{"id":2026,"date":"2019-03-25T06:00:09","date_gmt":"2019-03-25T13:00:09","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=2026"},"modified":"2019-04-15T15:33:57","modified_gmt":"2019-04-15T22:33:57","slug":"ep-90-back-to-basics-7-hot-stock-tips","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-90-back-to-basics-7-hot-stock-tips\/","title":{"rendered":"Back to Basics: 7 Hot Stock Tips"},"content":{"rendered":"<div id=\"backtracks-player\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-90-back-to-basics-7-hot-stock-tips\" 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><iframe loading=\"lazy\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/JH5yDnvi3UA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s that time again &#8230; hosts Tim Bohen and Stephen Johnson are offering up some key trading lessons in their monthly Back to Basics episode. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This time, they\u2019re discussing a recent topic from the StocksToTrade blog: <\/span><a href=\"https:\/\/stockstotrade.com\/cheap-stocks\/\"><span style=\"font-weight: 400;\">7 tips for trading low-priced stocks<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the episode, they cover important rules that traders simply can\u2019t ignore and address common mistakes that can hold traders back. It\u2019s relatable for traders of all levels, and as Tim notes, \u201cAnyone who tells you they don\u2019t make these mistakes is full of it. Run away from them!\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some highlights: <\/span><\/p>\n<ol>\n<li><b> Look for chart patterns. <\/b><span style=\"font-weight: 400;\">Stephen recounts a recent news story of two children who\u2019d gotten lost in the woods. A fireman found their footprints in the snow. By tracing their steps, he was able to deduce which way they\u2019d headed, and the kids were ultimately found.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Stocks may not be lost children, but there\u2019s a trading lesson here. You have to look at the past if you want to better gauge a stock\u2019s direction.\u00a0<\/span><\/p>\n<ol start=\"2\">\n<li><b> Have a trading plan. <\/b><span style=\"font-weight: 400;\">Tim likens commencing a trade to starting a construction project. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">You don\u2019t just order some lumber and bricks, then start hammering and stacking and expect to build a beautiful house. You need a plan before you can lay a single brick. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The same goes for trading. You need to lay out a blueprint for every trade. Why are you in this stock? What\u2019s your entry point, your target, and your stop? By predetermining things like this and outlining them before you trade, you\u2019re far more likely to stay on track with your trades. <\/span><\/p>\n<ol start=\"3\">\n<li><b> Never use market orders. <\/b><span style=\"font-weight: 400;\">Even though the price of a stock might look good right now, if you execute a market order, the price could change extremely fast. The $6.90 per share you were hoping for could quickly turn to $6.95, thus limiting your profits. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If you\u2019re playing low-priced volatile stocks, always use limit orders. This is where you set your price for buying a stock to execute the order. No excuses \u2014 do it every time!<\/span><\/p>\n<ol start=\"4\">\n<li><b> Don\u2019t be afraid to walk away from cheap stocks. <\/b><span style=\"font-weight: 400;\">Cheap stocks are volatile, and things can go sour quickly. If a trade isn\u2019t falling into your desired setup or range, just walk away. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Don\u2019t change your plan, don\u2019t get bit by FOMO. As Tim and Stephen both emphatically share, there will always be another stock. Stick to your plan, and if there isn\u2019t a great play today or even tomorrow, there\u2019ll be another in a few days.<\/span><\/p>\n<ol start=\"5\">\n<li><b> Limit your losses. <\/b><span style=\"font-weight: 400;\">Tim and Stephen dish on why it\u2019s important to limit your losses. Instead of trying to think of making more, try to think of losing less. If you cut your losses even tighter, it can have a big effect on your bottom line and help keep your losses manageable. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">They offer helpful tips on how to stick to a disciplined trading plan and limit your losses. You won\u2019t want to miss this!<\/span><\/p>\n<ol start=\"6\">\n<li><b> Follow the news. <\/b><span style=\"font-weight: 400;\">Low-priced stocks can move very quickly, and often it\u2019s due to a news item either directly related to the company in question or to the stock\u2019s sector. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This means that if you want to be the early bird who catches the worm, you\u2019ve got to keep up with the news. Tim and Stephen have helpful tips for staying on top of the tickers! <\/span><\/p>\n<ol start=\"7\">\n<li><b> Volume, volume, volume! <\/b><span style=\"font-weight: 400;\">Some traders only look at price, but it\u2019s only part of the story. Volume matters too \u2014 big time. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If a stock has insufficient volume, that can mean that you\u2019re unable to exit a stock position due to a lack of buyers. In the episode, you\u2019ll learn key tips for what to look for in a stock\u2019s volume.<\/span><\/p>\n<p><b>Curious about something?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Do you have a question or comment about these tips? Leave a comment 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>How much 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","protected":false},"excerpt":{"rendered":"<p>It\u2019s that time again &#8230; hosts Tim Bohen and Stephen Johnson are offering up some key trading lessons in their monthly Back to Basics episode. This time, they\u2019re discussing a recent topic from the StocksToTrade blog: 7 tips for trading low-priced stocks. In the episode, they cover important rules that traders simply can\u2019t ignore and [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":2031,"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: 7 Hot Stock Tips - SteadyTrade.com<\/title>\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-90-back-to-basics-7-hot-stock-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Back to Basics: 7 Hot Stock Tips - SteadyTrade.com\" \/>\n<meta property=\"og:description\" content=\"It\u2019s that time again &#8230; hosts Tim Bohen and Stephen Johnson are offering up some key trading lessons in their monthly Back to Basics episode. 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