6 Tips For Replacing Bad Habits With Good Habits

Replacing Bad Habits With Good Habits

Replacing Bad Habits With Good Habits

Bad habits can be a tricky thing. Everyone has them, but few have the self awareness to identify them. Fewer still have what it takes to banish them…and once you banish them, you can really move forward faster as that’s what I want — more Millionaire trading challenge students moving forward with their account value and their own knowledge base too.

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To be the most successful, you really have to nitpick everything in your life, from your habits to your friends, to the websites you use…for example, in trading choosing the right broker matters A LOT as I explain in this new video lesson:

And when you begin analyzing yourself, I challenge my students in the Tim Sykes Millionaire Challenge to break free from their bad habits, because there is so much to gain by replacing them with good ones, just like going with the best brokers I outline here.

Below I detail six simple tips for not only busting bad habits, but replacing them with millionaire habits that will increase your odds of success and lasting wealth over time..

1. Identify the bad habits. As you might have guessed, the first step to eradicating bad habits is identifying them so you can weed them out. This can be easier said than done, as many of us tend to be in a state of denial about our bad habits, but as the saying goes, “once you see the mess, you can clean up the mess”.

So, go ahead and take an inventory of the habits you currently have…and I’m talking about ALL of them, good, bad, and in-between.

Can you easily see the ones that are holding you back? Take the time to dive deep and be honest with yourself about the bad habits that are holding you back, be it checking social media too much or being lazy and waking up late all the time.

2. Figure out the underlying cause. Once you’ve identified your bad habits, it’s important to dig a little deeper to figure out the underlying cause. Say, for instance, that you procrastinate. That’s undeniably a bad habit, but simply recognizing that isn’t going to stop it. It’s recognizing what causes you to procrastinate that will help you make progress.

With procrastination, for example, a common cause is fear of rejection or failure. You’re scared that when you complete something, it will be found lacking or not good enough. Therefore, you put off finishing it because that puts off the rejection or negative feedback that scares you. By learning how to develop coping mechanisms for rejection or dealing with failure, you’ll be able to banish that bad habit.

3. Know the triggers. In addition to figuring out the underlying cause, it’s helpful to know what triggers your bad behavior. For example, are you more likely to fall back into old habits when you haven’t had enough sleep, or haven’t eaten adequately? Or do you tend to make bad choices after you’ve had an argument with a loved one?

Knowing what can trigger bad habits can help you avoid them. For example, if you know that you never have successful trades if you haven’t eaten, for crying out loud, make it a point to wake up earlier and eat breakfast. Sometimes, little things like this can make an enormous difference.

4. Choose a habit to put in its place. When you banish a bad habit, you’ll be surprised how much space is left in its absence. To discourage another equally bad habit from forming in its place, make a conscious decision to replace it with a good habit.

For example, say you have a bad habit of wasting time on Facebook or scrolling through instagram. You’ve identified that it’s a bad habit. You’re aware that you indulge when you’re bored and you’ve taken the proactive step of setting a timer and devoting a smaller amount of time as your social media binge time. This is great, but what are you going to do with the time you were wasting?

Establishing a new habit, like reading the financial pages, browsing the world news, or poring over my millionaire student success stories, can help you fill in that void in a constructive way so that you’re not just losing a bad habit but building a good one.

5. Get a mentor. I talk about the benefits of having a mentor a lot with the members of the Tim Sykes Million Challenge Team. This is with good reason: a mentor can offer so many positive rewards to not only your trading, but your life as well. Your mentor has been around the block a few more times than you, and they’ve experienced what you’re going through as a trader. Learning from their experiences can help you avoid many mistakes.

A mentor can also offer personal advice when it comes to bad habits. Many bad habits, like procrastination, lack of focus, not setting goals, etc, are common in the trading world. If you run your bad habits by a mentor, chances are they can give you advice from their own experience, including anecdotal advice about how they overcame their bad habits.

Utilize your mentor to learn about both practical and personal aspects of being a trader, and to stay committed to your goals.

6. See the benefits of your good habits. If there is one thing that can really seal the deal of ditching bad habits, it’s seeing the positive effects of good habits.

Here’s an easy one: the matter of when you wake up. Say one of your bad habits is waking up late. If you’re waking up minutes before (or even after) the market bell rings, you’re behind the game. Chances are, the entire day is a game of catch-up, and you’re not making your best and most well thought out decisions.

If you begin waking up early, you’ll begin to see a world of benefits. Obviously, you’ll have more time in the morning. Obviously, you’ll have more time to prepare for trading. But you’ll also enjoy personal benefits, too. You’ll be able to take time to eat breakfast, spend time with family or friends, check your email, etc. This added time has the cumulative effect of making you happier, more relaxed, and more prepared. Undoubtedly you’ll see an improvement in your trading as a result.

Your bad habits could be preventing you from attaining the success you deserve. By following these tips and taking the time and effort required to eradicate your bad habits and replace them with good ones, you will see a world of benefits. Not only will your trading improve, but possibly your entire outlook on life. See for yourself the doors that open when you banish bad habits.

Leave a comment below and tell me the bad habits do you want to remove from your life…and be honest with yourself, and with me, as honesty is key to your success in the long run!

