How can you build and maintain a technical and emotional trading edge?
In this episode, co-hosts Kim Ann Curtin and Stephen Johnson close out a four-part series on the emotionally intelligent side of trading. Don’t miss the other episodes:
- Episode 214: What Really Works? Directionless Trading vs. Developing a Strategy
- Episode 215: Addicted to Trading: Identify Your Demons Before You Hit Rock-Bottom
- Ep 217: Serious As a Heart Attack: How to Focus for Next-Level Trading
In today’s installment, Kim and Stephen explore an important topic: finding an edge in trading.
Every trader wants an edge. But what they don’t understand is that it’s not just about finding your edge — it’s also about honing and maintaining it over time. After all, even the highest-quality knives need to be sharpened after a while.
So You Wanna Build a Trading Edge…
The market’s competitive. As a newbie, how can you possibly be a serious player?
You’ve gotta develop an edge.
According to Stephen, traders need to find specific niche strategies and refine them until they’re pros.
Don’t try to be a jack of all trades. Instead, Stephen suggests finding a pattern that fits your risk tolerance and getting up close and personal with it. Track your data. Save the charts. Find your edge through analysis.
Want inspiration? Check out this episode with millionaire trader Mariana. In it, she talks about finding her trading edge while staying true to herself.
How Long Does it Take?
Don’t worry — finding your edge doesn’t need to take years and years.
Stephen says that once traders get to a certain level of understanding the variables and the stock market, it’s quite simple.
He talks listeners through his process of creating sample studies of tickers and analyzing the results. Don’t miss his step-by-step process!
Sharpen That Edge!
According to Stephen, one of the hardest parts about having an edge in trading is maintaining it.
He shares how he used a single system to grow his account exponentially … then tried to change it and experienced losses.
A trading edge requires ongoing focus and attention. For Stephen, times like these act as a warning that he’s got to get back to basics and remember his strategy…
The Emotional Edge
Maintaining your edge also requires a healthy dose of self-awareness.
How do you perform best and put yourself at the top of your game?
To close out the episode, Kim and Stephen discuss how to get yourself “in flow” with the market by following the market’s energy and adjusting your lifestyle and trading plans accordingly.
Ultimately, traders need to begin to build an edge through dedication, time, and technical prowess. But the emotional side is extremely important for maintaining it all…
Were You On the Edge of Your Seat?
Did you enjoy these tips and thoughts about finding and keeping your trading edge?
We love to hear what you think, so drop 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.