Today’s episode of the SteadyTrade Podcast is the fourth installment in an informative new series wherein hosts Tim Bohen and Stephen Johnson are sharing some of their favorite trading resources.
In the past several episodes, they’ve opened up a discussion about the 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
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 give you an even bigger 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 4 of the Trader Checklist review episode, Tim and Stephen continue discussing various clips:
Tim Sykes is in favor of short-selling. In this clip, he discusses how the art of short-selling can be tricky because you “can’t wait for it to crack before you short”. A trader has to be proactive to ensure that shares will be available!
The SteadyTrade take: Tim and Stephen talk about their approaches to potential short sales and how it can be tricky. They discuss their unique approaches and offer some wisdom about the pitfalls of short selling.
Tim Sykes doesn’t like trading tickers with a Q at the end. This means the company is bankrupt, which some traders believe can create opportunities as sometimes assets are picked up by hedge funds and the stock can peak for a moment.
The SteadyTrade take: If you want to know more about this phenomenon, Tim suggests googling “five digit tickers” to learn more about these so-called “Q’s”. Tim and Stephen talk about their thoughts on these trades.
If you ever think that Sykes is a genius, think again. He talks about how he makes plenty of mistakes, but if anything, this should inspire you: if he’s still made millions, it’s possible for anyone. However, Sykes makes it very clear that learning to short-sell won’t be easy.
The SteadyTrade take: While they agree that Tim Sykes is not a bad trader, they do think he has a good point. Average traders can mount wins over time and make great profits.
Tim Sykes talks about pump and dumps and how they are constantly shape-shifting. He offers a specific example and discusses how penny stocks are fraught with risk, so you want to be prepared!
The SteadyTrade take: Tim and Stephen talk about how times, and pump and dump schemes, eventually change. However, they are not gone: they just change form. This is an important topic for every trader.
Trade cowardly! Tim Sykes doesn’t mind selling too soon. He’d rather have a safe exit and not make as many profits in a trade. After all, the industry is volatile; it’s better to be safe than sorry.
The Steady Trade take: Tim and Stephen talk about the benefits of being a little scared when trading. If you gamble big, you can lose big. This is something they appreciate about Sykes’ teachings: he teaches you how to choose your own adventure as a trader versus hyping risky approaches.
Tim talks about an experience he had while filming the show Below Deck, wherein he had students aboard a 12 million dollar yacht. A student who was an early adopter of StocksToTrade tipped him off on a hot stock. Though it didn’t have a great entry, he went for it because well, he was on TV and he wanted to impress. Curious to hear what happened? Listen to the episode!
The SteadyTrade take: Tim and Stephen discuss many important short-selling topics, including video editing that paints Sykes in a certain manner, how it feels to be on a fancy yacht, and how they feel the play went. You’ve got to hear this!
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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