Stephen Johnson is going through a transition.
No, he hasn’t taken up transcendental meditation or anything like that. He’s been taking stock of his trading career and considering his goals moving forward.
Oh, and he’s also moving from Dubai back to the U.K.!
Most people come to trading because they want a change in their life. Stephen certainly did. But what happens to your trading as your life continues to transition?
Today’s episode is about embarking on the next phase of your trading journey. It’s just Stephen Johnson and co-host Tim Bohen in this episode. It’s Kim Ann Curtin’s birthday so she’s taking the day off!
Most new traders fail. At the beginning of your career, your biggest goal is generally survival.
But what happens once you’ve survived … and perhaps even started to find some consistency in the market?
You’ve gotta adapt your goals.
In the episode, Tim shares the tale of how he progressed from being a full-time business owner and part-time trader to selling his business and going full-time with trading.
Even though his business was thriving, his heart wasn’t in it anymore. But the market inspired him. As Stephen puts it, “something about the market just gets its hooks into you.”
Right now, Stephen’s in a somewhat similar state of transition. He’s taking a hiatus from the ‘day job’ lifestyle to focus more on trading to see how it goes.
Stephen Johnson 2.0: A Trader’s Progression
Over the past few years, pretty much all of Stephen’s failures have been broadcast over the podcast. Like the time he lost $5,000…
This time, we’re primarily focusing on the good, and it’s making him uncomfortable.
Stephen’s turned a corner in terms of trading consistency. (For more, check out Ep. 161, “Trade Analysis: Stephen Finds a New Edge.”) Now he’s ready to enter the next phase.
But what is that for Stephen Johnson?
Timing has been key. Stephen’s been in Dubai for eight years. Now, he’s ready to pack his backs and head back to the U.K.
As he’s observed, with the average job in the U.K., he might make him “about half” of what he’s making as a trader. For the foreseeable future, he’s decided to stick with trading.
Is it Time to Go Full-Time?
So many new traders are eager to quit their day jobs and go full-time in the market. But is it really a good idea?
It’s not a decision that any trader should take lightly. It’s also not as easy as it might seem.
Tim and Stephen talk about why it’s so important to have multiple revenue streams. Tune in and learn why you don’t want to put all your eggs in one basket as a trader.
They also talk about their respective trading journeys and how long it took them to have that all-important ‘aha’ moment when trading started to make sense.
Living The Dream?
If you aspire to become a full-time trader, how should you approach this goal?
Tim says, “do what Stephen did.”
Stephen took four years to learn the ropes. He blew up his account, made a million mistakes, and learned. And most importantly, he stuck with it.
He didn’t try to do it in six months or a year. He gave himself space and time to figure things out.
Happily Ever After?
Here’s something a lot of traders don’t think about: what happens after you quit your day job? It’s not always a cakewalk.
Tim shares how he quit his job then the market slowed right down … He calls it “the dark days of day trading.”
He also talks openly about the loneliness that came with trading full time, especially after becoming used to being around people all the time with his business.
It’s not necessarily an easy adjustment, and it can contribute to feeling like you “should” do something every day. This can lead to overtrading.
Stephen Johnson’s Goals Moving Forward
To close out the episode, Stephen talks about his goals in trading and in life, and how he plans on moving forward with them.
Congratulations to Stephen on becoming a truly steady trader!
What’s Your Update?
Where will Stephen be in six months? Any predictions … or maybe you’d like to share your own trading goals or milestones?
Remember: if we select your question or comment as an on-air topic, you could win a SteadyTrade mystery gift box. Leave a comment below or on YouTube!
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.
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