{"id":1539,"date":"2018-12-24T07:00:40","date_gmt":"2018-12-24T15:00:40","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=1539"},"modified":"2019-04-05T11:56:15","modified_gmt":"2019-04-05T18:56:15","slug":"ep-77-pdt-hangover","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-77-pdt-hangover\/","title":{"rendered":"PDT Hangover"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\" id=\"backtracks-player\">PDT Hangover<\/h1>\n\n\n\n<p><script>(function(p,l,a,y,e,r,s){if(p[y]) return;if(p[e]) return p[e]();s=l.createElement(a);l.head.appendChild((s.async=p[y]=true,s.src=r,s))}(window,document,\"script\",\"__btL\",\"__btR\",\"https:\/\/player.backtracks.fm\/embedder.js\"))<\/script><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The SteadyTrade Paper Trading Challenge is heating up! <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Earlier this month during our <\/span><a href=\"https:\/\/www.steadytrade.com\/ep-75-high-on-weed-stocks\/\"><span style=\"font-weight: 400;\">\u201cHigh on Weed Stocks\u201d episode<\/span><\/a><span style=\"font-weight: 400;\">, we announced the first contestant to be eliminated. The rules have also changed: To keep things interesting, everyone\u2019s paper trading balance was lowered to just $1,500. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">So \u2026 how are the remaining contestants faring with the new rules in the progressing challenge? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">In today\u2019s episode, host Stephen Johnson catches up with his remaining Challenge contestants, Liz and Jude.<\/span><\/p>\n\n\n\n<p><i><span style=\"font-weight: 400;\">Note: <\/span><\/i><span style=\"font-weight: 400;\">This is a great episode to watch on YouTube because Stephen offers up some great technical analysis lessons for both of his trading students that will prove helpful to traders of all levels! <\/span><\/p>\n\n\n\n<p><b>Update on Raging Bull Liz <\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Stephen notices right away that Liz is lacking that special glow. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">What\u2019s holding her back? A little devil called the PDT. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">During the last <\/span><a href=\"https:\/\/www.steadytrade.com\/ep-73-team-jonks-update-do-your-dailys\/\"><span style=\"font-weight: 400;\">team update episode<\/span><\/a><span style=\"font-weight: 400;\">, she was a front-runner, scalping like the world was going to end the next day. But since the Paper Trading Challenge rules changed and she\u2019s working with a smaller account now, some of her swagger has swiped left and she\u2019s feeling the burn. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Liz\u2019s $1,500 account has diminished below $900. She\u2019s rattled: Recently, she tried to short with unsuccessful results, and accidentally bought rather than sold on her last day trade, effectively locking herself into an unwanted position. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Liz has lost some of that initial confidence, confessing, \u201cI\u2019m wrong; I don\u2019t know what I\u2019m doing.\u201d<\/span><\/p>\n\n\n\n<p><b>Update on Conservative and Spiritual Jude <\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Since Jude lives in Canada, the PDT rule doesn\u2019t apply to her IRL trading, so it\u2019s been an interesting thing to learn about in the Challenge. Actually, she likes it, because in her words, it \u201cforced me to focus on trades that were good.\u201d<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">However, they haven\u2019t all been good. She had a great trade with a trending hemp stock, but then tried to re-enter a position with the same stock shortly after and it didn\u2019t work too well. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The lesson Jude is trying to contend with? Not letting the wins get to her head, because that\u2019s when you start making mistakes. Or, as Stephen says, \u201cTry to not let the highs be too high and to not let the lows be too low.\u201d <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Ultimately though, her trading technique hasn\u2019t changed much regardless of the account size. She\u2019s still being cautious. She tries as much as possible to keep it real but also to keep an eye on how this could apply to reality. <\/span><\/p>\n\n\n\n<p><b>Papa Bear Stephen\u2019s Trading Wisdom<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Prepared to be amazed by some insightful lessons that Stephen imparts during the episode. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">He gets extremely hands-on with both Liz and Jude\u2019s trading charts, offering praise on what they did right and constructive criticism on what they could have done differently or could change in the future. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Traders of all levels and account sizes will benefit from these observations on entry and exit points, and why it\u2019s so important to look at the chart very closely and to evaluate things like risk\/reward and trading volume for the stock in question.<\/span><\/p>\n\n\n\n<p><b>Moving Forward <\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">To round out the episode, Stephen, Liz, and Jude talk about potential goals for moving forward, including:<\/span><\/p>\n\n\n\n<ul><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Looking for the support. Why is it good to buy close to support? Stephen addresses this, saying why it\u2019s a good technique and why you need to watch your exit points too. &nbsp;<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Discipline. No doubt about it: Trading requires strong discipline. They discuss tips and tricks for staying focused.<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Taking it to the next level. As both contestants improve at learning how to read charts, they\u2019re entering what Stephen calls the \u201cnext level of trading\u201d&#8230; a time when working on your trading psychology is super important.<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Quit chasing. Oh, it can be tempting to chase the shiniest, brightest stocks. However, you need to do your research before pulling the trigger. Or, as Stephen puts it, \u201cYou will lose and lose and lose until the pain of losing makes you learn.\u201d <\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The big picture. It\u2019s another common trader mistake: focusing too much on one indicator or aspect of the setup but not backing up for the big picture. Stephen offers great tips for overcoming this common trading issue!<\/span><\/li><\/ul>\n\n\n\n<p><b>Got a Pressing Question?<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Hey, got a question for Stephen, Tim, or any of the contestants? Visit the <\/span><a href=\"https:\/\/www.steadytrade.com\/submit-your-audio\/\"><span style=\"font-weight: 400;\">\u201csubmit your audio\u201d<\/span><\/a><span style=\"font-weight: 400;\"> portion of the website to ask us anything.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Thanks for tuning in to the SteadyTrade Podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders!<\/span><\/p>\n\n\n\n<p><b>Did you love this episode? Be sure to leave an <\/b><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/steady-trade-the-profitable-side-of-trading\/id1275946076?mt=2\"><b>iTunes review<\/b><\/a><b>!<\/b><\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/0f4Wp-pbw_0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>PDT Hangover The SteadyTrade Paper Trading Challenge is heating up! Earlier this month during our \u201cHigh on Weed Stocks\u201d episode, we announced the first contestant to be eliminated. The rules have also changed: To keep things interesting, everyone\u2019s paper trading balance was lowered to just $1,500. So \u2026 how are the remaining contestants faring with [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":1544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PDT Hangover - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"PDT Hangover! December update on the paper trading challenge! 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