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Trading Tips-Tim Sykes Penny Stock

24 Tips For New Traders In 2024

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Written by Timothy Sykes
Updated 12/30/2023 12 min read

The first trading day of the year is upon us…

Will this be the year you crush it and take it to the next level…

Or will you be making some lame excuse?

Since you are reading this…I’m betting that you want to see some positive improvements.

And to do my part, I’m sharing with you 24 potentially transformative tips.

This isn’t just about making profitable trades…it’s about developing a mindset that thrives regardless of what the market throws at you.

Are you ready to unlock the door to a world of focused, strategic, and potentially profitable trading in 2024?

Here are my 24 tips for new traders in 2024

Tip #1: Dream Big

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Success in life as well as in trading is not guaranteed.

However, I believe you should aim for lofty goals to help you stay motivated daily.

Do you want to take care of your family?

That was one of my big goals when I started.

Is your goal to make a million dollars and own a fast sports car?

It was one of mine that I accomplished early on.

You only have one life…there’s no reason not to go for it.

But remember, it’s not going to happen in one day or overnight.

It’s doing a lot of the small things consistently that will help you achieve your goals.

Tip #2: Start Small

It kills me when I hear people say they want to get into trading but don’t have the money.

It shouldn’t take long to get a couple hundred dollars together and open up a brokerage account.

You really don’t need more.

Why?

Because those first few years are a learning curve. The last thing you want is to start with a lot of money and then lose because you don’t know what you are doing.

Start small…develop your skills…and build your account up as you’re learning. Don’t wait to have money to start.

Tip #3: Embrace The Suck

None of my millionaire students found success in year one.

The stock market is very complex and constantly changing. Remember last year, everyone thought inflation was going to get out of control and the country would fall into a deep recession.

What happened?

The market closed nearly at all time highs and the Nasdaq had one of its best years ever.

No one can predict the market.

Just understand that it’s going to take time to develop yourself as a trader and figure out what works best for you.

But be ready to suck in the beginning. Measure your success by what you learn, not what you make.

Tip #4: Learn From Losses

You’re gonna make mistakes…

To help avoid them in the future, learn what you’re doing wrong.

Analyze and study your trades, figure out what you need to do to make adjustments.

Tip #5: Compound Your Gains

How can someone go from barely making any money in their first two years to making millions in year three?

Compounding…

You see, everyday you put in the work your knowledge compounds.

That compounding over time can lead to some impressive results.

Tip #7: Build Three Accounts

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There are three accounts I want you to build in 2024.

The first is your brokerage account…try to stack small wins daily.

Second, is your knowledge account. I want you to get sharper each day. Don’t let yesterday’s mistakes cost you today.

Third, I want you to build up your experience account. The top traders become experts at pattern recognition…in order for you to get there, you must study, study, study, until it becomes almost second nature.

Tip #8: Become a Specialist

The stock market is overwhelming if you let it be.

But if you become a specialist, I believe you have a better chance at surviving.

My speciality for years has been trading penny stocks.

And there are a few patterns that I look for specifically to trade them.

Not saying, that’s what is going to work for you.

But you should try to develop a niche.

Tip #9: Pursue Your Passion

There’s nothing really glamorous about trading. After all, you’re just typing away at a keyboard, clicking buttons, and staring at flashing numbers.

However, trading has allowed me to take care of myself, family, and pursue other passions like charity work.

Don’t be afraid to pursue your passion. It’s what will help you achieve long-term success and happiness.

Tip #10: Over-Prepare

I am all over the place traveling…

Jumping from one city to the next.

The only way I’m able to trade successfully is because I still dedicate time for preparation.

Each night I’m reviewing my trades and putting my watchlist together.

Before the opening bell rings…I have a good idea of what I’m going to trade and how I’m going to do it.

Don’t think you can win in this game if you don’t over-prepare.

Tip #11: Charitable Giving

My life changed once I started donating my time and money to worthwhile causes.

I’m not saying you should donate all your trading profits to charity…

But start helping others in any way you can…

You’ll be surprised at how much joy it brings you.

Tip #12: Flexibility

Last year I found myself trading setups I wasn’t too comfortable with…

But 2023 was the year of the short squeezes.

So I found myself trading these super scary and volatile stocks.

And that’s what this game is about. You have to be open to adapting strategies and learning new concepts.

Tip #13: Discipline Leads To Freedom

If you want to achieve your trading goals then you must stay disciplined.

Disciplined in how you prepare, how you trade, manage risk, and stay focused.

