8 Questions To Ask If You’re Going To Be Successful At Trading

trading penny stocks

How do you know if you’re ready to start trading penny stocks and become my next millionaire trading challenge student? So, you’ve browsed my site, you’ve read about my success, and, more importantly, the success of my students and your curiosity is piqued by your potential.

I offer the Tim Sykes Millionaire Challenge to help my most dedicated students ready themselves to be successful penny stock traders. Think you might be a contender? Ask yourself these eight questions for additional clarity; believe it or not, you might be more ready than you think.

1. Are you curious? The first step toward trading penny stocks isn’t actually making a trade, although that will come quickly because you don’t need a big account to get started. Actually, it all really starts with a spark of curiosity. Are you curious about trading penny stocks? Perhaps you’ve heard about my Millionaire Challenge and were intrigued. Or maybe you just heard about penny stocks when you watched The Wolf of Wall Street (you’re not the only one). No matter how you got here, curiosity is one of the first and most vital steps toward becoming a trader. Without a sense of curiousity and a desire to know and do more, you aren’t really ready to start trading.

2. Do you want the world and then some? Are you guilty of dreaming big? Do you dream of a better quality of life, or superior belongings? Do you have serious and specific goals? If so, you may be ready to trade penny stocks.

While the art of trading penny stocks is a fascinating process, for most of us, it’s not a desire to trade that actually gets us into it. It’s a desire for a better life or the ability to attain particular goals that require money. Many students in the Tim Sykes Million Challenge Team find that as a happy side effect, they fall in love with the process of trading, but rarely is it that desire that gets them into it.

If you’re a dreamer, if you want the world and then some, and are willing to do what it takes to realize your dreams, penny stocking might be for you.

3. Are you willing to admit you don’t know everything? I’m serious here. If you’re a know-it-all, you’re never going to get ahead as a trader. Confidence comes with time and experience. To get to that place, you need to admit that you need to learn things. The ability to admit that you don’t know everything will make you a better student, and a better trader.

This is a hard mental hurdle to get over for some people, but the ability to admit that there is so much that you need to learn is a great sign that you are ready to trade penny stocks and embark on my Millionaire Challenge.

4. Do you have good study habits? This goes hand in hand with the last point. To really gain your chops as a trader, you’ve got to develop good study habits. If you don’t have them, or never developed them, this doesn’t mean you can’t trade. It simply means that you’ve got to change your habits.

While you can find any of number of tutorials online for developing good study habits, ultimately it comes down to consistency. Make a commitment to studying reliably and in a similar routine each time; this will help you stick with it.

5. Can you stick with it? Are you a serial starter…followed by a quick stop when things get hard? If this is the case, penny stocks aren’t going to be for you, nor is my Millionaire Challenge, until you shift your mindset.

Three easy things that can help, as a quick FYI, are as follows. First, setting goals can help keep you motivated. Second, joining my challenge provides a level of accountability. Third, having a mentor can help with general advisement and assistance.

6. Can you handle risk? Are you cavalier with your money, or do you always play it safe? It’s important to evaluate your comfort level with risk before you embark on a career in trading. Let me clarify: you are risk averse, this does not mean you can’t be a trader. Awareness of this fact can be the first step toward combatting it.

Risk is inherent in trading. It’s just part of the process, but it’s also part of why you can reap so many financial reward from it. It’s not so much that you ever have to love risk, but to be successful as a trader, you must reach a place of comfort with it.

7. Are you able to learn from your mistakes? I don’t want to scare you, but the fact is that as a trader, you will make mistakes. Sometimes a lot of them. Even the most responsible trader doesn’t get it right all of the time because there are just so many variables.

However, here’s the key to making mistakes an asset: the ability to learn from them. Are you able to learn from your mistakes? Are you able to take a step back and see how this mistake can inform you and help you move forward better and stronger in the future? If so, you are a great candidate to become a trader.

8. Are you ready? This is really a gut instinct kind of question. When you look at your life, and you look at what you could potentially gain from becoming a trader, and also consider what it will require of you…does it seem like it’s for you? Basically, what I am saying here is…are you ready for this jelly?

Becoming a successful trader isn’t for everyone, and that’s fine. But if you’re curious, if you’re willing to learn, and if you’re willing to make your wildest dreams come true, then maybe it’s time to see what the next steps are.

Anyone can try their hand at trading penny stocks. However, to truly be a promising and good trader, you need to commit yourself mentally to the process of learning the ins and outs of the market and how to do things right. For those budding traders who are ready, my Millionaire Challenge is waiting.

Are you ready to make your dreams come true? Leave a comment and let me know as it’s not an easy journey, you’re going to have to study harder than you ever thought possible…but if you’re willing, I’ll change your life so let me know! 

