In this week’s SteadyTrade podcast, hosts Kim Ann Curtin and Stephen Johnson welcome a special guest — author, speaker, and strategist Michele Wucker.

If you trade stocks, you need an appetite for risk. But how much is too much? And can your risk tolerance change over time or is your “risk fingerprint” set in stone? 

Michele Wucker is here to break it all down. She even has books on the topic…

• “You Are What You Risk: The New Art and Science of Navigating an Uncertain World”
• “The Gray Rhino: How to Recognize and Act on the Obvious Dangers We Ignore”

Wucker dedicates her life to the study of risk. Her work has moved markets, shaped financial policies around the world, and helped frame warnings about pandemics. She’s a former think tank and media executive, and she’s the founder of Gray Rhino & Company.

Fun fact: she coined the term “gray rhino” to describe “obvious, probable, and impactful risks that we tend to ignore.” 

Her concepts have also made their way into popular culture. Megaband BTS wrote the song “Blue and Grey” positioning depression as a gray rhino. And she has a TED Talk with over two million views.

Kim, Stephen, and Michele Wucker talk all about risk and trading in this week’s episode!

(As an Amazon Associate, we earn from qualifying purchases.)

Michele Wucker Wants You to Anticipate Gray Rhinos

Most traders know the term “black swan.” The investment world uses it to describe events that come ‘out of the blue.’ 

But how true is that? Experts warned about the subprime mortgage crisis well before the bubble popped. No one listened. 

Recently, if you tried to trade right after the Colonial Pipeline debacle, you saw chaotic markets. It seems like that event came out of nowhere. But again, experts warned about power grid vulnerabilities many times.

Michele Wucker wants us to wake up to our gray rhinos. This applies whether you’re a day trader, swing trader, or jumping into the crypto fray. 

When a big, scary challenge comes at you, you can do nothing and get trampled, get out of the way, or do something about it. Why do some people move out of the way while others work with the strength and use it?

Learn all about your risk habits and how to improve them in this week’s episode. 

How Much Should You Risk?

Stephen knows there’s no escaping risk once you place a trade. But he’s curious about how people decide what level’s right for them. 

Michele Wucker says there are many factors to consider. It’s not just about personality either. How comfortable you are in your immediate environment can impact your approach to risk. Some people’s moods change with the room temperature!

Risk tolerance is situational. Michele gets into the many ways a person’s risk tolerance can shift based on their foundation of safety at the time.

Kim wants to know more about Michele’s groupthink concept. The risk acceptable to a group can affect how much risk an individual in that group will take on. 

But what’s the actual impact? And can you go from buy-and-hold investor to crypto aficionado based on your friends?

Sometimes risk is in the eye of the beholder. For example, cultural bias can prevent us from seeing certain leaders clearly. Kim and Michels get into real-life examples of how female leaders are perceived versus how they perform. 

You’ll want the facts on this before your next hot stock fundamental analysis. 

Is Risk Always Good?

Stephen finds risk fascinating. Michele Wucker’s book changed how he thinks about appropriate risk. 

He recalls a man who quit med school to become a stand-up comic. In the past, Stephen would’ve dismissed the guy as “completely nuts.” Now, he sees that having a caring family, mentors, and some financial stability made the risk more sensible for him.

He loved the family’s message: “If you do what makes you happy, ultimately you’ll become enough of an expert at it that you’ll be able to make enough money.” 

Kim loves how Michele Wucker flips the risk script. She points out that people who force themselves into ‘safe’ jobs and lifestyles sometimes suffer long term. 

As Michele says, “People underestimate the risk of going along with others, living what they want your path to look like. That can destroy your health, happiness, and ability to succeed. Everything can come crumbling down because the road you thought was the safest actually wasn’t.”

Kim sees this firsthand in her coaching practice. Clients come to her when their carefully planned lives come crashing down. That’s why she’s so supportive of traders who follow their passion.

Wucker says many traders and freelancers feel more secure having diverse sources of income. If you’re told to diversify your portfolio, why not your income? 

