Catching up with Roland Wolf, P2

Today, the Steady Trade Podcast presents the 11th part of a new series, where hosts Tim Bohen and Stephen Johnson share a few of their favorite trading resources.

In recent episodes, they’ve featured Trader Checklist commentary on clips from the Tim Sykes video. In this episode, as well as in the previous episode, the conversation continues with a special guest: superstar trader Roland Wolf!

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 that features 14 chapters of invaluable trading information. It’s available for free online, so don’t miss out.

Awesome Giveaway!

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 principles. Stay tuned!

But first, some trading tips …

Before delving into Trader Checklist commentary, Tim and Stephen take advantage of Roland’s expertise and discuss some relevant and important trading tips:

Don’t be a bag holder. You’ll learn some tips for avoiding the dreaded bag-hold. In stock trading, bag holding is when you hold onto a stock for too long.

Unfortunately, bag holding is often a recipe for blowing up your account, so it’s important to have a fundamental plan in place before you make a trade.

The art of restraint. Is it better to be quick on the trigger upon the market’s open, as Roland used to be? Or, is a little watchful waiting more beneficial?

This leads to an interesting conversation about the importance of restraint in trading. You’ll learn why you need to read the market and how to be patient. When the time is right, that’s when you grow your account more aggressively.

What indicators should you look for? Tim and Stephen grill Roland about his favorite indicators. You’ll learn why catalysts are one of the things that will get Roland into an overnight trade, as well as his thoughts on filings, sectors, overall markets, time of day, and more.

Now, back to the Trader Checklist commentary …

Clip: According to Tim Sykes, you have to learn how to take profits with volatile stocks. You want to be able to use the same strategy and rules over and over again. This requires discipline and restraint.

The potential earnings aren’t what matters. Don’t try to go for a total home run. Rather, try to be reliable in making profits, even if they are lower per trade. The fact that you are profitable can be more important than bag holding and possibly experiencing a loss.

The Steady Trade take: If you ask Tim Bohen, this advice is sound; if you’re gonna play the low-float game, you can’t be out too early. Don’t get greedy. You could win big, but you could lose really big — and that would hurt even more than missing out on some profits.

What does Roland have to say about this? He talks about how he locks in gains and manages to be detached from his remaining shares. He also offers more tips for how he keeps it a “good game.” 

Clip: Here, Tim Sykes talks about why he sells when he does. Sometimes, his students are baffled by the timing, wondering why he didn’t hold on longer.

What are the benefits of giving it more time? Tim looks at the numbers, explaining his plan going into a premarket trade.

The Steady Trade take: Tim, Stephen, and Roland all go through the Sykes Sliding Scale (SSS) individually to determine their thoughts on Sykes’s approach.

They consider the market environment and evaluate: did Tim hold on just the right amount of time, or could he have benefited by holding on longer? It’s not always a straightforward answer.

Ultimately, you’ll learn why it’s important to consume as much information as possible, and lose as little as you can while learning. This is how you will figure out trading strategies from your successes and your failures.  

Stay tuned for Roland’s new DVD!

You’ll get a sneak peek of Roland Wolf’s upcoming DVD, which is geared more toward long selling and helping new traders become profitable.

Got something to ask?

Do you have a question for Tim and Stephen about the episode? 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 featuring the hottest topics for aspiring traders.

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