{"id":2183,"date":"2019-04-15T06:00:33","date_gmt":"2019-04-15T13:00:33","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=2183"},"modified":"2019-04-15T15:30:51","modified_gmt":"2019-04-15T22:30:51","slug":"paralysis-by-analysis","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/paralysis-by-analysis\/","title":{"rendered":"Listener Mailbag: Paralysis by Analysis"},"content":{"rendered":"<div id=\"backtracks-player\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-92-listener-mailbag-paralysis-by-analysis\" 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<h2>Paralysis by Analysis<\/h2>\n<p><iframe loading=\"lazy\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/FCLgOjWF-Y4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Every few months here in SteadyTrade land, hosts Tim Bohen and Stephen Johnson present a listener mailbag episode where they review some of the many inquiries we receive. This week we&#8217;ll talk about : Paralysis by Analysis<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s a chance for our hosts to address specific listener questions and help you gain a better understanding of the trading world. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But here\u2019s why they really do it &#8230; As a seasoned veteran, Tim can sometimes overlook some introductory stuff, and Stephen is admittedly drunk half the time. These episodes are an opportunity to slow down and explain some of the finer points of trading! <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today\u2019s episode is action-packed, featuring some of your inquiries. In this episode, our hosts cover how to get real about trading, how to overcome FOMO, and what support and resistance are and how to use them. <\/span><\/p>\n<p><b>Don\u2019t forget: <\/b><span style=\"font-weight: 400;\">if your question is asked on air, you could win a basket of SteadyTrade goodies!<\/span><\/p>\n<p><b>But first &#8230; where has Stephen been?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In the past few episodes, Tim and Stephen reference Stephen\u2019s \u201cspiritual awakening\u201d in Thailand. In this episode, he\u2019ll dish the deets. Don\u2019t miss this one on YouTube, especially if you want to see Stephen\u2019s sweet new Thai tattoos &#8230;<\/span><\/p>\n<p><b>Listener mailbag!<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s get to those questions. Here are some highlights:<\/span><\/p>\n<p><b>Liam: <\/b><i><span style=\"font-weight: 400;\">I\u2019m about to open my first brokerage account. I know it\u2019s a journey, and I know I\u2019ll make mistakes, but I\u2019m kinda scared to get started. Any tips on how to be more aggressive in my progress?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">As Tim and Stephen see it, Liam may be suffering from \u201cparalysis by analysis.\u201d Of course you want to be prepared. But Stephen points out that the quickest way to fail is to not try at all. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both Tim and Stephen have suggestions on how to conquer your fears and actually get started in trading. They also have tips on how to challenge yourself and face the many fears that can come with stock market trading. <\/span><\/p>\n<p><b>Leslie:<\/b> <i><span style=\"font-weight: 400;\">I\u2019m looking for insight into how you choose support and resistance. Do you use the daily chart, or do you plot them from the intraday chart?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Tim talks about how he uses the daily chart for major support and resistance. But once you enter a trade, you can use the intraday chart to help support your decisions and monitor your position. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember, charts are an art \u2014 not a science. Find out which approaches Tim and Stephen take with support and resistance in trades. Want more info about support and resistance? Check out <\/span><a href=\"https:\/\/www.steadytrade.com\/ep-84-support-and-resistance\/\"><span style=\"font-weight: 400;\">episode 84<\/span><\/a><span style=\"font-weight: 400;\"> to learn more, complete with charts. <\/span><\/p>\n<p><b>Jake: <\/b><i><span style=\"font-weight: 400;\">I see a lot of traders using Level 2. Is it worth it? What is it, and how do I use it?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Level 2 is the order book for a stock, with a complete listing of the buyers and sellers. As Tim puts it, it\u2019s like a digital representation of all the traders in the trading pit waving tickets like you see in the movies. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Level 2 is valuable, but it\u2019s just one small piece of the puzzle. As Tim and Stephen explain,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">you need to understand basic charting and have some trading prowess before you tackle Level 2. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Is it something that new traders should include in their toolbox? Listen in to hear what they have to say! <\/span><\/p>\n<p><b>Alex: <\/b><i><span style=\"font-weight: 400;\">Can you talk about how to break away from the gambler\u2019s mentality, how your account is your business model, and how to get serious about trading?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Stephen admits that battling the gambler\u2019s mentality is hugely difficult \u2014 even seasoned traders struggle with it! But when you get down to it, can you cut your losses and understand that it\u2019s an odds game? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tim and Stephen also have some great tips for how to treat your account like the business it is and talk about how they\u2019ve been able to get serious with their own accounts!<\/span><\/p>\n<p><b>Raymundo: <\/b><i><span style=\"font-weight: 400;\">I want to hear about timing! Can you tell me about what time of day can be better for trading, including entries and exits?<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Everyone can get FOMO with early- and late-day trades, so it may be smart to work up to those more volatile times as a new trader to overcome paralysis by analysis .\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tim makes a case for why, as a new trader, it might be smart to focus on midday trades. He also gets into the cautions of premarket trading and talks about stalking trades. There can be benefits to letting the market \u2018digest\u2019 catalysts and news. <\/span><\/p>\n<p><b>Questions? Comments?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Got questions of your own? If there\u2019s ever something we bring up that\u2019s not clear, leave a comment on YouTube, the blog, or email us.<\/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 dig 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>Paralysis by Analysis Every few months here in SteadyTrade land, hosts Tim Bohen and Stephen Johnson present a listener mailbag episode where they review some of the many inquiries we receive. This week we&#8217;ll talk about : Paralysis by Analysis It\u2019s a chance for our hosts to address specific listener questions and help you gain [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":2187,"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>Listener Mailbag: Paralysis by Analysis<\/title>\n<meta name=\"description\" content=\"Every few months here in SteadyTrade land, hosts Tim Bohen and Stephen Johnson present a listener mailbag episode where they review some of the many inquiries we receive. 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