I hope you’re having a good weekend as I’ve got something very cool to share with you as I just got back from a yacht trip with several of my top millionaire this part-time trader who now uses this revolutionary trading software to optimize his research and tradingstudents and their families, along with
To my valued deaf students, we FINALLY got the video all transcribed below now too as I don’t want you missing anything!
Be sure to watch my Friday video lesson here reviewing lessons from a tricky March and also see these 36 key rules you must learn, but more importantly, I know you’re going to love this new video below as you asked questions and my first 2 millionaire students and I answered!
Download the key points of this post as PDF.
For the past few days, I was joined aboard this ridiculous yacht by great traders Tim Grittani who just passed $4 million in profits as you might’ve read here and Michael Goode who just passed $2 million in profits and was featured alongside me on TV here…my congratulations to both of them on their success and for taking the time to now help me mentor other trading challenge students too…enjoy some honest answers to a ton of and leave a comment below the video if you want more videos like this!
Sykes: All right. What’s up? Tim Sykes here with Michael Goode, millionaire mentors here in, what is this island, St. Martin. And we are here answering your questions because I asked you guys. So, question for Michael Goode. “How do you get over the fear and anxiety in trading?” I don’t know why I couldn’t pronounce this.
Michael: Well, so first, I should mention that a lot of people don’t have that problem, and that’s probably a worse problem to have. You don’t have the fear and anxiety because then you trade big, you take big bets, and then you lose a bunch of money, and then a week after starting, you’re down 60%. Then you email Mark Croock and say, “What’s wrong? Help me.” And that’s bad. But if you suffer from anxiety and fear, first, I do recommend taking…well, if you’ve reached a point where you’re trading profitably…
Sykes: I thought you were gonna say, “Take a Xanax,” or something.
Michael: No, I’m saying taking antidepressant drugs…
Sykes: Oh my God.
Michael: …will actually help you improve your trading.
Sykes: He’s kidding. He’s kidding.
Michael: I am not kidding whatsoever.
Sykes: Oh, my God. Only consult a medical professional. We are not medical professionals. That’s going out to everybody, dude. Like you can’t perform like medical advice.
Michael: I’m just saying. If it’s really crippling anxiety, then maybe you have a medical, psychological issue.
Sykes: All right.
Michael: But the main thing I’m going to say is first, the big question is, “Are you trading consistently profitably?” If the answer is no, then you’re right to be afraid because you’re gonna be losing your money. And you should be trading very, very small with real money. I mean, once you understand the basic principles of trading and the strategy, you need to trade with real money because trading with paper trading, it’s not the same. You don’t have the emotions. But trade with tiny position size, I mean, $300, $500 position size. And once you become consistently profitable, excluding commissions because when you’re trading that small, commissions are gonna eat up all profit.
Once you become consistently profitable, then you just slowly increase your position size. And that way, I mean, there’s less fear when it’s less money. And then gradually hopefully, you can get up to a point where it’s economically meaningful profit and you’re okay with that. And you can look at your record and say, “Hey, I consistently make money even if I’ve lost a few times in a row. If I just keep doing things right, I’m gonna make money again. So then it’s easier to get back and keep doing it.”
Sykes: Good answer. Two questions that are similar from username, Quantum, and then also one of my favorite students, Morris. Quantum is under the PDT role and so he asked to trade overnight. So, “What’s the best overnight play?” And Morris says similarly, “How do you filter out all the noise? What’s like the best two to three patterns that you see working right now?”
Michael: Well, for dealing with the pattern day trader role, first, if you have enough money to have a couple of accounts, then open a couple of different accounts so you can go from three-day trades in a week to six-day trades in a week. And if you’re Canadian, God bless you, open anaccount, and they don’t enforce the pattern day trader role for you. But otherwise, I mean, one thing that I think consistently works for overnight trades would be buying breakouts on OTC stocks. And strong OTC stocks tend to gap up consistently. And I find that they gap more consistently than NASDAQ stocks do.
