It’s a new year, so you need all the help you can get to become my next millionaire trading challenge student so here’s some words of wisdom from millionaire students** of mine! I have seen a lot in my two decades as a trader, and I share my hard-earned knowledge with my students in the Timothy Sykes Millionaire Challenge…
…but as much as I have to share, sometimes it’s helpful to hear words of advice from your peers, not just your mentor. So here, I’ve put together 8 invaluable words of wisdom from some of my top Millionaire Trading Challenge students. Memorize these words of wisdom and let them guide and inspire you on your journey toward financial success.
1. You can do it. It’s true: not everybody will make it as a trader. But you can be one of the successful ones…if you put in enough time and effort and most of all have patience as this is a marathon not a sprint!
Take, for example, my student, Matthew Miller. He was on the fence for a while before joining the Challenge, citing “I knew that the statistical likelihood of becoming successful in the stock market as a day trader is roughly 10 percent…the way I viewed those analytics was that if 90 percent of day traders fail, the 10 percent who do succeed must make a killing in the market. And, the 10 percent who do succeed must be doing things entirely different than those who failed.”**
Matthew chose to be one of the individuals who do things differently. He did indeed sign up for the challenge, and took his studies very seriously. And so far, he’s succeeding. Believing that you can do it is a vital step toward finding success.**
2. It’s OK to take it slow. Matthew Miller (the same student from the previous point) has another valuable piece of advice to share: it’s OK to take things slow when you’re just starting out as a trader.
Matthew started slow but steady: his first step was developing an interest in the market. For about a year, he scoped it out and kept tabs on the stock market while considering becoming a player. Then, after doing plenty of research, he decided to join the Tim Sykes Million Challenge Team. By the time he joined, he was ready to fully apply himself to the program.
He studied and watched the market for three more months before he made his first trade, but once he did, he was really ready and confident. He has a very bright future.**
3. Focus on the big picture. This piece of advice comes from one of my top Millionaire Challenge students, Tim Grittani, who is, at this point, an established trader with some serious experience (and profits of nearly $6 million now**) under his belt. Tim advises that to really be a great trader, you’ve got to focus on the big picture.
Milestones don’t necessarily matter–it’s about the larger end goal. Tim doesn’t necessarily get excited about the dollar amount he earns on a trade. But he does get excited about the plays that advance his position, because he sees trading as a lifelong process. So instead of seeing the million dollars in profits** he’s earned as having “made it”, he sees it as just the beginning of a long, happy, and profitable road ahead.
4. Keep learning and evolving. Whether you are just on the precipice of making your first trade or you’ve been active in the market for years, it’s vital to keep learning. As one of my students says, “Even after 100K in profits, I find I can improve my trades.” The best way to continue improving? Continue learning.
The ability to evolve and adapt is also vital. As Tim Grittani mused way back when he had surpassed $3 million in trading profits**, “It’s amazing how much my trading style has evolved since I first began. I started off trading 99% OTC stocks, mostly on the long side. Now I’m mainly a short-seller, focusing on listed stocks. I constantly try to learn new setups and new angles to attack the market, because you never know when conditions will change! Adapt or perish!”
5. Stay rooted. Sometimes you’ve got to walk, even when you feel like running. Traders often get cocky following a big profit and that can make them act rashly. One of my Millionaire Challenge students speaks of how he made consistent profits several days in a row…then got overconfident and jumped into a trade without doing research or proper planning, and swiftly suffered a loss.
Never forget to stay rooted as a trader. It can be tempting to jump right in, but you’re playing a game of Russian roulette if you trade like that. Be responsible: do your research, plan your trades, and learn from your mistakes. This calm, collected foundation will keep you from acting rashly and making poor decisions.
6. Risk and reward work hand in hand. You have to respect the balance of risk and reward in trading. Great rewards will only come with some level of risk, but that doesn’t mean that you should make risky, dangerous trades.
Basically, as my students have learned, you have to “cut the BS.” Don’t try the extremes of avoiding risk or running straight toward it, but rather, develop a healthy respect for it. Acknowledge that risk is inherent, and try to do all that you can to reduce it intelligently. Do your research, sit back and watch, and pounce at the right moment. While it might not carry the same thrill of jumping on in, you’re more likely to earn consistent profits and become a millionaire if you deploy this tactic. Respect risk: don’t let it scare you away, but always know that it’s there. Remain calm and controlled.
7. Patterns repeat themselves. Remember this advice, and remind yourself of it frequently. Patterns repeat themselves. For example, Tim Grittani found that by following a classic penny stock pattern, he was able to make $200,000 every few months on a fairly consistent basis.** This is an example of a positive pattern repeating itself, and Tim had/has the wherewithal to capitalize on this knowledge.
However, not all patterns are quite so positive. If you find that you are consistently losing money doing something, then it’s time for a reality check. The tables probably aren’t going to turn any time soon. So rather than blaming “the system” and hoping that things change, it’s time to learn from your mistakes and change your own conduct. Maintaining positive patterns and breaking unproductive ones is a huge key to success.
8. Don’t give up on yourself. In my observation, just about every student goes through tough times as a trader. This isn’t meant to scare or discourage you. Because while every student has experienced it, every successful student has stayed with it, persevered, and continued on their trading journey.
Remember your long-term goals and that these things can take time. As it was wisely stated in The Dark Knight (you know, the Batman movie), “the night is darkest just before the dawn.” Stick with it: things will turn around eventually if you do.
My students are some of the most dedicated and talented individuals I’ve ever come across. Their hard work has paid off, and yours can, too. By following their words of advice, you can advance even faster.
Which piece of advice from millionaire traders helps inspires you the most? You tell me and leave some comments in the section below, I’m ALWAYS interested in your feedback!