What a difference a week makes! Since Episode 30, wherein hosts Tim Bohen and Stephen Johnson began discussing a series of themes from the book The Daily Trading Coach by Brett Steenbarger, a lot has changed in the stock market.
With that in mind, while Episode 31 is ultimately dedicated to finishing up the discussion about this invaluable trading volume, there’s also a detailed discussion about the action picking up in the market and how to best take advantage of it right now.
The market report
There’s been an exciting development in the market lately: movement! As listeners know, early 2018 has been marked with some seriously sluggish markets; you can listen to Episode 28: Slow Market Blues, to learn more. Before delving back into The Daily Trading Coach, Tim and Stephen discuss what’s happening with stocks right now, including offering tips on how to make the market’s current movement work for you.
…and back to The Daily Trading Coach
For topics, one through three, be sure to check out Episode 30!
Topic 4: Historical investigation
While history may not repeat itself directly, it can give us an edge by giving us a hypothesis for how a stock may perform moving forward. How can we work from history to guide ourselves moving forward?
Tim and Stephen love this topic because it relates so directly to the whole theme of the show: maintaining steady success as a trader. Using historical analysis to inform your trades is an invaluable way to up your earnings. Investing in plenty of screen time, or as Tim lovingly says, “looking at charts til your eyes bleed” is the best way to begin to understand how the history of stocks can give you an idea of what may transpire in the future. While this never becomes “easy” per se, it does become easier with time, especially with the helpful tips offered in the show.
Topic 5: Becoming the best you can be
A disease that affects many a trader is the inability to think greatly about themselves. To clarify, this doesn’t mean that traders should be narcissistic, nor does it mean that they should be taking a spiritual guidance sort of path. Thinking highly of oneself is more about charting a path that makes a difference, and living a goal-oriented life rather than a rudderless existence. So how, as a trader, can you begin to believe in yourself so that you can live up to your potential?
While this is some truly high-level stuff, Stephen is actually able to offer some touching advice on what it means to become your own personal trading guide and how it requires believing in yourself. As Tim adds, being a trader is hard; you’ll inevitably suffer from “I’m not good enough” syndrome, experience self-doubt, low motivation, and more. Both Tim and Stephen offer some advice on why it matters to believe in yourself as a trader, and what you can stand to gain. They also offer some specific and proven ways to build and maintain motivation as a trader so that you can be the best you can be.
The final word, and a special musical treat
If you’re an aspiring trader, The Daily Trading Coach is a great investment. It will only require five to ten minutes a day, but it will give you nuggets of wisdom that will add up to improved trading. There are tons of trading books out there, but this is one of the highest suggestions that Tim and Stephen have.
The episode closes with a special treat: a Kenny Rogers-trading mashup of a musical performance by listener Jude! Spoiler: Tim may or may not shed tears. This may be the greatest song in country stock market trading history!
If you’d like to submit your own Steady Trade-inspired song, or just ask a question about something in the show, be sure to visit the “submit your audio” section on our website. Your audio might just be featured in an upcoming episode!
Thanks for tuning in to the Steady Trade Podcast! Stay tuned for weekly episodes covering every aspect of how to be a steady trader with long-term, reliable success!
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