8 Tips For Dealing With This Market Volatility

short selling

This is a VERY exciting week for my trading challenge students as there’s not one, now two, but three live webinars from my first millionaire student HERE, my second millionaire student HERE and one of my upcoming millionaire students HERE…all three are not just self-made, but they’re also self-sufficient and they’ve gotten VERY good at helping me teach and mentor others too so I’m SO excited!

As for the overall market, well, that’s a different story because while it’s never necessarily entirely predictable, there are times when market volatility impacts penny stock trading…like right now. Times like these can definitely be tough on traders, whose carefully honed processes don’t work as well…so you must learn to ride the market no matter what it’s doing. Continue reading

How To Trade for Success: 8 Things You Should Know

how to be a millionaire

It’s crazy that for all the people who want to become my next millionaire trading challenge student, very few, if any, of them know much about what it actually takes to become one.

Because it’s a taboo subject to discuss money, there are plenty of misconceptions about how to be a millionaire. For one, many people think that once you earn millions, your work and effort is done. This couldn’t be further from the truth. Actually, one might argue that this is where your real career and potential begin as only once you’ve learned how to become a millionaire are you really in a place to help people and influence the world, a situation you don’t really choose for yourself, but one you can’t avoid as if you’re like and you travel enough and see how many people around the world need help!

Here, I’ll break down some common misconceptions about being my next millionaire trading challenge student in order to inspire your studying and work levels required to actually achieve it! Continue reading

Inspirational Entrepreneur Quotes: 8 Incredible Pieces of Wisdom

Entrepreneur Quotes

Entrepreneur Quotes

I love posting inspirational quotes because the path to success is usually VERY be bumpy, so to help smooth the journey I’ve assembled some incredible entrepreneur quotes to help you maintain motivation throughout your ups AND downs.

There’s wisdom to be taken from each of these quotes, which offer a little insight into the world and mind of a true entrepreneur. If you are an entrepreneur or wish to become one, read through this list and let the inspiration sink in.

1. “The true entrepreneur is a doer, not a dreamer.” ― Nolan Bushnell

I like the overall sentiment of this quote, but personally I’d tweak it just a little bit. A true entrepreneur is a little bit of both: a dreamer and a doer. After all, it’s dreams, goals, and ideas that motivate an entrepreneur. However, unlike most people, entrepreneurs have an inner drive which propels them into action. In the Tim Sykes Millionaire Challenge, one of my biggest goals is to successfully transition my students from people who want to make things happen to actually making them happen.

Continue reading

How To Become A Profitable Trader: A Lesson In Patience And Adapting

become a profitable trader

I recently received a wonderful email from a former trading challenge student that may very well serve to quash every preconceived notion about trading that you’ve ever had. Think you can rely on my trades alone to grow your account? Think you’ll have success right away and you can just ignore my rules? Nope! You can’t! Here’s how to become a profitable trader!

You have to learn these key penny stock rules and to make your own trades, find your own strategy, and learn what works best FOR YOU as we’re all different and we each have our own strengths and weaknesses.

Joe, a trading challenge student from 2016, learned this the hard way, and has shared his experience with me so I could share it all with you. No sense learning the hard way! You have to trade like your own man, just like Joe

Please read his email to me in its entirety and leave a comment under this blog post if the lessons makes sense to you. Continue reading

Stop Doing These 5 Things, Improve Your Trading

There are plenty of things that you can do to improve your trading, which I have detailed in previous posts like this one and rules that I go over and over again with my trading challenge students. But now I want to talk about what you should stop doing to improve your trading.

These are some of the common bad habits that keep traders from finding the success they crave so if you stop doing these five things, you will absolutely see positive returns on your overall performance: Continue reading

Lessons From Shaun White & Red Gerard Winning Gold Medals At The Winter Olympics

Lessons From Shaun White

A few minutes ago, the American snowboarder Shaun White just completed a triumphant multi-year comeback, winning his 3rd gold medal in electrifying fashion as he was in 2nd place going into his final snowboard run…and he came through with the best run of the day when the pressure was on the most…so I tweeted this ( some lessons from shaun white ) :

And the other day it was a young 17-year-old named Red Gerard who won USA’s first gold medal of these Winter Olympics…and so I made a video that I’ve posted and transcribed below because not only are their stories awesome and inspirational, but there’s also a ton of crossover lessons for those of you looking to become my next millionaire trading challenge student: Continue reading

The Top Performing Mutual Funds [Infographic]

Top performing mutual funds

Stock trading isn’t for everyone and some people don’t have enough time to study in order to become my next millionaire trading challenge student, so mutual funds offer a way to invest without a lot of time requirements.

So, here is an infographic detailing the Top Performing Mutual Funds. Some may surprise you and some you may already know. Continue reading