And for Morris’ question, the top two to three strategies, really…gosh. I mean, it’s changing for me all the time. I probably have 10 to 12 somewhat different things I do but…oh, airplane.
Sykes: The plane, the plane.
Michael: We’ll wait till that passes. Okay.
Sykes: Tim Grittani, actually, you don’t know I was gonna asking him questions, too. We did a whole interview which I’ll post soon. But he also specifically likes gap up place and breakout place on OTCs. They’re more reliable.
Michael: Yes, I agree with him.
Sykes: In that sense.
Michael: So sort of my favorite strategies right now, really…oh gosh. I can’t even say it. I’ve been doing a lot of stuff with bankrupt stocks and with upcoming catalysts and…
Sykes: Shorting BTUUQ.
Michael: Yes, for example. And so, I mean, it wasn’t really hard borrowed. Yeah, it’s not a great…it’s not an opportunity available to everyone. But they just have this confirmation hearing. It was 95% of the bond holders voted in favor of this bankruptcy plan. And this bankruptcy plan calls for completely giving zippo to shareholders. And about two weeks or so, the stock will be halted and then it will go to zero. Now, the borrow rate on this atis insane. It’s 180% APR. So I’m not gonna hold all the way through that, but over the next two weeks, the stock should drop 70% easily.
Sykes: And the lesson from this is not necessarily just the money that Michael Goode will probably make but more about looking for those inefficiencies, where an upcoming catalyst is going to reset the stock price and people who have not researched it are going to be very surprised.
Sykes: And people who have researched it and been meticulous, they will collect very high odds profits. Even if it’s not huge profit, it’s high probability. And that’s the way that we want you to start looking at the market in terms of not necessarily like always making the biggest amount but just what is a good setup where, you know, if you do the right research and enough research, the odds can be in your favor.
Michael: Yeah, and I mean, DryShips, DRYS is another thing like that. I made some money. I didn’t make a lot of money. I made a few thousand dollars shorting that.
Sykes: That is a lot of money for some people.
Michael: And it was a very high odds play because we knew that they had this toxic financing. So literally, over a period of a few weeks, 15% to 20% of the volume every day was new shares coming out and dilution. And it’s just this ugly thing. They literally had, what was it, 1,000% or 10,000% dilution in four months. So the stock had pretty much nowhere to go but down. And I’m sad that I wasn’t short as big in December. But of course, now, that’s all over until the next toxic financing is announced. But when they announce another toxic financing, we’ll short it again and it will go down again.
Sykes: Beautiful. All right, two questions from Fish Trader. First, “Does Sykes really send out all those tweets?” The answer is, yes, I do and I spend my life answering questions and planning social media and doing video lessons and trying to teach. And I’m kind of a control freak. We tried to have other people do it, but they weren’t as good, and I took over. They only lasted like a day because I’m seriously a control freak.
Michael: Yes, he is.
Sykes: Secondly, for Goode and Grittani. Grittani’s sleeping right now but Goode can answer. “For those on limited budgets, what would be the top three Sykes educational resources?”
Michael: Okay. If you’re on a very limited budget, subscribe tofor a month and then just watch every single one of his damn video lessons.
Sykes: Four thousand five hundred plus, but they’re only 5 minutes long each, so it’s a little over 300 hours.
Michael: Yeah, I mean, that’s doable. And I mean, sure, Tim wants you to buy all his products. But, yeah, you can watch them all in a month or two and then you don’t have to keep giving him that same amount of money.
Sykes: You learned a lot. “For those on more budgets, can you talk about the Challenge and why, frankly, I think the Challenge is the best?”
Michael: Well, the Challenge is good. Obviously…
Sykes: All of my millionaire students have come from the Challenge, not coincidentally.
Michael: Obviously, you need to have more money. It costs more. And then you need to have some money to trade with afterwards. But the good thing about the Challenge is you’re getting, you know, a couple of few webinars a week from different people.
Sykes: Two to four.
