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Talking Trading Syke-ology on the SteadyTrade Podcast 

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Written by Timothy Sykes
Updated 1/26/2023 7 min read

Recently, I was featured (again) on one of my personal favorite trading podcasts, the SteadyTrade podcast. Read on to find out why I think this podcast is so great and get a sneak peek of the episode…

Knowledge is the key to understanding trading psychology. That’s why it’s so important for you as a trader to constantly expose yourself to new ideas and information.

A continued commitment to education can help you stay informed and keep growing … and that’s what you need to become a long-term, self-sufficient trader.

You can learn from me and my top students by joining the Trading Challenge today.

Podcasts can also be a great way to improve your knowledge and stay educated even when you’re on the go. Everyone has enough time for podcasts: they’re easy to listen to on your commute to work or while you’re working out. There’s no excuse for not making time to learn.

Why You Should Listen to the SteadyTrade Podcast

The SteadyTrade podcast is one of the best trading podcasts out there — hands down. With several seasons in its archives at this point, it’s a perfect binge-listen. And it’s all about trading.

The hosts? First up is Tim Bohen, who many of you know as the lead trader from StocksToTrade. That’s the incredible stock screener and trading platform with broker integration.

His co-host is Stephen Johnson. He’s relatively new to trading and always brings a new spin to things.

Together, they explore all sorts of trading-related topics, from important basics like short selling to more specific topics like the whole dollar/half dollar phenomenon.

Yeah, I might be a little biased … I know both of these traders in real life. But I honestly have a ton of respect for what they do — it’s well worth a listen.

Trading Syke-ology

“It’s good to be rich.” How’s that for an episode opener? That’s how I start out (typical, right?) on the most recent SteadyTrade episode.

I’m not afraid to say it. I’ve worked hard for what I’ve earned, and I like making the most of my freedom.

But here’s the thing: it’s not all about the money. Really, it’s not.

In the episode, we talk about why it’s not just about the money … it’s about what you do with it. It’s less about getting rich and more about reaching your goals.

Here are some highlights from the episode:

  • The importance of being prepared. When it comes to trading … you can’t be too prepared. We talk about how some of my best students are willing to study for 12, 14, or even 16 hours a day. That’s how you can start to notice the patterns that can lead to smarter trades!
  • You gotta work hard. Wanna be a self-sufficient trader? It all comes down to your work ethic. That’s true of pretty much anything in life … and trading is no exception. Tim and I talk about how and why you’ve got to take the time to learn rather than just memorizing patterns.
  • Mistakes can be your teachers. Ever held a stock too long or missed a trade entirely? You’re definitely not alone. But if you can learn from your mistakes and figure out where and why things went wrong, and next time you work to avoid the same mistake. Over time, you can see both improvement and growth.
  • It’s a marathon, not a sprint. Remember: trading is an ongoing process. You’re not just gonna get it overnight and be an instant success story. We talk about how to keep things in perspective by looking at the big picture.

Other Cool Updates from the Episode

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I know that you love hearing me spout wisdom like some sort of day trading wiz, but there’s a lot more we talk about in the episode, including…

50 Minutes to Save The World

I get to talk about the documentary I helped create, “50 Minutes To Save The World.”

With over four million views on YouTube, this video is a must-see. It documents the degradation of reefs in seven countries around the world and the critical state of our oceans.

What does it have to do with trading? Um, kinda everything … Because if we don’t start to really focus on saving the world, there’ll be nowhere left to trade.

© 2018 Millionaire Media, LLC

Trader & Investor Summit

By the time you read this, the Trader & Investor Summit already happened. It’s my yearly trading event Orlando … and it should definitely be on your radar for next year.

This is a three-day event where you get to learn from some of the world’s most successful traders. Tickets always sell out, so be sure to keep an eye out and sign up early next year!

Midwest Trader Meetup

If you follow me on Instagram, you know that I’m much more likely to be spending time in faraway tropical destinations than the American Midwest.

But recently, I couldn’t resist heading to the Midwest for a meetup with some incredible traders: Jack Kellogg, Michael Goode, and Dominic Mastromatteo.

Tim and I talk about some of the great lessons we’ve learned from these incredible traders. They’re a real testament to what hard work and being prepared can do for your career.

Tim & Tim
© Millionaire Media, LLC

Past SteadyTrade features

Psst … I’ve been featured on SteadyTrade before … Don’t miss these past episodes!

Episode 68: Tim Sykes and the Art of Grinding

In this episode, I share some truly no-holds-barred trading advice … it’s not your typical trading education podcast, that’s for sure. Click here to listen.

Trader Checklist Series

SteadyTrade co-hosts Tim and Stephen love my Trader Checklist video series so much that they profiled every installment in a 14-part podcast series. It starts with Episode 51 and continues through the following 14 episodes.

If you’ve never seen the Trader Checklist series, it’s the perfect way to get to know it. If you’ve watched it, listening to this series of podcasts can give you fresh insight.

The Final Word

Listening to podcasts is a convenient and easy way to expand your trading know-how. In my opinion, the SteadyTrade Podcast is one of the best out there.

Not only does this podcast teach you plenty about trading techniques and trading psychology, but it’s also always engaging. Be sure to check out my recent episode on this podcast (it’s on YouTube, too) … and every other episode.

Ready to go deeper into your market education? Apply for my Trading Challenge. But if you’re not ready to work your butt off, don’t bother. I don’t do lazy. You game?

Do you listen to the SteadyTrade Podcast? What’s your favorite episode — and why? Leave a comment!

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”