Looking back over the past decade, investing has been one of the most fulfilling pursuits in my life, while I took a break from entrepreneurship and active work in the tech space. The rewards have been financial, but more importantly they’ve been intellectual and personal. It’s the one arena where my natural aptitudes—and even some of my weaknesses—find a productive outlet.

The Most Competitive Game in the World

Public markets are relentlessly competitive. Every participant has access to the same information, and you’re not just up against other individuals. You’re competing with hedge funds, sovereign wealth funds, high-frequency traders, and quant models that process data faster than you can blink. Unlike poker or chess, the stakes are measured in fortunes, not trophies.

That intensity is precisely what makes investing appealing to me. Easy games get boring. This one never does.

How It Fits My Aptitudes

I naturally like breaking problems into inputs, levers, and outputs. Investing is exactly that: analyzing what moves a business, an industry, or an economy and positioning around it. The systems thinking that sometimes makes me annoying in casual conversation is actually useful when you’re trying to understand why a company will look different in five years.

Markets also force me to study everything. Over the past decade I’ve gone deep on AI infrastructure, real estate, P2P lending platforms, crypto protocols. Each cycle requires new knowledge. For someone who gets bored easily, this is ideal. The curriculum keeps changing.

Then there’s pattern recognition. Investor behavior repeats in ways that are almost comical once you’ve seen a few cycles. Euphoria, despair, rotation. The specific assets change but the emotional arc stays remarkably consistent. Spotting where we are in that cycle early is one of the few genuine edges available to individual investors.

And finally, I’m comfortable thinking in decades. Most market participants are optimizing for quarters or even days. That patience is rare, and rare things tend to be valuable.

Where My Weaknesses Become Strengths

In daily life I can be restless and impatient. In markets, that same energy translates into scanning widely for new opportunities. The trick is channeling it into research rather than trading too frequently. When I notice I’m getting twitchy, I try to redirect that impulse toward learning about a new sector rather than hitting the buy button.

I’ve always questioned consensus, sometimes to a fault. In investing, that skepticism means I don’t chase every hype cycle. It has cost me in the short term more than once—I was late to several obvious winners because I was busy poking holes in the thesis. But long term, the same instinct has kept me out of the worst blow-ups. I’ll take that trade.

Stubbornness is another one. I don’t like being wrong, and markets have humbled me repeatedly. But they’ve also forced me to define clear exit criteria for positions before I enter them. That discipline turns stubbornness into conviction when it’s backed by evidence, and into a clean exit when it isn’t.

The Value of Diverse Opinions

One thing I’ve learned is that investing in isolation is a mistake. I actively seek out people who think differently than I do—different asset classes, different time horizons, different risk tolerances. Some of my best decisions came from conversations where someone challenged an assumption I didn’t even know I was making.

This doesn’t mean following other people’s trades. Most of the time I listen, ask questions, and ultimately do something completely different. But the process of defending your thesis out loud, or hearing why someone smart disagrees with you, sharpens your thinking in ways that reading alone never will.

I’ve also found that the best investors I know are genuinely curious about being wrong. They’re not looking for confirmation. They want someone to find the hole in their logic before the market does. That mindset took me years to develop. My natural inclination is to defend my positions, but I’ve learned that seeking out disagreement early is far less expensive than discovering your mistakes after you’ve sized up.

The Psychological Test

Returns don’t come just from analysis. They come from surviving. I’ve held through multiple 50% drawdowns at this point. That requires emotional fortitude that you can’t fake and can’t really learn from books. You either have the stomach for it or you don’t, and you won’t know which until you’re in the middle of it.

Volatility is the price of admission, not a mistake. Every percentage point of return is earned through discomfort. I’ve come to enjoy that test. Drawdowns reveal who really understands what they own versus who was just along for the ride.

The longer I do this, the more I realize that temperament matters as much as intelligence. I’ve seen brilliant analysts blow up because they couldn’t handle the emotional swings. And I’ve seen average stock-pickers do extremely well simply because they had the patience to sit still when everyone else was panicking. Knowing which type you are—and building a strategy that fits your psychology rather than fighting it—is half the battle.