Michael: Sykes, Mark Croock is doing one every week. And then Tim Grittani and me and Tim Bowen do some every so often. I’m once a month. I don’t know what their exact schedules are. And then you get access the Croock and the Challenge chatroom. There’s some good traders in there. You can ask Tim Grittani his opinion.
Heck, if you’re real cheap, even if you’re just in thechat, you can ask my opinion on things. But you’ll get a lot closer attention and useful replies to things if you’re in the . I mean, you can say, make your trades and send them off to Mark and say, “Hey, Mark, take a look at the trades that I’ve made. Tell me what I’m doing right. Tell me what I’m doing wrong.” And a lot of people find that really useful because it’s like, I mean, you don’t know what you’re doing right and you’re doing wrong. If you’re just losing money, you think you know what you’re doing, it helps to have someone else look at it and say, “Okay, well, it looks like you’re always chasing these breakouts. I mean, the stock spikes 20 cents and then you buy because it broke out.” But there are just spike 20 cents, then it drops 10 cents, then you sell it on a loss. That’s a bad thing. So, yeah, I mean, it’s getting that kind of feedback is really useful.
Sykes: Yeah. And I should mention, aside from the new live webinars every week, you’ll also have access tostudents for all archive webinars. And Michael Goode has done hundreds.
Michael: Which goes back to what, 2011?
Sykes: Yeah. You’ve done hundreds of webinars. Ah, the plane, the plane. I have to say it every time.
Sykes: Hundreds of archive webinars from Michael Goode. Tim Grittani has done, I think, 50 archive webinars or so, and they’re like two to three hours like live trading ones, really good. And I know many of you guys don’t wanna study the past, but frankly, you learn from the past to better prepare for the future. So we are glorified history teachers. That’s all we are. And we’ve used history to frankly become rich because history is fun and helpful. It’s fundamental. All right, one more question. Let’s see, one last question. Oh, there are so many. And I’m sorry we can’t get to all of you guys. I’ll actually answer all of your questions in a follow-up Q&A video for my Challenge students, as I like to do. “How did you transition from regular life to being a full-time trader? And did you have to make any sacrifices?”
Michael: For me, it was easy because I didn’t have a real job. When I first found trading, and I was in grad school and studying to be a psychologist, and I realized about a year, two years into that that I didn’t love it enough to really do it for the rest of my life and work my ass off 60 hours a week for the next decade so I can get tenure as a researcher and professor. So then I decided to do something else, and I started trading successfully so I said, “Okay, I’m gonna do this.” And actually, at the beginning, I was also running a startup business that a friend has started. But I quit that after eight months because I wasn’t making much money doing that and I was making a ton of money trading.
But really, I wanna say the best that helped me is I did not have a lot of expenses. And my wife, she had just gotten her master’s in chemistry. She was working at a full-time job. Her salary was paying all our bills. That then allowed me to take a lot of risk. So I could bank money or lose money, it didn’t matter. We didn’t need that money to pay the bills. And that allowed me to take a couple years to become consistently profitable.
Sykes: And, Tim Grittani, again, when I post this video, you’ll be surprised that his answers are so similar, frankly because I think they’re right, where the money that you use for trading is not necessarily money that you should be using for, you know, living expenses because then it forces you to take trades that you don’t want, that you shouldn’t be in because you’re trying to like, you know, like, “I gotta make money. I gotta pay the rent.” And you take bad trades. And most traders lose because you’re in the wrong trades. You’re not having the patience to actually halt the whole time like you should where you just say, “Halt. Hold up. You know, just stay in cash.”
Sometimes, the best trade is no trade at all. And I know it’s tough when you have money in your account and you see all these stocks moving. But a lot of the time, the odds aren’t good enough, either way, long or short. And a lot of you guys don’t seem to get that. Like if I’m not, you know, if I say, if I’m worrying about the size, they don’t short the stock. You know, like, “Oh, does that mean I should buy it?” No. There’s a whole another position where it’s just there’s no good play right now.
