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.

Why the Next Financial Crisis Is Already Here | Michael Howell | Two Blokes Trading Ep. 13

In this episode of Two Blokes Trading, we speak with Michael Howell, founder of CrossBorder Capital and author of the “Capital Wars” Substack, to unpack the real driver behind today’s market turmoil: a growing global liquidity crisis. Michael explains why liquidity, not just interest rates, is the engine powering asset prices and why the global economy is now deep into a debt refinancing cycle that could trigger major funding stress.

From repo market volatility and Fed balance sheet tightening to rising systemic risk in sovereign debt markets, Michael shares the signals smart traders need to watch and how to trade ahead of the curve. We also explore why gold, Bitcoin, and other inflation hedges are flashing warning signs and what happens when central banks are forced to restart quantitative easing.

This is not another macro overview. It is a deep, data-driven discussion on the structural cracks in global liquidity. Whether you are a retail trader or managing larger portfolios, this episode will change how you read the markets.

What You’ll Learn in This Episode:

Michael Howell explains why global liquidity, not interest rates, is the real driver of financial market trends and why the next crisis may already be unfolding. You will learn how more than 80 percent of capital markets activity is now focused on debt refinancing rather than investment and why this shift increases systemic risk.

We explore the mounting pressure in repo markets, the importance of monitoring SOFR spreads, and how reduced liquidity from the Federal Reserve could lead to disruptions in funding markets. Michael also breaks down the risks posed by trade fails, the structural liquidity gap in US bank reserves, and why hedge funds are playing a critical role as marginal buyers of US Treasuries.

The episode also examines long-term forecasts for gold and Bitcoin as barometers of monetary risk, and what traders can learn from shifts in central bank behavior. You will come away with a stronger understanding of liquidity cycles, how they differ from traditional business cycles, and how to position yourself before major market turns.

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 fully immersive experience. His ethos is built on transparency with the goal of helping new and experienced traders reach their financial goals.

About Michael Howell:

Michael Howell is the founder and CEO of CrossBorder Capital, a London-based research and investment firm specialising in capital flows and global liquidity analysis. With more than 30 years of experience in financial markets, Michael developed a data-driven liquidity research methodology during his time at Salomon Brothers and Baring Securities.

He launched CrossBorder Capital in 1996 and has since advised institutional clients, hedge funds, and policymakers around the world. He also authors the Capital Wars Substack, which offers clear, accessible insights on liquidity, macroeconomics, and capital trends. Michael is a regular speaker at financial conferences and is regarded as one of the leading experts on how liquidity drives risk and opportunity in global markets.

Micheals Website: https://www.crossbordercapital.com

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

Set up your account or learn more here:

The Hedge Fund Trader Who Automates Everything is a deep dive into the mindset and methods of Rob Carver, a former institutional trader who left the high-stakes world of Barclays and AHL to build his own fully systematic trading operation. With decades of experience managing risk and deploying billions across global markets, Rob now trades independently using systems he designed to remove emotion, avoid overfitting, and stay adaptable in volatile conditions.

This episode explores how Rob went from trading exotic derivatives at Barclays to managing fixed income portfolios at one of the world’s most respected quant hedge funds. He opens up about burnout, walking away from institutional capital, and the freedom and responsibility that come with trading your own money.

Listeners will hear how real automation works, how much maintenance systems require, and why simplicity is often a more powerful edge than complexity. Rob also shares strong views on crypto, AI, and the risks of trading technologies that promise too much and deliver too little.

This conversation cuts through the noise to focus on what it actually takes to succeed with a systematic, automated approach. Whether you’re a retail trader trying to remove emotion from your decisions or a professional refining your edge, Rob’s perspective offers clarity, discipline, and insight rooted in experience.

In this episode, Rob Carver breaks down the realities of building and maintaining a fully automated trading system. You’ll learn why simplicity often outperforms complexity, how institutional traders view risk differently from retail traders, and what it means to run a system that makes decisions without constant human interference.

