Some traders don’t realize how important paper trading is until it’s too late.
Hosts Kim Ann Curtin, Stephen Johnson, and Tim Bohen want to make sure you’re not one of them.
They know your hard-earned money is precious. You trade to make more tendies, not to lose the ones you already have. And you hustle to squeeze trading time into your busy schedule and study up on top strategies.
But even after you put in the screen time, study time, and cold hard cash … success isn’t guaranteed. This week’s episode focuses on a crucial step that a lot of traders skip: paper trading.
Find out how this underappreciated art form can fast-track your learning and save your account at the same time.
Test New Strategies With Paper Trading
Everyone wants to find a shortcut on the road to success. Bohen says he’s waiting for the day that Elon Musk can plant a Neuralink chip in his brain that tells him what WallStreetBets is up to next.
But until technology can make us all telepathic traders, it’s best to start with small, achievable goals. That’s where paper trading comes in.
Kim’s blown away by all the meme stock moves lately. She thinks it’s wild and wonders how traders can get an edge.
Bohen lays out the mindset it takes to make it as a trader in today’s market — he shares what you need to know before you start paper trading!
Is There an Art to Paper Trading?
Stephen struggled to keep his account profitable for a while. He says he knocked thousands of dollars off in terrible trades. He thought paper trading was for chumps. Until something changed his mind for good…
Kim’s impressed with Stephen’s ability to pivot. She says people with strong opinions have a hard time being more flexible. And she shares exactly why flexibility is a key driver of success — in trading and in life.
Bohen wants to hear more about Stephen’s new paper trading system. There’s one major tweak Stephen made that took his trades to the next level. And it’s something Kim and Tim had never heard of before!
Stephen’s excited to share his ingenuity. His tips and tricks were game-changers when he crossed over to long trades. Find out exactly how he used paper trading to succeed with long strategies after years of short-biased trading.
Paper Trading Gives You Perspective
Bohen’s been around a long time. He’s seen many newbie traders follow the wrong teachers on social media. They use real money instead of paper trading, and they blow up their accounts. Then they quit for good.
Bohen hates seeing that happen … He wants traders to stay in the game and love it as much as he does. He goes into one key strategy that can help newbie traders protect their accounts.
Plus, he shares how long you should test a new strategy for … and the next step to take after you succeed with paper trading.
Kim and Bohen close out the program with their best advice for transforming your relationship with money. You won’t want to miss their words of wisdom.
What Do You Think?
Have you tried paper trading? Did it help you improve your process? What did you learn about trading?
We 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.
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Meet Our SteadyTrade Hosts
Get to know Tim Bohen, Stephen Johnson, and Kim Ann Curtin.
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
Disclaimer
*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.