Saad Filali: Global Macro Trading in the Age of Retail Dominance

In this eye-opening interview, we sit down with Saad Filali, founder and portfolio manager of Fiat Elpis Macro Fund based in Casablanca, to explore how modern markets have fundamentally changed and what it takes to survive as a discretionary macro trader in today's environment.This interview provides crucial insights for anyone trying to understand modern market structure, the decline of traditional fundamental analysis in US markets, and practical strategies for surviving as a discretionary trader in an increasingly systematic world.Timestamps:00:00 - Introduction and fund performance overview02:10 - Why M&A led to trading and the Goldman Sachs experience04:38 - The death of prop trading at major banks08:11 - Building strategy through Market Wizards and global macro legends10:33 - Market efficiency vs. reality: the positioning framework13:37 - Retail + semi-retail: the new market kings18:30 - Systematic hedge funds and the momentum monolith24:37 - Buyback algorithms and corporate market impact31:38 - Why shorting has become nearly impossible34:08 - The necessity of positioning awareness in modern macro38:22 - Pure fundamentalism vs. market reaction trading42:33 - The solution: shorter timeframes and geographic diversification48:27 - Trading outside the 0DTE danger zone51:11 - Gold trading philosophy and current setup54:06 - Upcoming NFP trade and Russell 2000 short thesisHOW TO REACH SAAD:🐦 X (Twitter) – https://twitter.com/FiatElpis📘 LinkedIn – https://www.linkedin.com/in/filalisaad/en🌍 Website – https://fiatelpis.comFOLLOW THE TRADING BATTLE:🐦 Twitter – https://twitter.com/ttb_live📸 Instagram – https://www.instagram.com/thetradingbattle/🎥 YouTube – https://www.youtube.com/thetradingbattleThe Trading Battle - Where Traders Learn, Compete & WinJoin thousands of traders who've discovered their new favorite trading education channel.The Trading Battle combines live trading competitions with expert education, giving you the strategies and confidence to succeed in any market.🎯 Live Trading Battles – Watch pros compete with real strategies📚 Weekly Masterclasses – Learn from trading legends🌍 Global Market Coverage – Forex, crypto, stocks, commodities, indices🏆 Proven Track Record – Strategies from profitable traders🎥 Entertainment Value – Education that keeps you engagedLearn from the Best: Our guests include trading legends like Token Metrics, Mark Minervini, Nick Leeson, Rob Booker, Nick Syiek (TraderNick), Tom Basso, Steve Goldstein, Akil Stokes, Nick Pulver, Jason Sen, Sreve Ruffley, Harry Daniels, and many more elite traders...Subscribe now and join the trading community that's changing the game - one battle at a time.Disclaimer: Please note, we do not provide financial product advice. Any views or opinions expressed by participants (guests, hosts and battlers) are for general entertainment purposes and do not reflect the views of The Trading Battle.