240: How To Trade For Others - Michael Toma

Apr 6, 2020

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?

Watch the video interview!

Topics Covered In This Episode

• What does Michael trade for other people 00:54
   
• How Michael start to trade for others 01:52
   
• How long after being profitable did it take for Michael to start managing money for others 03:21
   
• How Michael presented his trading to potential clients 04:44
   
• What type of track record you need to have to present to investors 07:48
   
• 1 mistake traders make when presenting to potential
  investors 09:37
   
• What type of drawdowns should one have to trade for others 11:21
   
• What type of profit splits are there between traders and investors 13:12
   
• Investors are trying to sell to you if you have a good track record 14:54
   
• What returns are required to get an investment 16:50
   
• How long do relationships with investors tend to last 18:57
   
• How to keep investors with you for the long term 20:53
   
• Why Michael prefers one type of clients to others 22:12
   
• How to trade for investors while achieving a freedom lifestyle 24:07
   
• Do you need to use specific platforms and tools to trade for other people? 26:11
   
• At what amount of capital is it worth it to trade for others? 28:39
   
• Take your trading to the next level with the Desire To Trade Team 32:18
   
• What are the regulations involved in trading for other people 33:08
   
• What would Michale do if he had to start again with only 10,000USD 39:09
   
• What type of contract or relationship should a trader have with their clients 42:42
   
• Michale's bad experiences with past clients 44:28
   
• What does Michael think of Prop Firms 48:10
   
• 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:
  • Pepperstone (special signup offer)
  • AxiTrader (use our link to get a special bonus)
  • SCM (Scandinavian Capital Markets)
• Desire To TRADE Academy

 How To Find Michael Toma?

• E-mail
• Desire To Trade Academy

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!