Watchlists, Accounts, & Emotions

As you’re probably already well aware, hosts Tim Bohen and Stephen Johnson are a veritable treasure trove of trading-related information. Lucky you: Today they’re putting their knowledge to work by answering specific questions from listeners.

From inquiries about watchlists to accounts to dealing with emotions in trading, this episode is action-packed and full of invaluable information for traders of all ages and all levels.

Here are some listener questions that Tim and Stephen tackle this week:

Matt: As a new trader, Matt can create a strong watchlist … but he’s confused about how to evolve it. He’s had good luck with his watchlist foundation but hasn’t had much luck adding new stocks to the list. That’s especially true in the short period of time in the morning before the market opens.

What’s a trader to do?

As Tim points out from the get-go, not every trader is the same. If this method works, why mess with it? But, that said, both Tim and Stephen understand the desire to keep a watchlist moving with the market. So they both offer some tips for stalking stocks and how to watch for action in the afternoon to help inform watchlist choices for the following morning.

Stephen talks about his specific tips for trading hot stocks and some of the things he looks for, including low float, high volume, a hot sector, good news, and a solid catalyst.

Trevor: Like Stephen, Trevor lives in Dubai! Here’s what he wants to know: What’s the best account for a beginner and a non-U.S. resident?

Stephen is quick to say that he’d love to talk it over with Trevor over a beer … as long as Trevor’s paying, of course.

All jokes aside, Stephen actually has some thoughts on opening a new account. He and Tim talk about the importance of building your ‘knowledge account’ before building up a pain tolerance for loss. And of course, at first, a good choice for an account might be one that requires no balance at all — a paper trading account!

Quick note: Curious about paper trading? With a StocksToTrade 14 day trial, there’s no better time to check out this stock screener’s awesome paper trading platform!

Bram: Bram is 16, from the Netherlands, and had nothing to do with the writing of Dracula. He also wants to know this: How can you control your emotions in trading, especially when you find yourself in a bad position during a trade?

Ah, the eternal trading crisis. Stephen himself would love to know the answer to this important question, as it’s a struggle he faces frequently.

Traders of all levels will benefit from Tim and Stephen’s perspective on this important topic, including in-depth thoughts on how traders put themselves in a raw emotional state by not defining entries and exits before entering a trade.

Kirill: As a 19-year-old trader, Kirill can’t short sell or sell on margin (you have to be 21 to do these things). His question: What can Tim and Stephen recommend as alternatives?

Yep, there are limitations to being a young trader. But honestly, these strategies can spell trouble for traders, so maybe those limitations are for the best. Tim and Stephen both have some real talk for young traders like this, including how these constraints can actually be positive.

As a new trader, it may not be in your best interest to trade sketchy stocks in the riskiest ways possible. They suggest some positive alternatives, including how to work with Nasdaq stocks with unusual volume hovering around 52-week highs. Trades like this don’t have to be boring!

Got a question?

Psst … got a question? If Tim and Stephen choose your question to answer on air, you could win a SteadyTrade mystery gift box! 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!

Do you think this episode’s awesome? Be sure to leave an iTunes review!