But Stephen reminds us that sometimes overconfidence can lead to big losses. Wucker replies with a strategy for dealing with overconfidence that blows Kim away. 

This week’s episode is jam-packed with valuable tips to improve your relationship with risk. Check it out!

What Do You Think of Michele Wucker and the Gray Rhino?

What’s your appetite for risk? How do you respond to challenges? And how does your risk tolerance change? We’d love to hear what you think, so drop a comment. 

Remember: if we select your question or comment 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.

Into this episode? Please leave a review on iTunes.

Meet Our Hosts and Special Guest

Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin here.

Follow our hosts and special guest on social media…

Michele Wucker

Twitter: @wucker

Instagram: @michelewucker

LinkedIn: @wucker

Tim Bohen

Twitter: @tbohen

Instagram: @tbohen

Stephen Johnson

Twitter: @Jonk87

Instagram: @stephenjonk87

Kim Ann Curtin

Twitter: @kimanncurtin

Instagram: @kimanncurtin

The post Episode 200: Discover Your Risk Fingerprint With Michele Wucker appeared first on SteadyTrade.com.

Today’s episode is a treat! 

No… not the Bryce Tuohey kind. 

Today, the three TWIST hosts sit down with Tim Sykes’ newest millionaire student: Jack Daniel.* 

Contrary to popular belief, Jack Daniel is NOT an overnight success. 

His journey dates back over five years to his senior year of high school. That’s when he decided to forgo his lacrosse practices to study penny stocks. 

In the years that followed, Jack never gave up on his dream of becoming a successful penny stock trader. His dedication carried over into his formal education … It led him to begin a graduate degree in quantitative finance. 

But don’t worry — this episode isn’t too technical. Instead, the hosts focus on Jack’s dedication and the lessons he learned from his first “real” account blow-up. Jack shares so much, including the steps he took to rebuild both his account and his confidence. 

Follow your hosts on Twitter to keep tabs on their journeys in trading: 

• Jack Kellogg: @Jackaroo_Trades
• Kyle Williams: @traderkylec
• Matthew Monaco: @mono_trader

*Please note that any reported trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.

The post TWIST: Special Guest Jack Daniel (No7) appeared first on SteadyTrade.com.

The 2020 market was one for the records, and the madness is continuing in 2021. But this insane market has taught a lot of traders some bad trading habits. 

In the past year, we’ve seen all-time highs in the major indices, hot IPOs, hot sectors, and huge volume. It seems like you could close your eyes, point to a chart, and pick a winning stock …

And that’s giving new traders some wrong ideas about how the market works.

Tune in to find out what bad trading habits our hosts, Kim Ann Curtin, Tim Bohen, and Stephen Johnson think you need to ditch in 2021. And stay tuned until the end to hear the lessons they think you need to learn to prepare to trade in any market. 

Why This Market’s Teaching Bad Trading Habits

We all know 2020 was a crazy year in the markets. And it probably won’t slow down anytime soon. But we’ll have more on our hosts’ predictions on how long this can last later…

A lot of traders are making money on the long side in this market. That’s one of the bad trading habits traders are learning — they think stocks only go up. 

But all penny stocks die eventually … Or do they? 

Stephen admits there’s money to make on both sides, but it’s tougher on the short side with everything going higher and higher. 

He thinks new traders should prepare to be humbled. And Tim agrees, “Trading isn’t easy. Nothing about it is easy.”

More and more people are comparing this market to the dot-com boom, and the term ‘market bubble’ pops up almost daily… 

Should you be worried? 

Tim warns new traders trying to learn in this market on their own to make sure they’re studying history because it often repeats.  

Is Kim Worried About Developing Bad Trading Habits? 

Stephen thinks it’s a great time for Kim to get into the market as a long trader. He says, “It’s a good time to learn bad habits.”

That’s exactly what she’s afraid of. She thinks this market is too good to be true. 

2020 was a great year to be a trader but one of the worst times for new traders to try to learn — especially on their own. 

Too many aren’t learning the right lessons. Some traders are buying stocks and doubling and tripling their accounts. That makes them think they’ve got it all figured out. Too many can believe they have a natural gift for the markets, but they don’t necessarily have a risk management strategy. 