And so I think a lot of you guys need more patience. And if you are in a trade and if you do open an account, understand, you know, you can be wrong in any trade. We’ve been on this yacht, I lost $4,000 straight up, a little over $4,000, you know, yesterday, and that sucked. The last time I was on a yacht like this I made $70,000. So my gains are still bigger than my losses, but at the same time, no trade is guaranteed. And if I needed that money for rent or for food, I would be homeless and, you know, very hungry next month. So I don’t. I have enough in savings. But you can never count on any one trade no matter how much research, no matter how good the set-up is. You know, we win…what do you win, Michael Goode? What’s your winning percentage?
Michael: It varies because like I’ll take like a…
Sykes: You have different strategies.
Michael: Yeah. And I’ll take a decent size position, then I’ll trade around it. So it’s probably really around 60%. But I also take a lot of trades where, you know, it’s very not that much higher, 20% to 50%. But when I lose, I’ll lose a few cents a share, and when I win, I’ll win 15 cents a share.
Sykes: And that’s the key, you know. It’s tough to cut losses. But as you’ll see in this awesome Tim Grittani video that I can’t stop talking about, you know, you have to learn to cut losses, and there is such a thing as good losses. I know that sounds weird. I know that’s like the mentality of losers, like, “Oh, it’s a good loss. Yeah, you’re a loser. Like, of course, it’s a good loss for you because you’re good at it, because you’re a loser.” But in reality, all of my top millionaire students and every single successful trader that I know has learn to take losses. They’ve learned to accept small defeats and take them and cut them off so that a small loss cannot turn into a big disaster.
I see too many newbies where even if they end up being right, you know, they risk disaster, and you cannot do that. Like you cannot say, “Oh, I’m gonna try and make, you know, $20,000.” But they’re down unrealized like $50,000 or $80,000, and they’re like, “Well, I have big confidence to halt.” And then sometimes, it does come back and they make $10,000 or $15,000. And, you know, newbies are like all obsessed, like, “Oh, this is amazing. How did you know you were gonna be right?” It doesn’t matter what eventually happens. You play with fire enough times, eventually you’re gonna get burned. Here’s Tim Grittani.
Grittani: Hi, Tim Sykes.
Sykes: Waking up from his nap with his beautiful wife. We’re answering Q&A.
Sykes: You wanna do a quick Q&A?
Michael: Have a seat in my lap.
Sykes: Sit over here. Don’t sit in his lap.
Grittani: Only for Christmas.
Sykes: All right, all right, one question for Tim Grittani you guys asked. Let’s see. “How does it feel…” This is from Noel Gomez. “How does it feel…” The plane, the plane. Every time there’s a plane, I have to say that. “How does it feel to be millionaires? How did you feel at first when you weren’t a millionaire and how is the difference now?” Thank you, Noel, for that question.
Grittani: Honestly, I can’t say my perspective has changed much like from, you know, hitting $900,000 to a million or anything like that.
Sykes: What about from $1,500 to a million, has your perspective changed?
Grittani: Well, the real reward, I guess, like it’s not really good to get good at it and become successful and feel really confident that like, you know, the vast majority of weeks or month I know I could be profitable and support myself that way. But you know, look, I think I said it in the CNN interview. When I actually hit a million, it was just another trade, and that’s kind of the beauty of it.
Sykes: Michael Goode, how has your life changed? You’re still wearing the same hat.
Michael: Yeah. Well, this is a great hat. I got it in Philadelphia. Thank you, American Airlines, for leaving me there for the night. And anyway, my life hasn’t changed that much. I mean, it just sort of gradually gets better. It’s like I watch my net worth go up. It’s like, “Oh, my net worth is up another couple hundred thousand this year, whatever.”
Sykes: You sound like such a cocky millionaire. “Oh, my net worth is up a few hundred grand.” You understand most of these people asking question has like $2,000, $5,000 to their name. You just made more on this yacht than they have in their life.
