P.J. McCarthy earned a degree in Journalism and Economics from the University of Dayton, Dayton, Ohio. He started his career in the futures industry in 1978 and worked his way up to becoming a futures trader in the Chicago tradition. He worked on the floor of the Chicago Mercantile Exchange (CME) as a phone clerk, assistant floor manager and eventually as floor manager for Rosenthal and Company, a large clearing firm
In 1982 P.J. became one of the original members of the Index and Options Market of the CME. He was in the pit on the first day of trading of the Standard and Poors 500 Contract, one of the most successful future contracts ever introduced, and spent the next seven years as an independent floor trader, trading exclusively for his own personal account.
P.J. then became President of Chicago Video, Inc., a video production company which produced corporate and educational videos.
In 1997 P.J. returned to the futures industry as an independent trader in the Dow Futures pit at the Chicago Board of Trade. He was also in the pit on the first day of trading for the Dow Futures Contract and experienced first hand the transition from open outcry to computerized trading.
In 2006 he joined Emerald Strategies LLC as a registered Associated Person. Emerald Strategies concentrates on alternative investment solutions including hedge fund and managed futures programs for high net worth individuals and institutional investors.
For The Chicago School of Trading, PJ oversees course curriculum including editing the texts and producing the video versions of the courses. He also oversees website content and is responsible for the day-to-day operations of The Chicago School of Trading.