{"id":2939,"date":"2020-08-11T10:35:43","date_gmt":"2020-08-11T17:35:43","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=2939"},"modified":"2020-08-11T15:27:16","modified_gmt":"2020-08-11T22:27:16","slug":"ep-160-the-dark-side-of-trading","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-160-the-dark-side-of-trading\/","title":{"rendered":"Ep 160: The Dark Side of Trading and How to Navigate Through It"},"content":{"rendered":"<div id=\"backtracks-player\" style=\"max-width: 100%;\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-160-the-dark-side-of-trading-and-how-to-navigate-through-it\" 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><span style=\"font-weight: 400;\">At the SteadyTrade podcast, we typically try to keep things positive. There\u2019s enough negativity in the world, right? But there can be a dark side of trading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And today we want to take a more serious tone as we tackle this important topic. We often say how hard trading is. So it\u2019s crucial to discuss the reality of depression and the difficulty of finding your way as a trader.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Everyone confronts the dark side of trading. It\u2019s important to acknowledge that. As we do that, we can work on developing resources and coping mechanisms. These are tools that can help you stay emotionally well.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a serious topic, but there\u2019s plenty of connection and camaraderie between co-hosts Tim Bohen, Kim Ann Curtin, and Stephen Johnson. Tune in as they share stories, suggestions, and resources for staying healthy.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Dark Side of Trading\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Recently, <\/span><a href=\"https:\/\/www.cnn.com\/2020\/06\/19\/business\/robinhood-suicide-alex-kearns\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">a young Robinhood trader tragically took his own life<\/span><\/a><span style=\"font-weight: 400;\"> following a glitch in the system that registered a balance of \u2013$730,000 on his account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This isn\u2019t common. But it can be a moment for us to bring awareness of the depression that can come with losses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stephen knows the <\/span><a href=\"https:\/\/www.steadytrade.com\/stephen-loses-5k\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">dark side of trading<\/span><\/a><span style=\"font-weight: 400;\"> personally. Tim does, too. Kim\u2019s new enough to trading that she hasn\u2019t suffered any massive losses. But she\u2019s been alive in the world, so she\u2019s naturally had her fair share of human difficulty as well. Here\u2019s an overview of some of the topics covered in their frank conversation&#8230;<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Trading Can Go <\/span><i><span style=\"font-weight: 400;\">Really <\/span><\/i><span style=\"font-weight: 400;\">Wrong Sometimes<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">No matter who you are, how long you\u2019ve been trading, or what your account balance is, trades can go wrong.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Tim puts it, \u201cYou\u2019ll go through stretches in this game where nothing seems to work.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stephen echoes the sentiment. He says that without a good mentor and guidance, you \u201ccould do something ridiculous.\u201d Honestly, sometimes even with a great teacher and a great community you can still do something ridiculous!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The idea here isn\u2019t to make you feel like trading is hopeless. Rather, it\u2019s to help you recognize that you\u2019re not alone.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Problem With Starting With a Big Account<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You know how lottery winners seem to have a knack for losing all their proceeds? Or how a lot of child stars tend toward train-wreck behaviors?<\/span><\/p>\n<p><a href=\"https:\/\/www.steadytrade.com\/sabotage-your-trading\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Self-sabotage<\/span><\/a><span style=\"font-weight: 400;\"> happens in trading, too. Even if you can start with a huge account, you probably shouldn\u2019t. Or as Tim puts it, \u201cI don\u2019t care how much money you\u2019ve got\u201d \u2014 it\u2019s better to start small.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The crew talks about the hidden benefits of trading with a small account, like how it makes you focus on making smart decisions and finding the best setups for your strategy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After all, if you can\u2019t prove that you can handle a small account and small losses, what will you do when you\u2019re trading with a big account and have big losses?\u00a0\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Having a Tribe<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">According to Kim, you\u2019ve got to have at least one person who has your back. You need someone who can just be there with you if you experience a big loss or the dark side of trading. If you try to seek comfort from someone who doesn\u2019t understand or doesn\u2019t support your trading, you might end up in an even darker place.