders to trade the E-mini futures—on the Words of Wisdom trading podcast in Miami. Crudele’s story swings from huge six- and seven-figure runs to a heart attack at 36 at his trading desk, and he’s disarmingly honest about what it really takes to last. He emphasizes that execution and self-awareness matter more than searching for a magic setup, and he explains how breathing, journaling, and time in the seat transformed chaos into clarity for him.
In this piece, you’ll learn why “the trader makes the strategy,” how to slow things down when volatility spikes, and the practical habits Crudele used to survive changing market regimes. We’ll unpack risk management that adapts to volatility, simple routines to sharpen execution (like old-school journaling), and how to keep your head when the first loss hits—because it’s what you do after that loss that decides your P&L. If you’re a newer trader looking for a durable edge without the fluff, this breakdown shows you how to think, size, and stick around long enough to catch your moments.
Anthony Crudele Playbook & Strategy: How He Actually Trades
Daily Prep & Market Bias
Before the bell, he wants a clean game plan: where price is likely to react, what will invalidate the idea, and how volatility will shape sizing. This section breaks it down into quick steps you can run every morning to avoid improvising mid-trade.
- Mark overnight high/low, previous day high/low, and prior day’s value area high/low; trade only if entries align near these levels.
- Define bias from the open: above prior day’s value = long bias; below = short bias; inside = balanced—trade smaller and wait for range break.
- Set a daily loss limit = 1.5–2× your average winning trade; stop trading if hit—no “one last trade.”
- Pre-decide a volatility regime using ATR(14) on your main timeframe; size = base risk ÷ current ATR multiple (higher ATR → smaller size).
- Pick one instrument to lead bias (e.g., ES leads NQ). If your product diverges from the leader for >15 minutes, cut the size by half.
Opening Routine & Time Windows
He treats the open as information, not a signal. These rules help you read opening strength and avoid the chop while still catching the meat of the move.
- Avoid the first 3–5 minutes unless you specialize in opening range breaks; observe tick speed, spread, and RVOL.
- Use a 5-minute Opening Range (OR). Longs only above OR high with pullback that holds ≥38.2% of opening leg; shorts only below OR low with ≤38.2% pullback.
- If first hour RVOL < 0.7 vs. 30-day average, trade half size or skip trend plays; favor fades back to VWAP.
- If OR breaks and reclaims within 10 minutes, treat it as “failed break”—fade back to VWAP with tight risk (stop just beyond failed level).
A+ Setup Archetypes
He narrows to repeatable structures so execution stays simple. Use these templates to reduce decision fatigue and keep entries consistent.
- VWAP Pullback Trend: Bias aligned; price pulls to VWAP after an impulsive leg; enter on higher-low (long) or lower-high (short) with stop 0.1–0.2% beyond VWAP.
- Previous Day Level Reversal: Price tags prior high/low, shows absorption (long wick/failed follow-through); enter on the first close back inside prior day range; stop beyond the wick.
- Range Break + Retest: Consolidation ≥30 minutes; break with RVOL ≥ 2.5; enter on first retest that holds; stop goes on the far side of the base.
- Trend Day Continuation: After a strong first hour (RVOL ≥ 2, persistent delta), buy/sell first bull/bear flag with measured-move target = length of the opening leg.
Execution Triggers & Entries
Entries are about precision and repeatability. These rules define what “pullback” and “confirmation” actually mean, so you don’t chase.
- Confirmation = one of: (a) engulfing candle toward bias, (b) break of micro-structure (last swing high/low), or (c) tape stabilizes (spread tightens, fewer opposing prints).
- Pullback depth: 23.6–38.2% of the impulsive leg for trend entries; >50% = skip or wait for reclaim.
- If spread widens >0.5% of price or slippage >0.15% on last entry attempt, pause and re-assess; no “clicking through” bad liquidity.
- Allow only two entry attempts per setup; after two scratches or one full stop, stand down until a fresh structure forms.
Risk & Position Sizing
Longevity beats hero trades. This section converts risk talk into numbers you can apply to the next order.
- Risk a fixed fraction per trade (e.g., 0.25–0.5% of the account). Never scale risk with confidence—scale with volatility.
- Stop placement: (a) just beyond invalidation structure (wick/OR level/VWAP), or (b) ATR-based: stop distance = 0.25–0.35× current ATR(14) of entry timeframe.
