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Sponsored by Pepperstone When you trade for yourself, you wear every hat... CEO, risk manager, senior trader, junior trader. Nobody's holding you accountable, and that's exactly the problem. In this episode, Mark Holstead unpacks why most traders stay stuck in the same cycle: feel bad about a mistake, promise to do better, repeat. The missing piece? Real consequences. Here's how to engineer them, using trade hesitation as the worked example. It won't fix everything, but if you've done all the right groundwork and still can't shift a bad habit, this is probably the piece you're missing.
Sponsored by Pepperstone No big claim in this one. Just a thought on why staying open-minded might be one of the most underrated attributes a trader can have... and what being open-minded actually means in practice. A clickbait short came through my feed the other day. Guy ranting about how a specific strategy was total nonsense, how "this is how the funds do it." Except a bit of digging turns up four or five firms running exactly the strategy he says doesn't work. Twelve-year track records. All public. So this episode is about the alternative. You look at a strategy and you land on one of three things: you like it and you'll test it later, you take something from it, or it's not for you. And then it ends there. No energy spent telling everyone else it's rubbish. I cover: Why open-minded doesn't mean chasing shiny objects Taking the process, not the strategy (a hedge fund's stress-testing approach I nicked) Expressing the same trade idea a different way Moon phase strategies and why I don't care if they work Building your own playbook from borrowed parts Most hedge funds don't beat the market. Most traders don't make money. That's just how it works. The best take the spoils.
Sponsored by Pepperstone Early 2000s. I flew from the UK to Las Vegas to sit in on a new trader intake at a prop firm. Three strategies, all working, all making the firm serious money. I went home and couldn't trade a single one of them. Not because they were bad. Because they were never going to fit me… I didn't have the capital, the stomach for size, or the appetite for spreadsheets. Took me a long time to work out the difference between "this doesn't work" and "this doesn't work for me." In this episode, I break down all three strategies (NYSE opening print fair value, ECN liquidity rebates, and pairs trading), why each one failed in my hands, and the filter I now run every new strategy through before I waste any time on it. Relevant timing, given we're currently tearing down 12 popular strategies in the Pepperstone webinar series. Some will be for you. Most won't. That's the whole point.
Sponsored by Pepperstone Two traders. Same meetup, same market, same year. One bragged about every win… until the week he vanished, fifty grand down on borrowed money. The other never bragged, and ten years on, he's still trading and thriving. Mark unpacks the one thing that separated them: process over ego, long-term over the quick win.
Most traders are wired to push… bigger size, more strategies, faster progress. But the most successful people in any field share a trait we rarely talk about: they're not afraid to take a step back if it sets up a bigger step forward. If you've been grinding month after month with nothing to show for it, this one's worth a listen. Thanks to Pepperstone for sponsoring this episode.
We all know the high-water mark... fund managers use it for their equity curve highs. Hit a million, lose some, climb back above the old peak before you get paid. But what if you applied that same thinking somewhere else entirely? In this episode, I dig into using high-water marks beyond your account balance. Longest trade held. Most days sticking to your rules. Fewest red days. The longest journaling streak. None of these moves your PNL on their own... but together they support it, and more importantly, they reframe what progress actually looks like. Because here's the problem. Especially in those early years, you pour in the effort and the equity curve shows you nothing. It's a recipe for despondency. So you measure something else. You chase a personal best in the things you know matter, and you start to believe bigger things are possible. Could be the unlock you need. Thanks to Pepperstone for sponsoring the episode
Sponsored by Pepperstone Most traders obsess over strategy, mindset, and discipline… but what about creativity? In this episode, Mark explores an idea sparked by a post from " StockBee " (an X trader credited in the new Market Wizards book with helping at least one wizard make hundreds of millions): that progress in trading often comes from thinking creatively, not just logically. Mark unpacks his diagnose-then-prescribe framework for solving trading problems, identifying the biggest domino holding you back, then finding a fix, and shows how adding a "creativity lens" can unlock solutions you'd never reach through pure logic. He shares real examples, from using a cheap desk timer to slow down impulsive decisions to creative ways of improving your risk-to-reward ratio through smarter entries. If you're more creatively wired than rule-driven, this reframe might be the unlock you've been looking for.
Sponsored by Pepperstone The new Market Wizards book — The Next Generation by Jack Schwager and George Coyle — is out, and before you dive in, there's one thing worth keeping in mind. In this episode, Mark looks back at the series that inspired a generation of traders, from the 1989 original through to today, and shares why these books are gold for any developing trader… as long as you read them the right way. Capital at risk. This content is for educational purposes only and is not investment advice or a recommendation to trade.
Sponsored by Pepperstone If you're a developing trader, should you focus on day trading or swing trading? It's the question everyone asks early on... and my thinking on it has shifted over the years. In this one, I go through the definitions, the usual pros and cons, and then the bit most people skip: the psychological cost. Fast decisions, fast damage. Why beginners fall apart day trading and what that actually does to your account. I get into the asymmetry problem too. Why it's so hard to find a true asymmetric trade intraday in normal conditions, and how holding for a few days changes the maths. Then my honest take on what I'd do if I was starting again now. It's not clear-cut. But on balance I land somewhere.
