258 · Snowballing Losses and the Courage to Come Clean, Heal & Rebuild w/ Alexander Moreno

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Dedicating significant hours to books and market analysis, Alexander Moreno sought regular counsel from a seasoned trading mentor. After refining his abilities through months of paper trading, he ventured into live trading, reaping consistent profits as planned. This success bolstered his confidence to trade full-time as a livelihood. However, the unforeseen market turbulence in 2008 unleashed his psychological struggles, leading to impulsive trading and ultimately, homelessness. This harrowing experience granted Alexander invaluable insights that he now imparts to others. 

This might be one of the most important episodes to listen to in a while when it comes to the topic of frank discussion on losses in trading and the practicality of managing risks so that traders can stay in the game long enough to have the opportunity to learn and improve.

Disclaimer

Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice.

Topics & Timestamps:

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  • 0:00 Background
  • 4:10 Well prepared for trading
  • 5:40 Type of trader and strategy
  • 9:27 Trading as a primary source of income
  • 11:30 Calculate the percentage return needed for living expenses
  • 12:52 How small early losses lead to homelessness
  • 16:35 Adding risk without being reckless
  • 17:50 Impacted by revenge trading?
  • 24:55 Need for income created pressure to take poor trades
  • 28:10 When Alexander hit rock bottom
  • 31:50 Process of starting over
  • 33:45 “Your current mindset is not built for stock trading”
  • 36:35 Best ways to train our emotions
  • 42:25 Reasons for block trading
  • 46:30 Staying alive long enough to learn the process
  • 48:15 What is the flow state and how do we get there
  • 51:30 How to avoid over trading
  • 53:15 Differences between professional and novice traders
  • 55:06 What Alexander struggles with most in trading
  • 59:10 What Alexander focuses on to trade and helping people
  • 63:00 How to get in touch with Alexander

Alexander Moreno

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