Crucial Trader Checklist Tips To Remember
Today, the Steady Trade Podcast is offering up the sixth installment of a new series wherein hosts Tim Bohen and Stephen Johnson are their favorite trading resources.
In the past several episodes, they’ve been spotlighting Trader Checklist clips from Tim Sykes, complete with commentary and discussion. 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. It’s available for free online, so don’t miss out!
To enter, first you need to watch Trader Checklist. Then, at the end of this multi-part episode, you’ll be invited to take part in a quiz based on the Trader Checklist clips. Listen to the full episode for more details!
In Part 6 of the review episode, Tim and Stephen continue discussing Trader Checklist:
Tim Sykes urges you to have a life. You don’t need to be at the computer from 9-4. Don’t become a slave to trading: make a schedule based on the best times to trade, carve out time for your research, and take advantage of opportunities.
The Steady Trade take: Tim and Stephen believe you do need to be ready to trade every morning and have to be prepared, but there is no reason to sit there all day long. They talk about the importance of tracking the time of day of your successful trades to help make patterns make sense.
Here, Tim Sykes talks about how there’s a lot more volatility in an overnight position versus intraday. You can’t get out, and there could be negative news that could affect your position. He also addresses how he tries to find an edge.
The Steady Trade take: Tim Bohen talks about how he loves this style of trading. It’s also beloved by new traders because it’s a PDT loophole, meaning if the stock gaps up the next day, you don’t have to use one of your precious trades. Tim and Stephen talk about common rookie mistakes in this type of setup, like trying to gap a stock with no news.
Tim Sykes talks more about overnight positions, and how they can be risky due to factors that have nothing to do with the stock! For instance, a huge economic rise or fall could change everything in the market.
The Steady Trade take: Yes indeed, you can get in sticky situations with overnight holds. Tim and Stephen discuss some of the things that could happen overnight to plummet the stock and your account.
There’s never a sure thing in trading, warns Tim Sykes. No matter what milestone you are passing, you have to keep your nose to the grind. Take opportunities as they come.
The Steady Trade take: It happens all the time: traders will have a little success and then they’ll think it’s a sure thing and they’ll start upgrading their goals. Unfortunately, it doesn’t always work like this. They talk about how to better react to the market as it is right now.
Tim Sykes very rarely buys in the premarket. Why? Because the catalyst is rarely incredible enough to warrant it, and when shorting, the shares can be very hard to come by.
The Steady Trade take: Both Tim and Stephen are similarly wary of premarket trading. They explain why, and offer tips for how to approach the premarket.
Tim Sykes introduces a calculator he’s configured for Profit.ly wherein you can implement the principles he’s introduced in the video and give every potential trade a score based on various criteria.
The Steady Trade take: Tim and Stephen discuss the calculator and how to use it…then go into the best part of the show…the quiz!
In the episode, you’ll get the full details on the quiz, but here’s a cheat sheet:
- Go to profit.ly/sss
- Test the ticker CVSI, as if you are making a trade on Monday, August 6th 2018 during the late day.
- Try to implement the strategies detailed in Trader Checklist on the calculator
- Score it.
- Next week, follow along to see if you followed the same thought process as Tim Bohen!
Got a question for Tim and Stephen? Visit the “submit your audio” portion of the website to ask us anything.
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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