Michael: Yeah. I mean, it’s just gradually, things get better and then you realize you have money to do things. And like a couple years ago, just starting to win my…I bought a house. And then I was thinking of moving into it. I got it a good deal. But then I just flipped it. And then the guy who is renting the house for me, really good guy, said, “Hey, we actually have this…” His friend that got foreclosed on, “Could you consider buying that and flip it into me?” And I said, “Okay, sure, what the fuck?” And I did that.
Sykes: Oh, there’s kids watching.
Michael: Okay, what the hell? And I did that.
Sykes: I’m just kidding.
Michael: Sold that to them on a land contract because they were on good credit. But anyways, that’s like my $250,000 tied up with that, and whatever. I get paid. And then just last summer, since I like to speculate in real estate, and then I saw this nice little vacation property, 40 acres, that’s about 12 hectares for you Europeans or anyone who’s not American, and a nice little house, and it’s like really cheap. I said, “Okay, sure. I’ll buy it, $65,000, and, okay, now I have a vacation house.” And I could go hunting up there and kill things.
Sykes: Don’t kill things. All right, question from NMac. It says, “How many total hours of study did it take before you became consistently profitable?” And there’s a similar question I saw from Jmarks1497, “When did it finally click?” Click, presto, I’m a millionaire. Click, just like that. I’m kidding. It doesn’t work like that.
Grittani: Total hours of study, I have no idea.
Sykes: You lost track.
Grittani: I mean, it took me six months of trading. And that good moment, you know what, I think the study that helped me the most was the losses, learning from those. I’m studying my own results. You can try to mimic somebody else all day but you’re not really gonna be successful and consistent till you figure out who you are as a trader, and you can make your own strategies.
Michael: It took a few years. I think the thing that helped me…I mean, yeah, from the first couple years, I was wildly inconsistent. I was very profitable but I was wildly inconsistent. I’d be up $30,000 one month and down $60,000 the next month. And what really helped me was when I decided to, first, track all my trades and track them by different strategies and find out exactly what I did well, what I did poorly. And then the first thing I did, I just stopped making the trades I did poorly and I concentrated on what I did well. And then gradually, I learned other strategies and added those to the mix. So, yeah.
Sykes: Cool. Question from VVargas. “Was there ever a time where you kept losing money and almost gave up? And if so, what made you to keep on trading?”
Michael: I’ll start with that. I’m naturally a pessimistic person despite anything that Tim Sykes says. And seriously, I mean, I’ll go through a slump and not make very much money for a month or so and feel like, “Oh my gosh, this is my…my time is coming. I can’t do this anymore.” Really, anytime I suffer through a streak of losing, I just concentrate on the strategies I do best. I trade a bit smaller for a while and then I start winning again. I mean, first, you have to reach the point where you are consistently profitable and you know that you can be that. But everyone is going to go through losing streaks where you lose a bunch of money for a couple weeks or even a couple months in a row. But you just need to keep at it.
And also, I mean, it really, it helps to have trading strategies where you know it’s going to keep working. If it’s something like it’s a black box quant thing, and you’re saying, “Okay, well, I know that 7 times out of 10, when soy beans trade up, that oil trade’s down, and West Texas Intermediate goes sideways, and…” No, that makes any sense. But if it’s something like that, and you’re just doing it because of past correlations, you may not know if that’s going to stop working in the future. So I like to trade things where I know it’s going to keep working at least to some extent in the future, like trading based on greed and stupidity. I trade against really, really stupid people and really naive people. And I know people are going to be stupid, naive, and greedy in the future so I just need to find where they’re going to trade and trade against them.
Sykes: Good stuff.
Grittani: Two times stand out in my mind. The first time I really struggled was when I blew up my original $1,500. There were zero thoughts of quitting then. At that point, it was like, “Well, I’m making these mistakes, I know what I’m doing wrong, and I wanna fix it.” The second time would have been in 2015 when I went to buy a slump. I took like $300,000 plus losses in a 12-month period. And that was a lot tougher for me because at that point, I felt like, you know, I was more of a veteran trader. And why can’t I learn from my mistakes? Why do I keep doing this over and over? And that was the first time I ever had dealing like [crosstalk 00:23:00].
Sykes: How are you doing?
[Background conversation 00:23:03]
Grittani: Yeah, that was the first time I ever had a thought, “Maybe I don’t wanna keep doing this.” But you know, I kept going because that was kind of loser-talk. Like, I was making excuses, like, “Oh, I can’t control my emotions.” But, you know, I needed to step up and take responsibility. And it doesn’t matter what your excuse is, like you’ve gotta find a way to do better. If you’re just an excuse-maker and you try to say like, “Oh, you know, I’m losing all my $ because those damn short-sellers keep attacking,” like you’ll never succeed. You gotta take responsibility for your actions and just push through them, make yourself better.
Sykes: Great answer. This is a question for all three of us from FlockStock. Thank you, Eric, for the question. He says, “You know, with all these Ferrari and Caribbean vacations and stuff, how do you stay composed and keep, you know, focused?” I gotta answer that first because I’m responsible for the #Ferrari and this Caribbean vacation. And you know, this stuff is nice, but at the same time, I think we’ve all agreed that yachting isn’t necessarily for us. And it looks nice and it’s fun to try out. But at the same time, you have to focus on what really matters. You know, I just surprised both of these guys with their own schools. We’ll announce that soon publicly. You guys get the first kind of take right here.
But it’s not about the material things. I was actually talking about this, like all my top students, like they’re all very humble. And despite the stuff that I, you know, basically promote and the lifestyle I promote online, I’m kind of a humble guy, too. Like, I don’t even care about a lot of this stuff. But I understand what motivates traders. So I don’t want you guys to get the wrong idea, like, “Oh, I need to make enough money to have a yacht like this.” Like this yacht kinda sucks. And I don’t mean to be ungrateful, but, you know, we’re all kind of feeling sick and we’re tired and we’re excited to get off this yacht. So don’t be fooled by the flashy image. You know, my Lamborghini is very uncomfortable. Every now and then, I really miss my original Jeep Grand Cherokee. But it’s fun, you know.
So I think you can have fun and money allows you to have fun. But you never really lose your values, you know, unless you’re like a Disney star, like a musician, and you’ve never had any money, and then it all happened so fast. With trading, you have to keep the money in your account to trade with, you know. If you don’t have that, then frankly, you’re gonna be trading less size. And if you have a successful strategy or successful pattern, you don’t wanna trade less size, you wanna maximize it. So I didn’t have a Lamborghini for like the first, you know, decade that I was a millionaire. It wasn’t like overnight. And these guys, you know, while Michael Goode is playing, you know, “Let’s buy this house today,” and Tim Grittani’s moving to the Caribbean, I mean, they’re still really humble guys. Do you wanna add to that?
Grittani: Yeah, and I’ll just say I’m like the opposite of a material person. Like, I really don’t splurge. It’s not me.
Sykes: Why do you have a $500 t-shirt on then? I’m just kidding. It’s like $5.
Grittani: Five, $10 V-neck.
Sykes: It’s like $5.
Grittani: Yeah, but, I mean, that’s definitely part of what helped me succeed, helped me grow my account because I didn’t hit it like, “Oh, let’s go pop bottles.” You know, I’ve saved that money when I get back to my accounts. Well, I mean, as far as like taking the trips and stuff, I mean, it’s good to get away. It’s good to take vacations. Trading is very mentally tiring. So, I mean, you’ve got to give yourself a break. So you don’t have to be focused, you know, 365 days a year. You’re gonna burn out real fast.
Sykes: I would like to add to that. I agree with that. Even though this yacht…you could see how rocky it is, and this is like clear weather. But I do encourage you guys to take some breaks, and vacations help, and traveling in different time zones helps, and it’s also fun.
Michael: For me, I have to say…well, first, you know, a $5 million yacht, I would…
Sykes: This is a $12-million yacht.
Michael: Twelve million-dollar yacht, whatever.
Sykes: You don’t even know the difference.