Why I’ll Keep Playing

Investing is both an intellectual puzzle and a mirror. It amplifies my strengths, exposes my weaknesses, and forces me to evolve. There’s no final score, only cycles and new opportunities.

It’s also given me something I value deeply: optionality. The returns over the past decade have bought me time and freedom to pursue other interests, to be present for my family, to take risks in business that I couldn’t take if I were starting from zero. That compounding isn’t just financial. The knowledge compounds too. Every cycle teaches you something that makes the next one slightly more navigable.

That combination of challenge, learning, and freedom is exactly why I’ve enjoyed it for the past decade. I intend to keep playing for decades more.

One of the points I made above is that investing in isolation is a mistake. If you’re looking for someone to exchange ideas with, or you’re new to this and want to talk through where to begin, drop me a line.

European retail investors cannot normally buy U.S.-domiciled ETFs like QQQ due to the PRIIPs regulation and the missing KID. Brokers block direct purchase to comply. However, you can still own such ETFs by using options. We’ll keep on using the very popular QQQ as an example.

The Workaround

1. Sell a cash-secured put on QQQ. One contract controls 100 shares. If QQQ closes below your strike at expiration, assignment occurs.
2. Receive 100 QQQ shares via assignment. You own the shares even though direct buying was blocked.
3. Sell the shares if desired. EU rules restrict brokers from offering non-PRIIPs ETFs to retail clients. They do not prohibit a client from selling an ETF already held.

What This Is and Is Not

• Bullish exposure path: You are paid premium and may acquire shares at the strike if assigned.
• Not a clean substitute: Sizing is lumpy (blocks of 100), timing is uncertain, and rolling is often required.

Key Constraints and Risks

• Capital: Minimum cash ≈ 100 × strike price. Example: $400 per share → ~$40,000 per contract.
• Assignment timing: You may not be assigned when you want the exposure. Deep ITM strikes increase assignment odds but reduce premium efficiency.
• Broker policy: Many EU brokers block purchases of non-PRIIPs ETFs but allow sales of positions already held. Policies can change. Client agreements reserve rights to close positions for risk or compliance reasons.
• Operational: Options expire. You must manage rolls, strikes, and expiries. Taxes differ for premium, dividends, and capital gains.
• Regulatory: Future rules could narrow or remove this path.

Practical Setup

• Account permissions: Enable U.S. options. Confirm assignment handling and settlement currency with your broker.
• Contract choice: Select strike and expiry to match target entry level and time window. Cash-secured only if you want delivery.
• Exit mechanics: If assigned, you can hold, write covered calls, or sell the shares. If unassigned, you earned premium but did not gain share exposure.

Cleaner Alternatives (UCITS)

For long-term Nasdaq-100 exposure, use PRIIPs-compliant UCITS ETFs:

• Invesco EQQQ NASDAQ-100 UCITS ETF (EQQQ) — TER ~0.30%.
• iShares NASDAQ-100 UCITS ETF (CNDX) — TER ~0.33%.
• Xtrackers NASDAQ-100 UCITS ETF (XNDX) — TER ~0.25%.

Bottom Line

The put-assignment path can create temporary exposure to QQQ for EU retail accounts that cannot buy it directly. It is capital-intensive, operationally complex, and dependent on broker policy. For most investors, UCITS Nasdaq-100 ETFs are simpler and adequate replacements. However, if you absolutely want access to U.S.-domiciled ETFs this is how to do it.

If you’ve ever needed to convert currencies, you’ve probably considered services like Wise, Revolut, or maybe even a crypto exchange like Kraken. But have you ever thought about using Interactive Brokers (IB) to trade the currency pairs directly? Let’s dive into how Interactive Brokers stacks up as a tool for currency conversions and compare it to popular alternatives.

Why Interactive Brokers for Currency Conversion?

Interactive Brokers isn’t just for buying stocks or trading options; it’s also a powerful tool for converting currency. Unlike Wise or Revolut, where you’re charged a margin on the conversion rates plus a small fee, Interactive Brokers allows you to directly trade currencies on the foreign exchange market, meaning you can often get closer to the interbank rate—the most favorable rate available.

