Blog Posts - Timothy Sykes

7 Crucial Tips For New Traders

You have just a few days left HERE to save $1,000 off my upcoming annual conference…go HERE ASAP as this will sellout at full price, not mention earlybird prices where you will save $1,000!

I am a self-taught trader and that SUCKED! Doing it all by myself, I was forced to learn a lot the hard way and through trial and error along the way and this is, in part, what inspired me to create the Tim Sykes Millionaire challenge to be the mentor to people that I never had.

I didn’t have a mentor or a program like mine, but in retrospect, I wish I had. I probably would have made money far quicker and not made so many bone-headed mistakes if I had.

But lamenting the past won’t change anything. Instead of complaining, I want to help you so that you don’t have to make the same mistakes I did! In addition to offering my trading challenge, here are seven pieces of advice I’d like to offer new traders who are where I used to be.

1. Seek out an education. The idea of just jumping in and starting to trade penny stocks might be tempting. You’ll figure it out as you go, right? Not so fast.

I’m all for going for it, but take a step back before you do anything hasty. Remember, this is your money, and you don’t want to lose it. Before you trade, it’s smart to learn a bit about the process and theory behind trading so that you don’t lose your money in ways that could easily be avoided.

The challenge was created for this exact reason. It is designed to educate the Tim Sykes Million Challenge team on trading in an applicable, real-life way. We progress into real advice and methods that you can put to work. I don’t want you to wait years and years to make your first trade, but I do want you to have an idea of what you’re doing before you dive in.

2. Have a willingness to learn. It’s best that you learn this early on in your career: as a trader, the need to keep learning will never end. Seeking out an education, as discussed in the previous point, is partially so that you can make educated trades. But it’s only the tip of the iceberg.

But if you really want to be a longtime, successful trader, you’ll need to have a will and a desire to learn. This is something that you basically want to turn on and never turn off. Keep reading, learning about the philosophies and methods behind successful traders, and stay interested in the world, both in terms of business and at large.

3. Know what you’re working toward. If you’re not working toward something as a trader, then your career will have little direction. So what are you working toward with your trading? What are your goals?

When you’re new as a trader, you should have strong clarity on what it is that drew you to trading. Money, obviously. But money for what? A better quality of life? Really dig deep and figure out exactly what it is that you want to buy with all that money you’ll make. Tattoo that desire in your brain and think of it with every trade you make. It will help you stay motivated, which makes you a better trader. Having goals to stay committed to will keep you going when things get tough.

4. Recognize your strengths and weaknesses. It’s important to be able to identify your strengths and weaknesses early on as a trader. Basically, the sooner you identify them, the sooner you can streamline your trading. By recognizing your strengths, you can play to them, and adjust your study and trading schedule to suit what works best for you…every trade and student is different as we all have different personalities so it’s important to recognize this and adapt to whatever works best FOR YOU!

By recognizing your weaknesses, you can either work around them, or make a decision to become stronger in those areas. This might involve studying harder in certain areas, or taking the steps to remove bad habits from your daily repertoire and replace them with good habits.

5. Let yourself improve over time. Patience is a virtue when it comes to trading. Don’t expect miracles (or millions) in your first week. It doesn’t have to take an incredible amount of time to start earning money, but don’t rush it. Let yourself discover what works and what doesn’t, and get your footing as a trader…read this blog post if you want to learn more about patience and perseverance.

Slow but steady wins the race when it comes to developing skills as a trader. Don’t try to jump ahead, because there’s so much that you can learn along the way that can help you later. Giving yourself the room to learn and improve over time will take a way a huge stressor from your trading career, and it will also make the journey more enjoyable.

6. Network, network, network. Creating a network is important for any entrepreneur, and traders are no different. Come to this meetup in a few months and meet all my top trading challenge students and I and trade live with us too! Making friends with other new traders can create a positive support network and help you stay inspired. Making friends with traders who are further along in their career than you can give you insight and allow you to emulate their success (without copying).

A mentor, too, should be part of your network; this is a trader who is further along in their career than you who takes it one level further and acts as your adviser. Meeting with a mentor on occasion can inform your career, give you ideas, and help you know what career pitfalls to avoid.

Moreover, creating a strong network is a great thing for new traders, as you never know what opportunities your connections might afford you in the future.

7. Learn to love trading. If you walk away with nothing else from this article, take this advice to heart. If you learn to love trading, then you’ll be doing yourself a great service as a trader…the process and the journey is actually even more enjoyable than the rewards…the rewards are nice, don’t get me wrong, but learning to be self-sufficient is priceless as even if I lost all my money tomorrow, I know EXACTLY what I must to do get it back so I’ll NEVER be down for very long, no matter what happens.

And remember, too many people suck at their jobs and don’t excel because they don’t truly enjoy it…doing things that you hate is no fun. It makes the time crawl by, and it does nothing to improve your quality of life so don’t make that your future.

However, doing things you love makes time fly by (in a good way) and makes you feel vital and excited about your day, and about life in general.

