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When a trade goes against you, how do you tell the difference between rational conviction and an emotional attempt to win the money back?

In Episode 10 of Markets and Mindsets, Paul, Emma and Isar are joined by Andy, an experienced investor and trader with a background in equities, options and higher-risk strategies. Together, they explore why losses often feel more powerful than gains and how those emotions can shape the decisions that follow.

Andy shares how losing positions can leave him feeling sad rather than angry, why he sometimes steps back from options when markets turn against him, and how strong conviction can lead him to add to a falling position. The team examine where thoughtful reassessment ends and revenge trading begins.

The conversation also explores portfolio concentration, position sizing, the emotional rush of short-term trading, the influence of market-moving news and why self-awareness is essential when deciding whether the facts still support a trade, or whether emotion has taken over.

In this episode:

• Why losses tend to feel more powerful than equivalent gains
• How loss can trigger overtrading, paralysis or revenge trading
• Why reviewing a loss can become a valuable learning tool
• How different traders experience and express trading emotions
• Why sadness can be as important to recognise as anger or frustration
• The difference between long-term investing and shorter-term trading psychology
• How portfolio concentration can amplify emotional swings
• Why position sizing and risk limits matter when conviction is high
• How to decide whether adding to a losing position is rational or emotional
• Why a revenge trade often begins when the facts change but your view does not

Chapters

00:00 – Introduction: Loss, Anxiety and the Revenge Trade

01:38 – Meet Andy: From Equities to Options

02:21 – Recognising the Emotional Impact of a Loss

05:03 – Position Sizing, Risk and Concentration

06:20 – The Emotional Rush of Short-Term Trading

08:13 – The Pull of Always-Open Markets

11:06 – How a Loss Influences the Next Decision

11:46 – Doubling Down: Conviction or Emotion?

15:46 – What Is a Revenge Trade?

17:04 – When the Facts Change but Your Mind Does Not

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Capital at risk. The value of investments can go down as well as up, and you may get back less than you originally invested. This podcast is for educational purposes only and should not be considered investment advice.

Want to be on the show? Send us a question, a voice note or a quick video to [email protected]

Does stepping away from the buy button feel unproductive, even when there is no good trade to make?

In Episode 9 of Markets and Mindsets, the team respond to a question from Andrew, an experienced trader who struggles with the urge to stay occupied, chase the buzz of execution and keep placing trades.

The conversation challenges the idea that trading is the only productive part of being a trader. Using examples from golf, theatre and elite sport, the team explain why research, rehearsal, journaling and self-analysis are all part of building a process you can trust when it is time to execute.

They also explore how to redirect the need for action into smaller, constructive tasks, why improving away from the screen can strengthen future decisions, and when the most productive choice may simply be to walk away and look after your wellbeing.

In this episode:

• Why the urge to stay busy can lead traders into unnecessary decisions
• How overtrading affects experienced traders as well as beginners
• Why not placing a trade is still an active decision
• How golf practice provides a useful analogy for trading preparation
• Why research, journaling and reflection are productive trading activities
• How rehearsing away from the market can improve execution
• Why breaking a large skill into smaller components supports mastery
• How to create “little victories” when the market offers no clear opportunity
• Why you can influence your process even when you cannot influence the market
• Why exercise, rest and time away from the screen can improve performance

Chapters

00:00 – Introduction: The Overtrading Trap

01:15 – Andrew’s Question: Chasing the Buzz of Trading

02:11 – What Golf Can Teach Traders About Practice

04:14 – The Illusion of Productivity

04:52 – Why Not Trading Does Not Mean Doing Nothing

05:09 – Research, Journaling and Reflection

06:09 – Rehearsal vs Execution

07:21 – Breaking Skills Down Through Mastery-Based Learning

08:18 – Finding Little Victories During Difficult Periods

10:00 – Productive Ways to Step Away from the Trade

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

Capital at risk. The value of investments can go down as well as up, and you may get back less than you originally invested. This podcast is for educational purposes only and should not be considered investment advice.

Want to be on the show? Send us a question, a voice note or a quick video to [email protected]

Can placing fewer trades actually help you learn more and become a more disciplined trader?

In Episode 8 of Markets and Mindsets, Paul and Isar are joined by Aoife, an experienced investor preparing to move into active trading. After noticing how easily she overtrades on a demo account, Aoife asks how to build better habits before real money is on the line.

