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Steady Trade Podcast Episode 6: Season Review, How to Execute a Trade & The Truth Behind the Wolf of Wall Street
Once upon a time, there were two guys. One was Tim Bohen, a skilled, experienced trader from StocksToTrade.com; the other was Stephen Johnson, an enthusiastic student but less experienced trader who wanted to learn the way to success. One day, these two guys started a podcast for people who wanted to learn how to day trade penny stocks, bringing their two unique points of view together to offer an approachable introduction to day trading for all levels of experience.
Episode 6 marks the Season One Finale of the Steady Trade Podcast. Here’s where Tim and Stephen bring it all together in an action-packed episode. First, they weave together the lessons learned in the previous five episodes, culminating in the ultimate lesson: how to execute a trade. But wait, there’s more! In the episode, they also offer a trader’s perspective on the movie The Wolf of Wall Street, and announce the winners of the incredible Steady Trade Podcast giveaway!
Steady Trade’s Mega-Giveaway Contest: the Winners!
The moment of truth has arrived! Tim and Stephen announce the winners of the Steady Trade Mega-Giveaway Contest, which includes a 55-inch Samsung 4k Ultra HD TV, the Dell Inspiron Laptop, an Oculus Rift Virtual Reality Gaming Bundle, Apple watch Series 2, Bose SoundSport wireless headphones, a BIG box of Tic-Tacs, and more.
What have we learned?
In the previous episodes of the Steady Trade Podcast’s first season, Tim and Stephen have offered an incredible introduction to trading, from explaining what day trading is to an overview of how penny stocks work, how to choose the best stocks to trade, a discussion of how and why stocks move, and how to create a trading plan.
By creating a strong foundation with these lessons, you’ll set yourself apart from the many traders who fail due to lack of proper training. You’ll also be preparing yourself for the culmination of these important lessons: how to execute a trade.
How to execute a trade.
As Tim puts it, “technically, all you need is a 500 dollar laptop and a 500 dollar brokerage account to make a trade. But that does not mean that you’re ready.” Obviously you do need those things, but there’s more to it. Ultimately, the lessons you’ve learned in the previous episodes have been building you up to this point. So how do you actually get to work?
In the episode, Tim and Stephen discuss the resources necessary to actually begin trading, from figuring out the best brokerage account to finding a charting platform and more. They also discuss specific things that new traders need to look at before making that first trade, such as monitoring long term charts and tips for how to know when to buy (and when to hold off).
They also discuss an important topic: how to determine your readiness to trade. Many traders rush in, but this eagerness without a knowledge base can be their undoing. In the show, Tim and Stephen discuss key tips to now when you’re really ready. Not all of the tips are sexy, but they do deliver sexy results.
Steady Trade Movie Review: The Truth Behind the Wolf of Wall Street
The movie The Wolf of Wall Street acts as the sum of all knowledge that many people have of penny stock trading. So how true to life is it?
The bad news is that the movie made many people associate penny stock trading with dishonest, coked-up traders with shady ethics who are being cavalier with OPM (Other People’s Money).
This couldn’t be further from the truth: day traders are actually working for themselves, and are responsible for their own gains and losses.
However, the movie does accurately show many aspects of trading penny stocks. In the episode, Tim and Stephen discuss how accurate certain aspects of the movie are, and how accurate the portrayed lifestyle is (and isn’t).
Feeling bereft that Season One and the giveaway have come to a close? Don’t be sad! We’ll be back for Season Two in November of 2017 with an all-new giveaway and continued wisdom, anecdotal stories, and plenty of humor to make trading more accessible. See you in November!