Danny Reardon Podcast Transcript
Danny Reardon joins host Brian Thomas on The Digital Executive Podcast.
Welcome to Coruzant Technologies, Home of The Digital Executive podcast.
Brian Thomas: Welcome to The Digital Executive. Today’s guest is Danny Reardon. Danny Reardon is the co-founder of EFX Algo. Founded by Danny Reardon, Bogdan Padua, and Joe Amara, EFX Algo is an innovative, fully automated trading bot designed to provide 100 percent hands free, high return investment opportunities by transforming yearly gains into monthly profits.
Previously exclusive to an educational network and now available to the general public, the software is designed to manage investments and execute trades in the financial markets without the need for manual intervention.
Well, good afternoon, Danny. Welcome to the show!
Danny Reardon: Good afternoon. Thanks for having me.
Brian Thomas: Absolutely. I appreciate you making the time, Danny. I know you’re hailing out of the east coast there in North Carolina. I’m kind of centered right here in the U S and Kansas city. So, I get to do some virtual travel quite a bit every day, but it really jazzes me. And I appreciate again, you making the time.
So, Danny jumping right into your first question here. Can you share your story behind the creation of EFX algo? And how did you end up working on it?
Danny Reardon: Yeah, absolutely. So again, first, thanks for having me on the podcast. I’m super excited for this. Again, my name is Danny Reardon. You know, initially from Boston, currently living in North Carolina.
I’ve been a day trader, a manual day trader for years coming up on six years now and. Initially, EFX started as a coaching and educational platform and over the years started dabbling with different automated trading systems and, you know, never found one that was reliable or anything that I could, you know, I felt comfortable using with real money.
And also, they all needed some level of human involvement. I started just going down the path of, you know, why not just, you know, create my own and leverage my years of day trading experience and automate my trading activities. So, you know, unlike most automated trading systems that I mentioned that require a level of management, I also wanted to have something.
That would be fully automated, meaning, you know, 100 percent hands free and didn’t need any intervention from a human. It could just press start and go. And I knew that was going to be challenging, but I ended up teaming up with some very skilled developers and we got to work and. Over the last several years, you know, we fine-tuned it.
We optimize the software, a lot of back testing, forward testing. And after about two years of development and testing, we were able to produce automated trading software that was a first of its kind. And for two reasons, one, it was able to employ eight different trading strategies at the same time, all within one software.
And again, we were also able to do this. Hands free, which made it able to perform in any market condition consistently and to date, we have a 2 year track record and we just broke the 120 percent gain mark yesterday, actually, and, you know, we never had plans to sell it, which was really interesting enough because it was just something I planned on using in the background to produce a passive source of income.
And I wanted to be truly passive. That’s why I was really. You know, really kind of honed in on making this thing fully automated. So, it didn’t interfere with anything else that I was doing. And then members inside of our educational platform got wind of it. And of course it sparked a lot of interest.
They started asking a lot of questions about it. They saw it as a way that, you know, they could make money while they’re learning how to trade, because that can take some time. And we made the decision to release it to our just existing client base. And we got some amazing feedback. People were blown away with the results and they loved how it was, you know, completely automated.
They didn’t need to do anything with it. They didn’t have to figure out any settings. And they were able to do that while they’re learning to trade. And that is what ultimately led us to where we are today and making the decision to have it become available to everyone. And currently we have around 350 users running the software and it’s managing right around 22 million in capital.
Brian Thomas: Really love that story, Danny. That’s, that’s awesome. And it’s, it’s funny how those things work, right? You were just trying to. Sometimes you were just trying to do something to help yourself at the end of the day, you’re trying to create a solution for maybe a problem, right? And it kind of caught wind and took off like wildfire.
So I do really love the story here. And you bet Danny, what were some of the early challenges you faced when entering the world of financial trading and how did you overcome them?
Danny Reardon: Yeah. So, I mean, it’s interesting. You just brought that up too, because I got into the world of trading initially to solve another personal problem given.
And My background and, you know, bad credit. And I was always working, you know, I wouldn’t say dead end jobs, but I was working, you know, jobs that didn’t really have income, you know, potential to, to scale, you know, I was in the trades for most of my life. And you know, when I first got started in the world of financial trading.
I was juggling a full-time job as a commercial painter working 6, 7 days a week. Most days were anywhere from 8 to 10 hours trying to clock that overtime pay. And, you know, we live in paycheck to paycheck and with a full-time job and my girlfriend was pregnant at the time, which was a main reason why I got into trading because I knew my, my commercial painting job wasn’t going to hack it.
I was presented with probably the 2 biggest that stand out to me that I think most people are going to relate to was the scarcity of time and the lack of capital. So, time was just simply not a luxury I could afford. I was it was a big hurdle trying to juggle the demands of the day job and, you know, OSHA breathing down my neck.
I couldn’t even be on my cell phone while I’m operating heavy equipment as we’re doing, you know, big buildings downtown. Spraying the outside of them and then you know, the demands of trying to figure out the, the day trading thing. So, obviously, trading requires a lot of experience, education, and analysis.
You have to constantly be looking at market trends and watching price action and you have to make quick decisions, all of which just demanded a lot of time and attention. So, what I did was I just really structured my days thoroughly and I squeezed every available moment. For research and analysis and education.
I used to take the train to and from work because I didn’t even have a license at the time, let alone own a car. So I had an hour commute there, an hour commute back. So, any type of window like that, you know, I was squeezing in, you know, time where I could, you know, check out the charts, watch, you know, some educational content.
You know, that with late nights and even lunch breaks were just windows I used for, you know, analyzing the markets and, you know, refining my strategies. So, I learned to. Really prioritized my tasks efficiently and to optimize just about every spare moment I had to move me forward with my trading and the second challenge, lack of capital, you know, obviously posed a big barrier to entry.
