158: How To Make A Living Trading Other People's Money - Jerremy Newsome
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 trade for OPM (or other peopleā€™s money). There are a couple of important things that I didnā€™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.
Watch the video interview here.
Topics Covered In This Episode
- Why it makes sense to trade with other peopleā€™s money [1:43]
- What people should expect when theyā€™re trading other peopleā€™s money [3:12]
- Ways to go by and instruments that you can use when trading other peopleā€™s money [5:02]
- How firms have strict rules for risk and not wanting to lose too much when trading other peopleā€™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 with a firm when trading in Forex [19:35]
- The legal requirements when trading other peopleā€™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 itā€™s possible for a firm to get funded at a 2 to 5 percent monthly return [34:27]
- How much money stock traders usually give Jerremy Newsome to start 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]
Resources Mentioned
- Futures trading: http://bit.ly/2ORaUXF
- Forex trading: http://bit.ly/2njZY8r
- Tradenet
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!
