040: The Mastery Of Risk Management In Trading (@MikeToma)

The Mastery Of Risk Management In Trading – Michael Toma

In episode 40 of the Desire To Trade Podcast, I interview Michael Toma, a futures trader who is also the author of The Risk of Trading: Mastering the Most Important Element in Financial Speculation. We tackle the topic of how to apply risk management in trading & see results quickly.

Michael has a very interesting perspective on risk management in trading and he shares several highly actionable tips you can apply to your trading to make risk management part of your business. That will be very useful if you are looking to succeed in the long-run and live off trading.

Trading Advice: Let the results drive your decision-making process. Stop thinking! Share on X

Cheat Sheet – Michael Toma

Three steps to risk management in trading: Identify – Assess – Control.
The logic behind a stop loss
The definition of risk management
How and why to start small: this is the key if you want to succeed.
The quest to make money is very dangerous.
Results will guide your actions as a trader: you must see results before increasing your risk.
Dealing with compliance: track your compliance ratio.
Overcoming boredom trades: Identify – Assess – Control -> Make a plan.
Reviewing your risks will help you a lot.
You need to make risk management part of your trading business.

What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!

The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.