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 people's money). There are a couple of important things that I didn'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 people's money [1:43]
• What people should expect when they're trading other people's money [3:12]
• Ways to go by and instruments that you can use when trading other people's money [5:02]
• How firms have strict rules for risk and not wanting to lose too much when trading other people'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 people'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 it'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?

• Email: [email protected]
• Real Life Trading
• Youtube
• LinkedIn
• Twitter
• Facebook

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!