Ep 107: The Do’s and Dont’s of Day Trading

SteadyTrade host Tim Bohen is PUMPED. Why? Because TradersEXPO in Chicago— one of the premier trading events (that’s also FREE of charge) — is here. 

And at this FREE-to-attend event, Tim will present not once, not twice, but three times — along with celebrity day trader Tim Sykes. Learn more information on the StocksToTrade blog (and see below for Tim’s presentation times). 

In today’s episode, he’s prepping for the big conference by sharing his top do’s and don’ts of day trading. You don’t want to miss these valuable lessons! 

Here are a few highlights from the show: 

Tim Bohen’s Day Trading DO’s

  • STUDY. The ease of entry into the world of trading can be a blessing … and a curse. Even though you don’t need a degree to become a trader, you should act like you do. Study, do your homework, and learn what you’re doing before you trade. 
  • TEST IT. Test your strategies before you actually execute an order. It can make a difference.
  • TRACK IT. Track your results! Tim talks about why this is one of the most important things that traders can do to improve.
  • BE IN TUNE WITH THE MARKETS. Life’s busy, right? Maybe you have a job, go to school, have a family … or all that and more. But you always need to make time to read the business news, check the market indices and the overall market, even if you’re not trading. 
  • MAKE TIME TO TRADE. Don’t have time to trade? Ditch the TV and social media. See how much time you suddenly free up to study and trade! 
  • MANAGE YOUR RISK TO REWARD. Don’t fall into a FOMO trap … fear can drive poor trading decisions. Make smart stops and keep your expectations realistic. Tim briefly discusses why you should focus on a 3-1 risk and reward. 
  • BE TRULY PASSIONATE ABOUT TRADING. When Bohen was a mere Tiny Tim, he’d pore over stock prices in the newspaper. The markets captured his fascination early on. He has passion, and that motivates him. Learn why if you don’t have curiosity and fire, you can be far less likely to survive as a trader! 
  • YOUR NUMBER-ONE GOAL AS A NEW TRADER IS TO STAY IN THE GAME. ‘Nuff said, right? Tim explains why this should be your primary goal.

Tim Bohen’s Day Trading DON’Ts 

  • DON’T TRADE TIRED. It’s just as bad as trading drunk! 
  • DON’T EXPECT TO GET RICH QUICK TRADING. If you think you’ll get rich quick from trading, it’s time to leave the building. It’s just not gonna happen. 
  • DON’T TAKE LARGE LOSSES. No matter your trading experience — newbie or advanced — big losses can make it much harder to sustain a trading career over time. 
  • DON’T TRADE RANDOM OR UNTESTED STRATEGIES. Test it, log it, and manage it. That’s how you can improve. 
  • DON’T COPY SOMEONE ELSE’S TRADES. This goes for friends, ‘hot’ stocks, mailing lists, etc. Learn from others, but never blindly follow them. You need to be a self-sufficient free thinker. You can’t know the whole story without doing the research yourself. 
  • DON’T THINK YOU CAN BEAT THE MARKET. That’s just like playing in Vegas. The house always wins. 
  • DON’T BE A BAG HOLDER. That’s someone who holds on to a losing position forever with the false hope that things will turn around. Just don’t.
  • DON’T REVENGE TRADE. That’s when you try to make up for a loss. Tim dishes on why these trades are pretty much always losing trades.

Don’t Miss Tim Bohen and Tim Sykes at TradersExpo Chicago! 

Here are the dates and times for their presentations: 

Trading and Investment Tools for Maximum Efficiency

Time: Monday, July 22, 1:30 p.m. – 2:15 p.m. CDT

A Keynote Presentation with Tim Sykes and Tim Bohen: A True Edge Trading Low-Priced Stocks

Time: Monday, July 22, 2019, 6:00 p.m. – 7:00 p.m. CDT

Stocks to Watch — Here and Now

Time: Tuesday, July 23, 2019, 11:45 a.m. – 12:30 p.m. CDT

A Special StocksToTrade Offer!

Be sure to listen through the end of the episode for an incredible StocksToTrade promo! 

Hit Us Up! 

Submit your questions — we love to hear from you. AND if we choose yours as an on-air topic, you could win a SteadyTrade mystery gift box. So ask away! You can send questions via the SteadyTrade website, YouTube, or by email.

Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.

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