What’s Next for Trade Ideas Co-founder David Aferiat?
From the evolution of self-directed investing to the implications of AI and automation.
Editor’s Note: In our commitment to transparency and quality, we provided an insufficient definition in the morning rush to publish the last letter. The Volume-Weighted Average Price (VWAP) reflects the average price at which an asset has traded over a specific period, weighted by volume. It is calculated by multiplying the price of each trade by the number of shares traded at that price, summing these products, and dividing by the total shares traded during that timeframe.
In this newsletter, we interview David Aferiat, co-founder of Trade Ideas, about his entrepreneurial journey and the future of fintech and trading technology.
From building Trade Ideas—a well-known name in self-directed investing—to advising startups, Aferiat has worked at the intersection of finance and technology for about two decades.
Our conversation explored the evolution of self-directed investing, including the recent introduction of commission-free trades and the implications of AI and automation. Also, Aferiat shared a few insights on building businesses and partnerships.
You can watch the video at this link and below. An edited transcript offering key context follows. We hope you enjoy this lighthearted conversation and some of our other recent newsletters, which are a nice break from the usual. Cheers!
Thanks for joining me, David. You’re based in Atlanta, Georgia, right?
I've been here for about 24–25 years. I raised a family, started several businesses, and moved here as a consultant after getting my MBA in Dallas. Atlanta has been great—it connects you to the world with direct flights and is a great place to raise a family.
I’ve known you since 2019 when I was at Benzinga. You were one of my first interviews, and we talked about how retail trading was evolving. You discussed AI before it became the hot narrative it is today. But before we dive into that, I’d love to hear more about your background—your heritage, upbringing, and early career. Can you take me back?
Absolutely. I love how our conversations have come full circle, especially with AI as a recurring theme.
I’m the son of an immigrant from North Africa, part of France before gaining independence. Half of my family went to France, and the other half went to the U.S. My grandfather was an entrepreneur, but my father took a different path, building a successful career in the hospitality industry.
My grandfather introduced me to the stock market. We used to pull out graph paper and manually track stocks using point-and-figure charts. That early exposure sparked my fascination with markets, which I later channeled into Trade Ideas—something much bigger than myself, helping people make better trading decisions.
Given your family’s history, you could have been risk-averse but took an entrepreneurial path instead. Why is that?
It is a generational ricochet effect.
My grandfather was entrepreneurial, but my father was more conservative—out of necessity. He had to adapt, assimilate, and establish financial security. I respect that, but I also felt a pull toward entrepreneurship, like my grandfather.
I relate to that. My grandfather was entrepreneurial overseas, but my dad was more conservative after immigrating to the U.S. It seems we take the best of both worlds. What did you study in school, and what was your early career like?
I graduated from the University of Texas and earned my MBA at Kraft Foods; Kraft paid for my MBA, and after that, I worked in consulting, which brought me to Atlanta. Consulting felt like an extension of my MBA—applying models, engaging teams, and managing projects, which proved valuable in building a startup like Trade Ideas.
Tell me about the early days of Trade Ideas. What problem were you solving?
It started as a web-based tool displaying market data. Over time, we refined it to help traders make better decisions.
We gained traction when major brokerages like E*Trade, Scottrade, Interactive Brokers, and TD Ameritrade integrated our tools. This helped us scale and reach more traders. Today, I apply the lessons I learned at Trade Ideas to assist fintech companies in growing, whether they are building indicators, execution tools, or enhancing market infrastructure.
What did it take to secure those partnerships?
It’s about identifying champions within organizations—decision-makers with budget control and internal advocates who can push your product forward. We built a compelling case, showing how our technology improved engagement and retention.
Where do you see trading technology evolving?
Technology, especially AI, transforms how people interact with financial markets, driving a convergence where platforms like Robinhood and Fidelity adopt each other’s features. The emergence of 24-hour trading in equities appears inevitable, with crypto setting a standard for continuous market access. Traditionally, equities led in financial innovation, but in recent years, they have fallen behind. Also, the number of publicly traded companies has nearly halved since the 1990s, resulting in the dominance of larger firms and a growing need for fractional trading.
How did you stay committed to Trade Ideas for so long in this age of instant gratification?
Purpose and customer experience are key to me.
Joey Coleman's book, Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days, emphasizes mapping customer touchpoints and delivering value from the first interaction. When engaging with customers, the first impression is crucial. It should demonstrate the long-term value, allowing them to instantly envision an ongoing relationship where they continue to benefit from the experience. That philosophy has been applied to Trade Ideas and continues influencing my work today.
How did you handle delegation as Trade Ideas grew?
Surrounding yourself with the right people is essential. For example, I am involved with organizations like the Entrepreneurs’ Organization (EO) and connect with other leaders who face similar challenges.
Generally, successful teams combine strategic thinkers, executors, relators, and communicators. If there are too many strategists, nothing gets done; too many executors, and there is no long-term vision.
You’re also involved in Avid Vines and Advintro. Can you share more about those ventures?
Avid Vines is an organic champagne import business rooted in my French heritage. It’s been a journey of learning and assembling the right team.
Advintro keeps me connected to fintech, where I advise startups and established companies on everything from scaling to customer experience.
What’s a key lesson you pass on to clients?
One big one is the power of experience and, within those experiences, intentionally moving people to create and connect themselves. A book called The Art of Gathering: How We Meet and Why It Matters helped me refine how I view and create impactful events, whether for fintech or entrepreneurs.
Last year, I co-led a conference on perseverance that brought together about 500 entrepreneurs. We spent over 18 months and had a $1 million budget to create this event, featuring speakers like Peter Diamandis and former Senator Martha McSally. The theme was perseverance and building routines that lead to a better future self.
Again, success isn’t just about KPIs; it’s about ensuring each team member is in the proper role, leveraging the collective strengths, and working toward a shared goal.
What daily habits keep you focused?
Self-care is essential. I follow GAMER: Gratitude, Affirmations, Meditation, Exercise, and Rest/Reading. It keeps me balanced and focused on the next version of myself.
Final question—what are the underrated characteristics of successful founders?
Empathy, humility, and integrity are essential for success. They come from relying on others, keeping promises, and staying true to one's values. Those lacking these qualities may struggle with inner conflict, which can ultimately hold them back.
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