Rogue Trader makes a Comeback into the World of Finance
Nick Leeson, who busted Barings, Britains oldest merchant bank is officially back working in a corporate finance position.
In the mid 90’s Leeson was in charge of Barrings Singapore futures trading division unit. This is where Leeson racked up 1.3 billion in losses by betting incorrectly on the direction of Japense equities. When he was down hundreds of millions and well beyond his borrowing capacity, he did the unthinkable and doubled down his bets, losing even more.
The amazing thing is that Leeson only had to serve 6 and a half years, about half of his original sentence. When he got out of prison he did a few speeches and was highly wanted on the PR scene. After that he found work doing small book keeping projects and keeping a relatively low profile. Now GDP, an Irish Debt restructuring firm has hired him to work directly with clients to renegotiate terms on their mortgages.
Would you trust him?
Take some time this weekend to watch the film “Rouge Trader”. It’s a classic with old traders talk and great 90’s cinema!
Watch Full Video on Youtube Here!
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
When you have a profitable trade, what do you do with the money that was earned on the swing trade? Do you re-invest it in another new position immediately, or do you cash out the gains for personal use, or perhaps even transfer it to a long-term account? In this podcast episode, Ryan tackles the question of making the next-right decision in one’s trading and resisting the urge to have to “do-something” with the profits earned.
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