Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders 169: How To: Exponentially GROW Your Trading Business! (More Freedom) - Michael Toma
In this episode 169 of the Desire to Trade Podcast, we are having a live Q&A and I am having the chance to sit down again with full-time professional trader Michael Toma. Michael has inspired me and helped me a lot in the past in trading. 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 your questions, what you want to learn more precisely about risk management. We'll answer those in this interview today.
We discuss how to grow your trading business and answer your questions! Watch the video here.
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]
- The Risk of Trading: Mastering the Most Important Element in Financial Speculation (Wiley Trading Book 536) By Michael Toma
- Desire To Trade Academy with Michael Toma
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)
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!