Most retail traders don’t fail because of bad strategies—they fail because they’re trading under a permanent margin call. In The Trader’s Debt Manifesto, A. Cordero breaks down why personal debt functions as negative carry, mathematically stacking the odds against traders before a single position is opened.

High-interest liabilities create forced decision-making: over-leverage, refusal to cut losses, and emotional trade management. This episode explains why eliminating debt isn’t personal finance advice—it’s a trading prerequisite. We cover why brokerage accounts may need to be liquidated, why trading profits are the worst tool for paying down balances, and how separating survival income from speculative capital restores mental and financial edge.

If you’re trading while paying guaranteed interest, you’re not investing—you’re bleeding carry.