The conversation explores why demo trading cannot fully recreate the emotional weight of a live position, how the urge to stay busy can create an illusion of productivity, and why making fewer, smaller trades may actually help you learn faster. The team also explain the difference between open-loop and closed-loop learning, and how structured reflection can turn each trade into useful feedback.

From journaling and voice notes to alarms, quarterly letters and clearer time horizons, the episode shares practical ways to reduce impulsive decisions and build a repeatable process before pressing the button.

In this episode:

• Why demo accounts are useful for mechanics but limited for understanding emotion
• How using very small amounts of real money can make decisions feel more meaningful
• Why traders often mistake activity for productivity
• How boredom and a bias toward action can lead to unnecessary trades
• The difference between open-loop and closed-loop learning
• Why trading less can sometimes help you learn faster
• How time horizons should shape the way you manage investments and trades
• How journaling before and after a trade builds self-awareness
• How alarms and written reminders can create a pause before acting
• How smaller positions can provide realistic experience without creating major consequences

Chapters:

00:00 – Introduction: The Overtrading Trap

00:14 – Meet Aoife: Moving from Investing into Trading

01:01 – Why Demo Accounts Can Encourage Overtrading

03:23 – Starting Small with Real Money

03:53 – The Illusion of Productivity

04:50 – Open-Loop vs Closed-Loop Learning

06:28 – Why Trading Less Can Help You Learn Faster

06:51 – Time Horizons and the Urge to Meddle

10:31 – Journaling Before and After a Trade

13:06 – Using Alarms and Simple Systems to Pause

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

Capital at risk. The value of investments can go down as well as up, and you may get back less than you originally invested. This podcast is for educational purposes only and should not be considered investment advice.

Want to be on the show? Send us a question, a voice note or a quick video to [email protected]

How do you know whether a losing trade came from a bad decision, or simply a good process with a bad outcome?

In Episode 7 of Markets and Mindsets, Paul and Emma are joined by Tony, a newer trader focused mainly on gold and EUR/USD, to explore one of the easiest habits for traders to fall into: overtrading.

The conversation examines “resulting” - judging the quality of a decision purely by its outcome - and why one winning or losing trade is rarely enough to tell you whether your process is working. The team share practical ways to slow down decision-making, build a repeatable routine and judge trades over a meaningful sample rather than reacting to one result.

They also discuss position sizing, acceptance, backtesting and why both full-time and part-time traders benefit from having a clear process before pressing the buy button.

In this episode:

• Why overtrading can affect traders at every stage of their journey
• What “resulting” means and why outcomes can distort your judgement
• The difference between a good process with a bad outcome and a bad process with a good outcome
• Why one trade is not enough evidence to judge a strategy
• How writing down your reasons for entering a trade improves discipline
• Why a repeatable process is essential for consistent results
• How routines can help both full-time and part-time traders slow down emotional decisions
• Why position sizing should reflect your tolerance for losses and uncertainty
• How smaller trades can help rebuild confidence while testing a strategy
• Why acceptance often comes with time, perspective and distance from the trade

Chapters:

00:00 – Introduction: The Overtrading Trap

01:15 – Meet Tony: Trading Gold and EUR/USD

01:57 – When a Bad Outcome Doesn’t Mean a Bad Trade

02:21 – Understanding “Resulting”

04:10 – Why Your Trading Process Should Be Written Down

05:21 – Following the Plan and Accepting the Outcome

07:20 – Building Confidence Through a Repeatable Process

09:42 – Trading Plans, Routines and Atomic Habits

10:40 – Judge the Process Over a Series of Trades

13:05 – Position Sizing and Emotional Tolerance

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

Capital at risk. The value of investments can go down as well as up, and you may get back less than you originally invested. This podcast is for educational purposes only and should not be considered investment advice.

Want to be on the show? Send us a question, a voice note or a quick video to [email protected]

What happens to your decision-making when every market move triggers adrenaline, stress and the pressure to react?

In Episode 6 of Markets and Mindsets, Paul and Emma are joined by Axel, IG’s Chief Technical Analyst, to explore the physical and emotional demands of trading. Drawing on decades of experience, Axel explains why even seasoned traders cannot simply switch off emotion, and why your physical state can have a direct impact on your decisions.

From adrenaline and fatigue to meditation, breathwork and knowing when not to trade, the conversation looks at the routines that support discipline and long-term consistency. The team also discuss how trading stress can spill into family life, why traders should think like high-performance athletes, and why your trading style needs to fit your psychology.

