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257: Financial Fortitude: Johnny Profita's Approach to Risk-Managed Trading
Manage episode 401591455 series 2585341
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 myself 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. I hope you enjoyed it as much as I did!Mentioned in this episode:
Paraguay Luxury Tour
Join Mikkel Thorup live May 13-21st, 2024, in Paraguay for our first-ever Expat Exploration & Investment Tour Paraguay.
Join Us For Upcoming Live Webinars
Every month, we offer exciting new webinars for our community. Topics include how to use retirement accounts to buy real estate overseas, how to get a second passport in Latin America, why you should sell your stock portfolio and move your money offshore, how to buy a beachfront rental property in Brazil for less than $100k, or apartments in Paraguay for $60k. If you want to join us for FREE for these presentations with live Q&A, insider secrets, and exclusive opportunities with my professional network of experts, then sign up today.
289 episoade
Manage episode 401591455 series 2585341
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 myself 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. I hope you enjoyed it as much as I did!Mentioned in this episode:
Paraguay Luxury Tour
Join Mikkel Thorup live May 13-21st, 2024, in Paraguay for our first-ever Expat Exploration & Investment Tour Paraguay.
Join Us For Upcoming Live Webinars
Every month, we offer exciting new webinars for our community. Topics include how to use retirement accounts to buy real estate overseas, how to get a second passport in Latin America, why you should sell your stock portfolio and move your money offshore, how to buy a beachfront rental property in Brazil for less than $100k, or apartments in Paraguay for $60k. If you want to join us for FREE for these presentations with live Q&A, insider secrets, and exclusive opportunities with my professional network of experts, then sign up today.
289 episoade
Alla avsnitt
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