4 Lessons From My Student Who Made $4,000 In A Week - Timothy Sykes

4 Lessons From My Student Who Made $4,000 In A Week

URGENT: This great penny stock trader is giving a live trading webinar for my trading challenge students tomorrow morning 9am EST so be sure to wake up early as it should really rock!

We’ve all had rough trading weeks, but it’s in those times of confusion and loss when you can really search yourself and figure out what you need to do to improve, so I love this story below. One of my trading challenge students who has constantly studied hard and now turned around his earlier losses and is now profiting $4,000 in a week!

Never forget that 90% of traders lose money and it takes time to find success as this great trader took 9 months before he was consistently profitable and these great students took even longer…but they stuck with the learning process and were rewarded over time, that’s the key.

If you’re just starting out, you might feel like you’re having more red weeks than green but that’s okay. If you cut losses quickly and constantly by refining your trading process and learning from your mistakes.

Download a PDF version of this post.

Evan Schlang is one of my most dedicated trading challenge students and he has some tips for you in your time of need. Because Evan has now experienced losses and profits, with definitive improvement the past few weeks, he sent me a list of four things to help you understand where you are, why you’re there and how to turn it around.  Evan’s advice was so excellent, I decided to share it with you here.

To Green From Red

Hard work/dedication

Hard work and dedication go hand and hand, so I would like to touch on both. You must be willing to work early morning, during the day and at night. You have to be willing to work when you have no sleep.  You have to really want it. I personally study ALL the time. Yes, that includes on the toilet like Steven Dux. I work full time, I have a family and I even studied while I was in college – full time, while working full time. I am on the west coast, so I am up at 5am M-F for the market. I then work my day job till 8pm and then I squeeze in a couple of hours of studying after that. I hear so many people say they don’t have time to study or they’re too busy but there is always time. We all get the same 24 hours in a day—if you can’t find the time, you’re just not using that your time properly. Dedication has to be there to drive the hard work. If you don’t truly want it, then you won’t put in the hard work. This is LIFE CHANGING stuff, Xbox and Netflix won’t get you the financial freedom that stock trading will. Use your time more advantageously.

Less is more

I definitely learned this the hard way. I was making so many trades daily I couldn’t even write up all of the profit.ly comments on my trades. I took some time off from trading to really break everything I was doing down and took a step back. I also reviewed Tim Sykes’ trades and really saw how infrequently he actually trades, yet how much he makes. I also talk to Saint Grittani in the trading challenge chat room a lot. He recommended cutting out all of the random patterns and only focusing on the one or two setups that I’m most comfortable with. With breaking down all my trades, I see I make much more money shorting, so that’s where I shifted my focus. I have to tell you, I have seen much more success. I had my best week last week of $4,000+ in profits and I will keep working my butt off and focusing only on the setups that work for me.

Risk/Reward

Risk/Reward: You have to respect your risk/reward. Bad risk/reward leads to low odds trades that causes over trading. When trying to make $100 here or there, I found that long term you lose more than you win on those and it’s really a waste of time, energy and money. I found that cutting all of that BS out has really cleared my mind and allowed me to sit back and pounce on only the best setups and make the bigger chunks of money with limited downside. It might feel good always being in a trade or part of the action but that is not the way to become a millionaire. Remember this saying and repeat it daily: I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade, I don’t need to trade. Saying this over and over in my head or out loud has really helped me tame my inner degenerate gambler and get me on the right track.

Perseverance

I have to say this is SO critical! At a couple points, I really thought about giving up but when those thoughts entered my mind, I sat back and asked myself some questions:

Why am I doing this?

Where do I see myself in 5 years if I give up?

How about 10 years?

Do I really want to give up on my dreams?

Do I want to be free or do I want to build someone else’s dream?

There are and were many more questions but when I answered them it was clear what I had to do: I had to work harder and overcome the obstacles, because I know deep down that I can do this. Every answer leads back to me wanting to provide my wife, little one on the way and family with an amazing free life, where I was there every day making amazing memories and truly enjoying life. I don’t want to be stuck at the 9-5 rat race and miss out on life or have to ask for time off to go on a vacation. I want the integrated life surrounded by my loved ones. Stock trading can make you a lot of money but even more, it can give you true freedom to enjoy life with the people that really matter.

Keep studying hard, keep focusing on the long-term goal, and stop making excuses.

You can do this!

Best,

Evan Schlang

That last line is probably one of my favorites!  You can do this! For more information on how you can apply to become one of my challenge students, click here.

 

Posted in Testimonials, Trading Challenge Students

Become a Millionaire

I Turned $12,415 into $4,601,000 Trading Penny Stocks. Now it's your turn.

Apply To Work With Me

46 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. chris

    I found it is good to look at big picture and refine it . Do not let your self get tunnel vision ! Stick to the blue prints. I was able to put my account back in green this week . By looking at the big picture , refining and risk management!

  2. Stephanie

    Honestly this post just opened my eyes, i have wasted alot of my time on irrelevant things in my life, thanks for this uplifting article, i’m highly inspired.. I’m never slowing down on my dream, no not anymore… forever forward…
    Thanks

  3. J. C.

    I can really relate to this one. Full time job, family and only so much time available. Hence my login name. You really have to nail down time management as part of your trading foundation.

  4. Ernie Wood

    I don’t need to trade….
    Always evaluate my risk/reward…
    Never stop studying and learning…

  5. applec0re

    Fantastic article. Sums up much of what I am learning as well. Thanks for the inspiration and willingness to share!

  6. Anonymous

    great post! I like the “I don’t need to trade , I don’t need to trade …very good advice !
    Wait for the good set ups!

  7. Anonymous

    Great post! I was reminded to “only trade great setups” and outside of this to chant that “I don’t need to trade” when it’s hard to resist the urge.

  8. Wealth16

    Great post! This article was a powerful reminder to only trade great setups and to chant that “I don’t need to trade” when the urge is hard to resist.

  9. Wealth16

    Great post! This article was a powerful reminder to only trade great setups and to chant that “I don’t need to trade” when the urge is hard to resist.

  10. Nick

    Great points. I have encountered the same issues with over trading and have drastically scaled back. I am still working on finding what works best for me. I also saw and completely agree with Saint Grittani’s comment about focusing on a few plays. I spent way too much time in the beginning thinking that I could do it all.

  11. Charles Knight

    Congrats to Evan !!!!
    He is totally right. I am a new Challenge Student myself, and have also been making way too many impulsive trades.
    What a coincidence that Tim posted this and asked for our comments !! Because the situation Evan describes is EXACTLY where I’m at !!!
    Today, I just experienced a really good lesson: that Education and Discipline are absolutely the most important factors in becoming successful in this business.
    THE OPPORTUNITIES ABOUND !! One must simply be patient, and study Tim’s methods and teachings in to profit.

    Thanks Tim! And thanks Evan for sharing this. Very Motivating !!!

  12. Bronson

    So many people tell you to prepare for the future/retirement and then look at you like you’re crazy when you tell them your trading hasn’t made $ yet. I find it kind of hypocritical. Props to Evan for keeping that real long-term mindset strong. It’s the desire to proliferate financial transparency & teach one day that keeps me going.

    West coast up at the crack of dawn & loving it.

  13. Pingback: 4 Lessons From My Student Who Made $4,000 In A Week - Trade Wisely

  14. JohnathonG

    Great commentary and mindset from Evan. So many of us, it seems, start out forcing setups and overtrading because a new world of opportunity has been opened and we’re eager to be a part of the action. It takes knowledge and discipline to step back and refocus your efforts on only what’s beneficial to your account, psychology, and future in this profession.

    Congrats Ev, and all the best on your continued success!

    And as always… thank you Tim for making all of this possible for us!

  15. Pingback: The Best Penny Stock Trading Chatroom Even Surprised Me - Timothy Sykes

  16. Pingback: 8 Daily Routines That Will Make You a Millionaire - Timothy Sykes

Leave a Reply

Your email address will not be published.

Click here if you want to become a millionaire!

Close