Whether you’re going long or short, Stephen says you have to always keep losses small. 

The crazy runners in this market have our hosts asking themselves again, how long can this market last? 

Tune in to hear their opinions and why Tim says “The market is like heroin.”

The Big Question About Bad Trading Habits

So what are the good trading habits to have and what are the bad trading habits traders would be wise to ditch? 

Some habits might be good for now, but they won’t work in other types of markets. 

Listen in to hear our hosts break it all down. 

Plus, hear the best advice Stephen’s ever received from Tim. He repeats it to himself every day before he takes a position.  

Stephen thinks too many new traders aren’t trading with a plan. They’re trading based on one indicator — whatever looks good. 

And Tim has a long list of mistakes he thinks new traders are making in this market. He shares his tips on what you can do to address and change them. 

Plus, tune in to find out what he thinks is the number one bad habit traders are making in this market.

As for having a risk management strategy, Stephen says, you can be wrong but you can’t stay wrong.

Too many traders are getting away with sloppy executions. Some of them aren’t even looking at daily charts. Listen in for what he says about balancing losing and winning trades to stay in the game.  

What Are Your Bad Trading Habits? 

Has this market given you some bad trading habits? Let us know in the comments… 

Remember: if we select your question or comment 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.

Into this episode? Please leave a review on iTunes.

Meet Our Hosts

Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin here.

Follow our hosts on social media…

Tim Bohen

Twitter: @tbohen

Instagram: @tbohen

Stephen Johnson

Twitter: @Jonk87

Instagram: @stephenjonk87

Kim Ann Curtin

Twitter: @kimanncurtin

Instagram: @kimanncurtin

The post Episode 185: Bad Trading Habits to Ditch in 2021 appeared first on SteadyTrade.com.

On today’s episode of SteadyTrade, our hosts, Tim Bohen, Stephen Johnson, and Kim Ann Curtin have a hot discussion and key lessons from $ZOM.

It’s all about how celebs, social media, and new traders can move stocks — and what it means for traders.

Could the lines of stock pumps and promotions be blurred forever? It seems like anything can move stocks in this market — tweets, Reddit, TikTok, Discord. It’s a whole new world and market. 

 And with new apps popping up almost every day, who knows what the next social media trend will be.

Listen in to hear what our hosts think about this ever-changing world of social media and what it could mean for traders now and in the future.

Lessons From $ZOM: How Celebs Can Move Stocks

Welcome to the new market madness. A celebrity — and not even an A-list celeb — can mention a stock on a video app and generate over a billion in trading volume…

That’s right, our hosts are dissecting lessons from $ZOM. If you haven’t heard, Zomedica Corp. (AMEX: $ZOM) had a recent run that all started on social media. 

You know our hosts will be completely honest about what they think … As Stephen puts it, “there’s something massively wrong with the world.”

But is it really so bad if new traders profit from these moves, or are they just learning the wrong lessons?  

Tune in to hear Kim and Stephen’s arguments for why runs like this, and this market, can be a blessing and a curse for new traders. 

What Lessons From $ZOM Can You Learn? 

Traders are getting caught up in market mania. So many just love a good story. 

It doesn’t seem to matter if the company is good or what the news is. It’s all about the reaction and the story.

Tim remembers another example from last year … Everyone was outraged by a Peloton commercial. People lost their minds over it. Then just a few days later they were on to the next story. 

New traders seem to get sucked into the madness all too easily. They see hot action and want to jump in. But it’s a dangerous game, especially if the market shifts. 

In the case of $ZOM, Stephen wonders if it’s new traders who bought up shares and are holding, or if hedge funds came in and are holding up the stock… 

That would be an interesting question for the former market maker who revealed the shocking secrets of stock market manipulation in episode 179. If you missed it, go back and listen now!

Does Social Media Mean This Market Is the New Normal? 

As Kim says, having computers in our pockets means people are bombarded with information all day, every day. 