- Position size = Risk per trade ÷ stop distance. If size < minimum viable (e.g., 1 contract), pass on the trade—don’t widen stops to “fit.”
- Daily max: 3 full-risk losses or daily loss limit—whichever hits first. If max hit, end session review-only.
Trade Management & Adds
Good adds are rare and rules-based. These guardrails keep you from digging holes.
- No adds unless unrealized R≥1 and structure continues (higher-low/lower-high into trend) with RVOL on the add bar ≥1.5× its 5-bar average.
- Trail stop to breakeven once R=1 or after the first partial (whichever comes first).
- Scale out 1/3 at R=1–1.2, 1/3 at structure target (prior swing/OR extreme), and let final 1/3 ride with a swing-low/high trail.
- If two consecutive closes against your bias and below/above VWAP in a trend trade, flatten the runner—don’t “hope” for reversion.
Exits & Targets
Exits are where consistency shows. These targets and fail-safes make your P&L less random.
- Primary target = objective level (prior day H/L, OR H/L, measured move). If price stalls for three bars within 0.1% of target, take it.
- Time stop: if trade goes nowhere (±0.2R) for 20–30 minutes in regular hours, scratch—capital is a resource.
- If delta/volume flip hard against you at your level and VWAP is lost/reclaimed against your position, exit remainder immediately.
Volatility, News, and Session Filters
Different days require different aggression. These filters keep you out of the blender and in the sweet spots.
- High-vol regime (top 20% ATR for last 60 sessions): cut size 25–40%, widen stops proportionally, and take profits quicker (first scale at 0.8–1.0R).
- Low-vol regime: only trade break-retests and first pullback from VWAP; avoid mid-range scalps.
- Around scheduled events: flat 2 minutes before and after tier-1 releases; trade only if price builds structure post-spike and reclaims VWAP/OR with RVOL ≥ 3.
- Halt/SSR behavior (equities): if a halt resumes and price can’t reclaim VWAP within 10 minutes, stand aside for the session.
Journaling & Feedback Loop
He’s big on transforming experience into edge. These prompts and metrics turn “more screen time” into actual improvement.
- Log every trade with: setup tag (VWAP pullback, OR break, etc.), ATR regime, RVOL at entry, stop size, and reasons to exit.
- Weekly scorecard: win rate by setup, avg R by setup, MAE/MFE, and “plan vs. actual” violations; only scale the top two setups next week.
- Pre-market script (out loud): bias, key levels, invalidation, and what NOT to trade today; post-market script: one thing to repeat, one to fix.
Mindset & Session Hygiene
Durability beats intensity. These tiny rules keep your head clear so your process does the heavy lifting.
- First red trade: 60-second reset—stand up, breathe, reread bias and invalidation; no immediate revenge entries.
- If heart rate or frustration spikes (you know the feeling), kill size to micro and take one “process-only” trade or stop for the day.
- Hard cut-off time (e.g., 11:30 a.m. or after Europe close) unless RVOL stays >1.5 and trend day conditions persist.
Platform, Charts & Alerts
Keep the screen clean and the signals obvious. These standards prevent analysis paralysis.
- Two timeframes max for execution (e.g., 5-min for structure, 1-min for trigger); a higher timeframe (30- or 60-min) only for pre-market prep.
- Indicators: VWAP, ATR(14), RVOL; optional: a cumulative delta panel—nothing else lives on the chart.
- Price alerts at prior day H/L, OR H/L, and VWAP ±0.1%; if three alerts fire without structure, reduce trade frequency target for the day.
- One-click templates: pre-set brackets with your current ATR stop multiple and staged targets; never free-hand orders in fast tape.
Size Risk First: Volatility-Adjusted Positioning That Survives Drawdowns
Anthony Crudele starts with risk, not setups, and that flips most traders’ priorities on their head. He sizes by volatility—think ATR or RVOL—so position size shrinks when markets get wild and grows only when conditions calm. By fixing risk per trade and letting size float, he makes losing streaks survivable and keeps winners meaningful.
Crudele’s mantra is simple: define your max daily loss, calculate stop distance from structure, and let size = risk ÷ stop. If ATR spikes, size contracts; if spreads widen, he cuts orders or skips the trade. This mechanical discipline reduces emotional overtrading and turns randomness into a repeatable process. The result is staying power—because in Anthony Crudele’s world, the strategy works only if the risk lets you trade tomorrow.