In this episode:

• Why trading affects your body as well as your mind
• How adrenaline and stress show up during fast-moving markets
• Why Axel scores his physical and emotional state every morning
• How personal readiness can determine whether you should trade
• Why fatigue can weaken risk discipline and stop-loss execution
• How trading stress can affect family life away from the screen
• Why traders should treat themselves like high-performance athletes
• How diet, exercise, standing desks, meditation and breathwork support performance
• Why your trading style should fit your psychology
• How overtrading and oversized positions can damage consistency

Chapters:

00:00 – Introduction: What Trading Does to Your Body

00:32 – Axel’s Approach to Mindset and Physical Readiness

02:22 – Meet Axel: Decades in the Markets

04:05 – Why Experience Doesn’t Eliminate Emotion

04:29 – The Daily Readiness Score

06:00 – Knowing When Not to Trade

07:37 – Adrenaline, Intraday Trading and Stop Discipline

09:00 – How Trading Stress Affects Life at Home

12:43 – Trading Longevity, Physical Setup and Meditation

15:05 – Overtrading, Position Size and Long-Term Discipline

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

Capital at risk. The value of investments can go down as well as up, and you may get back less than you originally invested. This podcast is for educational purposes only and should not be considered investment advice.

How do you stay confident in your own trading decisions when social media is constantly telling you that someone else has found the next winning trade?

In Episode 5 of Markets and Mindsets, Paul and Emma are joined by Valentyn to discuss one of the biggest challenges facing modern traders: filtering out information overload. From trading influencers and paid signal groups to confirmation bias and emotional decision-making, the conversation explores how social media can influence your mindset long after you've entered a position.

The team also share practical strategies for avoiding distractions, managing trades with confidence, and building habits that help you stick to your plan instead of reacting to every headline or viral post.

Want to be on the show? Send us a question, a voice note or a quick video to [email protected]

In this episode:

• Why social media creates information overload for traders
• The psychology behind trading influencers and "too good to be true" success stories
• How confirmation bias can reinforce poor trading decisions
• Why your job is done once you've entered a well-planned trade
• The difference between managing a trade and "babysitting" it
• Practical ways to reduce emotional decision-making while trading
• How alerts, routines and habits can improve discipline
• Why social media platforms are designed to keep you emotionally engaged
• The importance of questioning paid signals and online trading advice
• How to build confidence by trusting your own process

Chapters:

00:00 – Introduction: Trading Through the Noise
01:15 – Valentyn's Question: Staying Focused During a Trade
03:05 – Trading Courses, Fake Screenshots & Influencers
04:33 – Once You're in a Trade, Trust Your Plan
06:04 – Information Overload & Confirmation Bias
08:01 – Managing a Trade vs Babysitting It
10:57 – Why Social Media Fuels Emotional Trading
12:07 – Building Better Trading Habits
13:26 – Testing Trading Signals & Learning to Be Skeptical
14:56 – Key Takeaways: Trust Your Process, Not the Algorithm
16:13 – Final Reflections

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

Capital at risk. The value of investments can go down as well as up, and you may get back less than you originally invested. This podcast is for educational purposes only and should not be considered investment advice.

From viral trading tips to AI-generated success stories, social media has transformed the way many people discover investing ideas. But how do you separate genuine insight from clickbait?

In Episode 4 of Markets and Mindsets, Emma and Paul are joined by Luke to explore the opportunities and dangers of learning about investing online. They discuss the rise of trading influencers, why hindsight can create unrealistic expectations, and how building a trusted community can help you become a more confident investor. Whether you learn through online groups or face-to-face conversations, the episode highlights why developing your own process will always matter more than following someone else's.

Want to be on the show? Email [email protected] with your questions.

In this episode:

• Why social media often highlights winners while ignoring losers
• How hindsight bias creates unrealistic investing expectations
• The risks of trading advice from influencers and online "gurus"
• Why transparency matters when evaluating trading content
• How to use social media as research, not investment advice
• The importance of taking ownership of your trading decisions
• Why community can improve both learning and trading psychology
• The differences between learning online and in-person
• How trading alone can affect confidence, emotions and decision-making
• Practical advice for finding trustworthy support as a developing trader

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments.

Why do so many investors sell their winning trades too soon, while holding onto losing positions for far too long? In Episode 3 of Markets and Mindsets, the team are joined by experienced trader David to explore one of the most common psychological traps in investing: knowing when to let your winners run.

