6 Lessons On How To Make $6,000 In One Month - Timothy Sykes

6 Lessons On How To Make $6,000 In One Month

I’m not sure if you realize it or not, but my students and I have been ON FIRE these past few weeks, with milestone after milestone being achieved:

Large or small account, so many of my dedicated students who study allllllll my DVDs here religiously are growing their accounts 2x, 3x, 10x, over several months and years and lately, the action has heated up so much in my little niche that some students can quintuple their accounts literally overnight:

Whether you want to be one of my trading challenge students or you already are, there is no doubt in my mind that you can learn MORE than anywhere else, since we have hundreds of archived webinars, not just from me, but also several from my other top Millionaire trading challenge students, like THIS guy and THIS guy, too, both of whom have achieved some amazing trading gains in just the last 5 years.

Download a PDF version of this post.

But, you don’t just have to learn from millionaires.  Even students with far smaller accounts have experiences and trades worth learning from…take my student Lawrence, below, who just made $6,000 last month alone.

What Lawrence has is perspective and there are plenty of you who could use a sizable dose of it. Have you been blaming your inability to make $6k in a month on the market? Lawrence hasn’t. Have you grappled with doubt and been indecisive, losing your shirt in the process? Lawrence hasn’t.

In fact, there are quite a few things Lawrence has and hasn’t done that make for a cash-winning balance.

Meet trading challenge student Lawrence Utigard and check out his $6,000+ in profits for November:

lawrence1

I was shocked, too. In fact, when Lawrence initially let me know he’d racked up $6k in profit, I had to go back and confirm with him that it was just for the month of November.

This could you be you in a single month—if you pay attention to the 6 lessons Lawrence learned last month and the observations that he made as he psycho-analyzed himself and the market.

Lessons from Lawrence:

Lawrence: 1.The Market doesn’t suck! Sometimes, my trades do and the market is always right. Because it’s bigger than all.

Value might be subjective, but the market—well, the market is what it is. It’s never ‘wrong’. Until you start seeing the market as a living, breathing thing that is bigger than you are, you aren’t likely to understand how it can all come together. Lawrence has figured it out. The market is bigger than he is and how he reacts to that is key. In this case, he figured it out to the tune of $6k. That’s really taming the beast.

My take? I REACT to what the market does and I don’t worry either way, as there’s always opportunities to profit, long and short, if you prepare meticulously, like my top Millionaire Trading Challenge students and I have learned to do.

(Check out my October piece on the market, too).

Lawrence: 2. “Don’t make random trades.”

I’ve said it before and I think it’s worth saying a million more times: Trade random stocks and you’re going to get random returns. And, don’t trade at random times. The first and last half hour of the trading day really matter. Wait for the breakout.  Don’t just buy at random times, you’ll get spooked (if you’re disciplined enough to take losses quickly).

There is absolutely nothing random about trading. This isn’t Vegas and the house doesn’t have to always have an edge, if you PLAN AHEAD AND CHOOSE GREAT TRADING SET-UPS where the odds are in your favor…see this free guide, if you want to learn how to create a solid trading plan

My trades are all planned for/played out in my head, before I even enter the position…always have a plan BEFORE your trade. Choose specific points in the chart and stock price to represent your ideal trade; your mental stop loss and/or an acceptable point at which you’d get out, if the trade is taking too long to play out.

Lawrence: 3. “When in doubt, get out. The same goes for when you lose control.”

Doubt is the end-all for a trader. If you let it rule your day, you won’t make any progress. If a stock isn’t acting exactly like you want it to or expect it to, get out or you risk a reversal.

As another trading challenge student noted in a guest blog post:

We all know that a trader has to act fast, they have to make big decisions in a short amount of time to make sure their orders are executed. And, as a trader you mustn’t second guess yourself. Therefore, my third emotion of trading is DOUBT. At the end of the day, as a trader you don’t actually know what the market is going to do, you don’t know if the stock is going to go up or down. So, all that you can really do is to stick to the strategy that Tim has taught you through his video lessons and follow your trading plan as the day goes on, making quick decisions based on structured analysis. If you find yourself with large amounts of doubt and too much time passes, don’t make the trade.  You won’t be thinking properly.  Just stand up and walk away for a couple of minutes, drink some tea and calm it down.