Posted in Millionaire Habits

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52 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. Eric

    People struggle with changing bad habits because they are afraid of leaving their comfort zones. You must leave your comfort zone to grow as a person . Being impulsive is one bad habit many people fight on a daily basis . Impulsive behavior leads to mistakes because you feel pressured to do something well. However, by rushing due to time constraints, you do worse. Being meticulous and planning everything doesn’t always work either. If something doesn’t work, slow down and take more time to think. Forget about the fast pace and realize you may not be good at working under pressure. In trading, avoid the fast morning spikes, if you can’t react fast enough

  2. JJ Malvarez

    PROCRASTINATION, DEFINITELY A BAD HABIT OF MINE…although it is much better than it use to be. I have been able to start taking steps towards eradicating it. One step has been waking up earlier. It use to be that unless the sun was out I would not get out of bed, but since I decide to follow you @timothysykes and become a full time Penny Stocks Trader I find myself looking forward to waking up at 6 am, sun or not, and work on my watchlist, whether it is to refine it from the night before or find more and better stock. Also it gives enough time time read about whats going on in the world.
    Thank you for your motivation and guidance Tim…I am looking forward to join you in the Millionaire Challenge Program ASAP…
    In the mean time please continue sharing your great teachings!!!

  3. Matt

    When trading I feel like a squirrel. I see a stock spike and then I want to jump in because I have a fear of missing out. Which when that happens i usual buy at the top of the climax spike and watch it come all the way down. I need to take a deep breath and follow the charts and watch for confirmation of the direction. Then I need to make sure I follow my stop losses if it doesn’t work out.

  4. Rafael

    I’m gonna put on my brave face here and say that my bad habit is that I love women too damn much! Porn is a dead end and playing with yourself all day long is gonna get you nowhere! Lol… So I say learning to harness your sexual energy into healthy constructive outlets like exercising and studying is the key to conquering the world!

  5. Jermaine Russell

    My bad habit is that I am too negative on myself which causes self sabotage in the long run. Negative self talk was something I’ve used to help motivate me but as my personal history shows, it effects others around me even to a point where people might not care for my presence at events. I believe to be an eternal optimist but the trends of negative thoughts about myself and the task I’m engaged in has not turned into my favor. Trying to adapt to more positive thinking and believing the power of that positivity is my goal now. In every crisis there’s opportunity for blessings in which it will be easier to receive and respond better.

  6. Brody

    Without a doubt my main bad habit is going to bed late and therefore also waking up late. You hit the nail on the head in mentioning it causes the whole day to become a game of catch-up. I have moments where I’m motivated to go to bed early and wake up early but its never something that sticks as I don’t carry it through long enough to see all the benefits I’m looking for. Tips to improve on this habit would be appreciated!

  7. Bill Wesley

    The bad habits I am going to eradicate out my life are procrastination, becoming unfocused, and being patient. Staying focused for me is hard because I wanna learn so much at one time and then try to execute what was learned without having a plan which I procrastinated on putting together. After hearing your comments in the video, I’m going to dedicate the rest of this year as a time of studying your lessons to become better prepared to execute.

  8. Benjamin Williams

    I am a student in high school and I have been told by many that I am very bright and I can accomplish great things when I apply myself but I always seem to have difficulty applying myself when it comes to schoolwork. My grades are currently slipping and my parents are very disappointed me at the time because my grades are not what I am capable of making them and I have not practiced the sport I have committed myself to either. I admire what you do and I look up to you on your website, Instagram, and ive watched your Youtube video’s. I loved reading this blog post, I think you did a great job Tim and I aspire to be even just a fraction of what you are. Keep inspiring people, you do a great job.

  9. JC

    I’m sorry Tim. I’m going to have to stop looking through your lavish instagram stories. They’re what draw me to the app and waste what little study time I have. Thanks for pointing this out. I now know the triggers and the underlying cause of my bad habit all thanks to this blog post. Also thanks for being my current mentor.

  10. Gary Topolinski

    Procrastination….ya got it.. I mean I got it. Thanks for holding up the mirror and allowing me
    to realize I control my time and need to start setting my alarm to rise each morning.

  11. Andika Pratama

    Actually, I feel my biggest bad habits are not being patient enough with going through any life changing process and wanting my efforts be rewarded with instant results. But your teachings make so much sense as we are here for the marathon.

    Thanks Tim!

  12. OceanRider

    I will be safe.

    I think a lot of the points on the article are great.

    Tim, can you add a section to Profit.ly, maybe a checkbox for each trade that captures “did you follow a trading plan” and then be able to select the “specific name of the trading plan” (which could be added – , Dip Buy, First Red Day, Breakout), etc.?

    Not enough attention is being made to trading plans, developing trading plans, back testing a plan, trading plan entry, trading plan exits, avg profit per trade – plan xyz , etc.

    People need to make trading more mechanical.

  13. nestor borges

    people are idiots tim sykes makes very little money every week ,why people follow him ?people need to demand he pick up his game and show me the money hey tim show me 5k in profits every week

  14. Bobby

    There’s a lot of haters out there. Not worrying about them is always a good way of replacing a bad habit with a good one.

  15. Chris

    I have a hard time getting up in the morning because I am lazy after working 6nights a week 10 hrs a night. I think I might spend to much of my money trying to pay debt off as quick as I can when I think I should be saving more money and that leaves me with a tight budget for thing’s I need for the week. I spend a a lot of time on social media and reading about your guide to trading penny stocks and watching videos.

  16. Chris Harthan

    I have a hard time getting up in the morning because I am lazy after working 6nights a week 10 hrs a night. I think I might spend to much of my money trying to pay debt off as quick as I can when I think I should be saving more money and that leaves me with a tight budget for thing’s I need for the week. I spend a a lot of time on social media and reading about your guide to trading penny stocks and watching videos.

  17. Nhya

    Lack of confidence. I freeze, I totally freeze. I have a plan, it is a great plan of entry and exit and I know my risk and I literally freeze. I’m not able to pull the trigger and I stay there steering how right I was and I hate myself for not having confidence and entering the trade.

  18. Stephen ojara

    Hello,tim,thank you very much for your precious time offered to advice those who want to listen and learn.
    My bad habit come when tell some one abslute truth then ignore.

  19. DNN

    The side hustle is proving itself to be a form of job security in today’s world of information technology and employment uncertainty.

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