Rob explains how he sets up automated processes to handle futures rollovers, monitors price data for anomalies, and decides when, if ever, to intervene. He discusses why he prefers medium-speed systems with month-long holding periods, how he avoids curve fitting, and how he evaluates whether a system is still valid as market conditions change.

Listeners will gain insight into the pros and cons of trading with leverage, how to think about diversification across asset classes, and why high-frequency strategies often decay faster than slower, more robust systems. Rob also shares practical views on evaluating strategies using relative performance and alpha, rather than just raw returns.

For traders curious about automation, this episode highlights the technical, psychological, and strategic aspects of trading without discretion. Rob also offers candid opinions on crypto and AI, including his concerns about their overhyped role in trading and why true edge still comes from understanding risk, not chasing the latest trend.

Whether you're a systematic trader, a discretionary investor considering automation, or simply someone interested in how modern hedge fund techniques work, this episode delivers a rare behind-the-scenes look from someone who has done it all.

Rob explains how he sets up automated processes to handle futures rollovers, monitors price data for anomalies, and decides when, if ever, to intervene. He discusses why he prefers medium-speed systems with month-long holding periods, how he avoids curve fitting, and how he evaluates whether a system is still valid as market conditions change.

Listeners will gain insight into the pros and cons of trading with leverage, how to think about diversification across asset classes, and why high-frequency strategies often decay faster than slower, more robust systems. Rob also shares practical views on evaluating strategies using relative performance and alpha, rather than just raw returns.

For traders curious about automation, this episode highlights the technical, psychological, and...

How Greg Magadini Turned $50k into $1.3 Million Trading Volatility is the mission of Greg Magadini, options trader and Head of Derivatives at Amberdata.

With over a decade of experience navigating options markets, Greg has built his reputation on simplifying volatility for traders from retail enthusiasts to institutional portfolio managers. Before Amberdata, he co-founded Genesis Volatility, a pioneering analytics platform for crypto options, where he made professional-grade volatility surfaces and risk tools accessible to everyday traders. His work bridges the gap between traditional options theory and the fast-evolving world of digital assets.

Greg’s career has been defined by helping traders understand the language of volatility. From variance risk premiums to the term structure of implied volatility, he translates complex derivatives concepts into practical frameworks traders can apply. A disciplined risk manager himself, Greg has experienced firsthand the emotional challenges of trading including drawdowns, feast-or-famine cycles, and the psychological traps that volatility markets set. He approaches trading as both an intellectual puzzle and an emotional discipline, emphasizing sober decision making, risk awareness, and long-term consistency.

Today, Greg’s voice is one of the most respected in crypto options. Whether he is explaining the nuances of zero-day contracts, highlighting hidden risks in crowded trades, or exploring the macro forces shaping volatility markets, Greg brings clarity, context, and candor. For him, trading options is not about chasing lottery tickets. It is about building repeatable edges, managing exposure, and staying in the game when others get shaken out.

In this episode, Greg Magadini and Two Blokes Trading dive deep into the mechanics and mindset of volatility trading. Greg explains why options are ultimately insurance contracts, how variance risk premiums provide the real edge, and why term structure is the silent driver of profits and losses.

You will learn how to measure realized versus implied volatility, how to think about risk through the Greeks instead of just strike prices, and why path dependency makes options uniquely challenging. Greg also shares his personal approach to dealing with drawdowns, emotional cycles, and the hidden costs of being a full-time trader.

For new and seasoned traders alike, this conversation offers a roadmap to navigating the complexities of options with discipline, clarity, and a sober respect for risk.

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. 76%-78% 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.

About Greg Magadini – Guest

Greg Magadini is the Head of Derivatives at Amberdata and a recognized expert in options and volatility trading. He began his career as an options trader in traditional markets before co-founding Genesis Volatility, one of the first analytics platforms to bring professional-grade crypto options data and tools to a wider audience.

