Steady Trade Podcast: Season 2, Episode 6: Ten Commandments of Trading Steady
Welcome to the season two finale of the Steady Trade Podcast! It’s a great time to reflect on how the podcast has grown and evolved, and to think about what everyone (hosts and listeners alike) has learned.
In the first season, hosts Tim Bohen and Stephen Johnson focused on educating investors on the basics of how to be a day trader. While much of the education was directed toward the new trader, there was a lot of wisdom well worth visiting or revisiting for even trading veterans. In the second season, Tim and Stephen have taken a more elaborate approach, offering a little bit of history with our Jesse Livermore episode, a bit more context about the life of a day trader by interviewing some of the most successful traders in the circuit right now, and we also got into the market mechanics, breaking down pump and dumps and more and explaining how different market scenarios “work”.
In the season two finale, Tim and Stephen take a look at the ten commandments of keeping it steady, which build upon everything you’ve learned so far and offer some important insight for traders. You won’t want to miss this wisdom!
But first, an announcement
Tim and Stephen have loved approaching this podcast in a curated season format. However, now that the show has a strong foundation, it’s going to transition to a more regular maintenance schedule. From now on, instead of featuring blocks of episodes as seasons, the show is switching to a weekly format. This means that there will be a new episode each Monday for you to learn from and enjoy. No season breaks! Eventually, there will be other new features, including live events on Fridays; this is the podcast’s response to listener feedback and requests!
…and, an optional drinking game (optional)
“I’m better drunk than sober”, says Stephen, referring to his trading (and, you know, everyday) lifestyle. Not to veer into after-school special territory, but this podcast’s recording actually had to be delayed because on the scheduled date for recording, Stephen was, well, wasted. In a roundabout way, this leads to a great idea from the hosts: why not play a drinking game along with the podcast? As long as you’re not driving or operating heavy machinery, take a drink every time Bohen says “ironic” or “ironically”. Have aspirin on hand because you’ll need it in the morning.
The Ten Commandments of Trading Steady
To cap off the second season, Tim and Stephen have organized ten tips for being a successful trader. Keep it steady, baby! You can expect wisdom, drinking games, terrible Austin Powers impersonations, and more, but here’s a sneak peek:
- Thou Shalt Create a Daily Trading Plan. Are you a gut instinct guy like Stephen, or are you a planner? The hosts offer tips for how to create a plan, breaking it down in simple steps.
- Thou Shalt Follow Your Daily Trading Plan. Tim and Stephen offer examples of the calamities that can occur when you don’t follow your plan.
- Thou Shalt Forsake Thine Impulses to Violate Thine Plan. This builds upon the prior two Commandments, and explains how to stick to your plan.
- Thou Shalt Journal Thine Experiences. It’s true: logging your trading successes and failures can help you advance faster. Stephen is actually a pro at this, and divulges some of his secrets.
- Thou Shalt Not Neglect Thine Physical and Mental Health. You need to optimize yourself mentally and physically. Tim and Stephen talk about how important this self care is to help you maintain energy and find success.
- Thou Shalt Be Consistent Each Day. This is particularly applicable for part time traders; Tim and Stephen discuss tips for how to be consistent and why it matters.
- Thou Shalt Continue to Study and Learn. Learning the basics and calling it good isn’t good enough. Tim and Stephen discuss why committing to a lifetime of learning is the biggest asset to your trading career.
- Thou Shalt Befriend and Interact With Other Traders. No trader is an island. By having a buddy, a mentor, a group, or all of the above can really fast forward your career; Tim and Stephen discuss specific examples of how teamwork can improve your income.
- Thou Shalt Know Thine Tools and Optimizeth Them. Tim and Stephen talk about how to use the tools in front of you. This includes literal tools such as your trading platform, and how to learn from your experiences and turn them into “tools” to build future success.
- Thou Shalt Keep it Steady. You can get started as a trader pretty easily and quickly. But does that mean you should start spending money right away? Tim and Stephen discuss why the “Steady” approach is best.
Don’t think we’re leaving you empty handed this season! Season two’s giveaway offerings include incredible prizes such as a Stephen Johnson pillowcase (and, you know, other things like a Macbook pro, an Apple TV device, an iPod touch, an Apple Watch, a $100 gift card, and 3 months of Stocks to Trade). Just like in Season One, there’s also another “Greedy Little Bastard” prize, which includes all of the aforementioned items!
Visit our giveaway page for more information!