How To Make A Living Trading Other People's Money
In episode 158 of the Desire To Trade Podcast, I sit down with stocks & futures trader Jerremy Newsome from Real Life Trading to discuss how to make a living trading other people's money (also called OPM).
This episode is another collaboration with Jerremy and I really love his insights and the things that he thinks about that I wanted to bring this on the podcast once again. You guys have been hearing Jerremy for a few times in the past month.
In this podcast, we talk about mostly how to make a living trading OPM (other people’s money). There are a couple of important things that I didn’t even know myself but that I learned by speaking with Jerremy. Even if you do not trade for other people, you will still learn a lot from this interview. We talk about how to pay your taxes as a trader and a lot, lot more.
Topics Covered In This Episode
- Why it makes sense to trade with other people’s money 1:43
- What people should expect when they’re trading other people’s money 3:12
- Ways to go by and instruments that you can use when trading other people’s money 5:02
- How firms have strict rules for risk and not wanting to lose too much when trading other people’s money 12:17
- Drawing the line between starting too early or too late trading for other people 16:10
- Differences between individual people & firms and companies 17:54
- The difference between using leverage or trading for other people through a firm when trading in Forex 19:35
- The legal requirements when trading other people’s money 21:58
- Having the right mindset and being confident 23:38
- How Jerremy Newsome prepares himself as a trader for other people when he has his first drawdown 27:54
- How often Jerremy Newsome withdraws money from his account 30:12
- If it’s possible for a firm to get funded at a 2 to 5 percent monthly return 34:27
- How much money Jerremy Newsome usually has to start trading with 37:33
- Why Jerremy Newsome trades stocks and not Forex 39:03
- Investing every single penny you have in your bank account 43:40
- Tradenet and equities 48:27
DesireToTRADE Top Resources
- Desire To TRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy (exclusive training program)
How To Find Jerremy Newsome?
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!