With more than a decade of experience across derivatives markets, Greg has built his reputation on simplifying volatility and risk management for both institutional and retail traders. His work focuses on translating complex concepts such as variance risk premiums, term structure, and the Greeks into practical strategies that traders can actually...

The mental edge in trading is the mission of Evan Marks, former hedge fund portfolio manager and founder of M1 Performance Group

With over 25 years of experience managing institutional capital, Evan now coaches elite performers from professional athletes to high stakes traders on mastering decision making under pressure. Drawing from neuroscience and modern psychoanalysis, he helps clients rewire habits, regulate emotions, and build cognitive resilience in the most volatile environments. After a career defining panic attack at age 46, Evan sold his fund, returned to study, and committed his life to helping others navigate the psychological demands of high performance careers.

Today, Evan’s work lives at the intersection of peak performance and emotional intelligence. His frameworks such as aggressive patience and momentum beats motivation help top traders shift from impulsive reactions to intentional behavior. Whether he is coaching a NASCAR pit crew or a billion dollar portfolio manager, Evan brings science backed tools, practical insight, and a deep belief that long term success starts with the mind. For him, trading is not just about strategy. It is about stamina, self awareness, and staying sharp every single day.

What You’ll Learn in This Episode

In this episode, Evan Marks and Two Blokes Trading explore why traders are performance athletes and how mastering your internal game is essential for long term success. Evan explains why emotions are data, not distractions, and how ignoring them leads to reactive decisions, burnout, and self sabotage.

You will learn how to implement techniques like mental space creation, emotional labeling, and conscious habit building that are used by elite athletes and fund managers. Evan breaks down the concept of aggressive patience, a state of calm readiness, and explains how building momentum through daily practices outperforms motivation over time. This episode provides powerful insights for traders who want to build consistency, clarity, and resilience in their approach to the markets.

About Evan Marks – Guest

Evan Marks is the founder of M1 Performance Group and a former hedge fund portfolio manager with more than 25 years of experience in institutional trading. After stepping away from Wall Street, Evan shifted his focus to coaching high performers across finance, sports, and business on the psychology of decision making under pressure.

His coaching integrates neuroscience, behavioural training, and psychoanalytic methods to help clients develop mental clarity, emotional regulation, and consistent performance. Today, Evan is known for teaching concepts like aggressive patience and momentum through repetition, making him a trusted voice in trading psychology and performance development.

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. 76%-78% 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.

Stock market scams exposed: that’s the mission of Edwin Dorsey, founder of The Bear Cave, one of the most widely followed investigative newsletters in finance. Edwin specializes in uncovering corporate misconduct, financial fraud, and market manipulation, digging deep into SEC filings, FOI requests, and regulatory data to reveal what most investors miss. His work has moved markets and sparked accountability, from exposing safety failures at Care.com to tracking Chinese pump-and-dump scams through his platform StopNasdaqChinaFraud.com. With a sharp eye for red flags and a reputation for fearless reporting, Edwin has become a trusted voice in financial journalism and short-selling research.

What You’ll Learn in This Episode

In this episode, Edwin Dorsey and Two Blokes Trading expose the mechanics of Chinese pump-and-dump scams that continue to infiltrate U.S. stock markets. Dorsey explains how promoters manipulate share prices through WhatsApp groups, inflated IPOs, and coordinated hype campaigns—often targeting unsuspecting retail traders. He shares how he infiltrated over 50 chat groups, created a public fraud-tracking platform, and why these schemes move billions despite regulatory scrutiny. Listeners will also gain insight into Dorsey’s broader research process, from leveraging AI tools and SEC filings to filing FOI requests that reveal misconduct in billion-dollar companies. With lessons on identifying red flags, understanding market manipulation, and balancing skepticism with opportunity, this episode arms traders with practical knowledge to avoid scams and sharpen their edge.