This week, host Stephen Johnson had a public trading meltdown, resulting in controversy and much speculation about his future as a trader. This may be one of the most important, episodes yet, wherein Stephen, along with co-host Tim Bohen, discuss the emotional side of trading.
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What an awesome episode! Thanks Stephen for being so transparent! Do you regularly use the book The Daily Trading Coach? I'm currently listening to the book on audio and it could be very helpful in your journey.
SO MUCH RESPECT, that I have for you guys, this podcast has been such a help to me! Dont ever stop and someday I'll be telling my story too.
This loss is really showing Steven's ego. He's done good by coming up and talking about it but he's really struggling with it.
Bro, if you're down more that 5% you were wrong AF. Cut the damn loss……be pissed at yourself if you don't get back in when and if it come back….a little tough love for ya
Jesse Livermore, the greatest trader in history, killed himself when he went bankrupt shorting the market which was on the longest bull run in his lifetime. Livermore was an experienced trader who made billions (in today's dollar.). No one is immune to err. Read Mark Douglas – "Trading in the Zone". What you are going through is typical. Accept losses. I believe better you can take losses, the better the trader you will become.
There is a good reason why Sykes mainly dip buys low float stocks…
Incredible como back story
Live 4ever
Please don't give up
Stephen, Do you realize how lucky you position yourself. You have Tim Bohen mentoring U on every Steady Trade pod cast and Roland Wolf a video call away. That's priceless…………… I'll trade you position any day of the week!
I have never seen such a great and wonderful strategy like Frank Robert's own, his strategy and his pattern of trading gives everyone mighty winning, all that i have lost in the time past in the market are all back to me, his strategy is earning me mightily every week, You and your strategy are wonderful Sir.
That panic emotion we experience during a losing trade can be intense. It messes with our vision. We don't see things so clearly, thoughts can get jumbled. I've been there, and I'll (hopefully not) be there again. I find it helpful to have a quick and catchy phrase/mantra in the heat of this situation. With a long bias, mine is "Long is up, not down. Buy it cheaper."
This reminds me that getting this stock at a lower price is appealing (because it has more room to go up from down there). I am fighting fear of loss with that other brutal emotion, greed. Fighting fire with fire. It helps shake me out of that losing trade stupor. The headlights, you know? So i don't move my stop down. If the price is really heavy, I'll move it up to reduce loss further. But that little saying is what saves me.
I think Stephen is dead on when, around the 38min mark, he mentions patience. Patience is our superpower, when we use it. There are so many good set ups, relax. Grab a coffee, do some sit ups or go for a smoke, enjoy the day, play the stock when it finally finishes setting up, take a break, enjoy the day some more. No rush. It's easier to get into the zone from a lower speed. Everything seems easier, somehow.
So that's my take on it. Maybe this will be of help to someone. I hope so.
Great podcast as always guys!
I said it once, I'll say it again buddy, successful people have far more failures than that of someone not striving for success. It's easy to give up, but it takes a backbone to keep on gettin up and ginding. Good job and thanks for your insight and experience. Tim you need to walk around with Stephen holding your pocket, lol. You guys are awsome, keep up the good work and keep bringing good information.
Welcome back Stephen. That first rule is definitely the hard one. Also avoiding overtrading! Took a nice gain premarket today. I think I'm going to sit out today unless something obvious comes along.
amazing podcast! appreciate the transparency guys! I'm fighting the same battle, and dont have a mentor! theses podcasts are very helpful!
This is as real as it gets bro… Thanks for this guys.
anyone recognize the monitor behind Bohen?
You guys are the best podcast and show on trading period. I feel like screaming "And the truth will set you free!" Thank you for sharing the truth. It makes me proud to be a trader.
Stick it out Stephen, it takes time! Use smaller position until you get consistent. Part of being a good trader is knowing when NOT to trade!!!
Thanks Guys
It's much harder to be a short bias trader, especially if you haven't mastered a longs.
Quick question unrelated to this video. Trying to remember the name of a book you guys referenced in a past episode. I believe it was called something along the lines of "100 Daily lessons"…I think it was short chapters designed to read one daily. Ringing any bells?
Like I said in the past. He haven't had that I've had it moment in which he said I'm done doing the same thing over and over getting the same result. Until then he will continue losing. I use to be just like stephen, getting wins then holding losers hoping for a recovery then I had that I've had it moment . I said never again, I will let that happen to me, I'm done doing the same thing over and over.
That moment is the same moment that fat people have before saying I'm going to start losing weight now or someone with massive debt deciding to get out of it asap.