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Penny Stock Basics

8 Ways to Stay Committed to Your Goals

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Written by Timothy Sykes
Updated 1/9/2023 8 min read

As I posted on Instagram earlier today:

Here’s some #dailymotivation for you as unlike @shadmoss I don’t have to steal other people’s photos to pretend this is mine and even though I became a #millionaire roughly 15 years like #bowwow did too, I am relatively #frugal with it so I’m not sure how he spent all of his money! As for why I post pics and videos of #stacksonstacks like this all the time, it’s not to be a dick like a #trustfundbaby or to get you to buy music like a wannabe #rapper it’s to inspire my students to #studyhard as I teach everything you need to know about the #stockmarket so these are the rewards as #studyingpaysoff and I encourage you to look up the revolutionary #goalsetting studies done by Professors Locke and Latham, having #biggoals helps your daily performance! #ilovemyjob #dailyinspiration #dailydouche #thegoodlife #workhardplayharder #jewspiration #jewishbedspread #liljewjew

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…it’s important to have big goals and dreams and sometimes they feel so close that you can practically taste them. At these times, staying committed to your goals seems effortless. However, at other times, your goals may feel so far away that they seem absolutely impossible to reach in this lifetime. At these times, it’s far harder to remain committed.

So how can you remain committed to your goals? The goal, no pun intended, of this post is to help you figure out sustainable ways to stay focused on your goals, so that you can stick with them through the good, the bad, and all of those in between times…because as you saw in this blog post, sometimes your success takes longer than you first expect so you MUST allow your journey to play out and I hate it when students on the right track don’t have patience and cutoff their education, and their futures, prematurely.

1. Set goals. Before you can stay committed to your goals, you need to set goals. Setting goals that are as specific as possible is one of the most vital ingredients in making your financial dreams a reality. You must set goals.

Put it this way. If you want to become a millionaire (and who doesn’t?), rather than setting a simplistic goal like “make a million dollars”, it’s far better to think about what those millions could accomplish in your life. Set specific goals for what you hope to attain, or how you want your quality of life to change. When applicable, apply a specific financial sum to your goals.

It’s far easier to give up when your goal is very pie in the sky and vague. However, when you create specific goals, you will feel passionate about attaining those things and that quality of life; this will help you stay committed.

2. Revisit your goals frequently. Setting goals isn’t a “one and done” sort of deal. You need to revisit your goals frequently. It might not actually be on a daily basis, but it should be something that you make a regular habit.

It doesn’t have to be a big thing: simply consider your goals and evaluate your progress toward them. Are there things you are doing right or wrong? Evaluate these things and adjust your modes of working accordingly.

Also, if your goals are being reached too quickly, aim higher! This is a sure fire way to stay motivated.

3. Set routines. Routines might seem boring, but they can take you to sexy places (i.e., making millions). You just want to make sure they’re positive routines.

By and large, millionaires didn’t get to where they are by winging it. They’ve taken the time to cultivate good habits, and that takes discipline and routine.

So take the lead and figure out what routines work for you. Figure out the best times to trade, the best times to read and do research, and the best time to rest. By establishing routines, you’ll allow yourself to work more consistently, which will deliver better results.

4. Stay inspired. Sometimes your motivation needs a little nudge in the right direction. Seeking out external inspiration can be a great way to stay on track with your goals.

One great way to stay inspired is to look at people who are killing it as traders or in business, people like my top trading challenge students who you should get inspired by:

Maybe this means meeting with your mentor, or maybe it means looking at some of the success stories of the Tim Sykes Million Challenge Team. Or perhaps it’s reading trader biographies or listening to podcasts related to trading. Whatever inspires you, seek out that inspiration often.

Tim Sykes pointing at you.
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5. Look at the big picture. It can be easy to lose sight of your goals and feel your motivation diminish when times get tough. Unfortunately, since tough times and mistakes are inevitable for every trader, you need to learn coping mechanisms so that you don’t give up.

Often, looking at the big picture can be helpful. Maybe things are not going as you’d like at this exact moment, but with enough hard work, dedication and patience, your future is bright. So, always remember to look at the big picture. You’ll realize that what you’re going through right now is temporary, and that it doesn’t mean you’re doomed to fail.

6. Stay accountable. Self motivation is extremely difficult. While you need it to be successful as a trader, sometimes you need to look to your network to help keep you accountable.

Members of the Tim Sykes Millionaire Challenge are held accountable because they have their peers, their goals, and me to hold them accountable. This can prompt them to step outside of their box and try new techniques and continue to challenge themselves. My students have a stronger work ethic because the challenge holds them accountable.

Having someone or something to answer to is a powerful motivator, so make sure you’re holding yourself accountable.

7. Don’t burn out. Believe it or not, sometimes taking time off is the best thing you can do to get closer to your goals. Trader burnout is a very real thing, and once you reach that point, it’s going to feel impossible to stay on track toward reaching your goals. Everything will seem hard.

So basically, what I am saying is that to stay committed to your goals, you have to commit to taking care of yourself. Know when it’s time to say when and quit for the night; be aware at what point you stop being productive and just start spinning your wheels.

When you’re in peak form, you are a better trader.

8. Stay the course. Follow the tips for staying to committed to your goals as listed in this post. And once you’ve done that? Rinse and repeat. To stay committed to your goals, you need to work hard on nurturing them and your career. The tips as listed in this post are not a one time thing. They are things that you should be doing constantly in your career to remind yourself of your goals and stay on track.

Staying committed to your goals does require effort and maintenance, but it’s worthwhile. After all, your goals are what keep you motivated and “hungry” as a trader, so it’s important to constantly remember and nurture them in a variety of ways. In time, these tips will become second nature, and you’ll never lose sight of your goals!

How do you stay committed to your goals?

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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

* 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 (888) 878-3621 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”