Can you succeed as a trader without developing a strategy?
Hosts Kim Ann Curtin and Stephen Johnson start a four-part series to address common trading errors.
In this episode, it’s all about approach. Some newbie traders start out trigger-happy. They hope their instincts will be enough to succeed in trading right from the start. Stephen admits he was like that.
Others are gun-shy … They study a lot and still don’t feel like they have enough knowledge. But if they don’t make trades, they can’t build good instincts for the market. Kim feels this way about her own trading habits.
No matter where you fall on this spectrum, tune in to the episode to learn how to break the habit of directionless trading. Start developing a strategy that works for you.
Stop Directionless Trading
Kim’s on a mission to stop traders from trading blindly. She sees the emotional and psychological toll that takes. That’s why she created her Trading EQ course.
If traders keep trading and losing without developing a strategy, they can feel defeated. And it often takes a lot of work to climb out of the hole.
Stephen agrees that developing a trading strategy is key to successful trading. But he disagrees with Kim about avoiding losses. He takes a different approach to the emotional ups and downs of trading…
Check out the episode to find out how Stephen flipped the script on big losses to become a better trader.
Is Developing a Strategy Enough?
Most traders won’t succeed without developing a strategy … But is a solid strategy all it takes to succeed? What about trading emotions?
Trading is tough. Both Kim and Stephen can attest to that. Stephen accepts that feeling low about a loss will happen at some point.
So is there a way to protect your profits when emotions get the best of you?
You bet! Stephen asks a powerful question before taking every trade. Find out what it is and why he says 50% of traders wouldn’t be able to answer it. Plus, he shares his top five reasons for entering a trade.
Remember to Ask for Help
It’s easy to get carried away when you’re trading by yourself. And it’s hard to see your own mistakes.
Stephen says it’s super important to find a mentor early on. If you don’t know why your trade failed, ask a veteran trader. That can be key to developing a strategy that works.
Kim and Stephen get into some strategies that help top traders deal with losses and stay profitable.
Stephen sees trading as a sport … He closes the episode with the most important lesson he learned from Michael Jordan that put him on the path to winning trades.
Dig into the episode to hear Stephen’s tip that can help traders at every level.
What Do You Think?
Are you a trigger-happy or gun-shy trader? Where are you in developing a strategy? Have something you’d like to ask a trading mentor?
We 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
*Please note that any reported 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.