Today hosts Tim Bohen and Stephen Johnson celebrate Kim Ann Curtin’s first trade! Newbie traders rejoice — you have one more on the team! And her first time was one for the books.
Everyone’s chasing after tendies these days … but are there enough to go around? Goldman Sachs seems to think so. Even they’re chasing after retail traders these days.
There’s never been a better time to get started in the markets. So how did Kim’s first trade go? And how can newbie traders find an edge before wrecking their accounts?
Find out on this week’s SteadyTrade podcast.
Kim Officially Joins the Newbie Traders!
Can trading pay off for newbie traders or is it just a way to pass the time? Either way, it can fill your laptop full of octane!
That intensity is what pushed Kim into her first trade. And she chose a sizzling hot sector to start with.
She reports her trade was hot, hot, hot. She patiently watched it as an overnight swing … But did she sell just in the nick of time? Tune in to hear the full details from Kim.
One thing’s certainly clear … Timing’s everything in trading. And it doesn’t always work in our favor.
Stephen knows. He’s got years in the game, but sometimes the excitement of a trade gets the better of him. Especially when things have been quiet for a while. The plan to stay disciplined can lose out to the need for adrenaline.
Stephen says, “Everyone has a plan until they punch you in the face.” They would be everyone on the other side of your trade…
Traders can mentor each other. You chit-chat over your best tips and tricks, but ultimately, it’s you and your screen against everyone else.
He shares a recent loss that almost took him down. So what were the consequences? Stephen bares all the emotions and thoughts behind his risky trade. More importantly for newbie traders, he shares what he learned from it.
Do Emotions Matter in the Markets?
Some traders say it’s best to ignore your emotions. But if you ignore them completely, they’re more likely to sneak up on you.
So what’s a newbie trader to do? You have to learn to see your emotions clearly. If you’re feeling greedy, acknowledge that. Angry and in the mood for revenge? Acknowledge that and call yourself out.
You can’t change something until you admit it’s there. Once you recognize the emotion you’re feeling, you can CHOOSE not to act on it. That’s how you conquer your gremlins.
And it’s not a one-and-done deal. The longer you trade, the more you’ll learn about how your mind works. Whether you’re a newbie trader or an expert, your mind will find a way to throw you a curveball.
At the end of the day, it’s not you against other traders … It’s you against you!
After years of coaching professional traders, Kim’s full of knowledge and ready to take the trading plunge. She wants to put “skin in the game.”
And as for her first-ever live trade … Kim reports she had to overcome a huge temptation to steer her first trade in the right direction.
Find out what she did to make Bohen proud. Will she jump back in for round two?
Focus on Your Own Game
We learn best from other pros. There’s nothing like wisdom from a mentor who’s been in the game a long time and wants to help you find your way.
But sometimes, time spent online can mean exposure to traders who brag more than they help. Those traders only post their wins. They don’t admit to their losses or the challenges along the way.
Plus, if they’ve been at it a while, chances are they have bigger accounts than most newbie traders. The pressure to succeed can work for or against you.
If you compare your trades to pros, you might feel like you need to take bigger risks to catch up.
But as Bohen likes to remind us, success is a long game. And you have to start where you are.
The key is to acknowledge what you want. If you want to be in a pro trader’s shoes someday, it’s OK to admit that. But then you must accept that it takes a lot of hard work, discipline, and concentration to get there.
Nothing happens overnight. It’s great to let friendly competition motivate you to do better. But once you know what you want, focus on your own game.
What Do You Think?
Do newbie traders have a fair chance against the big guys? What does it take to outsmart the “tutes?” 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