Welcome to SteadyTrade’s ultimate study guide for traders.
Too often we hear this from new traders: I don’t know what I’m doing.
The antidote is learning and studying, of course. But what exactly should you be studying … and how much studying is enough?
This week, co-hosts Kim Ann Curtin and Stephen Johnson have a brand-new perspective on all things trading. Kim just had a birthday … And Stephen just moved back to the U.K. after nearly a decade in Dubai.
Now, they’re in back-to-school mode and all about helping you study smarter! You’ll learn about some of the best resources out there, how to create an effective study plan, and how to put your newfound knowledge to work.
Why This Study Guide for Traders and Why Studying Matters
One of Stephen’s early mentors was Tim Sykes … who constantly says that new traders need to study.
That leads to a dilemma … as a motivated trader, what should you be studying, and how?
Kim and Stephen talk about why studying matters, how it can impact your trading career … and how to do it better. Let’s break it all down…
Start With the Basics
According to Stephen, you must start by studying the basics. He suggests a comprehensive resource like Tim Sykes’ “Trader Checklist” series (discussed on SteadyTrade in great detail, starting here), or his new 30-Day Trading Bootcamp series.
At the very least, you need to know the variables. Conveniently enough, Kim and Stephen recorded a series on essential day trading variables right here on SteadyTrade…
- Ep 136: Essential Day Trading Variables Part 1: Float & Volume
- Ep 139: Essential Day Trading Variables Part 2: Time Frames and Support & Resistance
- Ep 146: Essential Day Trading Variables Part 3: Hot Sectors
Learn How to Navigate the Market
Once you’ve learned the basics of the market, Stephen suggests various ways to start putting your knowledge to work.
Learn about advanced basics for traders, including reading and comprehending SEC filings, learning what moves stocks, and how to cross-reference a catalyst with the key variables discussed above.
As Kim puts it, this is where “the baby traders” can actually start to understand how things work in the market.
Study the Patterns
First green day! First red day! What’s the dif? We can’t have the ultimate study guide for traders and not mention patterns.
Patterns are hugely important for day traders and penny stock traders. Stephen talks about the importance of some key patterns and how to approach studying them.
Studying patterns isn’t always easy — it’s one thing to learn how they look on a chart, but it’s another thing entirely to go through the emotional process of actually trading them. No matter how much you study, you’ll ‘get’ it in a different way once you actually start trading.
Kim and Stephen offer great insight into making that transition … It includes being honest with yourself about your personal strengths and weaknesses!
What else firmly belongs in a well-rounded study guide for traders? You gotta know yourself.
Yes, the market and stock charts are crucial, of course. But if you wanna be a hotshot trader? You’ve gotta get up close and personal with one of the biggest obstacles to long-term trading success … yourself.
Assessing your own judgment and understanding your tendencies, mindset, and emotions can help you go down the right path on your trading journey. So you need the ability to ask yourself questions like:
- Am I being too aggressive?
- Do I really want to trade, or is this just FOMO?
- How could I have traded differently?
Remember, be honest in your answers. It can be key to helping you become a consistent trader.
Improving Based on Your Studies
The more you learn, the more you realize you need to learn.
Trading won’t become everyone’s passion — and it’s not always there from the start. As Stephen puts it, not every trader has been reading the Wall Street Journal since they were a tween.
Kim and Stephen talk about how to track your progress so that you can study yourself and your results, and offer tips for further self-inquiry.
Self-study is important to traders. Kim notes that by getting curious, it could lead to profound healing that could improve your trading track record.
Don’t miss a heady discussion of the higher self versus lower self, and why you don’t have to win all the time!
Wanna Be Our Study Buddy?
Got a question or comment about the episode? Wanna share what’s in your ultimate study guide for traders? Hit us up!
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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Meet Our Hosts
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Kim Ann Curtin