People are being triggered, either negatively or positively, and it’s showing up in the markets…

So does that mean this market is the new normal? After all, smartphones and social media aren’t going anywhere anytime soon.

It has Kim worried about people. Everyone’s constantly looking for a dopamine kick and validation through social media. And the constant stimulation affects our ability to think and focus…

But it’s not all necessarily bad news. Traders can learn to take advantage of this market if they can see it for what it is. 

In Stephen’s opinion, there are still the same patterns that have been around for years — they’re just bigger. But with so many more opportunities, he admits he too is feeling the pressure to catch every move. 

This whole crazy market reminds our hosts of the book “Extraordinary Popular Delusions and the Madness of Crowds” by Charles Mackay. The book is based on past market bubbles, and, in Tim’s opinion, is a must-read. 

(As an Amazon Associate, we earn from qualifying purchases.)

Where Do We Go From Here?

In all these lessons from $ZOM, there’s a big question on everyone’s minds: Did the celeb own shares when mentioning $ZOM? 

And what’s really illegal when it comes to stock pumps and promotions? 

It seems like anyone with a sizable following on social media can mention a ticker is a good buy and it could skyrocket.

Then companies can take advantage of price increases by diluting shares. In Stephen’s words, “It’s disgusting.” He wonders when news will come out to justify the moves…

And how long can $ZOM hold up? Tune in to hear our hosts’ predictions. 

This episode closes with tips for new traders who want to use this market to learn the right lessons. Be sure to stick around to the end! 

What Do You Think?

What do you think about these lessons from $ZOM? How about celebs and social media impacting stock prices — is this the new normal? Let us know your thoughts.

Remember: if we select your question or comment 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.

Into this episode? Please leave a review on iTunes.

Meet Our Hosts

Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin here.

Follow our hosts on social media…

Tim Bohen

Twitter: @tbohen

Instagram: @tbohen

Stephen Johnson

Twitter: @Jonk87

Instagram: @stephenjonk87

Kim Ann Curtin

Twitter: @kimanncurtin

Instagram: @kimanncurtin

The post Episode 184: Lessons From $ZOM: How Celebs, Social Media, & Newbies Can Move Stocks appeared first on SteadyTrade.com.

What’s the last bubble market you remember? 

Bitcoin … or maybe the dot-com bubble?

Reality check: We could be trading in a bubble right now…

Today, our three TWIST hosts sit down with two special guests — Tim Sykes and Bryce Tuohey.

These five traders take on current market conditions and the biggest questions every smart trader is pondering now…

• Will the hot market run continue? 
• When will the gravy train end? 
• And how can traders like you maximize education during this unprecedented time?

See what these five incredible traders think … Tune in to this episode of TWIST now! 

Follow your hosts on Twitter to follow their journeys in trading: 

• Jack Kellogg: @Jackaroo_Trades
• Kyle Williams: @traderkylec
• Matthew Monaco: @mono_trader
• Bryce Tuohey: @2eTrade
• Timothy Sykes: @timothysykes

*Please note that reported trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.

The post TWIST: Bubble Market With Sykes & Tuohey appeared first on SteadyTrade.com.

This week’s episode of SteadyTrade starts with our guest Dr. Daniel Crosby weighing in on an important bear. 

No, not a bearish investor … but Winnie the Pooh. The famed character once wisely advised, “Don’t underestimate the value of doing nothing…” 

This week’s guest, Dr. Daniel Crosby, is a big fan of this wisdom. He offers what may seem to be counterintuitive advice for traders: If you want to become a consistent trader, you may actually need to do less. 

This might seem crazy to some traders. After all, more action is better, right? 

Not necessarily. In the episode, Dr. Crosby talks with SteadyTrade co-hosts Kim Ann Curtin and Stephen Johnson. Learn how investing and trading require a different mindset from a lot of other pursuits — and how to get in the right mode for success.

About Dr. Daniel Crosby 

Dr. Daniel Crosby is a psychologist, behavioral finance expert, and the chief behavioral officer at Brinker Capital. His job? Delivering behavioral tools, training, and technology to top-tier financial advisors.  

