Lately we’ve had EV runs, crypto runs, and the Dow hit 30K … It’s been a wild ride of even more 2020 market mania!

This year we’ve seen a recurring theme. It seems every week there’s something new and crazy happening in the markets. 

This week is no different. 

But finally, we’re seeing some stocks start to cool off. There was even a red day for EVs (gasp!).

In this episode, Tim Bohen, Kim Ann Curtin, and Stephen Johnson talk about hot sectors, how to stay safe in the trading trenches, and why this hot market might outlast the others. They also answer a listener’s question about when to take trading full time…

Market Mania: So Many Hot Sectors!

With so many hot sectors running at once — it’s like nothing Stephen has ever seen. 

Just when you think nothing else could add fuel to the EV fire, Tesla Inc. gets added to the S&P 500. 

And now the sketchiest stocks are jumping on the EV and crypto bandwagon. 

If you’re a short seller, it might seem like you’ll never trade again. But patience and timing could pay off for shorts in this market — if you have the right strategy.  

Kim weighs in with her take of the market. She’s warning new traders about the dangers. Most of them think she’s trying to talk them out of trading altogether…

It’s not like that at all, but trading is like being out there on the front lines. And you’d better be prepared for what’s coming. 

Is Everyone a Market Speculator? 

In the 2020 market mania, it seems like everyone’s talking about the market, whether they’re a speculator or trader…

Tim’s received more questions about the market this year than any other. 

Kim’s in the same boat. Everyone wants to ask her questions and get her market expertise … Even teenagers have approached her!

Tim and Kim compare this time in the markets to the dot-com boom. Was it on the same scale as this one? Maybe not so much. A lot has changed since the last raging market…

Tech and Trading 

With every Tom, Dick, and Harry piling into the market, what makes this market mania different from past booms? 

With the internet, phones, and apps growing so fast, the opportunities are right in front of everyone. Now instead of playing online games, a lot of kids are playing a different kind of game in the markets. And it’s a very real one…

New traders are entering the market without a clue about how they work. Most of them have never read a book or considered the concept of risk… 

Stephen thinks it’s nothing new — people have always gambled and placed bets. They lose money but continue to play. 

During the dot-com boom, Yahoo Finance was about the only resource out there. There were no podcasts, YouTube videos, or mentors available to help new traders… 

That makes Tim think this time is different. If traders continue to educate themselves, the momentum could sustain. There’s always been a bit of a get-rich-quick mentality in the markets, but this time people have more access to education. 

But how many new traders can lose and be replaced until there’s nobody left to replace them?

A Question From a Fan

This week, Ivan wants to know when he can quit his day job and start trading full time. He asks Stephen how much he should have saved before taking the plunge…

Stephen and Tim weigh in on the difficulties of going full time. It’s not a decision any trader should take lightly, especially if you have a family and other responsibilities. 

But it’s very unique to every trader. You have to make the decision for yourself based on your situation and your trading.

Trading’s the ideal side hustle. Sometimes that’s all it should be. And just because we’re seeing insane market mania now, that doesn’t mean it can or will last.

Your Success Depends on Your Dedication

We’ve featured Jack Kellogg on the podcast twice. Tim’s his biggest fanboy — he loves Jack’s work ethic. 

When Jack started trading, he didn’t care about anything else. That’s likely a big part of how he’s been able to find his trading success in a relatively short time.  

And that’s what it takes to make it in the market, mania or not, long term — passion and dedication! 

Kim also thinks personalities come into play. If you’re someone who can’t take criticism or accept when you’re wrong, you probably won’t make it. You have to have a sense of self-awareness and be willing to improve yourself as a trader and a person. 

What Do You Think?

How long do you think this market mania will last? If you’ve got a question or comment, please reach out!

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

Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin here.

Follow our hosts on social media…

Tim Bohen

Twitter: @tbohen

Instagram: @tbohen

Stephen Johnson

Twitter: @Jonk87

Instagram: @stephenjonk87

Kim Ann Curtin

Twitter: @kimanncurtin

Instagram: @kimanncurtin