Michael: I don’t. But, yeah, a $20,000 Hubble was so much better because, you know, it’s not constantly rocking and then I’m not sick and feeling like I’m gonna fall over. But for me, I’m really obsessed with the game, and that’s what it is. And you can’t become successful unless you really are obsessed with the game and playing to win not for the money. I think it’s that way with most any sort of thing that you can get good at. Yeah.
Sykes: The plane, the plane.
Michael: Oh, plane.
Sykes: You have to say it. Say it, “The plane…”
Michael: The plane, the plane.
Sykes: You gotta say it, too.
Grittani: The plane.
Sykes: The plane, the plane. And that’s what this is, you know. The challenge is not about how much money you can make. It’s how you can control your emotions because trading, a lot of it, is you versus you. You know, it’s a discipline thing. And then also, you know, how well can you really succeed in the market and always adapt, you know. Even when you make it, that doesn’t necessarily mean that you’re gonna make in the future. You know, how many patterns have you guys you think that you’ve made money? You know, you’ve been trading each a few years. How many patterns have you seen come and gone that have worked really well for, you know, a few weeks or a few months or maybe even a few years? But they disappear.
Grittani: Yeah, I can think of a few off the top of my head that I used to use a lot but I don’t anymore.
Sykes: So you constantly have to adapt. So even if, you know, let’s say you made a million dollars a few years ago, that doesn’t necessarily mean that he’s gonna make a million dollars next year. And he just, you know, as you’ll see in this amazing video that I keep teasing with him…we’ve already filmed it but I’ll post it soon. You know, you have to adapt, and he adapted to NASDAQ. How many patterns have you seen?
Michael: Over a dozen. I mean, over a dozen, some of my best trading…
Sykes: In less than like five or six years.
Michael: No, I’ve been doing this for eight years, Tim.
Sykes: I don’t know. I have no sense of time anymore.
Michael: Nine years now, actually. But, yeah, some of my best trading strategies, that there are opportunities then, then there weren’t.
Sykes: And you have to adapt or you perish like a dinosaur.
Michael: Yeah, there’s a ton of shit I did in 2008, whatever we’re calling it, that, I mean, because of the great financial crisis, there are some crazy opportunities, and I haven’t seen them since 2009. And I just moved on and found other things to do.
Sykes: All right, last question. This one’s for me. “Number one tip that you think…you know, you guys both give Challenge webinars, you see the questions, you see what people are making mistakes with, you help mentor, and I appreciate that so much. What’s the number one tip that you can give an upcoming student?”
Michael: I’m gonna start as…I can’t give just one. There’s a few. I have my rules.
Sykes: Give me a few. I’ll try to simplify it.
Michael: Holding and hoping is not a strategy. If you do not know what to do, get out.
Sykes: When in doubt, get out.
Michael: When in doubt, get out.
Sykes: There’s something for everything.
Michael: Yes, there are. Oh, gosh, I forgot the others.
Sykes: So you have two tips. I told you you didn’t have that many tips. We’ll come back to you.
Grittani: Two main ones stick out for me. If you’re new to trading, trade small. Like I don’t want you to be one of the people who emails me saying, “I’ve been trading for six weeks and I’m down 40k.” Like what the hell are you doing? Keep your size small till you have any clue of what you’re doing. And track every single one of your trades. You have to learn from those. Those are gonna teach you so much more than anybody in less than a month.
Michael: And track them separately by strategy. I mean, track deep buys separately from your breakout buys, from your shorts of overextended stocks, from your shorts of toxic financing stocks because really, they are different.
Sykes: Have multiple strategies.
Grittani: Don’t follow alerts. If you follow anybody’s alert, mine, Tim’s, Michael’s, we will find you and we will slap you. Don’t do it.
Sykes: Thank you guys for joining me and thank you guys for asking questions. I’ll answer more questions. I’ll go through your questions when we have better Wi-Fi. But I wanna get these two superstars on video with the yacht life. So you guys like the yacht?
Michael: Yeah, that’s good to try once.