He has more than 10 years’ worth of experience in the financial services industry. And he’s written a number of bestselling books that can help professionals and traders achieve better outcomes.

The Psychology of Trading and Gender

In the episode, Dr. Crosby shares fascinating facts about trading and gender.

Did you know that women tend to outperform men as traders? They’re more patient, make more nuanced moves, and are less likely to take on too much or too little risk. 

So to break it down … Women do less, are more patient, and less active when it comes to trading. There’s an inverse relationship between activity and performance.

Marital status also matters — married men and women tend to outperform their unmarried counterparts. 

Hey … does that mean it’s time for Stephen to give up his playboy lifestyle and settle down?

Are You Trading the Wrong Way?

Most traders think that to perform at their best, they’ve gotta be pushing themselves all the time. Quite the opposite, says Dr. Crosby. 

Everyone wants some magic pill, tip, or quick technique to achieve optimal performance. In reality, it’s all about self-care. 

No, he isn’t saying that day traders need to take more bubble baths (although, that isn’t a terrible idea.) Rather, things like diet, rest, exercise, and meditation can put you in a much better place to be an effective trader. 

Learn why taking care of yourself is fundamental to your performance as a trader…

Holding Yourself Accountable

As Dr. Crosby shares, money can induce greater emotion in people than the death of a loved one. Additionally, people can lose up to 13% of their IQ when stressed about money! 

The idea of removing all emotion from money-related matters may not be realistic. However, there are things you can do to stay on an even keel. 

It starts with accountability. 

One option? Link up with a coach or a team of like-minded traders who can keep you in check.

Alternatively, are there things you can do to prevent making emotional decisions while trading?

Dr. Crosby shares why things like trading with a small account or making access to your money more ‘difficult’ can work to your advantage and keep your emotions in check.

He also speaks to the power of having a good system in place. Or as he puts it, “Automate, automate, automate.” It’s all about setting your own personal rules and living in a way that’s consistent with them.  

Risk Management and Gut Instincts

Gut instincts and intuition are good things. But when your gut governs your risk management as a trader, things can get tricky. 

Experience matters. Let’s say you’re facing a decision you make infrequently. For instance, maybe you’ve only been trading for a short time. You don’t have what Dr. Crosby calls “the reps to have informed that emotion.” 

 He also talks about how a delay between stimulus and response can play tricks with the mind — which could help explain why so many otherwise intelligent people find themselves bag-holding in trades.  

Sticking to the Rules 

Dr. Crosby, Kim, and Stephen discuss methods of continually coming back to your own set of trading rules. 

This is extremely important, because as a trader, you’ve got to contend with emotions, physiology, and what you think you ‘should’ be doing.

Learn how a lack of balance can lead to overconfidence or catastrophizing … and why both can be dangerous.

Recognizing your own personal mediocrity helps you create systems that can help you transcend it. Don’t be afraid to take a long, hard look at what Dr. Crosby calls “A mirror onto your own idiocy.”

Connect With Dr. Daniel Crosby 

Social Media

• Twitter: @danielcrosby
• LinkedIn: Dr. Daniel Crosby

Books 

• “Personal Benchmark: Integrating Behavioral Finance and Investment Management”
• “The Laws of Wealth: Psychology and the Secret to Investing Success”
• “The Behavioral Investor”

(As an Amazon Associate, we earn from qualifying purchases.)

Questions? Comments?

Curious about a topic from this episode … or about trading in general? Don’t be shy. 

Remember: if we select your question or comment 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.

Into this episode? Please leave a review on iTunes.

Meet Our Hosts

Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin here.

Follow our hosts on social media…

Tim Bohen

Twitter: @tbohen

Instagram: @tbohen

Stephen Johnson

Twitter: @Jonk87

Kim Ann Curtin

Twitter: @kimanncurtin

Instagram: @kimanncurtin

The post Ep. 167: Hard Trading Truths with Dr. Daniel Crosby appeared first on SteadyTrade.com.