Sponsored by Pepperstone Would you get hired by a hedge fund? The traits funds screen for before they let anyone near a book are the same ones that keep a retail account alive. No billions or trading desk required... it's behaviour, discipline and self-awareness. We go through what they look for at hiring, what they demand once you're managing a book, and the honest question underneath it all: would you hire yourself?
Sponsored by Pepperstone A rapid-fire episode. 10 questions traders have sent in over the past few weeks, answered as honestly as I can in under 10 minutes. In this episode: How much money do you actually need to start trading How long until you're consistently profitable (and why the answer is longer than you want) How to tell if your strategy is broken or just in a drawdown Should you go full-time Stopping revenge trading after a loss Sizing positions properly Whether prop firm challenges are worth it Dealing with people who call trading gambling RSI vs Stochastics (and why it probably doesn't matter) Got a question for the next one? Reply to the daily email. 🔗 Spread Bet Risk Per Trade Calculator
Sponsored by Pepperstone Most traders are doing the same thing. Same charts, same lines, same indicators. And if everyone's doing the same thing... where's the edge? In this episode, Mark digs into what actually separates the trader who's stuck spinning their wheels from the one putting up the numbers. It's not discipline. It's not risk management. Those are table stakes. It's something else. Something the traders we admire all seem to have, even if they describe it differently. This isn't a silver bullet episode. You won't walk away with a strategy. But you might walk away with the right question to start asking yourself. What's the thing you see that others don't?
Sponsored by Pepperstone Why can't I run my winners? It's one of the most common questions I get from traders. And the obvious answers (be more disciplined, walk away from the screen, trust the trade) usually don't work. So in this episode, I borrow an idea from Rory Sutherland, the Ogilvy behavioural economist: "the question is a lazy formulation of the problem." And I apply it to running winners. Turns out the reason most traders never solve this is because they're asking the wrong question. We work through better ones, and what changes when you do.
Sponsored by Pepperstone John had his best month ever. Then gave back 70% of it the month after. He asked: Did I crack it, or did I just get lucky? Here's the real answer and the high-watermark trick that stops your brain from sabotaging the run after a good one.
Sponsored by Pepperstone AI has just taken a massive leap. You can now ask it pretty much any question about price action, drop in a free CSV from TradingView, and properly interrogate the data. But most traders are asking the wrong questions. In this episode, Mark breaks down a simple 5-question framework for using AI to support discretionary trading… not replace it. It's not about building quant algorithms. It's about testing the hunches you've carried around for years, layering another edge onto your setups, and trading with a bit more conviction because the data has your back. Covers: Why "what will happen?" is the wrong question The 5 questions to ask before writing any prompt How to export a CSV from TradingView in 10 seconds Real prompt examples for FX, indices and metals The mindset shift from prediction to historical probability If you've ever said "gaps always fill" or "after a trend day we always retest" this is the episode that shows you how to actually test it. Quickly.
Sponsored by Pepperstone Most traders just pick 1% because someone told them to. But where did that number come from? And does it actually make sense for your goals, your win rate, and your R:R? In this episode I break down how to reverse engineer your risk per trade from your actual trading data. We look at why trade frequency can be a trap, why small changes in R:R massively shift the maths, and why the textbook approach ignores the one thing that matters most... your goal. I also built a risk per trade calculator you can play with. Risk Per Trade Calculator
Sponsored by Pepperstone Charlie Munger used to do something interesting when he was stuck on a problem. Instead of asking how do I succeed, he'd ask how do I guarantee failure… then simply not do that. In this episode I take that idea and apply it to trading. How would you guarantee you never improved? How would you make sure a small loss became a big one? How would you design a routine that burned you out within a year? The answers are uncomfortably familiar. Sometimes the edge isn't something you add to your trading. It's what you stop doing.
Sponsored by Pepperstone Most traders think they’re struggling because they don’t know enough. In reality… it’s often the opposite. In this episode, Mark breaks down The Curse of the Intellectual Trader . Why smart, successful people often find trading harder than expected, and how overthinking kills performance. You’ll learn: Why intelligence can work against you in the markets How traders confuse complexity with edge Why simple strategies feel wrong (but often work best) A powerful example from Pit Bull: Lessons from Wall Street’s Champion Day Trader How to strip your strategy back to something you can actually execute If you’ve ever felt like you’re thinking too much, hesitating, or overcomplicating your trading… this one’s for you.
Sponsored by Pepperstone Something happened to me the other day that I wasn't expecting. A woman trapped in a window, fourth floor, covered in blood, screaming for help. I went in. And as I was debriefing afterwards... I realised every skill that kicked in came from trading. Signal vs noise. Risk management. Clarity under pressure. Acting on incomplete information. Being firm first, then calm. This episode is that story, start to finish. Then I walk back through it and pull out the trading parallels. It's a different one. But if you trade, you'll get it.
Sponsored by Pepperstone. Most traders don’t lose because they’re wrong on direction… They lose because they enter too late. They wait for confirmation. They wait to feel safe. And by the time they pull the trigger… The trade is already broken. In this episode, I break down why entry location is one of the most overlooked edges in trading … and how a simple idea, buying on red and selling on green , can dramatically improve your risk-reward. We cover: Why waiting often destroys trade structure The difference between buying pullbacks vs chasing breakouts How volatility contraction and expansion impact your edge Why better entries lead to better trades (even with the same idea) If you find yourself being right on direction a lot… but not getting the results. This one will hit home.
