The Expat Money Show - With Mikkel Thorup
257: How To Not Lose All Your Money Trading - Johnny Profita
TODAY'S CONVERSATION WITH JOHNNY PROFITA
- Listen to Johnny recount how he “fell into” the world of finance as someone for whom math ”wasn’t one of his strong points” - with a degree in history, not finance!
- Hear Johny lay out some of his rules for trading, most of which he had to learn the hard way - by making costly mistakes.
- Johnny and I discuss the difficult but necessary task of removing feelings and emotions from the trading process.
- I recall how some of the lessons I learned myself the hard way by losing money in my options trading days.
- Johnny explains his motto for trading: "1% day keeps the 9 to 5 away.”
- Hear Johnny describe the disturbing trend with IPOs over the last couple of decades which has seen many retail traders left holding the bag.
- Johnny and I discuss the outlook for new traders looking to enter the market now, as high-interest rates have put an end to the flow of free money.
- Will the dollar remain the world’s reserve currency for much longer? Johnny gives his prediction of what’s in store for the world’s currency markets.
- We discuss the fine line between being prepared for what is going to happen economically without acting like “The End” is always around the corner.
- Lastly, Johnny highlights the sharp increase in happiness he has found since leaving his “abusive relationship” with Chicago and starting a new life in Puerto Vallarta, Mexico.
RELATED EPISODES
237: What's It Like Relocating to Mexico When the World Doesn't Make Sense - Jonathan Lockwood 123: Investing in Foreign Stock Markets Like A Boss - Eric Schleien 093: Why Are People Leaving The USA – Travis LutherHOW TO FIND JOHNNY’S WORK
Peddling Fiction Podcast Peddling Fiction SubstackCONCLUSION
What I had first planned as a conversation about Mexico turned into an important conversation about the nature of trading and how to avoid many of the same mistakes Johnny and I have made in our own time. Once the conversation turned to Johnny’s experience on this, I just had to dig in deeper, as it’s a topic we haven’t covered extensively on the show yet. See you next Wednesday!Mentioned in this episode:
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