It’s that time again, gang … Welcome to the May 2021 edition of Bohen’s Take.
A lot has happened since my last update, and I’ve enjoyed every moment.
I’ll tell you about my awesome spring break with the fam and how things are going well on my current handyman project.
Plus, I’ll tell you all about the wild moves we’ve been seeing in crypto-related stocks. We’ve been loving the action inside the SteadyTrade Team community.
Let’s dive right in…
Table of Contents
What’s the Haps?
Since my last update, I’ve been keeping myself busy, both in front of and away from the screens.
I had a blast taking the family to Florida for a little spring break getaway. We’ve been going every year for 15 years or so. Unfortunately, we had to miss last year due to the pandemic.
I was so excited to get the whole family back there this year. My son’s 19 now. So he’s getting to the age where he probably doesn’t want to vacation with his dorky family.
And I gotta say … Florida was awesome. Lots of sunshine and smiling faces. It was great to get a little glimpse of normalcy.
Back home, I’m busy working on my home office remodeling project. That’s dragged on for a while, but it’s given me a first-hand look into the crazy action in construction.
It seems like across America, everyone’s nuts for renovations and new builds. Contractors are booked up for months and prices are crazy! The price of lumber shocked me. I’m only half joking when I say that lumber is basically the Bitcoin of 2021.
As for the markets, the action continues. Let’s look at my favorite trades of the past month…
Trade of the Month: Crazy Crypto Pumps
Sure, things have been a little slower than 2020. But to me, there’s always something moving. And if I have to pick a favorite from the past month, it would have to be crypto and crypto-related stocks.
For one, bitcoin pumped its way up to new all-time-highs before a recent swift pullback.
When bitcoin hits all-time highs, we tend to get sympathy plays across the board. It usually leads to a lot of action in crypto stocks and other cryptocurrencies.
We can see that in Dogecoin.
Dogecoin: Crazy Crypto Pump or to the Moon?
Dogecoin is the cryptocurrency that started as a joke based on a meme. And it’s had crazy price action lately. Here’s STT’s Bryce Tuohey breaking down its mid-April moves…
It amazes me. Basically, everyone knows that Dogecoin is nothing. It’s a scam in line with the sketchiest of penny stocks … And yet, the market pumps Doge…
Dogecoin began April trading at close to half a cent. By April 16, it was trading at close to 45 cents, before plummeting like a true supernova to around 16 cents.
It shows how many people out there will pump money into pretty much anything with hype and no regard to the fundamentals.
It’s a crazy time. But to me that says that there’s just so much opportunity for smart traders who don’t buy into the BS. Take note: don’t become one of those true believers. Understand that most of these stocks and hyped cryptos can’t sustain on speculation.
Be prepared for the inevitable fall. Here’s another example…
NFTs: The Ultimate Crypto Pump?
Takung Art Co. Ltd. (AMEX: TKAT) is a company in the non-fungible tokens (NFT) sector.
NFTs are a segment of the cryptocurrency universe that’s allowing people to invest in unique digital art and more. I won’t go into it too much here, but it’s all tied to the blockchain. Artwork, baseball cards, old-school sneakers, Jack Dorsey’s first tweet … You name it and there’s probably an NFT for it.
NFTs saw some big action in the past few weeks. A lot of it kicked off with crazy stories of buyers paying huge prices for NFTs, including the recent sale of a digital work of art by artist Beeple for $69 million.
Companies like TKAT are ready to swoop in on the hype. Check out the chart…
Takung Art Co Ltd. (AMEX: TKAT) chart with NFT-hype supernova pattern (Source: StocksToTrade)
The stock market sure took notice. TKAT became a market darling for any NFT-related hype. Inside the SteadyTrade Team community, we spotted the momentum early. TKAT is a favorite recent ticker for some members.
Here’s how wild this run was…
Back in early March, the stock was trading in the $2s. That was before the stock went on a jaw-dropping run to almost $74 in about a week or so.
No big surprise that the stock collapsed after hitting that high. But it has had some smaller price spikes since then.
I expect crypto and the NFT spaces to be volatile for the foreseeable future. It’s not a terrible idea to keep some NFT and crypto tickers like TKAT on your watchlist. You can get my latest list of crypto stocks to watch here.
And, of course, if you haven’t already signed for my no-cost weekly watchlist, make sure to sign up for it right here.
Now for some long-awaited and exciting StocksToTrade news…
StocksToTrade Feature of the Month: The Mobile App Is Live!
I’ll admit I’m a bit of an old man when it comes to trading.
I like my desk with my big monitors displaying lots of stock charts. And I prefer my wired computer mouse to enter stock orders…
I know … It’s not very millennial of me.
But there’s no doubt technology is growing and changing fast. That means more options and tools for traders. So more and more traders are buying and selling using their smartphones while they’re out and about.
And for that reason, I’m pleased to announce that we’ve released the StocksToTrade mobile app.
Now you can run scans, build watchlists, check the news on your favorite stocks, and enjoy StocksToTrade goodness — all from the convenience of your phone. My buddy and Small Cap Rockets chat co-host Matt Monaco uses it in this clip. Check it out:
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While I do love my desktop trading, I have to say, I’m enjoying the app while I’m out running errands.
I find the combination of the mobile app and the Breaking News chat feature has been amazing. It’s helped me to stay up to date with the stocks that are on the move while I’m on the move.
Currently, the app is available for iPhones in the App Store and is coming soon for Androids. Please, make sure to check it out and leave us a review!
What I’ve Been Reading
I’ve been on a bit of a Steven Pressfield binge lately.
I’m not sure that many traders will have heard of him … But boy, do I think some of his books contain absolute gold for people involved in the markets and trading.
“The War of Art: Break Through the Blocks and Win Your Inner Creative Battles” by Steven Pressfield is marketed as a kind of self-help book for creative types.
The book is about fighting procrastination and making things happen when it comes to creative professions. So a lot of writers and artists will gel with this book. But what about traders?
Is trading a creative endeavor? Maybe not as much as some other careers, but the book has a ton of value for people like us…
When you start out as a trader, there’s often nobody to force you to sit down, study the markets, and develop your strategies. And those are all things you must do to develop as a trader.
We all have to develop our willpower and fight procrastination if we want any chance at succeeding and developing as traders. The “War of Art” has a lot to say on that topic.
Pressfield also wrote “Turning Pro: Tap Your Inner Power and Create Your Life’s Work.” It’s all about developing yourself into a true professional.
The book deals with the self-doubt and imposter syndrome that a lot of newer traders face when they’re starting out.
These books are some gems that can be great for developing your trader psychology. I recommend just about anything that Steven Pressfield has ever written.
(As an Amazon Associate, we earn from qualifying purchases.)
Bohen’s Conclusion
That’s all she wrote, folks.
I hope you’re enjoying these opportunity-rich markets and learning to surf these glorious price waves.
If you’re just getting started, I have to say that I’m kind of jealous. These are some of the best times to start trading. You have access to so many great tools — like STT’s brand-new mobile app!
Just remember … always have a plan, wait for your specific trading setups, and always work to continue developing your trading skills.
We have plenty of posts on this blog and videos on YouTube to help you. But if you want something more interactive, consider joining the SteadyTrade Team community. It’s where I can teach you all about the markets each and every trading day.
Until next time…
What do you think of all the NFT and crypto mania? What about the STT mobile app? Tell me below!