6 Important Lessons From A New Student - Timothy Sykes

6 Important Lessons From A New Student

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I get lots of notes and emails and tweets from my millionaire challenge students. Often, it’s just a couple of sentences that say “thanks!” or a paragraph or two about how much they’ve learned from me. But every now and then I get more. Sometimes students want to share what they’ve learned while in the challenge, which is great, because then I can pass that on to all the other students, or all the other would-be students who haven’t yet taken the plunge and fully invested in their future. It’s all well and good for me to post interviews with my top students who have made high six and low seven figures like:

…but what about upcoming newer students who might not have made that much yet, but are learning nicely and on the right track?

Most recently, I received a message from my trading challenge student Nick. Nick began his challenge in November 2016, and spent the next few months learning. His takeaways are great, and if you’ve just started the challenge or are thinking about applying to become a millionaire trading challenge student, this is a must read.

The 6 Most Important Lessons I’ve learned After 6 Months In The Millionaire Challenge, According to Nick

Lesson #1:  Want it

How bad do you want it?  You are responsible for shaping your future. Success takes time and determination. It is earned, as few will be handed anything on that proverbial silver platter. Take a minute to focus on what it is that you desire and what steps you are going to take to get there. Have a plan and make it your mission to execute that plan. You will get discouraged along the way. Everybody falls down. It’s how you pick yourself back up which shapes you as an individual. Don’t make excuses. There is always somebody out there who has it much worse than you, and somehow finds a way to prevail. In summary – Attitude is everything.

Lesson #2 Reflect on the positive, grow from the negative

You have to be able to understand what your proficiencies and deficiencies are when it comes to trading. I’ll be the first to say that I’ve got an incredible distance to cover on my path to achieving consistency and success. I’ve been constantly expanding my trading journal throughout my short time traversing the market. If you don’t have a trade journal, start one now. At the very least, record your trades in detail on Profitly. This is crucial to the success of your journey. I spend a lot of time reviewing each of my trades and reflecting on my entries, exits, risk level, price targets, etc. This has helped to shape my trading going forward as I’m able to think back on the last time I traded something similar, and the outcome of that trade. The biggest losses I’ve taken have also taught me the most. Don’t be embarrassed about mistakes (or in my case – pure stupidity). Grow from it. If life isn’t about bettering yourself each day, then what is it all for?

Lesson #3  Find what works best for you and capitalize on it 

I had never traded a stock in my life prior to October of 2016. I really struggled during the first four months of the challenge, after getting accepted in November. There was an overwhelming amount to learn. It took me a long time to realize that I needed to break the different aspects of trading up into pieces and take it in stride. I watched video lesson after video lesson, focusing on one subject at a time while absorbing what I could about other aspects of the market. And I finally found my passion after discovering short selling. Trading went from something I really enjoyed doing, to something I couldn’t get enough of. I had been getting out of bed each day around 4:30am Central time. This was after hitting the snooze button multiple times. After discovering the joys of short selling, I barely needed an alarm anymore. I continued to focus on shorting and finally pulled myself out of the red, achieving profits after months of struggle. That feeling was unlike any other. I’m finally starting to “see the light” because of it.
Find what your’e good at throughout the vastness of different trading strategies. Focus on it and work towards becoming consistent. Build your knowledge base and skill set off of that.

Lesson #4  Stay focused on your goal

Why did you decide to start trading? For me it was because I was tired of just getting by in life. I wanted more. I have a goal to become financially healthy. It is important to keep your goals in the forefront of your mind. Use it as motivation. Have short term, mid term, and long term goals. This has been a key factor in helping me grow not only in life, but with my trading. Each week I’ll set a goal and repetitively work towards it throughout the day, each day. This week my goal has been to respect risk. I’d taken a few big losses recently in not doing so. I’m working towards this goal day in and day out, in order to become more consistent.
By learning to work towards something specific, I’ve fine tuned my abilities.

Lesson #5 Protect your capital

This is one of the single most important aspects of trading. You must protect your capital. Holding and hoping is not the answer. Make a trade plan and stick to it. Cut your losses quickly when your plan doesn’t work out. Tim Grittani said something in one of his webinars that really hit home with me:
Your job isn’t to trade but to manage risk – where are you risking off going into the trade and with how much on the line? That’s really all trading is.. putting yourself in high odds situations, and getting the hell out the times the situation fails. good trading is much more reactive than predictive.”
If that doesn’t sum it up, I don’t know what does.

Lesson #6 Never stop learning

Knowledge is everything. There are countless hours of material to learn from. I’ve always got a video lesson playing throughout the trading day, constantly absorbing everything I possibly can. As far as i’m concerned, you can never know enough. Never stop building and growing. Keep moving forward.
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Thanks, Nick!  If you have a list of lessons that you’d like the share, drop me a line so I can share it.
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Posted in Tim Sykes Trading Challenge Reviews

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34 comments

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. Eric

    So true .. Key 6 lessons or 60 … It really boils down to. Desire, dedication, perseverance… If you want to streamline further … Tracking trades, and creating your own RULES is also important … Not all rules work the same for everyone .. There are a few constants though ..
    1. Cut losses, whether quickly, intelligently, or even scared, you can always get back in
    2. Importance of risk management and discipline
    3. Not rushing or forcing anything
    4. Think, think think about every possibility, even the unexpected
    5. Roll with the punches and keep fighting for what you want

  2. Gavin

    Spot on, I have just started and slowly working through it every possible chance I get, I have to definitely do a lot more around the risk reward area as I have found I am allowing far to much downside and it’s catching me out.
    Cheers for the inspiration.
    Cheers for the view on your rules
    Keep up the hard work and education.

  3. Travis M.

    Nick, for me, you hit he nail on the head concerning your “why” for getting into trading; I, too, am tired of just getting by. It is often a catch 22 as I work (am trapped in) a full time job that consumes every hour of the daily trading window, so I obsess with studying Tim’s blog and video lessons in the evenings and on the weekends. The forward motion is slow but I am determined to press on. Thank you for sharing your insight and a glimpse into your experience so far. I look forward to seeing more in the future. Tim Sykes, you will always be the most profound, life-changing teacher and coach I’ve ever had. Thank you for being real.

  4. Skiwi

    aahhh mann, the concept of a good trader & bad trader really starts to click in, after reading the day trader coach 101 lessons, every rule and lesson starts to make way more sense then previously.

  5. TraderKarl

    Excellent comments and well said. I predict you’ll be a great teacher of Tim’s in the future.

  6. Growth4me

    You know now I want to write about some lessons I’ve learned. Being competitive just makes you study harder. I have been studying about as long as Nick but have just become a Challenge student. I have to say I agree with what he says.

  7. bankatronic

    Awesome points to consider & live by! Gigantic congrats on your awesome profit chart & fine tuned skills, Nick! Thanks for writing this post1

  8. Llewellyn Booysen

    AWESOME AWESOME advice Nick that is just what i need to know now that im also starting my journey. Keep it up

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