There are no guarantees you will make money…but the more disciplined you are…your odds of survival are amplified.

Tip #14: Build Your Own Dream Life

My dream life is traveling, trading, teaching, and giving back to the less fortunate.

What’s yours?

Whatever it is, start taking the steps to build it.

It might not look like much in the beginning…but remember…the universe rewards those who are consistent.

Tip #15: Educate Through Losses

If I ever have a bad trade you know I will be talking about it for days.

I’ll write about it on social media, make a blog post out of it, and even a couple videos.

I do this because it helps me get better, and helps you learn as well.

Now, you don’t have to go public with your losses. But it does help to share what you’ve learned from your losses with someone.

Tip #16: Appreciate the Journey

I often tell people trading is a marathon not a sprint.

In order to achieve your goals you must embrace the journey and be ready for the long ride ahead.

Tip #17: Become Your Own Guru

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Don’t be one of those people who just wants hot stock tips…

To truly make it in this game you must develop into your own trader.

I always say alerts are like training wheels. They are good in the beginning when you’re learning…

They help you identify opportunities you might not know exist.

However, you must learn to make the trade yours.

Tip #18: Be Honest

Short sellers were absolutely destroyed in 2023.

However, you wouldn’t know that because they hid their losses.

In an industry full of crooks…I challenge you to become an honest and transparent trader.

Tip #19: Study The Past

I have a bag of tricks when it comes to this trading game.

Some of the stuff doesn’t get pulled out unless there is a special situation.

And that’s the thing about trading.

The more you learn from the past, the more tricks you have in the future.

But if you don’t study…you’re bound to repeat the same mistakes.

Tip #20: Ride The Hype

tim sykes in arizona riding on a jeep
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Capitalize on market trends without getting misled.

A lot of the big spikers last year were not based on catalysts. But more so overzealous short sellers.

Trading at its core is about understanding price action.

Sometimes the silliest things will create the biggest moves.

Don’t try to make sense of it all.

Instead, recognize and ride the hype.

Tip #21: Expect The Worst

While riding the hype is fine…remember…most of these companies are broke and have terrible management.

Look at these plays as trades and never investments.

Judge things by price action and not fundamentals.

And do not trust them at all.

Tip #22: Trade Scared

Approach trading with caution.

I trade scared because it helps me minimize risk. It’s okay to trade scared if it helps you respect money better.

Tip #23: You Can’t Out Trade Bad Risk Management

tim sykes sitting on ledge
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There’s a saying in the fitness industry…you can’t outwork a bad diet.

The same could be said for trading, you can’t out trade bad risk management.

If you are putting together 3-4 good trades and then let the next trade wipe out all those gains and more…well…you are not managing risk properly.

When it comes to risk management I keep it simple…

Cut losses quickly.

Tip #24: Utilize Resources

You don’t have to go at this alone.

Maximize the use of online learning tools, this blog, my youtube channel, and more.

Take advantage of tech tools like XGPT, StocksToTrade Breaking News, and IRIS to make 2024 your best year ever.

 

Transform Your Trading in 2024: Join Our Essential Live Training! 🚀📈

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As we step into 2024, it’s time to elevate your trading game. You’ve just discovered 24 transformative tips that can redefine your approach to the market.

From dreaming big to embracing the learning curve, each tip is a crucial part of the trading puzzle.

But how do you integrate these insights into a practical, daily trading strategy?

 

🔥 Grasp the essence of starting small and scaling with success.

🔥 Learn to turn challenges into stepping stones for growth.

🔥 Discover how to build and manage multiple accounts effectively.

🔥 Embrace the mindset of a specialist and pursue your passion.

🔥 Understand the importance of preparation, flexibility, and disciplined trading.

 

This isn’t just about theoretical knowledge… it’s about making these 24 tips work for you in the real world of trading.

 

🚀 Join our exclusive live training session to delve deeper into these 24 tips.

🚀 Engage with real-time, actionable strategies that cater to the needs of new traders.

🚀 Equip yourself with the latest tools and insights to stay ahead in 2024’s dynamic market.

Ready to stop making excuses and start making impactful trades?

Eager to turn these tips into tangible results and make 2024 the year you crush it in the trading world?

👉 CLICK HERE TO SECURE YOUR SPOT IN OUR LIVE TRAINING AND BEGIN YOUR JOURNEY TO BECOMING AN UNSTOPPABLE TRADER IN 2024!👈

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (205) 851-0506 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”