5 min listen
040: The Mastery Of Risk Management In Trading w/ Michael Toma
FromDesire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders
040: The Mastery Of Risk Management In Trading w/ Michael Toma
FromDesire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders
ratings:
Length:
59 minutes
Released:
May 16, 2016
Format:
Podcast episode
Description
In episode 40 of the Desire To Trade Podcast, I interview Michael Toma, a futures trader who is also the author of The Risk of Trading: Mastering the Most Important Element in Financial Speculation. Michael has a very interesting perspective on risk management and he shares several highly actionable tips you can apply to your trading to make risk management part of your business. That will be very useful if you are looking to succeed in the long-run and live off trading. Cheat Sheet - Michael Toma Three steps to risk management: Identify - Assess - Control. The logic behind a stop loss The definition of risk management: that was a natural transition for Dave. How and why to start small: this is the key if you want to succeed. The quest to make money is very dangerous. Results will guide your actions as a trader: you must see results before increasing your risk. Dealing with compliance: track your compliance ratio. Overcoming boredom trades: Identify - Assess - Control -> Make a plan. Reviewing your risks will help you a lot. You need to make risk management part of your trading business. What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.
Released:
May 16, 2016
Format:
Podcast episode
Titles in the series (100)
Introduction & What to Expect - Desire To Trade Podcast: In this podcast, I, the host of the podcast, introduce myself and provide information about the show as well as about my blog www.DesireToTrade.com. If you are new to trading, and even if you have experience in it, the Desire To Trade Podcast will be... by Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders