Author Archives: Timothy Sykes

How To Be A Better Trader: 8 Dos and Don’ts

be a stronger trader

While your New Year’s Resolutions are still fresh in your mind, let me ask you, do you want to be a stronger trader? If so, there are certain things you should be doing, that ALL my millionaire trading challenge students and others that you definitely shouldn’t.

Understand that improving your trading is a lifelong process. That being said, there are specific things that you can do that will have a huge impact on your odds of success, whether you’re brand new or well-established your career. By following the tips detailed in this blog post, you’ll be on a better track to improving your trading and setting up a stronger foundation for future success.

1. DO take the leap. This tip is geared toward the newbies. Before you can become a strong trader, you need to become a trader, period. This requires taking a leap of faith. Are you ready? It doesn’t have to be a big grand leap into the unknown. The Tim Sykes Millionaire Challenge is here to guide you through the process. Starting with a basic education on trading, you’ll quickly progress into the nitty gritty of how to actually make money in the crazy world that is trading penny stocks. Continue reading

7 Millionaire Habits That Will Make You A Successful Stock Trader [Infographic]

Sorry to say, but there’s no exact science to how to become a millionaire. However, that having been said, there are specific habits that many of my millionaire trading challenge students have in common. See for yourself how cultivating them can improve your career, and your chances of making millions! Continue reading

What Are The Best Cryptocurrency And Bitcoin Stocks?

bitcoin now

What Are The Best Cryptocurrency And Bitcoin Stocks?

The US stock market has been INSANE the past few weeks and months as cryptocurrency and Bitcoin fever is at all-time highs…and now everyone is always asking my top millionaire trading challenge students and I what are the hottest stocks in these sectors right now so I made this video lesson, and even transcribed it below for my valued deaf trading challenge students as you have to learn to trade whatever is hot, just don’t fall in love with any one sector as I hopefully made the point in THIS MUST READ ARTICLE from a little while back. Here’s the video reviewing the best cryptocurrency and bitcoin stocks the specific stocks change from one day to the next, but the overall theme and trend stays the same: Continue reading

9 Successful Day Trader Habits

Cultivating successful day trader habits can be the difference between flourishing financially or floundering in your career…and I want more millionaire trading challenge students so please pay attention!

Truthfully, the differences between the trader who is earning millions and the one who is constantly losing money are typically not that great, but these differences are important and career defining. And typically, they boil down to your habits (or lack thereof). Simply put, great traders recognize the importance of cultivating money-making habits.

So how do you recognize which habits are good and how do you, well, make them habits? Here, I’ll introduce you to 9 successful day trader habits, and give ideas for how to incorporate them into your routine. Continue reading

7 Signs That You’re Ready to Be a Millionaire

ready to be a millionaire

Are you ready to be my next millionaire trading challenge student?

Sure, everyone would love to have millions of dollars drop right on their lap, but that’s not what I’m talking about here. I’m talking about actually being in the right state of mental preparedness to make your financial dreams come true.

These are seven strong signs that you are in the right head space to really become a millionaire. How do you stack up?

1. You’re ready to work hard. How is your constitution when it comes to work? Are you content to waste the day on Facebook and procrastinating, or are you able to get down to business and get stuff done? And I’m not even saying giving up your day job or school work, you can study and work hard at night, on weekends and SO many other times that most people aren’t willing to work.

Because what millionaires understand is that it takes time to actually get stuff done. If you’re in the former camp and you don’t want to work that hard, it doesn’t mean you can’t be a millionaire, but it does mean that you’ve got to change your habits. It could be that you haven’t had the proper program or training; the Tim Sykes Millionaire Challenge could be the opportunity you’ve been looking for.

2. You want to learn. Are you a voracious reader, and do you love picking up new information and skills? If so, you might be millionaire material.

