Today’s episode of the SteadyTrade Podcast is the third installment in an informative new series wherein hosts Tim Bohen and Stephen Johnson are sharing some of their go-to trading resources.
In Episodes 51 and 52, they began a discussion about a Tim Sykes video entitled Trader Checklist. This episode continues the commentary on the video, with more clips and discussion. Once again, be sure to check out this episode on YouTube to see the accompanying video!
About Trader Checklist
To recap, 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. It’s available for free online, so don’t miss this incredible resource!
To sweeten the incentive to check out this incredible video, Tim and Stephen have created a giveaway!
To enter, first, you need to watch Trader Checklist. Then, at the end of this multi-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 Part 3 of the Trader Checklist review episode, Tim and Stephen continue discussing various clips:
In this clip, Tim Sykes discusses technical analysis and some of his favorite chart patterns to use and why.
The SteadyTrade take: Tim and Stephen open up the conversation, talking about some of their favorite chart patterns. For instance, did you know that ascending triangles make Tim feel verrrrry romantic? Stephen uses his own anatomy to demonstrate his own favorite patterns and what to look for in various chart setups, so don’t miss the video!
Most people are looking for hot plays right when the market opens. To take advantage of opportunities, you need to understand setups ahead of time so that you have an edge. This goes beyond just watching alerts!
The SteadyTrade take: Both hosts agree that yes, alerts are very important. However, no trader should make trades based solely on what the alerts have to say. You’ll learn why you need to build your own research process and watch lists to find long-term success.
Tim Sykes likes to see an uptrend before a breakout, but he doesn’t necessarily look to the news to guide him toward the best stocks. Sometimes, there is no news that precedes a breakout.
The SteadyTrade take: Tim and Stephen talk about the benefits of waiting until a stock actually breaks. They go through an actual chart example and discuss what to look for in the chart in terms of seeing the breakout and watching to see if it breaks a key level.
It may seem counterintuitive, but dip buys don’t always work with penny stocks. If a stock drops dramatically, it usually isn’t a positive sign for penny stocks.
The SteadyTrade take: The hosts agree that penny stocks can be very manipulated and sketchy. So dip buying doesn’t reliably work. Both Tim and Stephen have lost money this way and have advice for how you can avoid losing.
Tim Sykes always tries to honor his own rules for choosing stocks. He shows some examples and says how FOMO shouldn’t make you make rash decisions about a trade. Even if you have a chance, you sometimes are better off playing it safe.
The SteadyTrade take: Tim and Stephen discuss their own personal approaches to trades and Tim focuses on how he switched gears from short selling to longer approach.
Tim Sykes uses an example of a stock he purchased that didn’t react to what he thought was a huge catalyst. It goes to show that you can never know what will happen with a stock. Some stocks will spike on news, some will not. You need to be receptive.
The SteadyTrade take: Tim and Stephen agree: news and stocks can be fickle. You can’t know what will spike a stock.
Tim might buy a company’s stock and then short sell it the very next day! He isn’t loyal to a position: he follows the charts and the price and the pattern.
The SteadyTrade take: While Tim and Stephen agree that you should follow the data, they warn strongly about this so-called “flip-flopping” and explain why.
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 SteadyTrade Podcast! Stay tuned for weekly episodes focusing on topics relevant for aspiring traders!