What’s the best way to build your trading game?
Everyone wants a strong bull market to last forever. Dollars dropping from the sky is a nice feeling … But none of that translates into trading longevity.
In this week’s SteadyTrade episode, hosts Kim Ann Curtin, Stephen Johnson, and Tim Bohen talk about the bad habits we can pick up when winning is easy.
Every trader knows the feeling of being a newbie. When starting out, everyone makes mistakes. And if the mistakes are big, you remember them for a long time.
It’s a good thing, actually. Bohen thinks you should make mistakes you can’t forget. Think about it … If you forget the pain of a big loss, you’ll keep taking big risks.
And there’s nothing inherently wrong with risk. It’s something every trader has to manage. The key is learning how much you can handle so you don’t get ahead of yourself.
This week’s episode covers all the ins and outs of improving your trading game.
How Good Is Your Trading Game?
Bohen says we’re coming out of the craziest 14 months in stock market history. 2020 was the year that minted bag holders. It had retail traders diamond-handing meme stocks like GameStop Corp. (NYSE: GME).
Stephen agrees. Stocks going up nonstop rewarded a lot of bad trading behavior. And that’s something all traders have to manage — bad market habits. It’s stressful. It’s also why Stephen took up a new hobby to cope.
And Kim’s excited to hear about Stephen’s new hobby. She recommended it to him as a way to level up his trading game, and he’s taken off with it! Find out how Stephen’s working to improve his trading mindset.
What a journey for Stephen! And he shares just how he grew his account. He also has wise words on what not to do as well. He’s learned from his mistakes. Listen up and learn what bad habits to avoid!
Is Intuition Enough?
Every now and then, you’ll find a trader who chalks up their success to intuition. But is intuition alone enough to help you level up your trading game?
Bohen doesn’t think so. Even if you have the capital to trade large-cap stocks, you need a process.
He remembers his early days, chasing after every ‘hot’ stock. For him, it was all catalyst and no trading plan. Then he found a mentor, Tim Sykes, to show him the ropes.
It was the same for Stephen. He says his mentor made the random numbers in the market less random. That helped Stephen find a framework.
It’s all about structure and patterns. And Kim’s eager to be a part of it. She wants to know how part-time traders can level up their trading games too…
Kim also asks the guys how to find the right pattern. She’s so impressed with recent guest Mariana, her trading game, and her ability to find a pattern that felt right for her.
Bohen has some advice for Kim about building a passion for trading. You don’t want to miss his speech on what it takes to commit.
Plus, Stephen gives his input on finding the right pattern. Listen in for his top tips!
How Many Hours Do You Need to Put into Your Trading Game?
A popular theory says it takes 10,000 hours of practice to become an expert at anything. But does that apply to your trading game?
It depends on the individual. Everyone has to practice until a concept clicks. How long that takes is different for everyone. It has to click mentally, emotionally, and in your gut.
Some people have the time and determination to put in long hours day after day. Those traders are incredible! But if you can’t put in crazy long study hours, can you still make trading work?
Well, what matters is that you create a plan that works for you. Test it. Repeat it. Learn it like the back of your hand.
Things get juicy in this episode! Kim asks Tim to give his top five lessons traders can learn to level up their trading games! Each answer is jam-packed with hard-won wisdom.
And Stephen shares his number-one tip for not blowing up trading accounts. He’s learned his lessons and come out ahead.* Now he wants others to do the same.
Plus, hear Tim and Stephen weigh in on what matters most — technical indicators or fundamental analysis!
What Do You Think?
Have you found your go-to pattern? How do you work on your trading game? And what helps you learn from your mistakes? 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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Meet Our Hosts
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Kim Ann Curtin
*Please note that these kinds of trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.