169: How To: Exponentially GROW Your Trading Business! (More Freedom) @MikeToma
How To: Exponentially GROW Your Trading Business! (More Freedom)
In this episode 169 of the Desire to Trade Podcast, I have the chance to sit down again with full-time professional trader Michael Toma to discuss how you can grow your trading business.
Michael has inspired me and helped me a lot in the past!
He had been in the podcast a few weeks ago and many times before, and every time I speak with him I learn something new which I want to share with you.
After these previous episodes with Michael, it was time to answer your questions so we went on YouTube Live asking for what you wanted to learn more precisely about risk management.
We answer those in this interview and discuss how to grow your trading business!
Topics Covered In This Episode
- What Michael Toma does, who he is and a bit of background 1:48
- How he was trading for other people and how it turned out for him 2:55
- How to scale and build your trading account; the curve that a trader has to go through 5:06
- How important data is and what that means 7:45
- Market profile levels and what percent of the time they’re respected 9:19
- How Michael Toma divides his time between trading, reviews his performance and analyzes data 13:13
- Strategy ratio of reward to risk of 2:1, and 85 to 90 percent win rate 16:34
- What the processes Michael Toma took to start his trading business were 19:44
- Having a graduation plan, and building or scaling up your trading 21:51
- The maximum that you should get before you add more capital to your account 24:18
- What you should show investors when you want to trade for them 26:58
- How Michael manages trading and traveling at the same time; and the challenges that come along with it 30:58
- The technology that Michael Toma is going to invest in and his development plan 33:33
- Being able to trade on your smartphone 37:01
- Scalping and the 5-Minute Trading Chart 38:37
- Focusing on the math and sticking with historical percentages 41:47
- How Michael trades with volatility 43:48
- Recommended Book: The Risk of Trading: Mastering the Most Important Element in Financial Speculation
- Desire To Trade Academy
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 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!