If trading can become one of those things that you love, then your career will seem effortless and success will come to you far more quickly and more naturally.

These seven pieces of advice are vital for new traders. I wish that I’d had them when I was a new trader! So go forth and don’t make the same mistakes I did.

Please leave a comment below with which of these points make the most sense to you, #1-7, you tell me! 

The 7 Best Stocks Now And My Thoughts On This Amazing Week

I’m SO excited to FINALLY reveal this, whewwwwwww have we got some amazing stuff planned for you at my upcoming conference in just a few months! Go HERE ASAP to get on the earlybird list and save $1,000+ off the regular ticket price.

UPDATE: This original blog post was written Tuesday featuring just 3 hot stocks, but now today on Wednesday several more hot penny stocks have emerged so this madness just keeps going and my top students and I are profiting nicely since we adapt to what the market is telling us:

Congratulations especially to this new six-figure trading challenge student I featured here last week

As I write this from my flight on my way to my next charity trip while also planning this upcoming conference of mine now less than 3 months away (ahhhh!) and my upcoming Italy/Greece trip this summer where I look forward to returning to perhaps my favorite “office with a view” in the world in Oia, Santorini: Continue reading

The Best Stock For Tomorrow And How To Plan Trades Ahead Of Time

I’m SO excited to FINALLY reveal this, whewwwwwww have we got some amazing stuff planned for you at my annual conference in just a few months! Go HERE ASAP to get on the earlybird list and save a ton off the regular ticket price.

Happy Father’s Day! Here’s a special flash sale in honor of all the great dads out there!

Here’s what I got my dad last year for Father’s Day so I have my work cut out for me to try to top it this year: Continue reading

10 Lessons From Another Student Who Just Passed $100,000 In Profits

Nothing gives me more gratification than one of my trading challenge Students hitting that whopping $100k mark (or, in some cases like this and this this even more)!

Because the strategy I teach aims for singles, not home runs, the key is having lots of little gains add up over time, so when you make six, or seven, figures, it’s not a fluke, it’s a very meticulous strategy all about trading like a sniper as I outline here. And whether the student begins with just $1,500 like this guy, or $27,000 like this guy or maybe even $50,000 like this guy, when you learn to grow your account exponentially, it’s ALWAYS the result of lots of testing, studying, paying attention, hard work, perseverance and…lessons learned. Continue reading

What Is the Pattern Day Trader Rule And Why You Do NOT Need $25,000 To Trade Stocks

As for the $25,000 figure, the confusion comes from the US regulators instituting the much maligned “Pattern Day Trader Rule

Understand first that brokers want you trading all the time because they make money on commissions and in order to trade all the time freely you need $25,000…but if you truly want to get wealthy you shouldn’t be listening to what your broker says, you should listen to what actually works as proven by my top millionaire trading challenge students and I.

I hope you’re enjoying this free new guide I created, but more importantly, I want to cut through the BS unethical brokers like to spread, like that you can’t short sell penny stocks (yes you can, you just need the right broker as I outline HERE), or that you need to trade intraday every day to get rich (no, that’s how you make your broker rich) or that you need $25,000 to truly trade stocks as that’s all BS as you’ll understand after you read this article so from now on I will just forward anyone who spreads or believes that lie to this blog post.

Here’s a short summary: Continue reading

A New Free Penny Stock Guide To Study This Weekend

Yesterday I introduced THIS NEW FREE PENNY STOCK GUIDE so please take the time this weekend to study it and memorize it as it’s VERY basic, but those basics are crucial if you want to succeed in the trading world.

Let me just remind you that Academic Study after study shows that 90%+ of traders lose, and it doesn’t matter what niche it is whether it’s stocks, options or Forex…and because Forex you deal with so much leverage, most traders don’t just lose there, they blow up AND go into debt with their broker) and why do you think that is?

Is everyone just stupid?

Is the stock market really that difficult to figure out?

Is this some impossible game designed by some evil villain that ordinary people can never win at?

No and no and no. Continue reading

My Controversial Maxim Video And How To Short Sell Penny Stocks

Yesterday I was featured in this Maxim Magazine article and although it’s controversial, I have fulfilled my childhood dream of finally being in that legendary publication!

I’m kidding about it being a childhood dream of mine — that was to drive a Lamborghini like this and/or a Ferrari like this and now both I’ve spent a little over $500,000 buying them both and so they now sit in my driveway: Continue reading

5 Steps You Should Take Every Morning

URGENT MEMORIAL DAY SALE HERE and another SALE HERE with coupon code: save100

Below you’ll find my 5 Step Process that I feel everyone should utilize to get the best results and put you on track for success.

If you’ve watched my DVD guides (which are on sale here for 48 hours ONLY), seen my recent trades HERE of what kinds of trades are working best right now and read my recent blog posts like “Try This Every Morning And You’ll Make Money” and “The Best Play That’s Working Well Right Now” you know it’s VERY important for me to look for hot stocks near the market open. Continue reading