From managing emotions after a string of losses to building trading strategies that remove impulsive decision-making, this episode dives into the habits that separate disciplined investors from emotional ones. Whether you're just starting out or have years of experience, the conversation offers practical techniques to help you build confidence, trust your process and make better decisions over the long term.

In this episode:

• Why investors often cut winning trades too early
• The psychology behind holding onto losing positions
• How previous losses can influence future decisions
• Why position sizing can reduce emotional decision-making
• The importance of defining your exit strategy before entering a trade
• How stop losses and profit targets can help build discipline
• Why journaling your trades improves long-term performance
• How experienced traders recover after difficult periods
• The role routines and mindset play in better decision-making
• Why successful investing is about consistency, not perfection

Chapters:

00:00 – Introduction
01:14 – David's trading dilemma: exiting winners too early
02:36 – Why investors bank profits too quickly
05:12 – Stop losses, scaling out and protecting gains
06:16 – Do experienced traders ever stop struggling?
07:35 – Trading journals and building a strategy
09:04 – Position sizing and managing emotions
11:34 – Learning without reinforcing bad habits
13:32 – Practical ways to build better trading discipline
15:58 – Creating routines for better decisions
16:38 – Final thoughts

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments.

When does taking a calculated investment risk become gambling? In Episode 2 of Markets and Mindsets, the team are joined by Jack to explore one of the most common challenges investors face: separating disciplined decision-making from emotional investing.

Together, they unpack the psychology behind FOMO, confirmation bias and impulsive trading, discussing how our emotions can influence everything from stock selection to knowing when to sell. Through honest reflections and practical advice, the conversation highlights why having a process matters far more than trying to predict every market move.

In this episode:

• The difference between healthy and unhealthy FOMO
• Why missing an opportunity doesn't mean you've failed
• How confirmation bias can influence your investment decisions
• The dangers of impulse trading and chasing market hype
• Why taking responsibility for every trade is essential
• The value of trading journals, voice notes and reviewing your decisions
• How to define your risk before entering a position
• The debate between technical analysis and long-term investing
• Why conviction matters, but so does knowing when to change your mind
• Practical ways to build better investing habits and avoid emotional decision-making

Chapters:

00:00 – Introduction
01:03 – Jack's investing journey and the question of healthy vs unhealthy FOMO
04:18 – Why missing a trade is part of investing
07:09 – Conviction, hype and investing in AI stocks
12:07 – Confirmation bias and knowing when to sell
16:45 – Trading journals and creating accountability
23:42 – Investing, gambling and avoiding impulse trades
29:37 – Long-term investing vs technical analysis
37:05 – Managing drawdowns and defining your risk
43:20 – Final lessons on discipline and decision-making

Enjoyed the episode?

Subscribe to Markets and Mindsets for more conversations exploring the psychology behind better investing. If you enjoyed this episode, leave a rating or share it with someone looking to become a more thoughtful investor.

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments.

Ever watched an investment surge and wondered if you've already missed your chance? In the first episode of Markets and Mindsets, the team are joined by Emma to unpack one of the biggest psychological challenges investors face: knowing the difference between genuine opportunity and fear of missing out.

Drawing on Emma's own investing experiences, the conversation explores how emotions can shape our decision-making, why social media hype isn't always a reliable signal, and the practical habits that can help investors stay disciplined when markets move quickly. From momentum trades and trading journals to position sizing and managing risk, this episode is packed with actionable insights for anyone looking to become a more confident investor.

In this episode:

• Why FOMO can lead investors into poor investment decisions
• How to distinguish genuine market opportunities from social media hype
• What drives momentum trades in markets like gold and silver
• Why it's important to have an exit plan before entering a position
• Practical ways to remove emotion from your investing decisions
• How stop losses, alerts and position sizing can help manage risk
• Why experienced traders keep journals, and how voice notes can be an effective alternative
• Lessons learned from real trades in gold, silver and oil
• Why choosing not to trade can sometimes be the smartest decision
• How mistakes can become one of the most valuable parts of your investing journey

Chapters:

00:00 – Introduction
01:01 – Emma's investing journey and the challenge of FOMO
02:17 – Opportunity vs hype: knowing when you've missed the move
03:18 – Social media, algorithms and investment decisions
05:16 – Building rules before placing a trade
06:37 – Stop losses, alerts and managing risk
07:47 – Trading journals and reviewing your decisions
11:15 – Lessons from gold, silver and oil trades
15:04 – Why sometimes the best trade is no trade at all
17:44 – Final thoughts

Enjoyed the episode?

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Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes. Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.