How do traders find trading discipline — and then hang onto it?
Today hosts Kim Ann Curtin, Stephen Johnson, and Tim Bohen interview Victoria, aka “Crown” in the SteadyTrade Team chat room.
This up-and-coming trader in the SteadyTrade Team community is no stranger to discipline. She played professional volleyball before taking a job at Fox Sports. Then while on a vacation, she met a day trader while playing blackjack — and her life plans changed for good.
After tracking high percent gainers on her own, she got into Tim Sykes’ Pennystocking Silver and then decided to join the SteadyTrade Team.
Victoria’s quite the go-getter. So what kept her hooked on the risky journey of trading? And how does she maintain discipline in a chaotic market?
Tune in to this week’s SteadyTrade podcast to find out!
How Victoria Finds Her Trading Discipline
When markets are non-stop green like in 2020, it’s easy to think that tendies fall from the sky. Who needs trading discipline when all bets are winners … right?
Some traders find out the hard way … The more you juggle, the harder it is to focus. And it’s not just that. Once the market slows down, throwing money at stocks to see what sticks won’t work at all.
Victoria loves trading because it doesn’t let you off the hook. “You get what you put into it,” she tells our hosts. It’s not about who you know — it’s about how hard you’re willing to study and work.
Of course, how the market behaves is out of our control. So what can you control? Your discipline!
That’s why Victoria always makes sure to put in a morning workout before her trading day. It helps her stay focused and improves her discipline in all aspects of life.
And even after steady progress in trading, she still puts in 10 hours of study time every week. That’s trading discipline, all right.
She says that level of commitment helped her go pro. And she reports she’s been going strong for a couple of years, day in and day out.
Victoria even applies trading discipline to position sizing. Everyone wants to conquer the PDT (pattern day trader) rule. But Victoria thinks it pays to start small. Don’t size up until your percent gains do.
Stephen agrees. The more you trade, the more risk you take on. That means more challenges to your trading discipline.
So how does a trader keep winning? For Victoria, it’s focusing on the right patterns. Tune in to find out her favorite patterns as a beginner and now as an experienced trader.
Trading Discipline and Remembering Losers
Everyone loves to bask in the glory of big wins. They boost confidence. They make you feel like the trading journey is worth it. But is overconfidence the enemy of trading discipline?
Victoria thinks so. And she keeps a “losing journal” dedicated to her losing trades.
Tim Bohen thinks that’s great. He wants to remember his losers the most. Why? He wants to remember what not to do again! “Cherish your biggest f*** up. ‘Cause you can lose over and over again, but you won’t mess up like that again.”
Even Stephen agrees. “Look at what’s wrong always, not just when you’re losing. If you get sloppy with success, success starts to fade without you even knowing.”
And sometimes winning is an art. One trader’s win is another trader’s edge to push. Is it a win to take quick profits even if you could’ve held for larger gains? Is it good trading discipline? The team shares their thoughts…
Plus, Victoria thinks adapting is the most important factor in turning pro. She sees newbie traders hold out for 1:3 risk/reward gains and lose all their potential gains. Part of trading discipline is accepting what the market has to offer you.
If your stock isn’t in play anymore, get out fast! Don’t wait for it to head all the way down to your stop. Be a sniper. Get in and get out quickly! Any profit is better than a loss.
Victoria details her best strategies, like…
A huge part of discipline is staying patient. Trust in your ability to succeed over the long term.
Make sure you have a stable foundation of cash before you jump in full-time. Victoria started out with savings from her professional volleyball days.
Most people start out with a part-time or full-time job. There’s no shame in that whatsoever.
In fact, Bohen thinks it’s a smart thing to do. Take some of the pressure off your need to win by having another source of income.
Traders ask him all the time when they should quit their jobs. What if trading is distracting them too much? His advice? Don’t leave until they fire ya!
For real. Make trading discipline your number-one goal. But don’t drop all your other goals until you’re absolutely sure you’ll be just fine. And there’s plenty more trading and life advice where that came from!
What Do You Think?
What keeps your trading discipline in top shape? Do you keep a losing journal? How do you celebrate your wins? We’d love to hear what you think, so drop a comment.
Remember: if we select your question or comment as an on-air topic, you could win a SteadyTrade mystery gift box. Leave a comment below or on YouTube!
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.
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Kim Ann Curtin