This week on SteadyTrade, winning traders share their tips and tricks.
At the time of this recording, the market’s tanking like nobody’s business following coronavirus-related market crashes. Yet some traders are still reporting profits.
Do they know something that other traders don’t? Nope. It’s just a matter of following the opportunities the market presents and taking advantage of them when the time is right.
If you’re curious about how smart, winning traders are taking advantage of the current market volatility, you’re in luck! SteadyTrade co-hosts Stephen Johnson and Kim Ann Curtin have assembled a gathering of ‘young wizards’ trading through the INSANE coronavirus market. Listen and learn!
The Young Wizards
We’ve got a star-studded cast of traders on the show today: Kyle Williams, Andrew Chipka, and Jack Kellogg. And they’re all so YOUNG.
Kyle became intrigued by short-term trading in 2016. He initially lost money, which made him get serious about studying. And after about a year, he figured out how to be consistent. Now, he reports he’s up six figures in profits.
Jack (also featured on Ep. 96) started his trading journey in 2017. He didn’t trade much in the first year. He wanted to save up enough cash at his valet job to be over the PDT. He talks about his personal ups and downs and how the marijuana stock craze helped him find his setups. He also reports that he’s now up six figures in profits.
Andrew started trading in 2017. He dabbled with going long and bitcoin. But it wasn’t until he discovered Sykes that he really started finding his stride. He hit the books, watched a ton of webinars, and honed his strategy. Tune in to find out Andrew’s doing in the markets lately!
What Makes a Trader Successful?
In the episode, each trader shares the characteristics they think contribute to trading success. For example…
Humility. These traders all agree: If you’re not humble, the market will eventually humble you. Learn why it’s so important to avoid getting cocky, especially if you feel like you’re on a winning streak.
Adaptability. Each trader talks about why adapting is key in the stock market. The only real constant is change. Even if the same setup worked in the past, that doesn’t mean it will continue to work.
Focus. It can be tempting to try dozens and dozens of strategies. But at a certain point, you need to buckle down and focus on just a few. Learn why this is so vital to refining your trading technique.
Trading is a journey. And as it unfolds, there are certain ‘aha’ moments. What were those moments like for these traders?
Learn why Kyle decided it was a much better idea to focus on making money with one setup rather than trying everything … He breaks down his specific panic buy OTC strategy and how he branched out from there.
Jack talks about how losses prompted him to change gears and hit the books again. It worked. Once he got back to trading, he “didn’t throw money around like an idiot.” Learn why a trade needs to prove that it deserves his money!
Andrew talks about how he realized that a stock market education is ongoing. It’s important to study and watch the markets every day, even if you’re not trading yet. He explains how he spent nine months paper trading before he started trading real money. Although paper trading “isn’t the same,” it helped him get familiar with the market.
Is “Lose to Learn” a Smart Strategy?
Speaking of paper trading … is it really a good idea? And if so, how long should you do it?
The traders agree: Paper trading is better than not trading at all. But it’s a slippery slope. It can fool you into thinking that you’re a hotshot trader.
They talk about the pros and cons of starting very small and learning by losing. Here’s a compelling question: Is it worth losing a little bit if you’re learning how to get a handle on your emotions?
Check out the episode for more on this topic.
Discipline vs. Knowledge: Is There a Winner?
The crew doesn’t necessarily agree on which is more important. But they agree that both discipline and knowledge are vital.
As Andrew shares, it’s all too easy to rationalize yourself into a position. So you really gotta focus on learning enough to establish personal rules — then stick to them.
Don’t miss the round table discussion on what this means for Kim’s future as a trader … Will she have an accelerated learning process since she knows so much about trading psychology?
Curious About Something?
Got questions about the episode? Hit us up!
Remember: if your question is chosen as an on-air topic, you could win a SteadyTrade mystery gift box. Leave 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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