Jane Gallina, known to her followers as Airplane Jane, is NOT just in trading for the money…

As a trader, you’ve got a tough road ahead if you’re solely motivated by money. Passion is key to a healthy and happy trading career. Otherwise, you simply won’t have the staying power to stick with it for the long haul.

Don’t know who Airplane Jane is? She’s a trained pilot and a trader who’s passionate and inspiring … You won’t want to miss this episode! 

Plus, the entire crew’s on board. Tim Bohen, Kim Ann Curtin, and Stephen Johnson all talk with Jane about her fascinating career, many talents, and how she approaches trading and life. 

Getting To Know Airplane Jane 

Jane’s kind of a unicorn — a successful female trader. While there are obviously no gender restrictions associated with trading, it’s generally a male-dominated arena. 

Happily, that’s been changing in recent years. But even back in the 1990s, Jane wasn’t intimidated … Then again, she’s not intimidated by much. 

This self-proclaimed go-getter isn’t shy about chasing her dreams. She speaks four languages … She’s traveled the globe and dabbled in real estate. 

So what’s with the name? Airplane Jane has been in aviation since 1996 when she started working at an airline desk. Once she got interested in piloting, she didn’t hesitate. Just months later, she had her license. 

She’s also worked in finance throughout the years … Tune in to learn how she passed the Series 7 exam and became a registered assistant to various brokers. 

Jane’s Trading Story

Jane began trading in the 90s, but it’s been an on-again, off-again relationship. Over the years, layoffs took Jane in and out of trading. 

Her first layoff took her out of trading. It was in 2000, during the dot-com bubble. She was working with Salomon Smith Barney at the time … and disappointed by what she saw happening in the economy. So she got out of the game, made a massive career pivot, and jetted off to Europe to go to culinary school.  

She headed down a pastry-paved road for a while, operating a wholesale baking business. And she traveled the world thanks to her airline connections, learning a lot about life and finance from a small business standpoint. 

Then love and marriage took her to Montreal. When she was eight months pregnant, she was laid off again. That’s when she decided to get back into trading as a means of providing for her family. 

After a few great trades as a value investor, she found Tim Sykes and learned how to day trade. She notes how thankful she is for his tools and instruments. It’s how she found her footing and got started on her…

Journey to Penny Stocks and Beyond 

It wasn’t ultimately Jane’s path to be a penny stock trader. But as she says, that niche “taught me the basics of how to progress forward and find the strategy that worked for me.”

See? Knowledge is power with trading … Everything you learn can inform your future progress. 

So why did Airplane Jane depart from penny stock land? Jane finds there’s more “trader-driven manipulation” in penny stocks versus “dark-pool manipulation” with bigger stocks. 

Manipulation may be inherent in the stock market, but it doesn’t mean it’s impossible to find success as a trader. According to her, It’s more about understanding the rules of the game. 

Flying and Trading With Airplane Jane

Are there similarities between flying and trading? Oh yeah.

Jane is an instrument-trained pilot — with that training, you get used to seeing scans and managing many variables at once. This comes in handy with trading because you can watch multiple charts easily.

Don’t miss Jane’s explanation of the connections between flying and trading … And how they can both become second nature once you learn. 

Finding Your Edge

As the crew chats with Jane, if you’re considering different trading styles, you’ve got to ask yourself questions some core questions, like…

• What are you good at? 
• What kind of position sizes work for you?
• How much time can you dedicate to the market? 

They discuss how to develop a trading style. And Jane talks about paper trading and why she’s a big fan of using it to develop a strategy. 

And she reveals how she found her own edge. It took practice and connecting with other traders — all while writing her book “#FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It.” Now she works with a trading partner. 

(As an Amazon Associate, we earn from qualifying purchases.)

Questions From the Crew 

To close out the episode, each SteadyTrade host asks Jane a hard-hitting question. Learn what she really thinks about starting your career with penny stocks… 

… what kind of edge women have in trading… 

… and how much studying she thinks is really necessary to become a self-sufficient trader! 

