258: Alexander Moreno - Snowballing Losses and the Courage to Come Clean, Heal & Rebuild

Chat With Traders

Tessa Dao

Education, Business, Investing

4.9 • 2.3K Ratings

🗓️ 1 May 2023

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ready to conquer the trading world? Register now for the chat with traders and trade the pool
0:06.0	21-day trading challenge contest that begins May 15th.
0:11.0	Spots are limited, so act fast and sign up.
0:14.0	Compete for amazing prizes from free evaluation accounts that can lead to getting funded up to $260,000.
0:22.0	Also, exclusive memberships, spotlight interviews, popular trading books, and more.
0:28.0	Don't miss this rare opportunity to challenge yourself and rise to the top. Sign up now.
0:35.0	Go to chatwithtraders.com forward slash contest.
0:41.0	Discover tasty trade, a high performance online trading platform.
0:45.0	Experience speed, reliability, and security while trading stocks, options, futures, and cryptocurrencies on desktop, web, or mobile.
0:53.0	Empower yourself with exceptional tools and resources to confidently seize opportunities.
0:58.0	Visit tastytrad.com slash CWT.
1:03.0	Tasty trade previously known as tasty works is a registered broker dealer and member of FINRA, NFA, and SIPC.
1:11.0	The speed at which losses are occurring is more important than the actual dollar amount.
1:17.0	If you don't know how fast you can lose the $200 that you planned out, then it's irrelevant.
1:22.0	Because once a trader says, okay, I'm going to lose $200 and then it appears on your screen and it appears so fast.
1:28.0	Now they're in that shock. There's the shock that the loss is there and then now there's the shock of the speed.
1:33.0	And then you get frozen. I don't know what to do. And then they don't make any decision that loss turns into $400,600,000 and plus.
1:41.0	Markets, speculation, and risk. This is the chat with traders podcast.
1:48.0	Around 80% of day traders lose money over the course of a year and about 95% of day traders ultimately lose money.
2:00.0	Now I don't know how accurate those statistics are, but hey, it came from chat GBT. What do I know? Anyway, what matters is you.
2:09.0	That maybe you are going through this right now. Where in episode 258, I'm Tessa, co-host of chat with traders.
2:17.0	And I've gone through the difficult times and suffered through trading losses as many traders have experienced.
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