{"id":1683,"date":"2019-02-18T07:00:28","date_gmt":"2019-02-18T15:00:28","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=1683"},"modified":"2019-04-05T11:55:43","modified_gmt":"2019-04-05T18:55:43","slug":"ep-85-and-then-there-were-three","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-85-and-then-there-were-three\/","title":{"rendered":"And Then There Were Three"},"content":{"rendered":"\n<div id=\"backtracks-player\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-85-and-the-there-were-three\" data-bt-theme=\"dark\" data-bt-show-description=\"false\" data-bt-show-comments=\"false\" data-bt-show-art-cover=\"true\"><\/div><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>\n\n\n\n<p>Help us improve the podcast! Take our 2-minute BACK TO BASICS survey here: <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>Oh, what a wild ride it\u2019s been. When the Steady Trade Paper Trading Challenge started, we had six promising contestants. There have been ups and downs, good mentor meetings and bad ones, and yeah, ok, a few skipped ones. <br><\/p>\n\n\n\n<p>It\u2019s been an ambitious and enlightening project, and the first time the podcast has attempted a live trading challenge with members. <br><\/p>\n\n\n\n<p>Now, the competition has dwindled down to just three contestants: Jude, Chris (aka \u201cDJ\u201d), and Liz. How are they faring? <br><\/p>\n\n\n\n<p>Here\u2019s what\u2019s going on with the crew:<br><\/p>\n\n\n\n<p>Spoiler: this will be Jude\u2019s final installment in the Paper Trading Challenge! She\u2019s got a big trip to Mexico coming up and has chosen to resign. So today\u2019s episode will be part update and part exit interview. What has Jude learned?<\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Jude: <\/strong><\/h2>\n\n\n\n<p>When the Challenge began, Jude felt that she had \u201cno idea\u201d what she was doing. Happily, she no longer feels that way. <br><\/p>\n\n\n\n<p>Jude shares several of her biggest challenges and realizations throughout the Challenge, including difficulties with stopping out under the PDT.<br><\/p>\n\n\n\n<p>Traders with small accounts: listen up! Tim cautions how the PDT can actually bring out the worst in traders, forcing them to make bad decisions because they don\u2019t want to use up their valuable (and limited) day trades. This is a common and very real problem.<br><\/p>\n\n\n\n<p>Jude loves to \u201cchase the sparkly runners in the morning\u201d but still needs a little help. Tim and Stephen offer suggestions for helping Jude further refine her strategy, targeting red to green moves in the morning and morning runners with specific indicators.<br><\/p>\n\n\n\n<p>Ultimately, the Challenge has helped Jude focus, and she\u2019s become more disciplined about waiting for a setup to meet her standards. She\u2019s faced a lot of trial and error, but has found it easier to be profitable overall. With practice, it all started to click. <\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Chris (AKA \u201cDJ\u201d): <\/strong><\/h2>\n\n\n\n<p>Chris has had a good month, and a good time overall in the Paper Trading Challenge so far. Tim and Stephen are impressed by his focus and how he\u2019s applied himself to a few key patterns. <br><\/p>\n\n\n\n<p>Right now, Chris\u2019s key patterns are the overextended gap down and shorting into volume blocks. Those have been working very well for him, and he\u2019s sharing his secrets: Check out his <a href=\"https:\/\/www.youtube.com\/user\/djdini\">YouTube channel<\/a> to follow and track his every trade! &nbsp;<br><\/p>\n\n\n\n<p>Along with the crew, Chris talks about red-green patterns, the importance of being nimble as a trader, and when to switch from a short to long position. <br><\/p>\n\n\n\n<p>You\u2019ll want to listen to what Chris has to say \u2014 after all, his paper trading profits are over $36K! <br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Liz: <\/strong><\/h2>\n\n\n\n<p>She feels like trading is a video game where every level gets increasingly harder. She\u2019s now at \u201cSEC Filings: What the Hell is That?\u201d <br><\/p>\n\n\n\n<p>Liz is breaking into a new level of trading, but finding that things are getting, well, hard. When things get hard, she\u2019s tempted to return to her go-to method of trading: scalping. <br><\/p>\n\n\n\n<p>Liz <em>really<\/em> loves scalping, which she calls \u201cmeditative\u201d. She likes a stock that moves within a range and bounces. She\u2019ll do things like buy a boatload of shares of a low-priced stock at the ask, then try to sell fairly immediately at the bid. Obviously something about it works: she\u2019s up $225K in the Paper Trading Challenge!<br><\/p>\n\n\n\n<p>The problem here is that it\u2019s not a long-term strategy. As Tim and Stephen both warn: It\u2019s the type of trading method that works \u2026 until it doesn\u2019t. And when it doesn\u2019t, you could blow up your entire account! <br><\/p>\n\n\n\n<p>They talk about how viable a strategy this is in the real world and with real money. You\u2019ll learn about the problems with scalping, including how things like slippage and timing can affect the fill orders. <br><\/p>\n\n\n\n<p>Ultimately, it\u2019s still important to have the knowledge of the long-term stock performance. And with scalping, your discipline must be razor sharp. <br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Got Questions or Comments?<\/strong><br><\/h3>\n\n\n\n<p>Do you have a question or comment on the episode? Drop it in the comments below, or on YouTube!<br><\/p>\n\n\n\n<p>Thanks for tuning in to the SteadyTrade Podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders!<br><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Did you love this episode? Be sure to leave an <\/strong><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/steady-trade-the-profitable-side-of-trading\/id1275946076?mt=2\"><strong>iTunes review<\/strong><\/a><strong>! <\/strong><br><\/h4>\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\/cGQhGHw3K0M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Help us improve the podcast! Take our 2-minute BACK TO BASICS survey here: https:\/\/www.proprofs.com\/survey\/t\/?title=kk8oz Oh, what a wild ride it\u2019s been. When the Steady Trade Paper Trading Challenge started, we had six promising contestants. There have been ups and downs, good mentor meetings and bad ones, and yeah, ok, a few skipped ones. It\u2019s been [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":1691,"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>And Then There Were Three - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"Ep 85 - And Then There Were Three. Oh, what a wild ride it\u2019s been. 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