Lawrence: 4. “Follow the rules.”

While I can’t be sure what rules Lawrence is following, I’ve given you my basic list before, so stick to them. Here’s the short and sweet version, but you can read more here (print this off and slap it on your computer screen to remind yourself what you need to be thinking about at every move):

  • Rule #1 – Cut losses quickly
  • Rule #2 – Track everything
  • Rule #3 – Pay attention to volume
  • Rule #4 – Never invest more than you can lose
  • Rule #5 – Get out of trades when they don’t go your way
  • Rule #6 – Be able to go both long and short
  • Rule #7 – Focus on risk-reward
  • Rule #8 – Never fall in love with a stock
  • Rule #9 – Don’t let your ego get in the way
  • Rule #10 – Every trade is a lesson

Lawrence: 5. “Get out when your losing control.”

This is my rule #1 on every single DVD, webinar, video lesson….most traders lose money because they don’t follow rule #1…don’t whine, don’t double down, don’t hold and hope…just cut losses quickly when a stock is going against you and don’t let a small loss turn into a potentially big disaster. This is one rule which has no debate and its VERY clear cut.

Lawrence: 6. “Pick winners; manage small losses.”

Listen, I lose roughly 25-30% of the time and even many of my small gains are “misses”/or scratches where the stock didn’t do what I expected, so I exit quickly and play safe. Small losses and small gains don’t matter to me–they don’t move the needle on my overall account growth AT ALL; the key to my overall success is cutting losses quickly and exiting trades that don’t work, while sometimes winning big. 90-95% of traders lose because they don’t manage their losses and they let small mistakes turn into big disasters…So, follow these key stock market rules.

So, when Lawrence—who is in his 5th month as my trading challenge student—asks me what I think, “Sir,” about his $6k in one month win, I can only say that I hope the rest of you who haven’t caught on or caught up will take some of what Lawrence says home with you.

Lawrence, keep it up and we’ll be watching—and hoping—you net another $6k (or more) this month…just keep taking it one trade at a time and plan well.  Then, execute your plans, CONSERVATIVELY!

Posted in Testimonials, Tim Sykes Trading Challenge Reviews

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12 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. Pingback: 6 Lessons On How To Make $6,000 In One Month – Trade Wisely

  2. Lawrence

    My trading statistics have gradually increased in my percentage of correct picks in the last few months. This is only since I have been challenged by Tim Sykes Master Trading Teachings. He is a determined teacher who wants all of his students to succeed. He teaches by example and dedicated hard work. He is one motivated hard working individual that doesn’t quit even when sick, While 90+% would call in sick Tim still teaches class. He is an awesome MAN that teaches real stuff that has helped me an abundance in the last 5 months!!! This next year he will be teaching with a larger account that I am really excited to learn more into the processes of big time trading!!! GO TIM GOOOOOOOO

  3. Robert

    Great post Tim!

    Quick question, after mastering the information in your “How to be a Millionaire” DVD series, what DVD’s would you recommend I purchase next?

    I have limited financial resources and other limiting factors that will not allow me to get the full benefit of the program, so joining the Millionaire challenge is not an option for me right now. My rough plan is to:

    1. Join your silver subscription so I can have access to your video library to continue my studies and have access to all the other benefits.
    2. Join Stockstotrade.com once the paper trading feature is up and running and start paper trading
    3. Start trading once I feel comfortable and proficient with your strategy and have saved enough to begin.

    My initial thoughts are to get your DVD’s Reading SEC filings, Spikeability, Timtactics, to round out my education. I would love to get your thoughts on this plan and what DVD’s you recommend next.

    Peace , prosperity and health to you and your’s

  4. James Malocsay

    Thank you all for your insperation I’m not an official student yet but I am soaking up as much information as I can! Studying every chance I get. I’m more motivated then I have ever been to achieve my dreams.

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