{"id":1660,"date":"2019-02-04T07:00:20","date_gmt":"2019-02-04T15:00:20","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=1660"},"modified":"2019-04-05T11:55:32","modified_gmt":"2019-04-05T18:55:32","slug":"ep-83-key-indicators","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/","title":{"rendered":"Back to Basics: Key Indicators"},"content":{"rendered":"<div id=\"backtracks-player\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-83-back-to-basics-key-indicators\" data-bt-theme=\"dark\" data-bt-show-description=\"false\" data-bt-show-comments=\"false\" data-bt-show-art-cover=\"true\"><\/div>\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<p><strong>Help us improve the podcast! Take our 2-minute BACK TO BASICS survey here:\u00a0<a href=\"https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz\" target=\"_blank\" rel=\"noopener\">https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz<\/a><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s time for another installment of <\/span><a href=\"https:\/\/www.steadytrade.com\/episode-80-back-to-basics-motivation\/\"><span style=\"font-weight: 400;\">Back to the Basics<\/span><\/a><span style=\"font-weight: 400;\">! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stephen Johnson couldn\u2019t be part of today\u2019s episode, so Tim Bohen has a special guest: producer Glenn, whose voice will be familiar to podcast listeners. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Together, Tim and Glenn answer listener questions and reveal plenty of trading secrets that can help you hone your skills.<\/span><\/p>\n<h2><b>Ask Questions, Win Prizes!<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Are you interested in submitting a question to be answered in a future Back to the Basics episode? If your question is chosen to answer on-air, we\u2019ll send you a mystery box full of trading goodies like t-shirts, trading journals, and more. To get the ball rolling, click on 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 our website!<\/span><\/p>\n<h2><b>Tim\u2019s Trading Tips<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In the episode, Tim addresses some of your trading questions with a little help from Glenn, including: <\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cI know you guys are big on tracking data. Can you explain what we need to track \u2014 green day, etc. \u2014 and how do you interpret the data?\u201d<\/span><\/i><span style=\"font-weight: 400;\"> \u2013 from Marcus C.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Tim, tracking data is one of the biggest reasons why keeping a trading journal is so helpful. He brings up an example of his own journal and talks about what to track, including the obvious things (the ticker, etc.) but more so, the why. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among Tim\u2019s advanced tips for tracking? Name your setup so that you can refer back to it in your notes, keep track of the technical indicators you used, and always note the previous day\u2019s close. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">You might even want to follow Tim\u2019s method of saving \u201cbinders full of charts!\u201d<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cHow do you make an entry for longs? Put in your position before it spikes, or after \u2014 and how do you know?\u201d<\/span><\/i><span style=\"font-weight: 400;\"> \u2013 from Scott<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Scott\u2019s question brings up a great point: How to create an effective trading strategy when you\u2019re only trading part-time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tim goes through an example with a high-a-day and explains some of the best ways to catch those big moves. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">He talks about a stop limit order and how it can be a great tool, especially for part-time traders who might not be able to be chained to their trading monitor all day. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case you\u2019re not familiar, a stop limit order effectively sets up criteria including a stop price that activates your limit order.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Say you set a stop limit order where a stock reclaims a high. This could kick off your limit order, which will be executed when it reaches a set price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s sort of like an \u201cif&#8230;then\u201d statement. It\u2019s a great way to take advantage of moves if you\u2019re not around. Learn more in the episode about how to make the most of this helpful tool!<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cCan you talk about indicators to help with trading?\u201d<\/span><\/i><span style=\"font-weight: 400;\"> \u2013 from Lorenza P. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are more indicators out there than any trader could possibly know what to do with. Does this mean that you need to learn them all?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not necessarily. Tim talks about how for new traders, it\u2019s less about mastering every indicator and more about mastering a key few. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">He talks about some of the key indicators for new traders to look at and why, including the 52-week high (most) and low, the previous day close, new highs, VWAP above and below, and volume. <\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cHow do you play off daily support and resistance levels?\u201d<\/span><\/i><span style=\"font-weight: 400;\"> \u2013 from Blaine B. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Tim, you should never make a trade without looking at the daily chart. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To illustrate, he gives an example of a crazy growth stock and discusses strategies for working with support and resistance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll learn about the obstacles you\u2019ll need to contend with, including bag holders and how they can mess up your strategy. You\u2019ll also learn why you need to avoid long-term downtrending charts and the surprising reason why the one year\u2013one day chart is your best friend as a trader! <\/span><\/p>\n<p><b>Got Questions? <\/b><\/p>\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!