Kieran Duff

Kieran Duff

Systematic portfolio manager · UK

XAQP · live since Apr 2025

I manage systematic strategies with $2.45M in live capital. The portfolio, XAQP, went live on 28 April 2025.

I’m writing down the things I wish someone had told me at the start: position sizing, risk allocation, drawdown management and regime detection, at the level of detail I’d want from someone years ahead of me.

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Performance · XAQP
$2.45MLive capital
Apr 2025Inception
+0.27%Oct (MTD)
+13.26%YTD 2026
+54.21%All-time
−5.83%Max DD (12m)
3.52Sharpe
4.98Sortino

As of 13 October 2026 · Before fees (gross) · USD · Sharpe and Sortino since inception

Capital at Risk. Past performance is not indicative of future results. Figures are before fees (gross), denominated in USD, and reflect the live track record of XAQP since inception on 28 April 2025, as managed under Darwinex (Tradeslide Technologies Ltd). Returns are gross of costs; actual investor returns will be lower after fees. Where a monthly return is shown, the corresponding YTD return is shown alongside it.

Get my free systematic trading handbook.

The A to Z of learning to trade systematically, all 24 chapters of it. It lands in your welcome email, and the letter follows twice a week.

By subscribing you agree to receive the letter. Capital at risk. Past performance is not indicative of future results. Nothing in this letter constitutes investment advice or a solicitation. Privacy Policy.

What people are saying
Thanks man. Really appreciate it. You’re a big inspiration for why I went into algo trading.
D. Martin@dmartin_nq · via X
I’ve followed you since I learned you were also a Dante student. I really appreciate the time you take with everyone and Darwinex. You inspired me to re-open my old folders from 2018 and get back into automation alongside my discretionary trading. Trading is an insular game and I place zero faith in 99% of what I see, but I know a real one when I come across it.
Anonymousvia X DM
Found you through @Trader_XO and immediately loved the content. I wish I could filter good content on X and avoid the noise!
Floppy22@Sup2022a · via X
Well written guide for traders that want to dive into automated trading.
Algomatic Trading@AlgomaticTrade · via X
I am already at chapter 3, but man. This handbook is masterpiece. Thx
Mike | Prop Trading 🇵🇱@MikePropTrade · via X
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FAQ
What is XAQP?

XAQP is my systematic portfolio. It went live on 28 April 2025 and runs breakout, trend-following and mean-reversion strategies on CFDs across FX, indices and metals.

Are the figures before or after fees?

Before fees. Every figure on this site is gross, in USD, and taken from the live track record. Investor returns are lower once fees come off.

Where should I start?

The handbook. It covers systematic trading from A to Z across 24 chapters and lands in your welcome email when you subscribe on Substack.

Where are the letters?

On Substack. I write twice a week, every letter goes out by email, and the full archive lives there.

Do you work for Darwinex?

Yes. I’m Head of UK Growth and Business Development at Darwinex, and XAQP runs through it. This site is my own commentary, not Darwinex investment advice. Darwinex is FCA-regulated; I am not personally authorised by the FCA.

Is any of this advice?

No. I write down what I do on my own book and why. Nothing here is a recommendation to buy, sell or invest in anything. Capital at risk.