You Asked, We Answered! Beginner Trader Questions Discussed
It’s happening. Market Mamas is growing!! We are slowly starting to get more interaction from viewers and we LOVE the comments and questions so much. We really want to always have discussions that bring value and create a healthy, supportive, authentic community to serve and support traders in all phases of their journeys! The psychological hurdles of the first few years of trading are truly so challenging and having good people around you during that time is priceless! We’re good people! lol So, we’re glad you’re here with us engaging in these discussions.
This episode is comprised of us answering 4 excellent questions that a YouTube viewers posted on one of our shorts in May 2024. Each question she posed was really good and deserved more than a few sentences to be any where near an adequate response. You’ll want to watch/listen to the full episode for all the fine points, but let us tell you what we covered!
The first question we each addressed was: “My plan is to treat the sim like a video game and play it for as long as it takes for me to feel confident enough to be aggressive when needed. I’m not in a stressed financial situation, so I feel if I need to take a year or more to reach that place, that’s ok. What are your thoughts on that approach?” Oh goodness was this a fun walk down memory lane for Becky and Kendra to our days when we started on sim and then snuck our way into live trading. Goodness, there were some hurdles with that transition! Both ladies review that phase of their trading journeys and what they learned and would do the same or differently with hindsight!
We love questions from viewers!! Thank you so much to this subscriber for the killer questions that we got to talk about in this episode. Please, keep them coming!!
The second question we cover in this episode is: “How often do you analyze and go over the trades that didn’t go as planned?” Our feedback on this topic was pretty unanimous. Kendra and Becky are both avid trade-tracking note takers! Although, there are variations in each’s style, both certainly advise the journaling of every trade taken by the early trader especially for the purpose of greater and faster growth! By reviewing, studying, accepting, and learning from every trade you execute, you will better understand your tendencies, strong suits, areas of needed improvement, habits, and overall trend of your progress. You want to find a simple method that speaks to your personality and learning style and then keep up on it daily. If you traded that day, carve out some time after the market closes to review your work and make the day’s lessons count. It is worth it!
This viewer also asked: “What was the most difficult concept to grasp when you started?” This was a fun one. Kendra’s response centered around the mind shift necessary to truly understand shorting the market. It really is so counter-intuitive to a traditional understanding of investing in the stock market to benefit from it’s long term uptrend direction. Anyone else struggle with the idea of shorting the market in the early months? Becky’s first and always struggle is accepting a tighter more intentional risk threshold while day trading. She leans more heavily into giving trades more room to move within a broader contextual area, but as a day trader using decent leverage, this really needs to be managed more carefully, especially as a younger trader with less experience and less of an established edge. The discussions on this topic were really such important concepts to talk about!
Last but not least, our final question in this episode is: “Did you guys take a course/ program to learn this or was it self taught?” We did not self teach all of our knowledge, not by a long shot. We both started learning on our own in early 2021 and rapidly realized we were in over our heads and needed more instruction. In fact, we initially met in our first trading educational online program! After learning a tremendous amount there but not yet finding enough advanced skills or our niche for true profitability, both mamas engaged in more independent learning and then more advanced online mentorship. To really get good at trading, it is our stance that you need an education in it. We treat our trading as our career, and it is unreasonable in general to just create a profitable business without mentorship and education as to best practices for success. If you can find the right teacher/program for your personality and trading style, they will be worth their weight in gold to fine tune and guide you to serious profitability. In our honest opinions, this is a part of market tuition that is central to elevation.
As we keep getting excellent questions such as these, we fully intend to provide thorough and focused feedback to them all! We are here to share openly and work together for the betterment of all of us! Our best trading days are ahead!