Lessons From Another Trading Challenge Student Who Just Passed $100,000 In Profits - Timothy Sykes

10 Lessons From Another Student Who Just Passed $100,000 In Profits

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 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.

Download the key points of this post as PDF.

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 90%+ 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 upon 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, buy 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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153 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. Khermus

    That’s amazing man!!! Thank you for sharing your experiences!! Can’t wait to reach that milestone!!!!

  2. Pamela Fernandez

    Amazing post, thank you for your input, it means a lot as a student, your experience is an example of persistence. Nice day….

  3. Misha

    Congrats Roland! Thank you for your willingness to answer questions in chat and being there for your fellow traders. Your success is well deserved, we all look forward to seeing you grow as a trader….

    Misha

  4. Joshua Linhart

    Thanks Roland! That was inspiring. I can relate a little better to this post because you are closer to starting out and do not have astronomical profits yet 🙂

  5. Fortune1OnPt

    I definitely would like to be at your level one day Roland! Big Congrats again on your success and continuing success!

  6. Fortune1OnPt

    I will work hard with the right attitude to hopefully be at your level one day. Big congrats again on your success and continuing success Roland!

  7. Eric

    10 key points .. Adding an 11th …( Gotta quote spinal tap here .. The amp goes to 11)
    Be meticulous and calculated .. Don’t jump into trades prematurely … If you do, you need to follow the number one rule in firefighting : stop, drop, and roll … in other words:

    Lesson 11: PROTECT yourself from disaster. Anything can happen .. In trading (and in life).

    Thanks Roland and keep up the hard work

  8. Stefano

    Great post, thank you very much and congratulations on your success, what an inspiration

  9. Nick

    Great post Roland and congrats on the success. As you mentioned, attitude is a huge factor. Having the wrong attitude can get a trader to make some really bad decisions and even send them in a downward spiral. Stay hungry for info and keep moving forward.

  10. CORY WATSON

    Nice work Roland!! I hope to be where you are some day. Thanks for the advice and congratulations!!!

    Applec0re

  11. Anderson

    Tim how do I become a penny stock trader?
    I have no experience but I’m ready to learn

  12. jackson clemons jr.

    Great advice Roland. Happy for your success. Look forward from learning from you in the future.

  13. Driven

    Congrats Roland. Great advice. It’s truly inspiring to see people with a strong work ethic putting in the work and getting the results!

  14. Myrna

    Congratulations! Reading lessons from Tim’s successful students is always inspiring. Thanks for sharing Roland!

  15. Patrick

    Congratulations Roland!

    Great lessons here! Attitude is everything because attitude is the condition of your mind to your surroundings. If you change your mind you can change your actions for the better! 🙂

    Really enjoyed these points, thanks and keep up the great work! 🙂

  16. Danny Hodges

    Thank you Roland for writing that post and for inspiring us to work even harder every day! Also, thank you so much for posting detailed trade thoughts, it really helps a lot. Best to you and your wife!

  17. Louis Horvath

    What an amazing, accomplishment! Nice job Roland and Timothy for being a great teacher and building profit.ly. Very very inspirational.

  18. Ron Nicholas

    Roland thank you for this article, in particular highlighting the importance of a good attitude. I’ve realized recently thats been holding me back in a big way. Enjoy the success and again thanks for showing what’s possible when you want it bad enough!

  19. Kyle

    Congrats on reaching 100k plus in profits! Keep up the great work, and thanks for sharing your ten lessons that you have learned.

  20. Chris

    Congratulations Roland! I echo what you said so much and the same has been said many times by Tim and others, especially on cutting loss. It takes more courage when it come to trading like a ” coward”. Thank you for sharing your experience!

  21. edson magossi

    I appreciate you share those points, especially the attitude is everything, great tips Roland !
    Keep up with good work, see you @ chat room.
    best regards
    Edson

  22. Anonymous

    Awesome list Roland! These are excellent points to follow. Sometimes i think we make things a lot harder than it has to be, but your list puts everything in perspective. Congratulations on your success!

  23. Nick Gangadis

    Very motivating post. Thank you for presenting trading in such a realistic way. Now that I know how things truly work I’ll give it a go.

  24. sengsackda

    Congratulation Roland
    I really want to be right Tim But I am a new hand
    I am thew beginner
    I really want to success and want to be a millionaire right everybody
    So I hopefully I can get help from you all especially Timothy sykes
    Thank you very much

  25. Growth4me

    Thanks Roland. I am developing some of the same rules with my experiences and hope to be up writing one of these blogs in the next year myself. Keep it up and see you in chat. Congrats!!

  26. Kiabeth

    Roland,

    Congrats on the knowledge you’ve gained and the changes you’ve made within yourself! Thank you for sharing these lessons, it has changed my mindset on a few things. Oh yea.. Congrats on the six figures!!!!!

    All the best!

  27. Tim Vaughn

    Thanks Roland for the great lessons and congratulations on your great success. I hope to be following in your footsteps and continue my studying to get there. Thanks Tim for always bringing us the stuff we need to hear and LEARN everyday.

  28. OceanRider

    Congratulations Roland and Tim. Roland, it is very encouraging to see you achieve this level of success so quickly. The Challenge combined with work is where the magic happens. Looking forward to many more successes in the near future! Fantastic!

