10 Lessons From Student Who Just Passed $100k In Profits

By Timothy Sykes

Last updated on January 17, 2023
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Nothing gives me more gratification than one of my Trading Challenge Students hitting that whopping $100k mark** (or, in some cases, like this and this, even more)!

Because the strategy I teach aims for singles, not home runs, the key is having lots of little gains add up over time so that when you make six, or seven, figures, it’s not a fluke.  It’s a very meticulous strategy that’s all about trading like a sniper as I outline here. And, whether the student begins with just $1,500, like this guy, or $27,000, like this guy or maybe even $50,000, like this guy, when you learn to grow your account exponentially, it’s ALWAYS the result of lots of testing, studying, paying attention, hard work, perseverance and…lessons learned.**

And, when my students win, I win and together we inspire the next Trading Challenge Student to either get in the game, step up their game a bit or simply get the proper mindset with a winning and positive attitude…no negativity or BS allowed these days.

So, just weeks after I announced that this dedicated student had passed $100,000 in profits, meet my latest six-figure profit Trading Challenge student, Roland, a dedicated student who just hit $119,000 in trading profits, every trade detailed here.**

I asked Roland to share with us 10 basic lessons that helped him to get to $100k, so the rest of you can see the path and hopefully follow it with a few tweaks of your own.**

This is what Roland came up with and I’m hoping you’re paying attention because these lessons are SOLID:

#1 Put Your Education First!!!!!!!!!!

Before entering the market and risking your hard-earned money, it is vital to invest in your education. It is so easy to fall into the trap of wanting to just jump in and trade, as there is nothing to stop you from opening a brokerage account and trading.

Unfortunately, without first gaining the necessary knowledge on all of the different variables which determine whether you will be consistently profitable, your chances of success are slim to none (remember that a majority of traders lose). It is better to learn from the mistakes of seasoned and successful traders than to let the market teach you those lessons the hard way.

#2 Be Disciplined!!!!!!!!!

As a trader, you have no one telling you what to do, or how to do it. Because of this, it takes an enormous amount of discipline to experience success. You need to have the discipline to study and prepare, late into the night and early morning at times (weekends included). You need to have the discipline to wait for the proper trade opportunities, cut losses quickly and to control your impulses.  Trading is hard, but being disciplined will give you a much better chance of succeeding in the long run.

#3 Patience!!!!!!!!

Patience is a virtue, and it is a definite necessity in all aspects of trading. It takes patience to get through a difficult learning curve, full of losses and setbacks.  It also to takes patience to wait for the right set-ups, and then after entering a trade, to give it the appropriate amount of time to develop (if the chart and price action permit). I still struggle with this at times but am working hard on exercising patience, especially when it comes to respecting my risk levels.

#4 Strive for Self-Sufficiency!!!!!!!

Becoming a self-sufficient trader should really be one your first goals. I admit that when I first started trading, I would impulsively buy Tim’s picks, even though he specifically said not to. My results with this ill-advised strategy were terrible, and I learned quickly not to do it. Instead of trying to get hot picks, you should really be focusing on how to identify potential runners on your own. It is vital to strive for self-sufficiency and to develop the skills that will give you longevity. You will know you are on the right path when you are able to identify set-ups and good trade opportunities, without the assistance of a guru or chat room.

#5 Cut Losses Quickly!!!!!!

This is Tim’s #1 Rule for a good reason. There is no sense in letting one loss wipe out weeks or months of gains. That can be demoralizing and debilitating for any account, large or small. Cutting losses can be difficult, as no one likes losing or admitting that they are wrong, myself included. But, I have always taken this rule to heart and continue to cut them as quickly as possible (sometimes too quickly). I’d rather cut my loss too quickly and see a stock rip back up, than not cut at all and watch it tank. Having trouble cutting losses? Try closing your eyes while you sell or cover! This may be #5 on my list, but it’s #1 when I trade.

#6 Lock in Profits!!!!!

Locking in profits goes hand in hand with cutting losses quickly. Trading can be difficult, so if you find yourself in a winning position, be sure to take the gains while you can. I can’t tell you how many times (especially early on), I was up on trade, but wanted the Grand Slam home run and then watched as my profits diminished to nothing. Since focusing on hitting singles, my results have been so much better.  I aim for singles and lock in profits early. This then allows me to be much more patient and less emotional with any remaining shares that I decide to hold onto.  It is much easier to trade with house money, than your own!

#7 Focus on Preparation!!!!

As with any profession, good preparation can be the difference between success and failure. Trading is no different. I used to get up 30 minutes before the market open, stumble to my computer and then, with one eye opened, try to get my bearings and see what’s “hot.” My results during that period reflected that clear lack of preparation. I now spend several hours a night researching, studying and devising plans for possible trades in the morning. I then wake up hours before the market open, review my plans and I am ready for whatever the market throws at me before the bell rings. Preparation is key and has certainly been a crucial part of my success up to this point.

#8 Stay Humble and Eager to Learn!!!

Though I’ve experienced a bit of early success, I still look at trading as though I was a complete novice.  This keeps me humble and hungry to learn as much as I can, as often as I can.  We are truly lucky to have so much information at the tips of our fingers, particularly in an environment like Profit.ly, and in the Trading Challenge, where we are fortunate enough to be able to learn from elite traders like Tim Sykes, Tim Grittani, Michael Goode, Steven Dux, and Mark Croock. Take advantage of it!

#9 There is No Magic Formula!!

The markets are constantly changing, so as traders, we must also change to adapt to market conditions. It is so important to continue to evolve and avoid being reliant on any one strategy.  I am continuously looking for strategies and set-ups that will give me an edge in all different types of market environments. Trading is not an exact science, so don’t treat it as if it were.

#10 Attitude is Everything!

I believe this to be true in anything you decide to do in life. With the right attitude, anything is possible.  I think this an extremely overlooked quality to have, especially as an aspiring trader. A good attitude and mindset will help get you through the difficult times, and will also keep you humble through the best of times. It will give you the ability to shrug off the bad trades and to learn from them, rather than morbidly obsess about them. The proper attitude will help you cut losses or take profits if need be.  It will get you through that last hour of late night weekend study and analysis. You may not be able to control the markets, but you can control your attitude, and ATTITUDE IS EVERYTHING.

WOW, how awesome of a guest post was that? Please leave a comment below and congratulate Roland, not just on his trading profits, but also on his knowledge and attitude, which you can clearly see throughout this blog post is solid.

So, congratulations and thanks again Roland, for sharing what’s made you successful and for adding to the ever-populated Trading Challenge Student pool with your $100k+ in trading profits.** We’ll be watching for you when you add another zero to your profits as is inevitable when you keep grinding every day and sticking with this positive attitude/work ethic!


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Comments (1)
Author imageTimothy 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 Trading 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 30 Day Bootcamp, it will teach you everything you need to know about trading.

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