The Steady Trade Podcast is dedicated to helping you become a better trader with sustainable practices that will allow you to enjoy long-term success. As part of this mission, the podcast occasionally features interviews with successful and inspiring traders. In this week’s episode, you’ll find host Tim Bohen at Market Mastery, where he gets to discuss trading with a real up-and-coming trader, Michael.
Michael is an inspiration in trading, for sure: at a mere 23 years old, this Bay Area resident is currently making a killing as a trader while concurrently studying finance and economics at San Francisco University. In the interview, he and Tim discuss what he’s been doing to find success as a trader in his approximately 3 year career.
How it all started
During Michael’s sophomore year, a friend introduced him to an app called Robinhood, which allows commission-free trading. Intrigued, Michael did a little quick Googling on day trading, then threw in $20, with which he formed a diverse portfolio of 6 stocks. He made a few pennies, which certainly wasn’t a killing, but he was intrigued enough to explore further. After a little more Googling, he began to discover day trading success stories, and became inspired. If other traders could make millions, why not him?
Michael began to pursue an education on day trading, and that’s when things began to get interesting. Instead of business ethics class, he began to explore the market, and it quickly turned into an obsession. Seeking out mentorship, he found Timothy Sykes, and applied and got accepted for the Millionaire Challenge.
Life began to change quickly from there. At the time, he was an entrepreneurship major, but in exploring trading and the logistics of how stocks work and supply and demand psychology, he began to change his path. He changed his major to finance and economics to further his trading prowess, and hasn’t looked back. Along with a little financial help from his dad and plenty of hard work, he’s become a profitable trader in just a few years.
Michael’s keys to success
While Michael is still very young, he’s learned a lot about trading that can help inspire traders both old and new on their path. Here are some key lessons that you’ll learn about in the interview:
- Be smart. Michael changed his major so that he could focus on learning what he didn’t know rather than increasing his inherent knowledge. As you’ll learn in the interview, focusing on expanding your mental reach and becoming smarter in the areas that can further your career has been a key aspect of his success.
- Don’t compare. Not every trader can find crazy success in a short period of time. Michael and Tim discuss how while it’s great to be inspired by successful traders like Roland Wolf, it’s not realistic to expect that type of success for yourself in a short period of time, and offer tips for finding your own path as a trader.
- Think long term. Michael has been trading for a few years now, and while he is trading fast-moving penny stocks, he thinks about long term success. In the interview, he talks about how to focus on making money in the long term versus getting rich quick.
- It takes time. Like any new trader, Michael had his share of losses, particularly at the beginning of his career. However, at the 2 year mark, things began to shift toward profitability. Tim and Michael discuss key shifts that took place in his career to open him up to profitability.
- Keep learning. When Michael began to be profitable, he did what few traders do: he went back to the books. He rewatched all of Tim Grittani’s webinars and became obsessive about learning even more. Could a renewed commitment to learning work in your favor?
- Know what works for you. As a trader, it’s easy to be swayed by outside sources. However, this can be a trap. Instead of being a follower, learn what works for you, and then think for yourself. It can be difficult, but it will improve your overall success.
- Stick with it. As Tim Grittani says, “Have a plan, trust the setup.” Once you have a plan in place, trust in it, and have the discipline to see it through. This is how to keep it steady as a trader!
In the interview, you’ll learn about these key points and so much more as Tim and Michael delve into specific experiences, successes, and yes, some growing pains too. You’ll leave this interview feeling inspired about trading and finding your own brand of success!
Thanks for tuning in to the new, serial format for the Steady Trade Podcast! Stay tuned for weekly episodes covering every aspect of how to be a steady trader with long-term, reliable success!
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