Episode 51: Trader Checklist Review, 1 of 14
Today’s episode of the Steady Trade Podcast is the first installment in an exciting new series. Every trader has go-to resources; now, hosts Tim Bohen and Stephen Johnson want to introduce you to some of their personal favorites.
First up? The Tim Sykes video entitled Trader Checklist. In the episode, Tim and Stephen evaluate clips from the video with their commentary. Be sure to check this one out on YouTube so that you can see the accompanying video!
About Trader Checklist
Trader Checklist is a video by Tim Sykes which features 14 chapters of invaluable trading information. For each category and indicator covered, he’s set a numerical value of importance.
This allows traders to prioritize in their research findings and gives a framework to determine the importance of various indicators.
The best part? It’s totally free.
Both Steady Trade hosts are big fans of the video and encourage you to check it out. To further entice you, they’ve created a contest!
To enter, first, you need to watch Trader Checklist. Then, at the end of this two-part episode, you’ll take part in a quiz, numerically rating stocks per the system in the video. If your grade matches Tim Bohen’s grade, you will win a prize (still TBA).
In the episode, Tim and Stephen feature and discuss various clips from the DVD:
In the intro, Tim Sykes explains how Trader Checklist is a guide to help you prepare before risking your money. It offers a way to choose the best stocks to trade and to handle them properly.
The Steady Trade take: Hosts Tim and Stephen discuss Tim’s history and how the fact that he never had a mentor is a powerful part of why this video is so amazing: he is imparting exactly the knowledge he wishes he had when he was first starting out as a trader.
Tim Sykes never promised you a rose garden with trading, but rather a real-life education. Don’t expect it to be easy, though!
The Steady Trade take: As hosts, Tim and Stephen agree, Tim Sykes’s honesty is sometimes harsh but also refreshing. The failure rate is real, and trading can be difficult. Don’t expect a lollipop!
Tim posts his track record on screen and talks about it candidly. His percentage earnings are pretty crazy and it is tempting to think it is too good to be true…is it? Can these methods be scaled?
The Steady Trade take: In the scheme of things, trading penny stocks is still a small sector, and that this fact allows the returns to be dramatic at times. But only if you approach trades with the right mindset and are very willing to do your research!
As Tim Sykes warns, trading isn’t Vegas. You shouldn’t be trading for the action or for the thrill. As he explains, he wants you to come to a win rate equal to that of his best students, which can range as high as 60 to 70 percent**, and he explains what it takes.
The Steady Trade take: Stephen agrees failure to prepare is preparing to fail. Sticking to the plan and being consistent can be boring especially since new traders are so addicted to the adrenaline. He and Tim speak about how to avoid this common pitfall.
Tim never relies on hot tips. His indicators protect him from losses and improve his odds of success in every trade. That is his motivation with investment. He suggests investing in your odds of success by educating yourself.
The Steady Trade take: It’s common for new traders to just want to follow the latest tips via twitter or alerts services. But don’t fall into that trap. You need to build a personal case for your trade.
The indicators are so complicated, how can I keep on trading and keep track of all of them? How do I know what is working? As Tim Sykes admits, this is tough and takes time.
The Steady Trade take: Things begin to come together as you gain more knowledge about trading. Something begins to happen when you develop your style, and you’re better able to use the indicators to help figure out a plan.
Got a question for Tim and Stephen? Visit the “submit your audio” portion of the website to ask us anything. You may be featured in an upcoming episode.
Thanks for tuning in to the Steady Trade Podcast! Stay tuned for weekly episodes focusing on topics relevant for aspiring traders!
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