the ai bubble, retail mania & what comes next for markets

Welcome to Season 3, Episode 16 of Two Blokes Trading. This week’s guest is Harry Melandri, a veteran macro strategist with over 30 years of experience across central banks, hedge funds, trading desks, and global macro research. Harry is now a Senior Advisor and Research Contributor at MI2 Partners (Macro Intelligence 2 Partners), where he helps decode systemic risks using predictive models, historical context, and policy insight.

🔗 Visit Harry’s profile at MI2 Partners

• Harry began his career at the Bank of England before moving into senior macro and trading roles at UBS, Deutsche Asset Management, and Aberdeen Asset Management.

• At MI2 Partners, he provides institutional clients with macro strategy insights, specializing in global central bank policy, interest rates, and structural market dynamics.

• Known for his bold commentary and deep historical perspective, Harry brings a refreshingly candid lens to today's volatile macro environment.

🔗 MI2 Partners – Team Page

In this episode, Harry shares his journey into the financial markets, starting with why he joined the Bank of England straight out of college and what eventually led him to the trading floor. He breaks down the real mechanics of market-making, how liquidity provision actually works, and how those early experiences shaped his macro worldview.

We dig into the speculative energy behind today’s markets, the blurred line between hype and innovation in AI, and the role of retail traders in shaping liquidity and volatility. Harry also explains how political agendas, particularly in the U.S. and China, are increasingly driving economic outcomes, and why this moment may be more systemically fragile than 2008.

From policy narratives to portfolio action, this is a deep, honest, and timely look at what comes next for markets — and how traders can prepare.

Two Blokes Trading is one of the world’s biggest trading podcasts, with over 900,000 listeners and a rapidly growing social media app built for traders. Our platform empowers retail traders with AI-driven tools, real-time sentiment analysis, and expert market insights. We turn complex data like insider trades and global trends into smart, actionable trade ideas once reserved for institutions. With cutting-edge tech and clear education, Two Blokes Trading helps everyday traders move faster, think smarter, and trade like pros.

Let me know if you want me to:

The  Brutal  Truth About Trading: Steve Ruffley reveals the raw, unfiltered reality of life as a trader in today's fast-paced financial markets. In this episode of the Two Blokes Trading podcast, host Jonathan Farrelly sits down with Steve to discuss the lessons that only decades of trading experience can teach. From the early days on institutional floors to trading large size independently, Steve details why most retail traders fail—and what pros really do differently. With sharp takes on scalping, sentiment-driven volatility, and the mindset that sustains trading success, this episode is packed with perspective, strategy, and a dose of hard truth for any trader ready to grow.

📢 This episode is sponsored by our partnered broker Forex.com.

For more information or to set up an account, click here:

https://stonexmarketingpartnerships.ck-cdn.com/tn/serve/geoGroup/?rgid=4&bta=40159

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

What You’ll Learn in This Episode:

In The Brutal Truth About Trading, Steve Ruffley strips away the myths surrounding pro-level trading and brings you deep into his world. Learn how institutional traders operate differently, why size and speed matter more than ever, and how the mental game separates winners from those stuck on the wrong side of the trade. Steve outlines his three trading styles—scalp, average hold, and full-session day trades—sharing when and how he applies each. He also explains why traders must stop chasing signals and start mastering their own psychology. This episode explores the current volatility-driven market climate and delivers practical, grounded insight you can use—whether you're retail, semi-pro, or somewhere in between.

Jonathan Farrelly – Host

Jonathan started his trading journey over 15 years ago, learning from some of the best institutional traders in the world. Over the last 9 years, Jonathan has taught thousands of retail traders how to successfully navigate the financial markets. Jonathan has evolved Two Blokes Trading with new technologies to offer traders a new fully immersive experience. His ethos has always been based on transparency with the goal to help new & experienced traders achieve their goals.

About Steve Ruffley:

Steve Ruffley has spent over 20 years in the financial markets, working across institutional trading floors, risk‑management operations and independent trading with his own capital. He is the author of The Pro Retail Trader and The Ruff Guide to Trading, and is known for delivering real-world trading education that bridges the gap between theory and performance. (steveruffley.com)

In this episode of Two Blokes Trading, Steve Burns: The Pain That Made Me a Profitable Trader, we explore how trading discipline, painful losses, and decades of experience shaped one of the most respected traders in the game.

Steve Burns shares how he transformed early mistakes into a long-lasting edge through rule-based systems, precise risk control, and a mindset focused on compounding small wins. Whether you are new to trading or refining your system, this episode offers critical lessons on what it truly takes to survive and thrive in the markets.

Trading discipline is not just a buzzword. It is the defining trait that separates amateurs from professionals. In this episode, Steve Burns reveals how painful drawdowns, decades of real-world lessons, and a strict focus on risk management helped him achieve lasting success in the markets.

With nearly 30 years of trading experience, Steve shares his transition from high-risk speculation to a methodical, rules-based approach. He breaks down how compounding small gains can lead to massive results, why position sizing is critical to trader psychology, and how most traders fail before they even learn what matters.

What You’ll Learn in This Episode:

• Core principles of trading discipline and emotional control
• How compounding and small wins drive long-term growth
• Building a system that protects capital and preserves gains
• The role of position sizing in reducing emotional volatility
• Managing drawdowns with systematic exits
• Backtesting techniques and avoiding data bias

00:00 – Introduction

04:58 – From amateur to professional: learning the hard way

10:30 – Compounding: small wins, big future

16:20 – Risk control, edge, and protecting profits

22:45 – Steve’s watchlist and technical setup

30:15 – Backtesting strategies and common mistakes

37:10 – Current markets, liquidity, and trader sentiment

43:50 – What Steve would do differently

48:15 – Final thoughts and advice

Two Blokes Trading is one of the world's biggest trading podcasts, with over 900,000 listeners and a rapidly growing social media app built for traders. Our platform empowers retail traders with AI-driven tools, real-time sentiment analysis, and expert market insights. We turn complex data like insider trades and global trends into smart, actionable trade ideas once reserved for institutions. With cutting-edge technology and clear education, Two Blokes Trading helps everyday traders move faster, think smarter, and trade like professionals.

Steve Burns is the founder of New Trader U, a veteran trader, educator, and author of more than 17 books on trading strategy, risk management, and psychology. Since 1995, Steve has helped thousands of traders transition from impulsive to intentional trading through structured systems, backtested strategies, and timeless principles.

This episode is sponsored by our partnered broker Forex.com. For more information or to setup an account click the link below.

https://stonexmarketingpartnerships.ck-cdn.com/tn/serve/geoGroup/?rgid=4&bta=40159

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.