{"id":1587,"date":"2019-01-21T07:00:12","date_gmt":"2019-01-21T15:00:12","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=1587"},"modified":"2019-04-05T11:56:34","modified_gmt":"2019-04-05T18:56:34","slug":"ep-81-team-jonks-update","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-81-team-jonks-update\/","title":{"rendered":"Team Jonks Update"},"content":{"rendered":"\n<div id=\"backtracks-player\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-80-team-jonks-update\" 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><b>Ep 81: Team Jonks Update &#8211; Conviction in Paper Trading<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It\u2019s time for your monthly update on The SteadyTrade Paper Trading Challenge. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This week\u2019s episode focuses on Stephen Johnson\u2019s team, which has dwindled from three to two since last month\u2019s dismissal of the first contestant from the Challenge.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">This month, every trader\u2019s virtual balance for paper trading was lowered to well below the PDT. So how are Liz and Jude doing?<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For the first time in the Challenge, both Stephen and co-host Tim Bohen meet with the contestants, offering praise, commentary, and a little constructive criticism. &nbsp;<\/span><\/p>\n\n\n\n<p><i><span style=\"font-weight: 400;\">Note: <\/span><\/i><span style=\"font-weight: 400;\">Don\u2019t miss this episode on YouTube! While evaluating the contestants\u2019 trades, Stephen and Tim show plenty of charts and data that will help traders understand the concepts and principles discussed in the episode. &nbsp;<\/span><\/p>\n\n\n\n<p><b>Spoiler: They Hate the PDT<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Both Liz and Jude are having trouble contending with the PDT. Short for pattern day trading rule, this is a FINRA rule stipulating that day traders who have an account of $25,000 or under are limited in how many day trades they can execute within a rolling five-day period. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Many traders with small accounts have a love\/hate relationship with this rule. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">On one hand, Stephen argues that it forces traders to only commit to trades that they feel really, really good about. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">On the other hand, as Tim puts it, \u201cthe road to hell is paved with good intentions.\u201d While the rule was ostensibly put into place to protect traders, he argues that it can also lock them into unwanted positions and cause a lot of stress. <\/span><\/p>\n\n\n\n<p><b>Team Jonk\u2019s Updates <\/b><\/p>\n\n\n\n<p><b>Jude:<\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Currently, Jude is $400 in the green. But she\u2019s admittedly having trouble. For one, she\u2019s having difficulty establishing a reasonable schedule. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Being located in Canada and on the West Coast, she\u2019s three hours behind the market, so her trading day starts very, very early. She\u2019s concerned that even if she\u2019s able to wake up at 5 a.m. to prepare herself, she\u2019s still not mentally ready to trade in the wee hours. <\/span><\/p>\n\n\n\n<p><b>West Coast traders and night owls should listen up: Tim and Stephen offer their thoughts on how to time trades when you can\u2019t (or don\u2019t want to) trade first thing<\/b><span style=\"font-weight: 400;\">. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Is it best for new traders to do most of their trading later in the day? Or is it better to try to wake up early? &nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Trade-wise, Jude is doing a lot right with choosing great stocks. She\u2019s great at cutting losses quickly. But is she cutting her profits too quickly, too?<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Stephen and Tim pull up the charts and offer critiques on Jude\u2019s recent trades, discussing what she did right and wrong. Be sure to check them out on YouTube! <\/span><\/p>\n\n\n\n<p><b>Liz: <\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">She\u2019s flipped upside down from the last update, and her account is over $18K at the moment! <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Nonetheless, Liz is also struggling with the PDT rule. It\u2019s cramping her mad style as she tries to make shorting moves to take advantage of the January effect. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Rather than letting it get to her, though, Liz is making use of her time. She\u2019s studying a lot, and offers up her favorite webinar and video resources as of late. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Stephen and Tim are both impressed with Liz\u2019s \u201cnice bounce\u201d but worry that she\u2019s being too cavalier. Could she be playing paper trading like a game rather than learning how to deal with real money in trades? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">They both offer analysis on Liz\u2019s most recent progress, including offering feedback on why she (and you, dear listener) should always be looking at the daily chart rather than hyper-analyzing 1\u20132-minute moves. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Liz has also been struggling to find success with short selling. Should you wait for the bottom to break or wait for resistance? Where\u2019s the wiggle-room zone? <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The team discusses, and as Stephen sums it up, \u201cYou can never, ever guess what\u2019s going to happen in the stock market. All you can do is put yourself in the best probable situation.\u201d<\/span><\/p>\n\n\n\n<p><b>Got a Question? <\/b><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Do you have a question about the Paper Trading Challenge? Drop it in the comments below, or on YouTube or the blog. &nbsp;<\/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\/HGHOt-JU6KA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ep 81: Team Jonks Update &#8211; Conviction in Paper Trading It\u2019s time for your monthly update on The SteadyTrade Paper Trading Challenge. This week\u2019s episode focuses on Stephen Johnson\u2019s team, which has dwindled from three to two since last month\u2019s dismissal of the first contestant from the Challenge. This month, every trader\u2019s virtual balance for [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":1597,"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>Team Jonks Update - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"Ep 81: Team Jonks Update - Conviction in Paper Trading. It\u2019s time for your monthly update on The SteadyTrade Paper Trading Challenge. 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