{"id":1572,"date":"2019-01-14T07:00:31","date_gmt":"2019-01-14T15:00:31","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=1572"},"modified":"2019-04-05T11:56:29","modified_gmt":"2019-04-05T18:56:29","slug":"episode-80-back-to-basics-motivation","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/episode-80-back-to-basics-motivation\/","title":{"rendered":"Back to the Basics: Motivation"},"content":{"rendered":"\n<p><b>Episode 80: Back to the Basics \u2013 Motivation<\/b><\/p>\n\n\n\n<div id=\"backtracks-player\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-80-back-to-basics-motivation\" data-bt-theme=\"dark\" data-bt-show-description=\"false\" data-bt-show-comments=\"false\" data-bt-show-art-cover=\"true\"><\/div>\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>FILL OUT OUR NEW SURVEY HERE:<\/p>\n\n\n\n<p><a href=\"https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz\">https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz<\/a><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">New year, new you! The beginning of a new year offers the promise of self-improvement in the year ahead, and the SteadyTrade Podcast wants to help make it your best trading year yet. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This episode is the first in what will be a monthly series for the podcast: Back To the Basics. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Some of our listeners have expressed an interest in reviewing some of the basics of trading, and we\u2019re listening. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Every month, hosts Tim Bohen and Stephen Johnson will review some basic concepts to help you maintain a strong trading foundation. This feature is perfect for new traders, and even seasoned traders will benefit from a refresher. <\/span><\/p>\n\n\n\n<p><b>Today\u2019s Theme: Motivation<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Today, Tim and Stephen address a topic that\u2019s timely at the beginning of a new year: motivation. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Self-improvement is on many people\u2019s minds right now. While this is a great thing, it can be hard to work up and maintain the motivation necessary to really make positive changes. In the episode, they cover a variety of topics relevant to staying motivated as a trader, including: <\/span><\/p>\n\n\n\n<ul><li style=\"font-weight: 400;\"><b>Recognize that it\u2019s hard. <\/b><span style=\"font-weight: 400;\">Tim concedes that short selling penny stocks used to be a lot easier because it used to be a smaller niche that few traders knew about. <\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">With a rise in popularity of using this method of trading, there have been some positive changes, like it\u2019s easier to find borrows. However, the competition is greater, and this can make trading more challenging. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This shouldn\u2019t be a deterrent, however. Rather, traders can use this to their advantage to stay motivated to study hard and gain an edge in the market through greater education! <\/span><\/p>\n\n\n\n<ul><li style=\"font-weight: 400;\"><b>Social media lies. <\/b><span style=\"font-weight: 400;\">Most of us are aware that social media platforms like Facebook are like a \u201cbest-of\u201d reel of people\u2019s lives. But did you know that the same phenomenon happens in the trading world?<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">It can be tempting to believe traders who claim that their methods never fail, or to follow whatever the hottest trader on Twitter has to say about a stock. However, it\u2019s important to know that social media only tells part of the story. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Tim and Stephen talk about striking the right balance with following social media, using it as an invaluable resource for information and leads, but never letting it discourage you or sway you into trading decisions that are not your own. <\/span><\/p>\n\n\n\n<ul><li style=\"font-weight: 400;\"><b>Look at where you can improve. <\/b><span style=\"font-weight: 400;\">As Stephen admits, in the past year, a big contributing factor to his trading losses was that he \u201caimlessly went with things.\u201d He didn\u2019t have a plan, and he didn\u2019t have a targeted strategy.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">As Stephen explains he\u2019s learned, it\u2019s important to have a 5-year plan, a 1-year plan, and then to break it down into 1-month plans. From there, you can review and see if you achieved what you needed to. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">A trading diary is key here. By keeping track of what you do on a daily basis, you can revisit your notes and continue to improve. &nbsp;&nbsp;<\/span><\/p>\n\n\n\n<ul><li style=\"font-weight: 400;\"><b>Beware FOMO. <\/b><span style=\"font-weight: 400;\">Be calm. Chill out. Those should be your mantras when it comes to trading, according to Tim and Stephen. <\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Many traders are guilty of making rash moves in the heat of the moment. Tim and Stephen talk about certain predictable phenomena with stocks that occur during different times of day that can help you remain calm in the face of temptation. <\/span><span style=\"font-weight: 400;\"><br>\n<\/span><span style=\"font-weight: 400;\"><br>\n<\/span><span style=\"font-weight: 400;\">You\u2019ll learn why when most traders are salivating about a hot play, it\u2019s usually the perfect time to exercise restraint. <\/span><\/p>\n\n\n\n<ul><li style=\"font-weight: 400;\"><b>Make rules and stick to them. <\/b><span style=\"font-weight: 400;\">Stephen talks about how one of his problems is actually sticking to the rules he knows he should stick to. Most mistakes that traders make are the result of breaking their trading plan.<\/span><span style=\"font-weight: 400;\"><br>\n<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">You know what to do, and you know how much it can hurt to break them. Let your own trading plan act as a source of motivation and accountability!<\/span><\/p>\n\n\n\n<p><b>Tim\u2019s Motivation Homework<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Tim wants Stephen (and you, dear listener) to do this: Every day, commit to watching at least 5 minutes worth of video lessons on discipline from <\/span><a href=\"https:\/\/www.youtube.com\/results?search_query=david+goggins\"><span style=\"font-weight: 400;\">David Goggins<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/www.youtube.com\/channel\/UCkqcY4CAuBFNFho6JgygCnA\"><span style=\"font-weight: 400;\">Jocko Willink<\/span><\/a><span style=\"font-weight: 400;\">. It just might change your life!<\/span><\/p>\n\n\n\n<p><b>Got a suggestion?<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Do you have a suggestion for a topic for an upcoming \u201cBack To the Basics\u201d episode? Drop it in the comments below, or on YouTube or the blog! Or better yet, fill out our NEW SURVEY here:<\/span><\/p>\n\n\n\n<p><a href=\"https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz\">https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz<\/a><\/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>Want to try StocksToTrade for a week? Stephen and Tim use this platform to scan the market for trades every day&#8211; <a href=\"http:\/\/stockstotrade.com\/7daytrial\" target=\"_blank\" rel=\"noopener\">try it out here<\/a>!<\/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\/Fj0TKgOh4Gs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Episode 80: Back to the Basics \u2013 Motivation FILL OUT OUR NEW SURVEY HERE: https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz New year, new you! The beginning of a new year offers the promise of self-improvement in the year ahead, and the SteadyTrade Podcast wants to help make it your best trading year yet. This episode is the first in what [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":1577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_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>Back to the Basics: Motivation - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"Episode 80: Back to the Basics \u2013 Motivation. New year, new you! 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