Ep. 163: Trading For A Living - How Much Money Do You Need?
For everyone, the answer to this is different. What are your monthly expenses? How much do you need to cover your housing costs, groceries, recreational expenses, etc.?
What are your profit expectations? What is the ROI you expect to earn with your trading strategy?
These are all questions you must answer first before you can figure out how much money you have to have in your trading account to be able to live off of your profits.
In today's episode of Coffee With Markus, I will show you how to figure all of this out so you can start working on a plan to accomplish these goals, and figure out how much buying power you need to be able to trade options for a living.
Recommended links and videos:
Growth Trading vs Income Trading: https://www.youtube.com/watch?v=7aosZJwQ-kc&t=0s
Wheel book: https://www.rockwelltrading.com/the-wheel-options-strategy-book/
Trading With Margin: https://www.youtube.com/watch?v=UHy84SOGl4Y&t=0s
PowerX Strategy Book: https://bit.ly/2wMQ7zW
Theta In Options: https://www.youtube.com/watch?v=kSZWxk3qCZI&t=0s
Wheel Playlist: https://www.youtube.com/playlist?list=PLBa3sAx-Io2mybLLdWtbjTFqK9-BR5SJb
Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources.
You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.
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