When you want to convert from, say, USD to EUR, you simply trade the currency pairs like you would with any other financial asset. This direct approach has some advantages:

• Lower Spreads: Interactive Brokers gives you access to live FX spreads, which are often tighter than the margins applied by consumer currency conversion services.
• Transparent Fees: IB charges a small commission per trade—usually just a few basis points. This transparency can help you avoid the surprise markups that might be embedded in other conversion tools.

Comparing Costs: Interactive Brokers vs. Wise, Revolut, and Kraken

Let’s take a look at a simple comparison using an example conversion of $1,000 to euros. Here’s how the different options stack up:

• Interactive Brokers: IB’s fee structure is typically a very small commission, and the exchange rate is practically at market value, making it extremely competitive for larger amounts. Let’s say the total cost is around 0.02% of your $1,000 transaction.
• Wise and Revolut: Both of these platforms tend to offer exchange rates close to market rates, but they add a small markup. Wise charges a transparent conversion fee, while Revolut may depend on your account type—standard accounts might have weekend markups or fees for larger amounts.
• Kraken (Crypto Exchange): Crypto exchanges like Kraken can also be used to convert currencies, albeit indirectly. You’d need to convert your USD into crypto (like USDC) and then trade it for another fiat currency, such as EUR. The fees can vary significantly, ranging from trading fees (often 0.1% to 0.26%) to withdrawal fees, and there is also the added volatility risk when handling crypto as an intermediary.

Example Calculation

Let’s assume you are converting $1,000 to euros on each platform:

• Interactive Brokers: If the EUR/USD rate is 1.10, you could receive approximately €909, factoring in a minimal commission fee.
• Wise: You might receive around €906, after the service fee of around 0.5%.
• Revolut: You could receive a similar amount as Wise during weekdays, but if it’s the weekend, there might be an extra charge, bringing it down to about €903.
• Kraken: With Kraken, after trading and withdrawal fees, you might end up with around €900, though this could vary depending on market conditions and the crypto route you choose.

Speed and Convenience

• Interactive Brokers: While IB offers great rates, the process might feel a bit more technical. You have to be comfortable with the trading interface.
• Wise and Revolut: Both are extremely user-friendly. Wise, in particular, is designed to make international transfers simple, even if you pay slightly more for that convenience.
• Kraken: Converting via a crypto exchange involves more steps and comes with crypto-specific risks, like market volatility. It’s probably not the most convenient choice unless you’re already comfortable with crypto trading.

Downsides to Using Interactive Brokers for Currency Conversion

While using Interactive Brokers for currency conversion can lead to substantial savings, there are a few downsides to consider:

• Not Intended for Currency Conversion: Interactive Brokers is primarily a brokerage platform for trading stocks, options, and other assets. Using it purely for currency conversion is sometimes seen as a “hack” and not its intended use. In fact, Interactive Brokers has been known to discourage users from exploiting this feature solely for currency exchange purposes, and they may even limit your account activity if this behavior is detected.
• Complexity: The trading interface is not as intuitive as dedicated currency conversion platforms. It may feel overwhelming for users who are not already familiar with the intricacies of forex trading.
• Regulatory and Compliance Risks: Depending on your country, there may be specific regulations around currency trading that could complicate things if you’re only looking to convert funds. Interactive Brokers might also scrutinize your transactions more closely if it appears that you’re primarily using the platform for currency conversion.

Final Thoughts: Best Option for Currency Conversion?

If you’re converting large amounts and want the lowest possible cost, Interactive Brokers is likely your best bet. It offers near-market rates with very low commissions, which adds up to considerable savings, especially if you’re converting a significant sum. However, if ease of use and speed are priorities, Wise and Revolut are still excellent choices.

Kraken, while an interesting option, adds a layer of complexity and risk due to the need to convert through crypto. It might be worth considering if you’re already active in the crypto world, but for most people, IB or a dedicated currency conversion service will be simpler and more straightforward.

If you’re already using Interactive Brokers for trading, why not leverage it for currency conversion too? The potential savings could be worth the extra clicks.