Explore every episode of the podcast Traders Mastermind

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Some traders are brilliant at reading the market, finding opportunities, and making money. Yet every so often, one bad session undoes weeks of good work.

Why does this happen? And why can some traders take a big hit, walk away, and come back tomorrow, while others spiral into revenge trading and damaged confidence?

In this episode, we explore the subtle psychological differences that can make or break your trading results, and how becoming more aware of your thoughts can help you break the cycle.

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What can 60 years of combined trading experience teach us about becoming a better trader?

I sit down with veteran trader Peter Daniel for a relaxed, honest conversation about why so many traders struggle, what separates those who make progress, and the lessons we've learned over decades in the markets.

We cover trading psychology, confidence, discipline, risk management, strategy selection, common mistakes and plenty more.

Some things we agree on. Others we see differently!

Hopefully, you'll pick up a few useful ideas to apply to your own trading.

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What’s the one thing in your trading that, if you improved it, would have an outsized impact on your performance?

Revenge trading? Hesitation? Overtrading? Moving stops? Oversizing? Cutting winners too early?

In this episode, I explain why Q4 is the perfect time to stop trying to fix everything and instead put all your attention on one behaviour that’s holding you back.

We look at how to identify your biggest domino, define the problem properly, change your environment to make the bad behaviour less likely, and measure genuine progress… without expecting perfection.

The goal is simple: arrive in January with momentum, confidence and one meaningful weakness significantly improved.

This also ties into my new Train Your Trading Brain webinar series, running live every Tuesday at 7 pm UK time through to Christmas.

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A guy at the gym gave me one simple tip for hitting a 100kg bench press: stop trying to make the big jump.

It made me think about trading.

Demo to live. Funded accounts. Bigger size.

Why do we turn every transition into such a big event?

Maybe progress works better when the next step barely feels like one.

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The trade has worked beautifully. You’re 90% of the way to target… and then it stalls.

Do you take the money? Hold to the original plan? Tighten the stop? Peel some off?

In this episode, I look at the different ways to handle one of those awkward trade-management moments we’ve all faced and why the right answer depends less on the trade itself and more on what you’re actually trying to improve as a trader.

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Sometimes trading feels productive when really it’s just helping you avoid the harder work.

In this episode, I look at why stepping away from the screen to tighten up your playbook, trade management, routines and trading rules might be exactly what you need to make real progress.

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Most traders move through three phases: learning, earning and scaling. The trouble starts when we confuse which phase we’re actually in…

In this episode, I look at why experienced traders sometimes need to go back into learning mode, when it’s time to take the pressure off, and how we know when we’re ready to start scaling again through size, better holds, and cleaner execution.

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Prop firm data reveals some interesting patterns in how losing traders behave.

In this episode, I look at two common behaviours that show up again and again… and why doing the opposite could make a big difference to your trading.

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Why does a trading strategy that once had genuine edge suddenly stop working?

In this episode, we look at how markets adapt, participants change their behaviour, and profitable edges can become crowded and decay… using the famous Turtle Trading strategy as an example.

More importantly, what does that mean for us as traders, and how do we make sure we can evolve as the market does?

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Years ago, I found a strange edge in a head-to-head trading game: while everyone else rushed to trade, I waited. In this episode, I share what that taught me about patience, understanding the real objective, exploiting other traders’ mistakes, and why sometimes the best trade is no trade at all.

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We all want results now, something new, and an easier path, but these natural instincts can sabotage our trading. Here’s how to recognise and overcome them.

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Trading has too many moving parts. Entry, exit, stops, targets, scaling, hold or fold, how many trades, breakout or mean reversion. When you're in a drawdown, it all turns to noise.

So here's one drill to cut through it. Strip out the variables and answer a single question.

It won't fix everything. But it gets you off the back foot and gives you something to work with instead of just bleeding.

Have a listen and see if it's right for you.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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?

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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

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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?

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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Trading stress doesn’t always end when the market closes.

In this episode we explore an interesting concept used by the military called “closing the loop.” After missions, soldiers perform simple rituals like cleaning gear and debriefing. These routines aren’t just operational. They signal to the brain that the mission is finished.

Without that signal, stress hormones can stay elevated and the mind keeps replaying events.

Traders experience something very similar.

Day traders often get natural closure when they finish the day flat. But swing traders and position traders can struggle because their trades remain open.

In this episode we discuss:

• Why the brain hates open loops

• Why traders keep thinking about positions after hours

• The biological reason routines reduce stress

• How to create a simple post-market ritual to help your brain switch off

If you want clearer thinking, better recovery and improved performance, learning how to close the loop may be one of the simplest changes you can make.

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At some point in trading, something changes.

Not your strategy.

Not your indicators.

You change.

After enough screen time, enough wins and losses, and enough experience in the markets, traders begin to see risk, uncertainty, and decision-making very differently.

In this episode, Mark breaks down the subtle psychological shifts that happen only through experience:

• Why experienced traders are comfortable saying “I don’t know”
• How losses lose their emotional weight
• Why nobody actually knows where price is going
• The real reason patience eventually becomes natural
• And why individual trades stop mattering as much as you think

If you’re in that frustrating middle phase where you understand trading but consistency still feels just out of reach, this episode may change how you view your progress.

