Traders Mastermind

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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.