Petra Ilona Zacek
🇺🇸United States· Lake Havasu City, Arizona
"For me it's better to be feared than disrespected."
Petra Ilona Zacek is a Czech-born futures spreads trader whose career ran through Europe's biggest institutional trading floors before she became a champion in her own right. She spent over 12 years in Vienna, earning a master's in tax and finance, then traded across Frankfurt (at the time the largest floor in Europe, 500-plus people), London (nearly 12 years, much of it at Merrill Lynch) and Paris, through institutions including Natixis and Credit Suisse. A fluent Russian speaker, she was in the thick of the market during the 1998 Russia default. Today she is based in Lake Havasu City, Arizona.
In 2018 she won the World Cup Trading Championship with a +257.9% return, having peaked above 460% in the third quarter, and remains the only woman to take the title in more than three decades. A specialist in futures spreads, she trades in a way she says 99% of traders do not, which is precisely why she can make money when almost no one else can, and she runs a closed-end hedge fund managing family and friends' capital. Composed by nature, she describes having no adrenaline spikes and "zero trading itches."
Her development came not from the lineage she is often placed in, she has never met Andrea Unger, but from her mentor Michael Cook, a fellow institutional trader she met at a 2016 New York course, and from time spent learning non-institutional trading directly with Larry Williams in St. Croix. She still gathers regularly with Cook, Kurt Sakaeda, Kevin Davey and Williams at the Traders Expo in Las Vegas. Her philosophy is unsentimental: she loves doing something exceptional that few can replicate, and sees no shame in loving to make money.
Interview
Vienna, Frankfurt, London, Paris, four different trading floors, four different cultures. Which was the loudest? Where did you feel truly at home?
I lived over 12 years in Vienna and went to college there to get my master's in tax and finance. At that time I did feel more Austrian than Czech, until I met my husband. Vienna was a quite laid-back trading floor, and a very good place to learn without extreme pressure. Frankfurt was the biggest trading floor in Europe at that time, with over 500 people capacity; we did sprint races around Christmas on the floor because of how big it was. London was a big deal, "just" 300-plus people, but one of the big-shot style places, Merrill Lynch. I lived almost 12 years in London; at first I hated it and tried to travel as much as possible, which made me very good in client business and printing money, and in the end I got used to it. Paris was less than 2 years, very similar to Vienna, laid back with a French flavor, for example going for a glass of champagne during lunch hours, not working on weekends or holidays.
Voice, paper, eye contact, hand signals, then screens. What did you lose when trading moved off the floor, and what did you gain trading on your own?
For context, only about 5% of my trades are algo, and they are not based on Andrea's approach at all. I am sorry to break this to you, but all but one trading floor nowadays are electronic; no one is waving hands and shouting like crazy anymore. Everyone is very focused on making money. On the contrary, when people get excited and their heart rate goes up, it impairs clear brain function; therefore most of the superstars on the trading floor never shout and are very composed. I am very lucky, as I do not have adrenaline spikes when I trade and I have zero trading itches; if I could, I would make all my money on one single trade. When I started trading on my own, I missed the energy, the market talk, the team and the people interaction and brainstorming, because when you talk to people you might come up with an idea that leads to a major trade. By energy I mean the way you feel when things are happening on the trading floor; you literally feel the pain of the market when it goes down and the adrenaline when it is going up. What I love is that there is no risk, compliance, due diligence, approval committees, legal and a plethora of other things in my way slowing down my trading and distracting my focus.