I mean, when we’re talking day trading, you need capital to play in this game and living a paycheck to paycheck with. Very poor credit at the time from some bad decisions in the past. You know, I obviously couldn’t dip into my savings, or I couldn’t just go get a loan. I’d get denied just about anywhere I went.
So, I needed to get creative. And I looked for alternative ways that I could secure capital. So, once I established a track record, I, you know, that’s just all I really focused on, you know, building that resume, building that portfolio. And then I started leveraging my network. I would reach out to friends, my family, anyone that I thought might be on board until I finally did connect with people willing to invest, you know, who shared the vision and, you know, we’re at, you know, we’re able to provide me with financial backing that I needed.
So that was the big thing that I did for that one. In addition to which is a very popular one today, which was just starting when I got started in the trading space, which. Our prop firms, essentially, are firms that will provide traders capital if, you know, for a profit share, once you show that you’re a profitable trader.
So, leveraging my trading skills to secure funding rather than my financial standing. So, I, you know, once I was able to show, you know, how dedicated and good I was at trading and, you know, a history of making money on a regular basis I was able to solve that problem, you know, with. Investors that I was able to invest in and, you know, build a portfolio with prop firms.
And now I’m just under eight figures and portfolio that I’m managing today. That’s awesome.
Brian Thomas: Love it. And there’s always motivation behind an action. And I, I get it. Obviously have a new child. This is a big motivator. I think we’ve all been there. So, I appreciate the share, Danny and Danny can you briefly go into Let’s talk about the software off your software offers customizable settings to cater to varying risk appetites.
Can you discuss how users can navigate these options to align with their investment goals?
Danny Reardon: Sure. So, you know, with most automated trading software, when you get them out of box, they require a lot of testing because most of them won’t give you settings that. Are able to just produce consistent results for the most part.
You have to figure that out yourself and you have to figure out the different risk tolerance that are the risk settings that align with your tolerance. So, we basically wanted to make something super user friendly. So, ours out of box is completely optimized for performance, meaning like somebody new doesn’t have to come in and Okay.
Figure out all of these different settings and lot sizes and all of these different parameters in order for this thing to perform align with their goals and their risk tolerance. So out of box, we made it really simple where you can select conservative, moderate or aggressive now, each 1 of these risk profiles has a range.
So, there’s essentially 2 components to every risk. Profile one being the amount of risk or draw down the average draw down. That’s basically your floating P and L that, that risk profile would endure, and then on the flip side, the average return that that would produce. So. For example, our aggressive risk profile can average anywhere at 5 to 10 percent in drawdown, which is really good in the world of automated trading.
And it’s able to produce on average 5 to 8 percent a month in gains. And then moderate and aggressive, or excuse me, conservative, they are just lower in steps. But essentially, we kind of outline exactly what the risk is involved with each risk profile, what they can. Expect to experience on the wrist side of things, the drawdown side of things and what that would produce.
So, it’s very straightforward. It’s, you know, figuring out what the numbers are for each, which aligns best with your risk tolerance and your goals, and you select it and press start and you’re off to the races.
Brian Thomas: Love that. And especially nowadays, I think everything is being more and more automated with the introduction of AI, obviously, and all these different apps, but I really do appreciate that.
It really takes a lot of the I guess the brains out of, you know, trying to figure out trading. Cause I know that can be hard if you don’t have a lot of experience and that learning curve, as you’d talked about earlier. So thank you. And Danny last question of the day, if you could briefly looking into the future.
How do you see EFX algo evolving and are there any new features or expansions planned to enhance user experience or accessibility?
Danny Reardon: Yeah, so this question I love answering because what we really do and something that we really pride ourselves on is a world class client experience. So, what we do frequently is we send out questionnaires and we try to collect a lot of feedback.
From our clients who are currently using this software and then with that feedback, we make a lot of our decisions. So, for example, we just recently sent 1 out I think about 2 weeks ago and the overwhelming response to it. Surprisingly enough was. We would want something that is capable of higher gains surprise, surprise and that they would be perfectly.
Okay. Taking on more risk to do. So, when we first initially started developing the software, capital preservation and risk management were at the front. That was probably the most important thing because we wanted this to be able to perform even like this year. We have a, an election year. We wanted any.
Okay. You know, economic events that’s happening that could affect the markets. We wanted this to perform. So that was always at. The forefront when we develop this software. So, we were very surprised to see a bunch of seasoned investors say we’re perfectly okay with taking on more risk for potential more rewards.
So, right now we’re in the works of developing a fourth risk profile that we’re going to dub as ultra, that would be capable of producing eight to 12 percent on average a month with, which obviously that would Be introducing higher levels of risk and draw down. So that’s 1 thing that we’re currently in development.
And then another thing that we’re also looking at doing based on a lot of the feedback. We just received as well is something that can an automated trading system for the stock market. So, we’re currently doing research and we’re getting that into development. So those are probably the two big things that we’re focusing on right now, other than just always kind of maintenance updates and, you know, keeping our software up to date and, you know, any optimization.
So those are, those are the main focuses right now for the software moving into the future.
Brian Thomas: Thank you. And I appreciate you highlighting those things. Obviously, we want to always have continual improvement with the product or platform that we’re providing to the end users to improve that customer experience, obviously.
So, I appreciate that. Absolutely. And Danny, it was such a pleasure having you today and I look forward to speaking with you real soon.
Danny Reardon: Likewise. Thanks for having me, Brian.
Brian Thomas: Bye for now.
Danny Reardon Podcast Transcript. Listen to the audio on the guest’s podcast page.
