May 28, 2025, 12:00 PM ETInterview, Fireside Chat, Podcast

We Should Not Die as Traders · Patrick Petersson

Plus500 promotes a futures trading platform accessible via mobile devices with no financial expertise required to start.
Users can access diverse markets including S&P 500, Nasdaq, Bitcoin, Natural Gas, Forex, and Metals.
The platform allows account opening with a minimum deposit of $100.
An unlimited risk-free demo account is provided featuring real charts and tools for practice before risking real capital.
Plus500 cites over 20 years of industry experience and a global customer base exceeding 30 million.

Patrick Peterson returns to "Chat with Traders" (Episode 300) following his original appearance in Episode 260 two years prior.
Peterson previously left the "Shed Traders" community after one year to join the "Mentor Q" community.
He now serves as a mentor and business partner at Mentor Q, developing educational products and live trading guidance.
Peterson describes his personal transition from a "lonely wolf" trader to a collaborative team player through community engagement.
He credits the Shed Traders community with expanding his social circle globally, fostering friendships across Australia, Africa, France, Brazil, and Canada.

Peterson criticizes the trading community for focusing on "bullshit" PnL posts and complex mathematical theories rather than practical advice.
He argues that if a trading concept cannot be explained simply enough for a five-year-old or an elderly grandmother, the explanation is flawed.
A specific gap identified is the lack of guidance on how high VIX levels directly impact risk management and position sizing for new traders.
Peterson emphasizes that media outlets like CNBC do not teach specific risk mitigation strategies during high volatility to avoid reducing viewership or conflicting with market makers' interests.
He advocates for teaching young people how to trade legally to achieve financial freedom rather than pursuing other paths.

Peterson notes that traders frequently forget lessons learned during high-volatility regimes (e.g., the COVID crash) when markets stabilize, believing "this time is different."
During high volatility (e.g., VIX at 50-70), average True Range (ATR) can expand to 50-60 points on the ES, creating 10x the normal risk/reward exposure.
High volatility causes stop losses to be hit within minutes rather than the typical 10-15 minutes, increasing the likelihood of emotional "revenge trading."
Peterson advises reducing position sizes, switching to ETFs, or stepping out of the market entirely when the VIX spikes to avoid rapid blow-ups.
He warns that many traders are returning to full-time employment after losing life savings due to an inability to handle rapid, large-scale market moves.

Peterson argues that prop firm payouts do not equate to trading proficiency because they often involve significant prior losses and repeated challenge failures to reach a payout stage.
He contends that prop firm accounts function as trading simulators where the psychological pressure of losing personal capital is absent.
To verify a mentor's legitimacy, Peterson insists on reviewing a verified five-year track record trading verified personal capital, not prop firm money.
He states that a trader who loses $30,000 in prop challenges but generates a $10,000 payout is effectively a losing trader who should not be teaching others.
Peterson differentiates between "real" prop desks (like SMB Capital) that trade actual investor capital and educational firms that operate as simulators.

Peterson provides free mentorship focused on guiding traders through their specific problems rather than teaching a rigid, one-size-fits-all strategy.
He refuses to accept money for mentorship, instead requesting a donation to a social project to ensure the mentee is serious.
His approach involves identifying the trader's mindset, background, and triggers to provide tailored guidance on missing "puzzle pieces."
He advocates for daily reviews using concepts from Extreme Ownership and Atomic Habits to track progress and identify the day's biggest lesson.
Peterson urges traders to take "extreme ownership" of mistakes, such as failing to trade during a specific timeframe or being distracted by family noise, to prevent stagnation.
He uses the analogy of a cashier who has performed the same job for 20 years without growth, stating "we should not die as traders," to illustrate the danger of failing to evolve.

Peterson has secured a U.S. Green Card to facilitate access to larger investor capital and regulatory licenses required for hedge fund management.
His primary financial goal is to generate sufficient passive cash flow through real estate investments (renting to government agencies or other tenants) to fund his trading capital without financial pressure.
He currently holds rental properties in Germany and Spain and plans to scale this portfolio to create a guaranteed monthly income stream.
Peterson has paused formal one-on-one mentorship to dedicate more time to raising his five-year-old son, whom he is actively teaching trading and market mindset.
He plans to interview his son in the future to share insights from a child's perspective on trading and mindset.

Co-host Tessa notes that Peterson's mindset-focused approach in the live trading room significantly improved her discipline and long-term trading performance.
Peterson confirms his title for the episode will be "We should not die as traders," emphasizing the necessity of continuous learning.
The hosts agree that while prop firms can be useful for practice, they are not a substitute for the psychological resilience required when trading real capital.