Tim Bohen is the head trader at StockstoTrade Pro, a cohost of the Steady Trade Podcast, and one of the owners of StockstoTrade. With his heavy background in the market, he has found a lot of success both trading as well as teaching others to trade. In this interview, he tells us about not only how he got into trading and what he does, but also about how he teaches others to trade. Furthermore, he goes into detail about how he thinks of trading as something that should be used to supplement income as opposed to doing it full-time. While we all realize that there are a lot of full-time traders, he simply believes that the capital made from trading can and should be used to either supplement other income, or to create other streams of income.
How Did Tim Get Started Trading?
Like many of us, Tim had some interest in the stock market from an early age. After having founded a successful business back in the 1990’s and finding success in the late 90’s to early 2000’s, Tim decided he wanted to get into trading stocks after he had some more time. Not really knowing where to go, he started watching CNBC and attempted to invest long-term. However, he realized that he would only see a few percentage points gained on his account every year if he was lucky, and sure enough, the financial crisis happened in 2007-2008 which brought a lot of volatility to the markets.
Tim then realized that this volatility had the potential to make people a lot of money who understood what they were doing with it. After doing some searching on the internet, he came across Tim Sykes and became one of his first students. This all actually came from an Amazon suggestion for Tim’s book, but after having read it, he learned that there were cheaper priced stocks that were very volatile. From here, he then learned how to short-sell through Tim Sykes, and from here, used trading as a way to supplement his income, only truly trading part-time. For him, this was the best way to not only grow his account and live the lifestyle that he desired.
Tim’s Role in StockstoTrade
As of 2016, Tim Bohen has been a big part of StockstoTrade, being one of the lead traders over there. Because of his success as a part-time trader, he wants to teach others to be able to do the same thing. While it is many of our dreams to be a full-time trader one day, the fact of the matter is that many people do not have the means or the knowledge to be able to do this full-time. Especially for those who want to trade but have a full-time job, it is near impossible to quit that until you have found massive consistency in your trading.
At StockstoTrade, Tim teaches people that they should be “busting their asses” at work while they learn to trade. Again, the idea here is that Tim wants people to know that successful trading does not have to be done full-time and can even be done at work. However, this does not mean that work should not be taken seriously either. It simply means that you do not have to give up your primary source of income to become a successful trader.
Tim also highlights that he feels as though something that is lacking with trading platforms is the lack of education. StockstoTrade is something that is more than just a charting program, and Tim tells us that he does two webinars every day for those in the StockstoTrade Pro program. He does this in order to deliver some kind of education to those who are looking to be a successful trader while still having a great platform to trade with.
For Those Under the PDT
Like me and Matt, we know that many of you are trying to grow your account from under the PDT. However, this is something that is very difficult to do, and is also a reason that Bohen mentions that it is near impossible for a lot of people like ourselves to become full-time right out of the gates. Being a full-time trader while under the PDT is near impossible as well as it is to grow your account from under the PDT and then become a full-time trader. While it is not impossible, and Tim mentions that there are unicorns, it is simple not something that everyone should expect.
However, for those who are looking to grow their account from under the PDT, Tim says that they should have a very growth-oriented mindset. This does not mean to hit for home runs and look for exponential growth on one trade, but rather to have a very strict and precise process to your trading. With only a few trades a week, you need to make sure you are trading the best of the best setups, and this means that it is much better to take a few small winners than to take a huge loss that kills all of your growth.
Advice For New Traders Today
Back when Tim Bohen first started trading, he was a very short-biased trader. However, the same is not to be said today. While he still will take short positions, he also realizes that for new traders especially, the edge is on the long side. This of course does depend on the type of stocks that one is looking to trade, but with a lot of low-float and OTC stocks, there has been a lot of edge longing recently.
This goes back to some of the past interviews we have had lately with a lot of new traders having found the OTC market and making money with simple OTC breakout plays. The patterns are working very well right now and there is some volatility that is beginning to pick up in the OTC market which is great for those who are just getting into the game.
Shying away from strategy, Tim also suggests that new traders who may be struggling to find consistency take a step back and learn the processes and strategies that work best for them while they save up some money by cutting expenses. Even saving a few hundred dollars every month will give a couple thousand by the end of a year to be able to trade with and also gives the trader a lot of time to study and learn.
Matt and I had a great time talking to Tim about what he does and his thoughts on trading as a whole. It was a very unique perspective coming from a successful trader that trading does not need to be a full-time focus necessarily. In fact, he recommends that people trade part-time until they have the means to go full-time as well. This should give a lot of people hope, though, in the sense that it is possible to find success in trading even while being at a job and having other commitments. Of course, we all know it is not going to be easy as there are a lot of commitments that need to be made such as learning, studying, financial means, etc., that go into finding success. Nonetheless, we learned a lot of great information in this episode and hope you did as well!