Sometimes the biggest improvements in trading don’t come from learning more - they come from staying in the game long enough for experience to do its work.

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Everyone's panicking about AI replacing white collar jobs. Accountants, lawyers, coders, designers... the list keeps growing. But what about us? Will AI solve the markets and put traders out of business?

In this episode, I break down why I think trading is one of the few skills AI genuinely can't replace, why algos have been battling each other for decades without "solving" anything, and why now might be the perfect time to double down on building your edge.

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Have you ever sat at your desk after a bad run and wondered if the exit is the right door?

In this episode I walk through three of the greatest traders who ever lived... Jesse Livermore, Paul Tudor Jones, and Stanley Druckenmiller, and the specific moments each of them nearly walked away from trading for good.

Livermore went bankrupt and got suspended from the Chicago Board of Trade.

Tudor Jones wiped out 70% of his account and said "I don't think I can hack it much longer."

Druckenmiller lost three billion dollars to FOMO and described it as devastating.

None of them were being irrational. Quitting would have been the reasonable response.

But they didn't. And what happened next is the point.

If you're in a rough patch right now ... this one's for you.

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Trading looks obvious in hindsight. In real time, it’s chaos.

In this episode, I explore the idea of the fog of war... how decisions are made with incomplete, delayed, and sometimes wrong information, and why trading feels exactly the same.

Experience matters. Debriefing matters. And waiting for certainty is rarely the answer.

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How long does it really take to become profitable in trading?

Not the marketing answer. Not the fantasy timeline. The real one.

In this episode, I break down what the journey to consistent profitability actually looks like, why most traders underestimate the time it takes, and why staying in the game matters more than trying to be clever.

We’ll talk about:

• Why volatility seduces traders into bad decisions
• How long some of the world’s best traders took to become profitable
• The difference between gambling and building a skill for life
• Why small size and longevity beat big swings early on
• How to think about trading like a startup with a runway

If you’re frustrated, questioning yourself, or wondering whether it’s just you… this one should help recalibrate your expectations and keep you moving forward.

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If you’re stuck at break even, not losing much but not making much either, and you feel like you’re spinning your wheels, this episode is for you.

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In a perfect world, you’d be sitting in a trading office, surrounded by other traders, high standards, shared prep, honest feedback, and accountability. You’d get better faster just by being there.

But most traders don’t have that option.

In this episode, I talk about:

• Why trading offices work so well
• How collaboration accelerates learning and raises standards
• Trading buddies vs trading pods and what actually helps
• How I used collaboration throughout my own trading journey
• And how to recreate the best parts of a trading office without the commute

I also reference a great clip from SMB Capital, where Jeff Holden explains why collaboration is such a powerful force in developing traders, especially when trading remotely.

Video mentioned in this episode.

Traders Mastermind Community:

If you’re looking for structured collaboration, trading pods, and high standards, you can learn more about the Traders Mastermind community here.

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Progress in trading isn’t smooth or predictable. Here’s why effort and results don’t line up… and why that’s just part of the game.

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You didn’t exit too early.

You had the wrong mindset.

In this episode, I break down mindset matching... aligning your mindset with the market and the structure you’re trading.

Grinding trends and momentum moves look similar, but they demand very different mental calibrations.

Get this wrong, and even good trades fall apart!

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In this episode, I break down the three non-negotiable steps I’ve seen work again and again for traders who finally stop spinning their wheels and start making real progress.

We cover how to define your trading North Star, how to reverse engineer your edge into focused daily work, and how to review your performance properly... without over-analysing or burning yourself out.

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A short Christmas check-in to wrap up the year, share a few trading reflections, and say thank you before we reset for January.

No lessons, no predictions... just an honest end-of-year reflection.

Merry Christmas

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Have you ever seen the film Zulu?

It’s not really a war film.

It’s a lesson in discipline under pressure.

In this episode, I break down what the Battle of Rorke’s Drift teaches us about trading… why structure beats strength, why survival matters more than heroics, and why holding the line is often the real edge.

A calm look at discipline, risk, and behaviour when things get uncomfortable.

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Forget the tech. Forget the tribalism. Mark digs into the behaviour around crypto, how narratives form, how they collapse, and why traders should stay observers, not disciples.

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Ever wondered why floor traders thrived?

It wasn’t the bright jackets!... it was their clarity of edge.

In this episode, Mark breaks down what their real advantage was and how modern traders can apply the same principle today.

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In this short Budget Day briefing, I break down the setups, the traps, the tone shifts that move cable, and the oddball trades that can appear when the market misprices Reeves’ announcements.

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Most traders don’t fail in year one, they fail in year two.

In this episode I break down why traders stall, burn out or blow up in that 12–24 month window, and how to make sure you’re one of the few who actually push through and build consistency.

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Most traders swing between two extremes: trading so small it doesn’t matter… or trading so big it destroys their ability to think clearly.

In this episode, we break down how to actually find the sweet spot... the size that engages you, keeps you disciplined, and doesn’t sabotage your edge.

Plus, the two phases every trader must go through before scaling up.