Listen to the audio episode: (56:28)
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How To Trade For Others
In this episode 240 of the Desire To Trade Podcast, I interview Michael Toma, a full-time option & futures trader whom I work with inside the Desire To Trade Academy.
Today we discuss how to trade for others in 2020, and answer your questions about it.
Are you ready for it?
Topics Covered In This Episode
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What does Michael trade for other people [00:54]
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How Michael start to trade for others [01:52]
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How long after being profitable did it take for Michael to start managing money for others [03:21]
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How Michael presented his trading to potential clients [04:44]
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What type of track record you need to have to present to investors [07:48]
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1 mistake traders make when presenting to potentialinvestors [09:37]
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What type of drawdowns should one have to trade for others [11:21]
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What type of profit splits are there between traders and investors [13:12]
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Investors are trying to sell to you if you have a good track record [14:54]
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What returns are required to get an investment [16:50]
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How long do relationships with investors tend to last [18:57]
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How to keep investors with you for the long term [20:53]
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Why Michael prefers one type of clients to others [22:12]
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How to trade for investors while achieving a freedom lifestyle [24:07]
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Do you need to use specific platforms and tools to trade for other people? [26:11]
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At what amount of capital is it worth it to trade for others? [28:39]
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Take your trading to the next level with the Desire To Trade Team [32:18]
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What are the regulations involved in trading for other people [33:08]
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What would Michale do if he had to start again with only 10,000USD [39:09]
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What type of contract or relationship should a trader have with their clients [42:42]
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Michale's bad experiences with past clients [44:28]
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What does Michael think of Prop Firms [48:10]
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How do you adjust your trading plan for the current market conditions [52:20]
- and much more
Resources Mentioned
- FTMO
- The5%ers
- FREE Case Study “Quitting Your Job To Trade & Travel Full-Time”
- Desire To Trade Academy
DesireToTRADE Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist
- One-Page Trading Plan (free template)
- Recommended brokers:
- Desire To TRADE Academy
How To Find Michael Toma?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!
