EssayMay 8, 2026 · 8 min
On patience: the trader's only edge
The biggest mistakes are made between trades, not during them. A note on the discipline of doing nothing.
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Journal
Long-form, from the desk.
Essays, frameworks and historical re-reads. Less news, more thinking.
MacroMay 4, 2026
What the dollar is telling us in 2026
DXY's behaviour rarely surprises if you watch the right four cross-rates. We unpack our framework.
6 minRead
CraftApril 28, 2026
Position sizing for asymmetric returns
Kelly is a starting point, not a destination. How professional desks actually calibrate exposure.
10 minRead
HistoryApril 22, 2026
1992 redux: lessons from the Pound's last great break
Sterling crises are rarely about sterling. A historical re-read with implications for today's pegs.
12 minRead
CryptoApril 15, 2026
The maturation of digital asset liquidity
Spot books, RFQ desks, on-chain settlement. The market we trade now is unrecognisable from 2021.
7 minRead
RiskApril 9, 2026
Drawdown is a feature, not a bug
Every great track record contains drawdowns. The question isn't avoiding them — it's surviving them with conviction intact.
9 minRead