Paper Trading Challenge
It’s a big day for the SteadyTrade podcast …
We’re wrapping up the Paper Trading Challenge, and it’s time to see who hosts Tim Bohen and Stephen Johnson declare as champion!
While this episode is dedicated to announcing the winner, Tim and Stephen note that there are no losers here. Each of the six contestants gained something from the competition, especially more stock market knowledge.
And the final two contestants, in particular, report incredible growth in their trading prowess.
Tune into the episode for a recap of the Paper Trading Challenge and a detailed review of the final days of the competition with the last two contestants — Liz and Chris (aka “DJ”). Find out who takes the Challenge crown!
And if you would like to see another season of the Paper Trading Challenge — especially if you would like to audition to be a part of it — please click the following link and take a few minutes to fill out this brief survey: Paper Trading Challenge Survey
Stephen and Tim mentored the final two contestants, Liz and DJ, respectively. Here’s their overall take on their progress:
- Liz: As Stephen notes, Liz is “relentless” in the pursuit of her goals. That’s a very helpful trait when taking on the stock market.
Find out how Liz went from “a loser of a penny stock trader” with little knowledge to an absolute rising trader star. Her knowledge of indicators and market rules have grown exponentially. But can she rein in the gambling impulse that every trader wrestles with?
- DJ: At the start of the competition, DJ had market experience but lacked focus. Through the course of the challenge, he dialed in and found discipline. He reports that his results went from random to reliable, as he focused on the setups that work best for him.
Is he ready to take his newfound trading success to the real market? Listen to hear what Tim and Stephen think!
What Gives You Passion?
Before announcing the winner of the Paper Trading Challenge, Tim and Stephen discuss some of the key takeaways from the competition. One of the biggest is that you need to find a passion for the process. You need to cultivate a fascination with the mechanics of trading.
Stephen asks: “What makes you approach every day as an absolute beginner?” If you can find that spark, you’ll be ready to approach the market and eager to learn every day.
For the Challenge contestants, this competition seems to be just the thing to instill a sense of curiosity about trading. It helped them develop the discipline to take it to real-life trading.
Tim and Stephen also discuss the difference between a hobby and a passion — and the key difference when it comes to trading.
The Final Phase of the Paper Trading Challenge
For the final month of the Challenge, the rules changed again: contestants started March with their February earnings.
Once the new rules were announced, Liz started scalping like crazy and started with $700K. DJ, on the other hand, ended with $1.6 million. They were also limited to 25 trades and the final tally was measured on winning percentage and the percentage the account grew.
Here’s how they stacked up:
- DJ made 25 trades and was green on every single one.
- Liz only made 9 trades. She was green on six.
- DJ grew his account 77%
- Liz grew her account by 49%
And the Winner Is …
So, who won the Paper Trading Challenge? Listen to the episode to find out! You’ll also get bonus commentary from both Liz and DJ about their final trades, including critiques from Tim and Stephen about what they got right and where they can improve.
Do You Want to Be in the Next Paper Trading Challenge?
If the SteadyTrade Podcast hosts another Paper Trading Challenge, are you interested in getting in on the action? Leave a comment below or on YouTube and let us know your thoughts and ideas for making it even better next time.
Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders!
How much did you learn from this episode and the challenge? Be sure to leave an iTunes review!