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Shame, pain, and a lack of coping mechanisms can be dangerous. When you don\u2019t have someone in your court, it can be even harder. Whether it\u2019s friends, a trading community like the <\/span><a href=\"https:\/\/stockstotrade.com\/steadytrade-team\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">SteadyTrade Team<\/span><\/a><span style=\"font-weight: 400;\">, or your family, having allies matters.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Easy To Get Started, Hard to Succeed<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Day trading is alluring indeed \u2014 you could set up a brokerage account and be trading in minutes. You\u2019re in a position of power.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Too few people recognize the responsibility that comes with this power. The hosts talk about how the ease of entry can be seductive but also dangerous. Tune in to hear the hosts discuss the importance of getting an education before you trade.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The Dark Side of Trading: Losing Streaks<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every trader has losing streaks. Stephen does. Tim does. The hotshot traders you follow on Twitter do, too \u2014 even if they don\u2019t talk about it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn some invaluable tips in this episode:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How to deal with losing streaks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Why Tim thinks it\u2019s important to treat trading like a side hustle\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And how to get into a healthier state of mind<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Getting Away From Pain<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The crew talks about the importance of getting distance from pain and offers some amazing resources for traders who may need help in developing an array of coping skills.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Volunteering, TED talks, and diet and exercise \u2014 you\u2019ll get tips for staying even keel, even through encounters with the dark side of trading.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Resources\u00a0<\/span><\/h2>\n<p><b>Books:<\/b><\/p>\n<p><a href=\"https:\/\/amzn.to\/31sl8oe\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u201cCan&#8217;t Hurt Me: Master Your Mind and Defy the Odds\u201d<\/span><\/a><span style=\"font-weight: 400;\"> by David Goggins<\/span><\/p>\n<p><a href=\"https:\/\/amzn.to\/3abrNYd\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u201cPower Vs. Force\u201d<\/span><\/a><span style=\"font-weight: 400;\"> by David R. Hawkins, M.D. Ph.D<\/span><\/p>\n<p><b>Blog Posts:<\/b><\/p>\n<p><a href=\"https:\/\/www.artofmanliness.com\/articles\/the-cabinet-of-invisible-counselors\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Art of Manliness: \u201cThe Cabinet of Invisible Counselors\u201d<\/span><\/a><\/p>\n<p><b>TED Talks:\u00a0<\/b><\/p>\n<p><a href=\"https:\/\/www.ted.com\/talks\/andrew_solomon_depression_the_secret_we_share\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u201cDepression, the secret we share\u201d<\/span><\/a><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=D1QoyTmeAYw\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u201cWhy we need to talk about suicide\u201d<\/span><\/a><\/p>\n<p><b>If You Need Help:\u00a0<\/b><\/p>\n<p><a href=\"https:\/\/suicidepreventionlifeline.org\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/suicidepreventionlifeline.org\/<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Got Something to Say?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The dark side of trading is a heavy topic \u2026 We welcome and encourage you to share your thoughts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember: if your question is chosen as an on-air topic, you could win a SteadyTrade mystery gift box. Leave a comment below or on <\/span><a href=\"https:\/\/www.youtube.com\/user\/stockstotrade\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">YouTube<\/span><\/a><span style=\"font-weight: 400;\">!<\/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>Glad we did this episode? Please leave a review on <\/b><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/steady-trade-the-profitable-side-of-trading\/id1275946076?mt=2\" target=\"_blank\" rel=\"noopener noreferrer\"><b>iTunes<\/b><\/a><b>.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the SteadyTrade podcast, we typically try to keep things positive. There\u2019s enough negativity in the world, right? But there can be a dark side of trading. And today we want to take a more serious tone as we tackle this important topic. We often say how hard trading is. So it\u2019s crucial to discuss [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":2940,"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>Ep 160: The Dark Side of Trading and How to Navigate Through It - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"There can be a dark side of trading. The SteadyTrade hosts have experienced it themselves first-hand. 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