  29. C.J. Scott

    Congratulations Roland! Yet another successful trader that is inspiring me to get the ball rolling and reach my life goals 🙂

  30. Bravozulu76

    Congratulations Roland on your accomplishment and thank you for sharing your experience with us.

  31. DNN

    Hey Timothy,

    I’m happy you mentioned putting your education first. Why? It’s good to have a college degree to fall back on know how to do something you’re good at, such as affiliate marketing, WordPress blog coding, search engine optimization, cooking, running a business, and so on. But some things you can’t learn in the college classroom and can only gain from life experience. Nevertheless, i still advocate taking your butt to college and getting that degree and going beyond the Bachelor’s to achieving an MBA, Juris Doctorate, or Ph.D.

  32. Sara aka bankatronic

    Congratulations, Roland, on achieving that milestone!!! Excellent work and a very well written outline of all the important aspects to focus on while pursuing this mastery! I admire your fervor and discipline & thank you for taking the time to give us your perspective & highlights of exactly what is needed to achieve this very cool skill! Thank you & Namaste ALL DAY- EVERYDAY! 😀

  33. Fred

    Thanks Roland for that great story and how you reached your goal, step by step, just following Tim’s and many of the other teachers ideas and strategies. I’m sure we will be hearing from you in the future!

  34. AnneMarita

    Congratulations Roland! Great accomplishment! You work hard, you get it, you believe it – and it’s easy to see that you are doing all that. Proud to be part of a group like this!

  35. Barney Heslop

    Congratulations on reaching $100K Roland and thanks for sharing these 10 Lessons.

  36. Robert Priest

    Congratulations to Roland.

    Tim, I am presently in correspondence with Rich Van Orden from your site. I wish to buy a DVD. He has written that I can send my bank details over by e-mail so I can purchase the DVD. I have never paid for anything by that method before. At the risk of sounding naive, is this way of payment standard on your site? I would like to get confirmation before I hand any money over.

    I appreciate all the work that you do.

  37. Anthony Flores

    Thanks u Roland and good job on this post! I learn something new every day!
    Congratulations Roland and good luck;)

  38. Jo Ann

    Awesome tips Roland, thx for sharing vital tips that has successfully helped you early on in your trading journey!
    Congratulations 👏🏽👏🏽

  39. Donna Groom

    I think it’s just wonderful, Roland. Congratulations! I am still studying and reading. I am new and a little scared. I haven’t made one trade yet! You inspire me to continue. I will get there slow but sure. Thanks for sharing your thoughts and I wish you continued success.

  40. Frank Mogavero

    Great post Roland. I’m looking to get into the challenge myself, interview scheduled soon and this post was a great inspiration.

    Congrats!

  41. Pingback: 5 Ways To Grow Your Account Exponentially - Timothy Sykes

  42. Cameron Mabey

    Congrats Roland!! You’re showing us what is possible with the right dedication and mindset, keep up the good work man!

  43. UMESH TRIVEDI

    congrats ronald its so amazing …timothysykes sir i learn all of ur homework now time for take interview ..i was waiting last 13 days plzzzz fast sir
    regards ,
    umesh trivedi from INDIA

  44. ROHITH

    CONGRATS ROLAND!! IT WAS GREAT AND HELPFUL POST, AS MR. SYKES Said WE’LL BE WATCHING FOR U WHEN U ADD ANOTHER ZERO TO UR PROFITS AND ALSO TO LEARN FROM U, HAVE A GREAT DAY!

  45. Anthony

    Congratulations Roland and thank you so much for sharing excellent advice I just started studying about a month ago am not going to jump in without the knowledge first maybe in a month or 2 anyway thnx again and keep on learning and inspiring some year I’ll be where you are

  46. sue sgaggero

    Amazing post. Study is very important to learn the patterns. Patience, cut losses, take gains, and focus on the trade you are going to make. Congratulations on your gains

  47. Ronnie Declerck

    Attitude is everything…mindset leads to success or failure…in all endeavors…Adaptability is key to market changes…this is a great checklist for what stock trading requires of everyone…thanks!

  48. Cal

    Great work Roland.Congrats on hitting the 100K mark, and thanks for showing us the way in which you achieved success.

  49. ANDC5

    Congratulations and great success Roland, post like this one inspire me to do better on my learning process of becoming a day-trading professional. right now I’m a newbie but I am doing exactly what you said on the first two posts putting my education first and being patient learning the process of becoming a great day time Trader.

    Ps. Roland on the last live webinar that Tim Sykes from Italy he mentor the brand name of the laptop that you use but I didn’t catch the name can; you tell me what is the name of that laptop that you use because I would like to purchase one for myself…… can you shoot me an email with that information please thank you

  50. Mitch Bromwell

    Thanks for sharing your story Roland,
    And Congratulations on your achevements
    Keep up the Great Work. 💹

  51. Carolyn M.

    Congratulations Roland and thanks for sharing your story. It’s a learned lesson that I will follow.

  52. Vic siever

    Awesome points Roland and congrats….just watched your video as well and you are well on your way!! GOD bless brother.

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