If you think you know it all, or if you want to only learn enough so that you can make money, then your values are all off. Longtime millionaires frequently credit their success to a lifetime spent learning. It’s when they become complacent or think that they’ve done enough learning that their careers begin to decline. Learning keeps your mind nimble, and keeps you current so that you have the best ideas for potential business ventures or trades. A desire to learn is a great indicator that you’re ready to make millions.

3. You have a mentor. If you have a mentor, then it’s a good indicator of a strong financial future. You already realize that you’ll be more successful with some guidance, and you’re not afraid to seek it out.

If you don’t have a mentor, the fix is simple: find one…I never had a mentor and that sucked so my goal every day for my millionaire trading challenge is to be the mentor to my students that I never had because having a mentor can speed up your learning curve dramatically and literally can make you millions in a fraction of the time. Why would you go through the growing pains and ups and downs that you can avoid simply by having an advisor who is further along in their career than you? It’s like a fast track toward success. I act as a mentor to my millionaire students so that they can have the guidance I never had in my early career.

4. You can embrace a routine. This might not be a totally sexy aspect of becoming a millionaire, but you need to be able to follow a routine to get ahead. Success and strength are the rewards of consistency. Think about it in a gym setting. If you sporadically lift weights for two hours every now and again, it won’t give you the same results as if you worked out 20 minutes a day, every day. Becoming successful at business requires the same perseverance and adherence to routine.

If you want to become a trader, for instance, this means setting aside time each day to work on your career. At first the time you put aside might be a study routine as you learn the ropes of trading. Then, as you begin to actually make trades, you’ll need to identify and make habits of the routines that serve you, like waking up early, reading the financial pages, and doing your research before trading.

5. You know exactly what you want. Why do you want to become a millionaire? If it’s some dumb answer like “to have lots of money”, then sorry, but you are not millionaire material. Millionaires know exactly what they want, and they set goals accordingly.

Does it really make a difference? Well, say there are two members of the Tim Sykes Million Challenge Team who say they want to become millionaires. One has no specific goal other than to become rich. The second one has a list of specific things that they want to buy and a lifestyle that they want to attain. If they both have the same skill level, who do you think is more likely to make it happen?

My money is on the one with specific goals. If you don’t have something (or multiple things) to work toward, then it can be far easier to lose steam when things get difficult, or to be rudderless in your trading or business efforts. When you have specific goals, it keeps you motivated and gives you a measure of your success and progress. It’s an important aspect of becoming a millionaire.

6. You can learn from your mistakes. Everyone makes mistakes. Even longtime traders/business owners. I am an established trader, and I make mistakes all the time. There are so many variables in trading; you cannot be right all of the time.

But recognizing the value in your mistakes is what can help make you millions. You will mess up, and you will lose money or lose trades at certain points. But the thing is, these experiences can actually make you a better trader. If you learn from your mistakes and it teaches you to move forward differently, you can truly emerge bigger and stronger from them. It’s like an education by fire; you won’t make the same mistake twice.

7. You’re persistent. Are you the type of person who gives up at the first sign of resistance, or when things start to get hard? Or are you the type of person who can be tenacious when needed, with the ability to persist and keep trying until you get things done?

You absolutely need to be persistent to become a millionaire, remember to read this important blog post to better understand why. You have to have a strong constitution and sense of resolve. The fact is, things will get difficult at times. This isn’t just when you’re starting out; it will be throughout your entire career. This won’t change, but your ability to deal with it can. If you have what it takes to keep going when things get hard, then you may be millionaire material.

Many people want to become millionaires, but few actually make it happen. This has less to do with the difficulty of making millions, and more about having the proper mindset and preparedness. If you meet a majority of the signs discussed in this post, chances are you’re ready to take your career to the next level.

Could you be my next millionaire student? Leave a comment below if you’re serious about achieving this goal and telling me how hard you’ll work to actually make it happen!

