When do you take money out of your trading account? Set schedule? After a big win? Only when you have a bill to pay? How much do you take out? Set dollar amount? Set percentage? Enough to bring your account back down to X?
No set schedule. I tend to be more eager to withdraw money when I don't have much that's working, or when whatever's working has very limited liquidity or a poor rate of return. When I've got something that's working great and there's plenty of liquidity, I try very hard to keep all my money in play.
I rebalance my trading account to a set dollar amount every 2 to 3 weeks. From the amount I've pulled out, a set amount is considered "salary" and goes into my checking/savings accounts to cover everyday bills/expenses (mortgage, cars, etc, etc, etc), the balance goes into another investment account and is invested relatively safely. The investment account funds serve to cover taxes, any potential margin calls on my trading account (none yet, knock on wood), and general long term savings strategies. Been running my accounts this way for nearly 3 years. Have switched brokers several times, but keep the same general strategy with respect to funds management.
I take out only what I need everything else stays in the account I am poor bank account wise and rich broker account wise how smart this kind of lifestyle is I don't know
90%-95% reinvestment? That's huge. If you can feed your family with your draws, your trading account must be enormous.
Well obviously this is the ideal way to run your trading career, but it's gotta be a sonuvabitch to actually implement in real life. Good on ya if you an actually do it. Sounds like you are spending more time fretting about money management as you are about trading. Of course that's probably the secret to a lifetime of success.. hmm..
I have a weekly goal and if I hit it I take out about 50 to 100% of it. There is really no methodological approach for me, but I'd say it's close to bringing my account back down to X if anything.