The Rise and Fall of Bearing Securities: A Cautionary Tale

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On this episode of the Words of Rizdom podcast we are joined Nick Leeson. Nick is famously known as the Rogue Trader. With a Hollywood movie made about his trading at Barings Bank. Nick famously ended up bankrupting the oldest bank in the U.K by hiding and holding up to $1 Billion in trading losses. At the height of the frenzy he had 100,000 options contracts and 60,000 futures contracts open. He shares today what led to this happening and the lessons you can take from him when it comes to trading psychology and the mistakes retail traders make. I hope you guys enjoy this incredible episode!

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Connect with our guest:

https://www.youtube.com/@RogueTraderPodcast

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Timestamps:

00:00:00 Introduction to Nick Leeson - The Collapse of Barings Bank

00:05:42 The True Story Behind the Chair Incident

00:11:14 Choosing Banking Over Law: A Career Change

00:16:59 The Importance of Timing in Trading and Life

00:22:56 The Macho Culture of Trading Floors

00:28:36 Transition from Morgan Stanley to Bearings

00:33:58 Achieving the Trading Floor Dream

00:39:36 The Hidden Account Scandal

00:50:40 Learning from Financial Mistakes: A Trader's Perspective

00:56:05 Trading Mistakes and the 58 Account

01:01:20 Inside Financial Scandals: The Case of Tom Harding

01:07:44 How a Natural Disaster Triggered Market Collapse

01:12:48 Contrarian Trading Strategies

01:18:17 Navigating Market Losses and Emotional Turmoil

01:23:56 Arrest and Extradition Journey

01:30:31 Life in a Singapore Prison

01:36:26 Trading Personal Experiences

01:42:23 The Abundance of Free Educational Resources

01:47:12 The Importance of Accountability in Trading

01:52:33 Enhancing Trading Success: The Importance of Tracking and Data Analysis

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Disclaimer:

The content on Words of Rizdom is for informational and educational purposes only. We are not personally affiliated with any of the guests featured in our episodes. Our role is solely to interview them and share their insights, experiences, and expertise. The views expressed by our guests are their own and do not necessarily reflect the opinions or endorsements of Words of Rizdom. Always carry out your own research and seek professional advice before making decisions based on the content shared.

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