Howdy, gang! Today, I’m all about the trader lifestyle…
It’s that time again … Welcome to the latest edition of Bohen’s Take. I’ve got a lot in store for you.
I’m participating in this cool little documentary where I get to share what it’s like to be a wild day trader and live the trader lifestyle…
I’ll replay an awesome trade setup we had on the weekly watchlist that was super easy — even if you have a day job…
And you can check out a simple and practical way to develop your trading skills without spending a dime.
Plus, I’ll tell you how I’m using meditation to improve my life and trading abilities … And how you can do it too.
Let’s dive right in!
Table of Contents
What’s the Haps
I’ve gotta tell you … I’m feeling a bit like a celebrity recently. Hopefully, I won’t turn into a diva, like Mr. Famous himself — Tim Sykes.
Some of the StocksToTrade team members and I have been busy filming a documentary-style video on the daily routine of a day trader.
We’ve been filming at my house, with the cameras following me around as I rise at 4:30 a.m. They film me as I work out, prep for the market, make my trades, run the webinars, and get some outdoor time.
The whole idea of the video is to show what’s possible living the day trader lifestyle.
I know that some people may aspire to Lambos and partying, but for me, that’s not what this lifestyle is about.
For me, the trader lifestyle is all about the freedom to enjoy your regular life.
It’s not about getting rich quick. It’s more about making a decent income and working from home, but also being able to turn off the screens and attend to whatever pops up…
Maybe that’s taking the dog for a walk, squeezing in a workout, heading to the coffee shop, or picking up the kids.
Maybe you already have that kind of lifestyle if you sold a big tech startup or inherited millions from a rich family member…
But for a regular person who wasn’t born with the proverbial silver spoon, in my opinion, being a trader is one of the best ways to achieve that freedom. I’m excited to show people what’s possible!
On the SteadyTrade front, I have to tell you to drop everything and go and check out the podcast I recorded with Jim Rogers. The guy’s awesome, and it was one of my favorite conversations of all time.
If you don’t know who he is, just know that he’s a super-interesting, worldly guy who’s made hundreds of millions of dollars in the world of finance … And he has so much wisdom to share.
He said something very interesting when talking about why he retired from the fund management world…
He said something along the lines that he no longer wanted to be nice to people who he didn’t want to be nice to. What a beautifully simple way to describe freedom. I’m sure anyone who’s ever had a job for a not-so-likable boss will understand.
The Setup of the Week
We recently saw a fantastic little setup in an agricultural biotech stock called Arcadia Biosciences (Nasdaq: RKDA).
This was a setup that I alerted subscribers of the Weekly Watchlist to. That’s our weekly watchlist email that’s completely free of charge. Click here to sign up if you’re not already a subscriber.
In early August, the company announced positive news on a moisture-resistant soybean seed. That caused the stock to spike, and it got my attention.
In the Sunday watchlist email, I told subscribers that if this thing breaks key resistance at $9 on the following Monday, it would likely run higher.
On the following Monday, we saw the stock break that $9 level at around 1:30 p.m. It proceeded to rocket up to $10.42 on the day. That’s a solid little run of over $1 in a single afternoon — plenty of meat on the bone for day traders.
What’s interesting about this setup is that you didn’t have to be glued to the screen to trade it.
These kinds of setups are based on simple support and resistance levels. They can be perfect for traders who have jobs.
You can set an alert for when the stock hits the key level, then place the trade. That same afternoon you could have a solid profit on your hands … Simple!
These are the exact sort of setups we look for each and every trading day with StocksToTrade Pro, our elite trading community.
Inside StocksToTrade Pro, I share my views of what’s happening in the market with twice daily webinars. There’s also a very active and friendly trader chat room and regular educational webinars.
Ready to step up your trading game? Join us at StocksToTrade Pro!
StocksToTrade Feature of the Week
As active traders, a huge amount of what we do is based around watching charts and recognizing patterns.
In fact, to improve as a trader as quickly as possible, I think it’s a great idea to look at charts until your eyes bleed. Well, that’s a bit extreme. But my point is that you should get to know charts inside and out.
Plus, when you see a great trade setup, you should grab that chart and keep it. That way you can go back and review it any time. You can use it to internalize what a great setup looks like.
That’s why this week’s StocksToTrade feature is the platform’s ability to easily export and annotate charts.
When I first started as a student of Tim Sykes, I used to print out the best chart setups. I kept them in a three-ring binder and reviewed them all the time. It makes me sound old — and it was tedious — but it definitely worked for me!
Thankfully, now we have some pretty cool software options that allow you to keep a collection of all those charts digitally. And you can view them at any time…
It’s great to save those charts into a doc or slideshow presentation — whatever works for you.
You can create separate sections for different trade setups: breakouts, dip buys, VWAP high-of-day breakouts, low-float runners, and so on.
Then, when the market’s closed and you have some time, do the homework. Flip through those charts and let your brain soak up those setups. If all goes according to plan, the next time you see a setup in real-time, you’ll know exactly how to handle it…
There’s so much more that comes with StocksToTrade to help you supercharge your trading … scanning, trading and analysis features, indicators, and more.
Check out the platform today with a 14-day trial for just $7!
What I’m Reading
At the moment, I’m trying to force myself back into the habit of daily meditation.
A while back, I had a run of over a year where I meditated daily. I felt some great benefits, but sadly, I got lazy with it.
So to motivate myself to get back on the meditation wagon, I’ve been reading the book “10% Happier” by Dan Harris.
Dan’s got an interesting story … He was a newscaster in war zones and basically developed PTSD from being in such a high-pressure environment.
Now, as traders, thankfully we’re not quite working in war zones. But we definitely endure high levels of stress that can come with battling the markets. Most of us can surely find benefits in regular mediation.
So, if you want to get into meditation, I fully recommend reading “10% Happier.”
It’s a pretty light-hearted read — no woo-woo mysticism. Just a regular dude writing about how meditation helps him be a better, happier, regular person. My kinda guy!
Trader Lifestyle: The Wrap
That’s all she wrote, folks!
I’ll keep you posted about when the day trader documentary is coming out…
I can’t tell you how helpful meditation can be for achieving a general feeling of wellbeing and allowing you to focus on trading. This can be key to maintaining a Zen-like trader lifestyle.
Feel free to join me on my daily meditation goals. It just takes 20 minutes a day!
I hope you’ll all start saving the charts of your favorite setups. That very basic practice is a big reason for my trading success today.
Remember, StocksToTrade makes it super easy to save your charts. So if you’re not currently a member, check the platform out now with a 14-day trial for $7!
Trading can be a stressful business. What helps you deal with the trader lifestyle stress? Exercise? Meditation? Yoga? Tell me what works for you!