8 Lies That Keep You From Being Successful - Timothy Sykes

8 Lies That Keep You From Being Successful

Do you want to learn how to be a millionaire, but secretly believe that becoming a great trader simply isn’t in the cards for you? If so, it’s possible that you’re lying to yourself. Many people will tell themselves blatant lies in a subconscious attempt to protect them from risk and potential failure. However, by doing this we also talk ourselves out of discovering and achieving our full potential.

Download the key points of this post as PDF.

Here are 8 common lies that keep people from becoming great traders. Are you guilty of any of these?

1. “I want to be rich to be happy”. If you think that you’re only in trading to make money, then you’re deluding yourself. The fact is, money is only paper. Having a bunch of paper won’t make you happy.

Money doesn’t buy happiness…but it does buy you freedom to give you time and the ability to focus on things that WILL make you happy. So, instead of focusing on making money for happiness-sake, focus on what you hope to do to with all your free time when you become wealthy and what you will purchase with the lifestyle that you want to lead which requires money. Begin to see money as a means to getting the life you want, rather than dedicating your life to having money.

I’ll use my top trading challenge student here as an example as the $4+ million he’s made in the last 5 years hasn’t changed him one bit, it’s just allowed him to travel, move to the Caribbean and live the life of his dreams and yet he still wear t-shirts and gym shorts every day as you can see here:

2. “I need a college degree to be successful”. No, no, absolutely no. While a college education can assist your career, when it comes to trading penny stocks, a degree is just a piece of paper. If you don’t happen to have that piece of paper, it does not mean that you can’t be a successful trader.

See this upcoming Millionaire trading challenge student who has made nearly $1 million even BEFORE he’s graduated college:

Moreover, many people falsely believe that their degree qualifies them to be a great trader or have a steady employment and future. No, college is BS, especially these days as your knowledge will be learned through specific learning in your field, and through experience and can ALL be done online. This is accessible to anyone. The Timothy Sykes Millionaire Challenge Cost covers a targeted education on how to be a successful trader. In terms of practical knowledge, this will educate you on what you need to know to be a trader.

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3. “You need money to make money”. A lot of people mistakenly believe that you have to start out with a hefty sum of money to be able to become a millionaire. While it sure helps to start with money, it isn’t necessary. It will just take you a little longer to build up to a bigger bank balance.

I started with $12,415 and turned it into over $4 million trading penny stocks. You could start with even less as many of my top trading challenge students have begun with $10,000 or even $5,000 or $1,500…you can’t be broke, but you also don’t need to start with a huge amount…not to mention you have to study BEFORE you ever trade, see these free video lessons and this free guide ASAP even if you are broke!

One of the benefits of trading penny stocks is that it requires very little initial investment. This is part of why the Tim Sykes Millionaire Challenge is accessible to beginning traders. Your trades might start very small, but if you reserve your profits, you’ll be able to trade in bigger amounts as you progress in your career. As your position improves, so will your profits.

4. “I don’t have enough time”. This is one of the most boring and annoying excuses that people give for not being a successful trader. It’s also utterly untrue. If you have enough time to watch reality TV or log on to Facebook, you have enough time to be a trader…even if you have a job or are in school, study at night and/or on weekends, my God, I hate people who make excuses about every single thing.

This is where you have to be able to prioritize your time. Do you really need to play Call of Duty for 2 hours every day? Or could you take some of that time and dedicate it to your trading? Do you really need to wake up at 10am, or could you wake up at 7:30? Rearranging your schedule so that trading is an important part of your regime is important to helping you attain success.

5. “I’m too old”. A lot of people visit my website, discover that I started trading when I was young and made my first million in my early 20s, and instantly think, “well, I’m too old to get started”. This is absolutely not true. I got started insanely young, it’s true. But this isn’t like Hollywood where you have to retire young. I have millionaire students of all ages, and all walks of life. Many have day jobs or families or other responsibilities.

It is possible to become a successful penny stock trader regardless of your age or income bracket. A willingness to learn and dedicate yourself to trading is necessary; an open mind at any age will help you succeed.