<\/span><\/p>\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<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<p><iframe loading=\"lazy\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/mG4lxQ84eog?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Help us improve the podcast! Take our 2-minute BACK TO BASICS survey here:\u00a0https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels. Stephen Johnson couldn\u2019t be part [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":1669,"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>Back to Basics: Key Indicators - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Back to Basics: Key Indicators - SteadyTrade.com\" \/>\n<meta property=\"og:description\" content=\"It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/\" \/>\n<meta property=\"og:site_name\" content=\"SteadyTrade.com\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-04T15:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-05T18:55:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.steadytrade.com\/wp-content\/uploads\/2019\/02\/STP83_cover-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"SteadyTrade\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"SteadyTrade\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/\",\"url\":\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/\",\"name\":\"Back to Basics: Key Indicators - SteadyTrade.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.steadytrade.com\/#website\"},\"datePublished\":\"2019-02-04T15:00:20+00:00\",\"dateModified\":\"2019-04-05T18:55:32+00:00\",\"author\":{\"@id\":\"https:\/\/www.steadytrade.com\/#\/schema\/person\/360a1e47359757a55a3de46010e6856a\"},\"description\":\"It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.steadytrade.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Back to Basics: Key Indicators\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.steadytrade.com\/#website\",\"url\":\"https:\/\/www.steadytrade.com\/\",\"name\":\"SteadyTrade.com\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.steadytrade.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.steadytrade.com\/#\/schema\/person\/360a1e47359757a55a3de46010e6856a\",\"name\":\"SteadyTrade\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.steadytrade.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/cbf7b567ddc83dbd1e0505c281707b15?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/cbf7b567ddc83dbd1e0505c281707b15?s=96&d=mm&r=g\",\"caption\":\"SteadyTrade\"},\"sameAs\":[\"http:\/\/www.steadytrade.com\"],\"url\":\"https:\/\/www.steadytrade.com\/author\/steady-trade\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Back to Basics: Key Indicators - SteadyTrade.com","description":"It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/","og_locale":"en_US","og_type":"article","og_title":"Back to Basics: Key Indicators - SteadyTrade.com","og_description":"It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels.","og_url":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/","og_site_name":"SteadyTrade.com","article_published_time":"2019-02-04T15:00:20+00:00","article_modified_time":"2019-04-05T18:55:32+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.steadytrade.com\/wp-content\/uploads\/2019\/02\/STP83_cover-1.jpg","type":"image\/jpeg"}],"author":"SteadyTrade","twitter_card":"summary_large_image","twitter_misc":{"Written by":"SteadyTrade","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/","url":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/","name":"Back to Basics: Key Indicators - SteadyTrade.com","isPartOf":{"@id":"https:\/\/www.steadytrade.com\/#website"},"datePublished":"2019-02-04T15:00:20+00:00","dateModified":"2019-04-05T18:55:32+00:00","author":{"@id":"https:\/\/www.steadytrade.com\/#\/schema\/person\/360a1e47359757a55a3de46010e6856a"},"description":"It\u2019s time for another installment of Back to the Basics! This is a monthly feature where the SteadyTrade Team explores the basics of trading, including explanations of common techniques and helpful advice for traders of all levels.","breadcrumb":{"@id":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.steadytrade.com\/ep-83-key-indicators\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.steadytrade.com\/ep-83-key-indicators\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.steadytrade.com\/"},{"@type":"ListItem","position":2,"name":"Back to Basics: Key Indicators"}]},{"@type":"WebSite","@id":"https:\/\/www.steadytrade.com\/#website","url":"https:\/\/www.steadytrade.com\/","name":"SteadyTrade.com","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.steadytrade.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.steadytrade.com\/#\/schema\/person\/360a1e47359757a55a3de46010e6856a","name":"SteadyTrade","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.steadytrade.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/cbf7b567ddc83dbd1e0505c281707b15?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/cbf7b567ddc83dbd1e0505c281707b15?s=96&d=mm&r=g","caption":"SteadyTrade"},"sameAs":["http:\/\/www.steadytrade.com"],"url":"https:\/\/www.steadytrade.com\/author\/steady-trade\/"}]}},"_links":{"self":[{"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/posts\/1660"}],"collection":[{"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/users\/2283"}],"replies":[{"embeddable":true,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/comments?post=1660"}],"version-history":[{"count":7,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/posts\/1660\/revisions"}],"predecessor-version":[{"id":2091,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/posts\/1660\/revisions\/2091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/media\/1669"}],"wp:attachment":[{"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/media?parent=1660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/categories?post=1660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.steadytrade.com\/wp-json\/wp\/v2\/tags?post=1660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}