In this episode, the Steady Trade Podcast presents the 13th installment of our Trader Checklist series, where hosts Tim Bohen and Stephen Johnson share one of their favorite resources, and bring on a guest who shares how he finds the right trade by narrowing down stocks.
He’s superstar trader Gregg Sciabica, who also goes by the trading name LX21.
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 and guest traders (like Gregg). 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 principles. Stay tuned!
On to the Trader Checklist series of clips!
Clip: Gregg talks about the experience of attending a trading conference. Are they worthwhile? Yes, if they’re the right ones.
The Steady Trade take: Tim and Stephen talk about the value of attending trading conferences. Trading can be a very solitary experience, so the opportunity to network in person can be valuable and inspiring.
Clip: Trivia time. The Dow hit a high of 381 in 1929. What was the last year you could have invested in the stock market with the Dow below the 1929 peak?
The Steady Trade take: Stephen guesses 1951. Tim: 1969. Who was right? They talk about how this is not just trivia but a chance to look at how history could repeat itself.
Clip: More trivia! How many stocks from the original Dow are still on the exchange today?
The Steady Trade take: Stephen and Tim guess … and you might be surprised by the results!
Clip: Gregg brings up an important subject: the high percentage of traders who fail. Do you know the actual percentage?
The Steady Trade take: Stephen guesses 95 percent, and Tim guesses 94 percent. Were they right? Find out in the episode, and listen to their tips on how to be one of the traders who succeed.
Clip: Gregg talks about how you must immerse yourself in the market to find success as a trader. Even if you can’t trade full time, you must treat it with the seriousness of a full-time job.
The Steady Trade take: Tim and Stephen agree with Gregg’s general sentiment. However, they do clarify that yes, it’s possible (and quite common) to be a part-time trader, particularly at first.
Clip: With so many stocks, you need a way to narrow them down in order to find the right trade. Gregg talks about his method for rating the stocks on his watchlist.
The Steady Trade take: This is an inspiration! Tim and Stephen talk about the vital importance of having a system in place.
Clip: In what might be the most Yoda-like clip in the episode, Gregg talks about how you must become a master of your own mind to become a trader.
The Steady Trade take: Tim and Stephen address how to keep yourself in a positive mental place for trading.
Clip: So many of Gregg’s biggest losses have come on the heels of overconfidence. Confidence is good, but you don’t want to get cocky.
The Steady Trade take: Overconfidence can be a trade killer! Stephen adds some sneaky signs of overconfidence — which can actually be more challenging to identify than you think.
Clip: According to Gregg, being profitable demands a high level of accountability. To be successful, you need a system of checks and balances and you must take trading seriously.
The Steady Trade take: It’s crucial to take your trading seriously because this is your for-real money at work. Tim and Stephen address why you must approach trading with a sense of professionalism and as if it’s a skilled trade. After all, the traders who have made it big take it very, very seriously. Are you ready to start navigating your way through a sea of stocks to find the right trade?
Do you have a question?
Do you have a question or comment about this 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.
Did you love this episode? Be sure to leave an iTunes review!