Trading Psychology Podcast Ep22: When To Go Pro

[@NoNonsenseForex]

Link for "Trading as a Business" is now in the description under "Episode Links". We shoot these ahead of time, and then we forget because we're old.

[@philnewpower]

As we are trading the daily chart peeps, spend some spare time reading books like cash flow quadrant, 4 hr work week etc. Thanks Rob and VP.

[@valencetradingsolutions9223]

This video is quite special.

[@tedk572]

Patrick & Rob, I consider myself a pro in Forex but still wouldn’t trade other people’s money. This business is still either too fast or too slow for profits to be realized by the masses in an understandable way.

[@LSmithAfrica]

First comment 😁 Finally

[@KyleBaran90]

Obviously it depends on the individual circumstances, but up in Canada we don't have an LLC (I would have loved to do this as a means to write off some minor costs for a side hustle). We have Sole Proprietorships as the basic unit, but they are still under an individual's name. The closest thing after that is a limited partnership / trust, but that implies several people. There's always a loophole, though.

[@MaverickCurrencies]

Hi Kyle. Many of our Canadian traders trade in their Canadian Corporations. You are correct that Canada does not have LLC's, but there are still Corporations you can use.

[@eddiejimenez9299]

VP can you generate an Episode on how to become self aware of self-sabotage that occurs and how to recognize and resolve some of these issues? Excellent Episode 22

[@NoNonsenseForex]

Thanks, but it seems like we do that a lot already, no?

[@careerjohnoy3623]

Do I still risk 2% if a prop firm has a 5% daily drawdown? We trade a lot of pairs and sometimes I have up to five signals in a week.

[@mavericktrading]

We cover this in next week's episode. Until the full discussion, your trading needs to fit within the rules of the firm. If your daily drawdown is too tight based on your trades, you will need to adjust your position sizing. We will cover this in ep24

[@archravenineteenseventeen]

From the city where I live. None of these is a thing and only the rich can get these things and the word fx is bizarre to people here. This is sad. No one actually told me to try forex. I just simply get interested and years of dirty dozen training from KZbin academy. Got wiped out twice until one commenter from reddit recommended no nonsense forex channel. I want to thank whoever he/she was. Too bad forgot his account name

[@FredonMaylor]

11:15 BRUH

[@mikescarborough9196]

So you got as far as number 2. Will you address 3 and 4 in the next video?

[@NoNonsenseForex]

No, but an interesting idea for a future video.

[@Juhno]

Jeez. I can't even imagine the stress and pressure that would come from managing the money of friends and relatives. Hard nope.

[@hibuddywuzsup571]

To qualify as a business, you have to treat trading like a full time job by taking a certain number of trades a day which could be a lot so it goes against the principle of sitting on your hands and letting the setup play out. You'll set yourself up to taking bad trades just for the sake of it being a business. So you'll be no different from beginners who just fire up their computer and think that they can make money by getting in and out all day everyday. Unless I'm missing something but you guys left out that criteria.

[@mavericktrading]

First off, thanks for your comment. If you watch our "Trading as a Corporation Video", we talk about the vigorous qualifications to be a Schedule C "Professional Trader AKA Trader Tax Status" and how they don't make a lot of sense. By incorporating, you won't need to meet these difficult standards. We agree that trying to get "professional trader status" is likely counter-productive to most traders. Very good point.

[@liamltf1783]

Dude these transitions are creeping me out 😵‍💫

[@mujahidali2564]

😂😂