Do you follow a rule of thumb? (I E – 10% of weekly or monthly profits). Or do you just pull the profits whenever you need it?
How often do you wire out?
- Thread starter Bellwether1
- Start date
Robert Morse
Sponsor
When I traded full time, I only removed what I needed for living expenses and estimated taxes.
I'm sorry. What's the point of your question ??
Its your money, you do what you want with it, when you want to (or when you need to) based upon your personal circumstances.
Where did that "rule-of-thumb" come from? Sounds like it came from " a trading book" or something.
I would venture to say that anyone who is successful at any business venture has a process or general rule (best practices). I'm asking to get a feel for how other successful traders are doing it so I in turn can model my processes after theirs
I suggest you first learn how to be profitable. You can worry about how to withdraw at that point. In the meantime, you're more likely to learn the concept of "drawdown".
Every month, first day of the month, 50% of the amount over and above my base balance, which I decided was enough. Some months it's a lot, some months are losing months but I still take out 50% of the amount above what I consider to be sufficiently adequate to maintain a trading account and that amount is what I would start with if I was opening a new account. It's just cigarette money.