Ep 116: Listener Mailbag with The Wall Street Coach
The SteadyTrade Podcast officially has a bestie: Kim Ann Curtin, aka The Wall Street Coach. She’s been a guest on the show multiple times and has strutted her trading coaching prowess in one-on-one sessions with hosts Tim Bohen and Stephen Johnson.
Today, she’s back and acting as a special co-host with Tim to answer some of your most pressing questions about la vida trading.
These two agree on a lot when it comes to trading … But in the real world, they’re pretty much polar opposites. Their answers make for an interesting mix!
Check out this eclectic episode featuring plenty of trading education and much more, including Tim and Kim’s thoughts on Lizzo vs. Metallica, Tom Brady, and, of course, Ayn Rand.
Here are some of the topics Kim and Tim address…
“How do I handle the people around me who don’t understand my day trading career?” (2:57)
According to Tim, it’s all about having a process that you can demonstrate to others (3:30). Penny stocks have a bad rep, but if you can document what you do, you can legitimize it.
Kim, on the other hand, thinks it’s possible that there are people who are “not as open minded” (5:15). She talks about how it’s OK if some people never really understand what you’re doing or your perspective. Say ‘thank you for loving me and worrying about me,’ but leave it at that.
Reading Charts Until Your Eyes Bleed??
“Tim, you always say look at charts ‘til your eyes bleed … what does that mean, and what should I be looking for?” (10:10)
For Kim, this is all about being able to “do the stuff that is not sexy or fun.” She talks about how you shouldn’t let trading be a crapshoot –– instead, be intentional (10:37).
Tim is wowed by Kim’s response, adding, “you’re not looking to throw crap at the wall” (11:30). He explains how specific patterns can repeat. Going over charts tirelessly is the way to start noticing those patterns.
Restraint is key, and studying is necessary. It can be hard. Here’s how Kim puts it: “Dude, I’m ready, I’m at the starting gate, and you’re telling me to run 15 feet and stop?” (14:56).
Yes, indeed … because the harder you push the market, the harder it pushes back.
Barriers to Trading Success
“Something’s wrong with my trading and I don’t know what it is. Everything is great except my trading … what’s the problem?” (19:13)
According to Kim, people don’t always see how what’s going on with them personally can have an impact on them professionally (19:49).
Tim agrees that trading is connected to the rest of your lifestyle (21:08). He thinks that a healthy mind and body are necessary for trading well. So exercise, meditate, take care of yourself … and take care of things outside of trading.
A big takeaway from this portion of the episode? “The people who are going to be really good at trading are the ones who will be least attached to the outcome every day.” (26:18)
“What do I do in off-market hours to prepare for the day?” (34:57)
Kim thinks this is exactly when you should be dealing with “the not sexy part” (35:15). That’s when you do your behind-the-scenes work. This is the meat … But the excitement of the market bell and executing trades — that’s the gravy.
Tim adds that many traders have a delusion that day trading equals a Gordon Gekko-like existence (36:16). But really, that’s not where the magic happens.
Got a question of your own for the SteadyTrade crew?
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c/w Nov. 21, 2019