6 Routines of Highly Successful Traders

highly successful traders

My most successful trading challenge students and I have a daily routine and that makes this game not just profitable, but also efficient and fun. So, you made be asking what are successful traders doing that you’re not? The short answer is this: nothing that you can’t be doing, you just need some guidance!

Successful traders frequently follow similar routines day in day out and we adapt it to our own schedule/preferences. While these routines aren’t the total sum of our success, they certainly offer a good start toward becoming a millionaire. So take the time to review these six routines that successful traders like my top millionaire trading challenge students and I follow, and see how adding them to your own life can help you out big time!

1. Planning out your day. How many successful traders do you know who roll out of bed at 11, enjoy a leisurely brunch, make a few trades, and earn millions? That sure would be nice, but there’s a reason why successful traders don’t have laziness as part of their lives. Continue reading

Trading Challenge Success: How To Turn Your Losses Into Profits

Turn Your Losses Into Profits

Turn Your Losses Into Profits

One of the things I find myself repeating endlessly is something that you all need to hear over and over again to keep you going, especially for my upcoming trading challenge students. EVERY trader…even the greatest…experiences loss and it’s SO important to learn from your losses and turn your losses into profits! If you haven’t lost, you haven’t learned. The hardest part of trading is learning to deal and cope with the losses, learning from them, and turning those lessons into the foundation that can help you achieve major wins.

I’ve called my program for my most dedicated students The Millionaire trading challenge because it’s truly a ‘challenge’. And a challenge is…well, challenging. This isn’t a walk in the park, 90% of trades lose so it’s my job to help people turn their losses around…and if you’re still having a tough time dealing with the losses that will eventually make you the trader you want to be, then maybe the story of one of my newer students, John Papa will restore you to your senses and keep you from throwing in the towel prematurely.

The you learn to lose and manage your losses, you’re not failing. You only fail if you can’t accept losses and cut and run when it doesn’t all click right away.

Remember, I only win roughly 70% of the time, but still I’ve turned thousands into millions, a point I try to hit home to my students on a weekly basis in my live trading webinars here.

John recently wrote to talk about his struggles during his first six months of trading. During that time, he kept thinking “I’ve finally got this,” but then he would get hit with a big loss and watch his account plummet: Continue reading

Why You Should Join My Millionaire Challenge

Join My Millionaire Challenge

It was a record profit day for my top trading challenge students and I today as crypto-currency and blockchain mania has thoroughly taken control of penny stocks and every day the past few weeks there are not one, not two, not three, but anywhere from half a dozen all the way to a dozen stocks up 50%, 100%, 200%, even 500-1,000% on the day! Check out this little video recap I made today:

To say its gotten insane lately is an understatement…and to maximize your profits, you must be prepared and my trading challenge is the single best educational resource for anyone interested in learning how to trade penny stocks. Continue reading

8 Ways To Reduce Trader Burnout

trader burnout

8 Ways To Reduce Trader Burnout

It’s a New Year and everyone is excited about learning and earnings and trying to do what it takes to become my next millionaire trading challenge student, but you have to remember this is a marathon and NOT a sprint so success takes time and that trader burnout is a very real thing. Not only can this make you less effective and productive as a trader, but it can also strip away your love of the process of trading. Therefore, it’s important to take proactive steps in your everyday life to avoid reaching the point of overload.

Here, I’m offering some important tips for how to reduce trader burnout. From small changes to cultivating millionaire habits, these tips will help keep you on track for the long term.

1. Automate whenever possible. Time is limited. Why waste it on repetitive and mundane tasks that are easy to automate? Consider some of the tasks that you have to do frequently, and how you could streamline them. For bloggers, automation could include things like scheduling tweets or Facebook posts in advance, so that you don’t have to take time out during your workday to engage on social media. Or if you’re a businessperson, it could mean outsourcing customer service to a third party company so that your time can be freed up. For traders, it’s using this crucial software that lessens the time it takes to research potential stock trades and patterns….so utilize it! Continue reading