Dear Practitioners,
This is Part IV of the 2026 Iran War Dispatches, directly sourced from AXIA’s trading floors and the lived experience of its traders.
In Part I, Minute’s Madness, you read about March 9: a day that produced all-time career single-day best P&Ls for many traders, and which carried with it a host of tactical lessons and career imperatives. That was followed by Part II, After Minutes of Madness, which broke the day down further and drew out its deeper lessons.
In Part III, A Decade Comes Due, March 23 is reconstructed through four traders—The Warrior, The Kid, The Godfather, and R.G.—as both record-breaking day and trading study: positioning, execution, missed millions, stamina, and the strange afterlife of a perfect storm that did not end on Big Monday.
This Part IV takes a different form. Rather than reconstruct another day in the same manner, it pauses over the broader experience of this theme through an audio conversation with Adam, a young trader on AXIA’s London floor.
This matters for reasons beyond novelty of format. Senior traders show what becomes possible at the outer edge of development; younger traders often show, more immediately, the problems, adjustments, and pressures that many of you may be dealing with in your own careers right now. They are closer to the friction of formation. And in any serious trading environment, that spread across the career curve is part of the edge: not merely a handful of veterans at one end, nor only hunger at the other, but the full ecology of development, pressure, imitation, correction, and growth.
Good trading to you all,
Bogdan
P.S. As Part III was published the prior week, this instalment was held back briefly to allow it space to be read and absorbed. This piece therefore covers the publication week of 13–19 April.
With this, we begin to wind down the Iran War as the central focus of this publication cycle. We will take the customary one-week pause and return in the week of 27 April with a new focus for Publication Cycle III, bringing the current cycle to a close.
That also restores the schedule to full alignment following last week’s delay—readers are now whole.
Iran War Dispatch Series, So Far:
Part I: Minute’s Madness: A Trading Team’s Multi–Seven-Figure Day (March 9)
Part II: After Minutes of Madness: A Desk’s Debrief (March 9)
Part III: A Decade Comes Due: Four Traders on the Desk’s Biggest Day (March 23)
Part IV: (Current)
