 Good Morning!  If you think you're the only one struggling with a particular part of trading — think again!
I get bombarded with questions from people all over the world.
And today I've decided to address some of the more pressing questions I've received from up-and-coming traders.
By the way, you can get your trading questions answered every trading day in the SteadyTrade Team. Team members get access to our chat room, live and archived webinars, swing trade strategy sessions, trade worksheets, and more!
Now, onto your questions …
(Note: Some questions have been lightly edited for clarity and length.) Getting The Tools You Need to Trade I received a lot of questions about brokers and platforms…
Samuel P. asked, "I only trade on Robinhood. What is the best platform for me to trade penny stocks?"
And Al asked, "As a starting trader, which platform to trade is better to use? Ameritrade, E-Trade, Scottrade, or Schwab?"
Of course, I think StocksToTrade is the best trading platform for any trader. It has a built-in news feed, watchlists, and scans! Plus, it had add-on features like the Breaking News Chat that are only available on the platform. But even with the right platform, you still need a broker to execute your trades…
YOU get to choose!
Dig in and do some research into each one. Learn about their fees and services. And if you can't find the information you want online, call customer service. Remember, your broker works for you, not the other way around.
If you don't like your executions, their service, or platform — switch it up. Move your money somewhere else until you find one you like. How to Find New Opportunities I covered a lot of crypto and NFT information in the week leading up to Tim Sykes' NFT event. And that generated a lot of questions…
David asked, "What is crypto?" And Helen wants to know, "How, where, and with whom can I open an account that does this type of trading? My regular account advisers say they are not licensed to handle cryptos, NFTs, etc."
Hank is curious, "Where can I invest in NFTs? What website?"
You can get all that information in the past Daily Accelerators below:
But the best way to learn about NFTs is to join Sykes' NFT club.
Want to Master Trading Emotions? Mastering your trading emotions is one of the hardest parts of trading. It's a constant battle, even for experienced traders…
Ted wrote in and shared his struggle…
"I've been dealing with FOMO. It's my only issue right now and the only reason my account isn't growing as fast as I think it should. (Because of unnecessary losses.) I find myself having to mute that little voice in my head. It tries to convince me that if I cut my losses now, I might miss out on a play that I was initially correct on, even though it's already reached my cut losses threshold. And I'm under PDT currently so getting in and out isn't an option. Any tips or recommendations would help."
Thanks, Ted. That's a common problem. In fact, another reader, Andrea, shared a similar story…
"How do I know when to cut losses quickly and when to hold? I'm under the PDT rule and I have a limited amount of trades. My problem is that when I cut losses the stock spikes in an upward trend. Then when I decided to hold the stock it keeps dropping. So I've been losing a lot in my trades."
If you struggle to cut losses at your stop — size down.
Make the loss so small that it's inconsequential to your account. Focus on making your trades mechanical and sticking to your trade plan, rather than trying to make money or be right.
Sometimes trades and patterns don't work. And losses are part of trading.
So you need to separate the facts from fiction. And the best way to do that is to track your data.
There are a million data points you can track. Here are a few questions you can ask yourself…
Save charts of your trades and study them until your eyes bleed. That way you can see what you do right and wrong on any particular pattern you're trading.
What Are The Best Times to Trade? Many traders want to know whether they should focus on morning or afternoon trades.
Alex asked, "On a stock that is in play based on all the criteria in pre-market (up big, low float, news, etc.). And you're looking for a dip and rip pattern, but instead of pulling at the market open, the stock immediately spikes up through the pre-market high. How do you trade a situation like this, or do you?
"I've been burned several times taking a trade like this on the initial spike over the pre-market high. But I've also sat on the sidelines while stocks have quickly run 20-30% from the market open."
Getting burned on quick spikes is exactly why I like to wait until 9:45 a.m. or later to enter a trade. Especially if you don't have the Breaking News Chat to alert you to chat pumps that can tank fast after a big spike.
If you're experienced and on a roll — you have a hot hand so to speak — then feel free to break the rule on an A+ setup.
But if you're new, take the safer play and wait for an afternoon play like a VWAP-hold high-of-day break pattern. I think it's the best pattern for new traders in 2022.
But based on your next question Alex, it sounds like afternoons are working for you…
"I find it much easier and more profitable to trade mid-day/afternoon. Do you have any tips for getting better at trading in the morning? Due to higher volatility in the morning, I get stopped out a lot."
If trading in the afternoon is working for you, I say stick with it. When something clicks, that's where you should focus.
But if you're nailing those afternoon trades and want to expand your trading playbook, start small…
Find one morning pattern to focus on — like the dip and rip. Then start with a small position.
With a smaller size, you can widen your risk to prevent you from getting stopped out due to volatility. BUT — you have to use the right risk levels and stick to your stops!
Well, that's all the time I have for today.
Thanks to everyone who took the time to send in their questions. I hope these answers help you in your trading. Keep working to get 1% every day and you'll get there!
And remember: I'm here to help.
Have a great Money Monday, everyone. See you back here tomorrow!
Tim Bohen Lead Trainer, StocksToTrade
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*Please note that these kinds of trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade, and individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.
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