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6. “Trading is too risky”. Yes, it is true that trading, particularly penny stocks, is risky. But life is risky and I’d be more scared about trading, or doing anything for that matter, without any studying and preparation ahead of time. Trading can also make you a lot of money all within a few years that other industries cannot. So in that way, are the potential benefits worth the inherent risk? I think so.

While you’re not going to change the fact that trading stocks is risky, there are things you can do to mitigate the risk. For instance, you can learn all that you can about the market; you can do your research on stocks to better help you choose good ones; you can learn from a mentor and from your own personal experience. Education is power when it comes to trading, and education and research can help minimize the risk.

7. “I’ll lose all of my money.” I’ll concede that as a trader, it is possible to lose all of your money, so that part is not a lie. But if you take the time to become a good trader, this absolutely will not happen as my rule #1 here is to cut losses quickly and trade like an absolute coward…watch this video

One of the things you’ll learn very early as a trader is that you should never put all of your eggs in one basket and if you trade scared you’re not scared to trade. This means not blowing your wad on a single trade, but it also means diversifying your income streams. Even the most successful millionaire traders have multiple income streams. You’ll learn this early on if you do your homework as a trader. If you think that you’ll lose all your money, it’s absolutely false.

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8.”It’s too hard to get started”. Listen, if you’re reading this blog, then you are already in the right place to get started. And if you’ve read through my posts and checked out my free e-guide to penny stocks, then you already know that it’s easy and accessible.

Moreover, my Millionaire Challenge takes the difficulty out of the process. By taking that initial step, you’ll find that it’s actually easier than you think.

The new and undiscovered is always a little bit scary. In general, we are very good at telling ourselves lies that we think will protect us. But truthfully, these are lies that only hold us down. What is the worst that could happen if you tried? What is the best that could happen if you succeed? When you really evaluate these questions, I think you’ll find it’s worth the journey.

How do you lie to yourself and hold yourself back from success? Fess up in the comments and pledge to do better! 

Posted in Millionaire Habits

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I Turned $12,415 into $4,650,000 Trading Penny Stocks. Now it's your turn.

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54 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. Patrick Jepsen

    The only difference between a successful person and an unsuccessful person is how they spend their time in their day. Once you utilise time and use it efficiently and accordingly, you are unstoppable. No excuses! Believe in yourself and your education.

    Hey, Tim, I have just made a vision board recently, it’s huge and it took me a lot of time, it’s contacted and all. I am just wondering if you still use a vision board because I remember you said you used to have a Lamborghini on the wall. Vision boards are more powerful than people believe, If you can visualise it, you can achieve it. Simple.

  2. Eric

    Cutting losses applies to everything .. Just play things smart .. Don’t cut opportunities quickly .. Just protect yourself when things don’t go as expected … Start small, work hard, work smart, and seize the day … Don’t make excuses … I don’t have time is the classic excuse … If you say I don’t have time. .. It isn’t important to you … MAKE THE TIME …it will change your life

  3. Thomas

    Well, I have a full time job and I’m starting with 2G, which became $2350 after 3 weeks. I am following Tim and you guys as much as I can to make less and less mistakes and I do believe that I can make it. Thank you Tim, thank you everybody!

  4. Tim

    The lies I tell myself that hold me back from success are usually that I don’t know what to do with my life and I can’t try this because I have to pay rent or I can’t start that because I have bills to pay. But I’ve recently adopted a new way of thinking that begins with “HOW”. HOW can I pay for this or HOW can I make this work. HOW can I be financially free. My HOW questions have brought me here. I’m continuously striving to grow and have left the “poor” mentality behind. It is time to become the trader I was always meant to be. I’m going to learn everything I can and always stay a student ready to learn and adapt. I’m on a path to financial freedom and I pledge to give 110%.

  5. Olatunde

    We do not have time for what we are less interested in.
    And making excuses will only lead to failure, not only in trading but every aspect of life.