Connect With Jane 

• Facebook: @SugarAirplaneJane
• Instagram: @MissAirplaneJane
• LinkedIn: Jane Gallina
• Twitter: @ItsAirplaneJane
• YouTube: AirplaneJane
• Jane’s book: #FMJ Trust Transition Trade: How Successful Traders Said It, Did It, and Lived It”
• Web: seejanetrade.com and thedarkpools.com
• Email: jane@seejanetrade.com or jane@thedarkpools.com

Got Something to Say?

Got a question about or for Airplane Jane? Hit us up! 

Remember, if we choose your question 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.

Fan of the episode? Please leave a review on iTunes.

The post Ep 153: Flight Plan or Trading Plan? Interview With Jane Gallina, aka Airplane Jane appeared first on SteadyTrade.com.

The PDT (the Pattern Day Trader rule) is a thorn in the side of many new traders. In the episode, Stephen will share his path to reaching a major trading milestone. Throughout the episode and interwoven with his personal story, he and co-host Tim Bohen will impart invaluable tips for how you, too, can overcome the PDT.

What is the PDT? While new traders will undoubtedly be all too familiar with the PDT, if you’re just in the research stages, you may not have heard the term yet. PDT stands for the Pattern Day Trader rule.

The PDT was originally put into place following the dot-com bubble; during this time, many people were day trading furiously, and when the bubble burst, many lost a lot of money. The governing bodies decided to set up certain limitations to protect traders with small accounts. What classifies as a “small account” is arguably quite large: if you have less than $25,000 in your account, you’re subject to various rules that limit how many trades can be executed and with what frequency.

Is the PDT a good thing? Yes and no. While Stephen seems staunchly against the PDT, Tim takes a gentler stance, noting that it is well-intentioned, but imperfect. In the episode, you’ll learn a little bit more about the specifics of the PDT, including the limitations and how sometimes they aren’t always a good thing.

How to party your way over the PDT. Are you ready for a dance party with Stephen? If you can power through his very frightening singing voice, you’ll learn a lot about how to break through the PDT barrier as a trader.

Stage 1: Getting started. To newbies, trading can seem like the wild west. Most traders are getting started with what Tim and Stephen (not the government) label a “small account”–anywhere from zero dollars to about $5,000. With an account like this, it’s very difficult to sell short, which can limit your range as a trader.

Tim and Stephen address important considerations as you build your fledgling account, including the “$2.50 rule” and margin calls. They also talk about ways to get around PDT rules, addressing the pros and cons of such tactics.

Stage 2: Moving forward. Welcome to the jungle! This is where traders go from $5,000 to $25,000. It might seem like a big range but really, this is where most traders are working. It’s within these ranges that you really start to spread your wings and see what you can do.

Tim and Stephen discuss how to strike balance with buying and selling as your account position increases. You may have a higher balance to short, but you still have necessary growth. This is when you really start to figure out the setups that work for you.

Ultimately, the lesson to be taken here is that to get ahead, you need to be a professional profit taker. As Tim says, you have to take the stance of “I take profits for a living. I don’t care if it’s 50, 20, or 200 bucks”. Both Tim and Stephen offer specific tips on how to grow your account with good, solid trades.

Stage 3: Party time! So, now that you’re standing atop the mountain that is the PDT…now what? Unfortunately, it doesn’t mean that you can just do whatever you want. Now, more than ever, it’s important to be careful and methodical in your trading. Once you feel invincible, that’s often when you make mistakes and the bottom falls out (along with your trading/PDT status).

In the episode, Tim and Stephen offer several practical tips for how to keep your cool and stay on track. Of course, they also offer some anecdotal tips for how they like to take a breather from the sometimes pressure-filled world of trading at a high level: while Tim likes to read a book or work, Stephen insists that “Alcohol and Tinder make me a better trader.” To each his own!

Thanks for tuning in to the new, serial format for the Steady Trade Podcast! Stay tuned for weekly episodes covering every aspect of how to be a steady trader with long-term, reliable success!

Did you love this episode? Be sure to leave an iTunes review!

The post PDT Party Hour! (aka Stephen Johnson’s Survival Guide to Overcoming the Pattern Day Trader rule) appeared first on SteadyTrade.com.