In Trading For A Living Successfully! (Part 2) we carefully review a case study of a person who would like to become a trader full-time and how we would coach them to look at their financial situation in making that determination. In this episode of the Trading Performance Podcast we provide an excerpt from The Trading Triangle course where I teach traders about creating successful trading businesses.
Click here or in the video below to learn more!
Since 2006 John Locke has been coaching traders and supporting their dreams to create thriving trading businesses. He provides tough love and support to convey realistic, obtainable trading expectations.
In this episode he dissects the financials of a trader who would like to trade for a living. Here is a summary of what he would review in a coaching session:
- Review the completed net worth work sheet
- How are the personal and/or family assets distributed?
- How are the personal and/or family liabilities distributed?
- How much cash is on hand?
- What are the personal and/or family needs for the future?
- Review the completed budget work sheet
- What is the current income?
- Is the person and/or their family living within their budget?
- Does the person and/or the family have reserves for emergencies and future expenses?
- Are there any expenses that are not necessary or could be reduced?
- How are the categories of expenses distributed?
- Review the trading plan and methodology
- Is it possible the capital in the trading account can generate the income needed?
- How much can be traded from a risk standpoint?
- What is the probability of the trading strategies used?
- How to create a responsible plan to add to the trading account
Want to learn more about trading for a living successfully? Join us for the FREE public webinar called “3 Essentials To Creating A Successful Trading Business”. Click here to register!