Trade the Mechanic, Not the Narrative: Rules Beat Predictions
Anthony Crudele doesn’t chase headlines; he chases repeatable mechanics. He treats price like a machine: identify the setup, measure the risk, execute the rule. Narratives change every day, but a rule that defines entry, stop, and target is the same on Tuesday as it is on FOMC day.
For Crudele, confirmation is structure, not a story—retests that hold, VWAP reclaims, and measured pullbacks. If a condition fails (spread blows out, RVOL collapses, level doesn’t hold), the trade is off—no debate, no “maybe.” His edge isn’t prediction; it’s consistency. That’s why Anthony Crudele says the market can be chaotic and he can still be calm: the mechanic decides, not the mood.
Diversify by Underlying, Strategy, and Duration to Smooth the Equity Curve
Anthony Crudele spreads risk across what he trades, how he trades it, and how long he holds. Instead of stacking five correlated plays, he mixes uncorrelated underlyings, alternates between trend-continuation and mean-reversion tactics, and rotates timeframes so one cold streak doesn’t nuke the week. That balance turns a jagged P&L into a steadier climb.
Crudele’s rule of thumb is simple: never let one instrument, one setup, or one timeframe carry the portfolio. If ES trend is dead, he’ll let a reversion strategy on CL or a shorter-duration scalp on NQ take the lead. He tracks correlation, win rate by setup, and average hold time to keep the blend honest. The result, Anthony Crudele says, is fewer emotional swings—because diversification by underlying, strategy, and duration keeps you trading the plan, not your feelings.
Define Risk Upfront: Stops, Max Daily Loss, and Kill Switches
Anthony Crudele treats risk like a preflight checklist—no takeoff until every switch is set. He starts with structural stops placed just beyond the invalidation level (VWAP, OR high/low, prior swing), then backs them up with an ATR sanity check so the stop isn’t too tight for the day’s volatility. Before he clicks, he also sets a hard max daily loss so one sloppy morning can’t erase a month of discipline.
When the line is crossed, Crudele’s kill switch kicks in—flatten positions, platform lockout, and walk-away timer. He uses time stops too: if price goes nowhere for a set window, he scratches instead of “hoping.” And if spreads blow out or RVOL dies, he cancels the setup entirely—conditions changed, risk changes with it. That’s the point for Anthony Crudele: define the downside in advance so the upside can take care of itself.
A+ Setup Playbook: Entry Triggers, Add Rules, and Exit Discipline
Anthony Crudele keeps an A-list of setups and treats everything else as noise. He wants a clean trigger—VWAP reclaim after an impulsive leg, a range break with RVOL, or a first pullback that holds the 23.6–38.2% zone—then he commits with predefined size and a stop just beyond structure. If the trigger fumbles or slippage spikes, he passes; no “close enough” entries.
Adds are earned, not hoped for, in Crudele’s playbook. He adds only after price makes a higher low (or lower high for shorts) and the add-bar shows relative volume strength; otherwise he rides the initial size. Exits are split: take the first scale at R=1, second at the objective level (OR extreme, prior swing, measured move), and trail the runner behind swing structure. Anthony Crudele’s message is simple: one clear trigger, one disciplined add, and defined exits—repeatable mechanics that turn good ideas into bankable trades.
Anthony Crudele’s core message is durability over drama. He sizes risk first, lets volatility dictate position size, and defines the downside before touching the keyboard—structural stops, a hard max daily loss, and a kill switch when discipline slips. He trades mechanics, not stories: opening-range behavior, clean levels, and confirmation via structure and volume—then he exits with intent, using time stops and staged targets instead of hope. The result is a process that survives bad days and compounds good ones.
Just as important, Crudele insists on sustainability—physically, mentally, and financially. He journals, reviews, and narrows to A-grade setups so execution stays simple under pressure. He diversifies across underlying, strategy type, and duration to smooth the equity curve, and he adapts sizing to volatility so one wild session doesn’t wreck a month. If you copy only a few things, copy these: risk first, rules before opinions, structure over noise, and a feedback loop that turns screen time into edge. That’s how Anthony Crudele keeps trading tomorrow—so the strategy has a chance to pay you next week, next quarter, and next year.
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