  6. Arcadio

    God, these posts motivate me so much, (it’s not that I wasn’t already), but man, it’s so true, it’s how I see it too, I dedicate 11 hours a day to learning about trading now that I dropped out of college (I still have a stream of income too, as I am 19) so Im living with my parents (lucky me).
    THANKS FOR THE INSPIRATION KEEP WRITING GOOD BLOG POSTS.

  7. Miomir

    Thank you for writing this blog post Tim.
    Reading your post was good way to start a day.

  8. Ryan

    The biggest lie that I tell myself isn’t on this list but I think it’s an important one nonetheless – what if I don’t have what it takes to be successful? I’ve struggled with this my whole life and I’m getting much better about it as time goes by. It has never affected my work ethic and I’ve always continued to put the time into whatever I’m working on but it’s a nagging thought in the back of my head that I’ve spent too much time thinking about it over the years. Tim, your inspirational videos and posts like this have helped immensely. Thank you!

  9. OceanRider

    It is easy for people to give many reasons why something cannot be done. I always try to remember that it is by my effort, by thinking about things in a different way, to sticking to what I am working on until it is done that makes all the differences. Only from my effort will anything be achieved. One day yesterday does not determine the new life I am going to have today. I own this and won’t quit until I achieve my success or till I am dead. No rush, no worries.

  10. Anthony Pasquale

    Thanks Tim. I’ve dedicated many hours to your training. Studying your patterns, rules, past markets. I’ve turned my I don’t have the money “EXCUSE”. into a personal challenge of staring from $0. And aiming to be not only for your first Canadian millionaire but your first from zero. Don’t laugh. Ive been scrapping / recycling precious metals. Scrimping and saving.
    2 weeks in. +$210.00 and approximately 52 hrs of accumulated studying.
    Your words mean a lot and your vulger mouth keeps my attention. 😉. I look forward to more videos , tips, patterns, and rules to assist this monumental change of mindset and life style.

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  12. Archie H

    I know this is suppose to be comment but I have much to say. To begin with and due to college and life, I’ve been trading off and on for about 4 years with great failures and successes. This year (2017), I am up a few hundred dollars by with gains of only $20-$150 profits after going long on sub penny stock between .0001-.01 price range. Due to next to nothing funding, I am a micro account type of guy which makes me a true bottom feeder in the penny stock niche. However, my failures and successes has taught me a lot and now I am confident and ready for bigger things through trading.

    On May 05, 2017, I finally graduated college with a BA in Emergency Disaster Management, but I quickly realize that I am unemployable because of a past felony on or in my record. Although my crime was ten years ago, sporadically it keeps hunting me whereby quit often I have to start over and rebuild my life. However, I still thank God for his grace of allowing me to own a successful janitorial service as well as work at Auto Zone part-time for a sufficient income that pays all the bills. However, I work long hours, I am lock down, and trapped like a Hebrew slave. There are times whereby It can be very stressful knowing that it could all go up in smoke if one of my clients find out that I am a felon, just as it once did with one of my large cleaning accounts in the past. We nearly loss everything in the process of rebuilding a new client based.

    Furthermore and to make a long story short, now that college is over, every moment is dedicated to studying Tim’s lessons that are freely available by way of email, facebook and youtube; thanks Tim. Currently, I am half way finish with reading Tim’s Book, “An American Hedge Fund” however, I realized that I need a mentor to feed and guide my knowledge in trading. And like Steven Dutz said in his interview with Tim; “to get started in a successful trading career you must pay tuition into your trading education instead of paying tuition to the markets.” Well, I am tired of paying tuition to the market. Therefore, I am ready to buy some of Tim’s CD (s) right now. I manage to save up $1500 and I intend to spend $500 on lessons and put the remaining $1000 into my trading account. So I need someone to point me in the right direction because the trading packages that Tim offer are many and over whelming for this beginner. I need this info ASAP before another priority come up.

  13. Briggs

    Nice man. While I’ve become acutely aware of my list of personalized trading rules posted to my computer screen, it’s nice to revert back to the rules of success and remember why I started this in the first place.

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