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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).
Stay Tuned!
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!
Love how Tim brought up his daughter in the middle of the podcast hahaha 🙂 Was a little bummed that i didnt win any of the prizes, but not gonna give up because there will always be other opportunities waiting around the corner!!!!! Cheers to an amazing season guys!!!
How did my computer not see the Live Podcast? Was it not the Eastern time zone?
Another excellent podcast. You guys definitely have a good chemistry! Looking forward to Season 2.
Yes – nice to hear!
That you guys for a great season 1. Very educational and entertaining.
Can’t wait for Season 2.
Another great episode guys to finish off a great series! Many thanks for all the lessons and I’m looking forward to the next season already!
Thank you! Thank you! This Podcast fit so well with my very first trading day today. I got my E*Trade account, PennyStocking Silver, Tim Alerts & STT account on Friday. I watched so many videos, as up to this point I have only been learning the FREE stuff and have been paper trading with StocksTracker since April 2017. I spent about 8 hours getting familiar with STT and working on E*Trade while watching videos….I got up this morning at 4:00 am (I’m in Alaska), had my PLAN written out and I was ready to go AND GUESS WHAT HAPPENED? I FROZE…(I think I almost vomited) LOL! I did so well paper trading I couldn’t figure out WTF was happening to me! I sat, watched and learned others trade and got familiar with the chat room, watched real time when to get in and out and then all the learning was coming back after the room quit spinning! Going to give it another go tomorrow. Just wanted to say thank you because your podcasts do help. PS: I watched that movie a long while ago, re-watched it the other day. Made more sense, was a good watch…BUT that is not where a straw should go! And Alaska Bears are bigger, eh! (LOL) See you boys in November….I should have executed a trade by then! :o)
Thanks for the knowledge guys and for presenting it in such a fun format!!
Nice breakdown of the Wolf of Wall Street movie and debunking and potential myths about “real” day trading. I do am hoping for more of a detailed conversation regarding trade executions, different chart patterns (long vs short patterns) and how to play them, etc… on the next season. Keep up the great work guys, looking forward to November.
Terrific! More please! Really helpful. Can hardly wait for November 6.
Yes!
Thank you guys for finishing this season on a great note…on being your own fisherman. SteadyTrade inspires me to be more patient, dive into my research with more focus and be more diligent.
I’m looking forward for the next season.
HAHA ! 1000lbs Polar bear!!!!!
Nice job
Congrats winners! That is AWESOME!
I could listen to Tim Bohen’s voice all day 🙂
No disrespect to his wife & family mind you, but his voice IS pretty unique.
Its a combination of manly(as opposed to whimpy) assertive, extra emphasis on the pronunciation but not in an overpowering way, & with a tiny bit of pookieness kinda like he is genuinely happy/grateful inside & you can hear it in his voice.
Cool!
Thanks for this podcast Stephen & Tim!
You have a cool & unique voice too, Stephen & it is chill to hear all the sound samples that you incorporate into these pods 🙂
Personally, I can trade until mid Dec. when I get paid.
(My job was postponed 2 months because of the stupid hurricane & I recently moved to TX from NYC & used my trading account to move because it was getting rather dangerous AND expensive there)
BUT
will be keeping fingers crossed for a chance to be able to win a STT prize.
Until Nov-thanks so much for all of the input that you both put in for us determined traders & NAMASTE all day!
Thanks for the podcast guys! Keep ’em coming. This is an interesting new way to learn how to trade penny stocks. Will be waiting for next season.
Thanks Shannon!
Great Season 1 Finale. Thanks guys! I look forward to Season 2!
Hi guys,
great season! very informative!
You mentioned broker commissions in this episode. With regard to a trading plan and starting off small; how do commissions factor into your trade? I’m guessing you at least want to make a profit on each the trade to cover the commission on it – is that always possible starting off small? Could you kindly go over this in a future topic?
Many thanks
Thanks Guys, another great podcast. Ideal accompaniment whilst building my trading plans. Good to see you pointing out that this is not a get rich quick scheme for all those X-Factor and Master Chef failures who might now turn to trading after the recent and incredible successes of Stephen Dux and Roland Wolf. As you say, they are the exception and not the norm. Looking forward to the next series. All the best.
Haha, thanks Hutch!
Can’t wait for the next season. do you have info about how to make myself be more patience to get in and out of the trade. I watch and when it starts down I don’t have the patience for the pattern to go back when it doesn’t go to far down and will turn and go back up.
First time listener and forever HOOKED!!! The Wolf of Wall street podcast was not only entertaining but very informative and realistic! A subscription to the Stocks to Trade channel is a no brainerrrr!!!
Thanks Stephon!