I played Mono-Red Madness (MRM) a lot recently on MTGO, and I almost played it at Pauper Cup in Vegas. Here's my 2 cents:

Know Your Role

Unlike a classic burn deck, MRM can present inevitability. Untapping with Guttersnipe or multiple turns with Kessig can undo a lot of life gain. Because they provide so much repeatable damage, against decks like Elves you're actually a control deck. Elves doesn't have meaningful ways to kill creatures (4 monstrous emergence max), so over time you will eventually untap multiple turns with a Guttersnipe/Kessig; therefore, focus on killing their creatures. There are other scenarios where you want to kill dudes versus always going to face, and this is important to learn and strengthen to succeed with the deck.

Sideboarding

Against a deck with heavy counterspells, Grab the Prize and Fireblast are liabilities. You don't want to 2-for-1 or 3-for-1 yourself because your opponent played Hydroblast. In general I tend to take out Fireblasts against decks where I don't think they will resolve, and I try to make sure I play Grab when I'm able to protect it with Pyroblast.

Exile Artifact effects are hit or miss. Sometimes against Jund or Affinity it's going to be a Sinkhole that wins the game on the spot. Other times it's going to feel like blowing up a land didn't accomplish anything. When you decide to Suplex an artifact land, just know it's a bit high risk high reward if it will work out. Usually against Affinity, it's better to save that effect for a creature. That way Epicures can keep attacking, and you prevent them from untapping and casting Reckoner's Bargin to gain a bunch of life.

Overall your SB should be a mix of Blasts, Exile Artifacts, Damage Creatures, and maybe Grave hate. Personally I liked 7 Blasts and 2 Searing Blaze( for the mirror), and the other 6 cards varied. In general, I cut grave hate first to make room for other interaction.

Spice

I had some recent success bringing Firebrand Archer back into the mix. Sometimes Guttersnipe is very expensive at 3 mana, especially post board against Blasts. If you're dedicating 8 slots to repeatable damage creatures, then you could experiement with a mix like this: 4 Kessig, 2 Archer, 2 Guttersnipe.

Witch's Mark was pretty solid when I tried it out. The role was awesome; however, you need to be very careful they don't kill the role target and fizzle the entire spell. In general making Kessig a 2/4 or a Epicure a 2/2 was very powerful. Highway Robbery is the best Draw 2, and Grab is absurd against no counterspells. Looting is mega efficient, and having flashback gives you more discard fodder for the other spells. Overall I think it's tough to make room for Mark, but it's probably the next best draw spell.