Markets and Mindsets

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How much of your income should you invest when you are just getting started, without leaving yourself short when life gets expensive?

In our final episode of the Markets and Mindsets series, the team are joined by Finn, a newer investor with some experience in smaller cryptocurrencies who wants to understand how much to invest in relation to his income and wider finances.

The conversation explores why there is no universal percentage that works for everyone, and why time horizon, liquidity needs and life stage should shape the decision. The team discuss the importance of keeping a savings buffer, starting early, investing regularly and avoiding situations where you may be forced to sell during a market downturn.

They also examine the balance between enjoying money today and preparing for future costs, the value of tax-efficient accounts and employer pension contributions, and how diversification and regular investing can reduce the pressure of trying to time the market.

In this episode:

• Why time horizon, life stage and liquidity needs should determine how much you invest
• Why starting early can make small, regular contributions meaningful through compounding
• How automating investments can build discipline and reduce emotional decision-making
• Why maintaining a cash buffer helps prevent forced selling during a downturn
• How crypto volatility can distort expectations of risk in other markets
• Why housing costs and the cost of living make fixed investment percentages unrealistic
• How ISAs, LISAs and workplace pensions can improve long-term outcomes
• How to balance enjoying money today with future financial goals and expenses
• Why diversification matters when indexes are concentrated in a few companies or sectors
• Why waiting for the perfect entry point can cost returns, and regular contributions can make downturns easier

Chapters

00:00 – Introduction: Knowing Your Risk

01:17 – Meet Finn: How Much Should a Beginner Invest?

02:10 – Time Horizons, Liquidity and Life Stage

03:51 – Starting Early and the Power of Compounding

04:36 – Regular Investing and Automating the Habit

06:26 – Keeping a Buffer and Avoiding Forced Selling

09:10 – ISAs, LISAs, Pensions and Tax-Efficient Investing

12:06 – Balancing Money Today with Future Financial Goals

16:29 – Market Timing, Diversification and S&P 500 Concentration

19:37 – Final Takeaways

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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]m

How much risk can you genuinely afford to take and how much loss can you emotionally tolerate?

In Episode 13 of Markets and Mindsets, the team is joined by Jimmy, an investor with around a decade of experience who is beginning to explore more active trading, technical analysis and a more structured approach to the markets.

Jimmy shares his enjoyment of gambling and risk-taking, and asks how to preserve the fun of trading without getting carried away. The conversation explores the difference between risk capacity and risk tolerance, why a widely quoted percentage is not automatically the right target, and how position sizing should reflect both your wider finances and your emotional response to loss.

The team also examines the difference between trading for recreation and trading for return, why being right can feel as rewarding as making money, and how community, transparency and a supportive process can turn short-term excitement into more sustainable motivation.

In this episode:

• Why understanding risk is essential to both trading success and enjoyment
• How life stage, liquidity needs and the cost of living can affect risk decisions
• The difference between risk capacity and risk tolerance
• Why a commonly quoted 2% risk limit is a ceiling rather than a target
• How to translate percentages into a real monetary loss you can understand
• Why trading for recreation requires a different mindset from trading for return
• How limiting account funding and position size can keep recreational trading controlled
• Why return-focused trading requires a repeatable process and careful review
• Why the consequences of a loss matter more than the number alone
• Why stepping away is the right choice when trading stops feeling sustainable

Chapters

00:00 – Introduction: Knowing Your Risk

01:20 – Meet Jimmy: Investing, Trading and Risk-Taking

02:11 – Gambling, Enjoyment and the Appeal of Risk

04:18 – Risk Capacity and Risk Tolerance

05:30 – Why 2% Is Not a Target

06:20 – What Are You Optimising For?

07:13 – Recreational Trading vs Return-Focused Trading

10:51 – Why Position Size Shapes the Emotional Response

12:31 – Thinking About the Consequences of a Loss

19:10 – When to Step Away

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]m

What is trading doing to your body, not just your portfolio?

In Episode 12 of Markets and Mindsets, the team are joined by Rich, a former international athlete and professional trader with two decades of experience across market-making, hedge funds and emerging markets.

Rich reflects on the physical and psychological toll of trading through major market events, including the financial crisis, the Swiss franc de-pegging and periods of extreme volatility. The conversation explores the difference between short, sharp bursts of adrenaline and the longer-lasting build-up of cortisol, and how both can influence decision-making, focus, sleep and behaviour.

The team also discusses when stress can improve performance, why routine and a documented process can reduce pressure, and the practical warning signs that trading may be taking over your life. From diet, exercise and sleep to position sizing, time away from the screen and stress-testing your portfolio, the episode examines how traders can protect their health while continuing to engage with the markets they love.

In this episode:

• The physical and psychological toll that trading can place on the body
• The difference between adrenaline and cortisol
• Why adrenaline narrows attention and encourages faster decisions
• Why prolonged stress can cause cortisol to build up over time
• How stress can sometimes support flow, focus and faster execution
• The four steps for turning stress into a performance aid
• How routines and documented processes can reduce uncertainty
• How cold water and stepping away from the screen can help create a reset
• The importance of diet, exercise and sleep for trading performance
• How position sizing should change with volatility and emotional state

Chapters

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

06:16 – Adrenaline vs Cortisol

08:11 – How Adrenaline Changes Vision and Decision-Making

11:24 – How Cortisol Builds Up Over Time

14:52 – Using Stress to Enhance Performance

20:23 – Documenting Your Trading Playbook

24:18 – Memory, Stress and the Value of a Trading Journal

26:00 – Diet, Exercise and Sleep

32:27 – Position Sizing for Volatility and Emotional State

35:41 – Warning Signs That Trading Is Taking Over

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]m

How do you keep trusting your process when several trades in a row go against you, and every instinct tells you to win the money back?

In Episode 11 of Markets and Mindsets, the team are joined by Luke, who has spent 13 years working closely with active traders and has experienced his own shift from short-term, instinctive trades towards a more structured approach built around the S&P 500, position sizing and risk management.

Luke shares the emotional pull that follows a losing streak, even when the strategy and risk controls are behaving exactly as expected. The conversation explores why losses feel more powerful than gains, how fight-or-flight responses can trigger revenge trading, and why a good process can still produce a bad outcome.

From reducing position size and creating clear trading rules to changing your physical environment, speaking to other traders and protecting your sleep, the episode offers practical ways to reset, avoid paralysis and make the next decision on its own merits.

In this episode:

• How a string of stopped-out trades can challenge confidence in a good process
• Why losses often feel more painful than equivalent gains feel rewarding
• Why anxiety can push traders towards overactivity and revenge trading
• How reducing position size after a losing streak can limit emotional pressure
• Why a morning routine and market plan can support slower, clearer thinking
• How to leave yesterday’s result behind while still learning from it
• The difference between a good process with a bad outcome and a genuinely bad process
• Why trading can become isolating and how conversation creates useful challenge
• Why position size and stop placement should reflect the market’s volatility
• Why standardised position sizes can reduce inconsistent, emotional decisions

Chapters

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

00:23 – Meet Luke: From Vibes-Based Trading to a Structured Process

02:45 – The Emotional Pull After a Losing Trade

04:23 – Why Losses Weigh More Heavily Than Gains

07:41 – Anxiety, Fight-or-Flight and Revenge Trading

08:54 – Building Rules for a Losing Streak

10:21 – Detachment: Leaving Yesterday Behind

13:23 – Good Process, Bad Outcome

22:41 – Position Sizing, Volatility and Stop Placement

28:41 – Resetting After a Run of Losses

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]m

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

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]m

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]m

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.

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

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.