Author Archives: Timothy Sykes

6 Tips For Replacing Bad Habits With Good Habits

Save big on my Thanksgiving sale HERE

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.

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: Continue reading

Why This Is One Of The Most Important Rules I Follow

Important Rules

Important Rules

The other day in this blog post I announced I’d be giving away 1 Bitcoin, which at the time was worth $6,000, but as I write this new blog post, its value has increased to $7,200…I literally got tens of thousands of people applying to win so its taken some time to go through everyone’s comments…I’ll be announcing the winner in a few days, most likely on Tuesday, along with my thoughts on Bitcoin and crypto-currencies so stay tuned!

In the meantime, the penny stock market is on fire as my trading challenge students and I made $500,000+ already this past week, as I posted the other day: Continue reading

Why You Need To Listen To The Steady Trade Podcast

Steady Trade Podcast

Why You Need to Listen to the Steady Trade Podcast

Do you want to succeed as a day trader? If so, there’s a new tool to add to your arsenal. You need to listen to the Steady Trade Podcast! This new podcast is unlike any other resource about day trading. The podcast just wrapped up its first season and already boasts hundreds of rave reviews from its fast-growing audience and, more importantly, OFFICIALLY LAUNCHES SEASON TWO TOMORROW so get ready!

If you read this blog often, you know that I’m constantly urging students of the Tim Sykes Millionaire Challenge team to expand their horizons by learning all they can about trading and the world, and from a variety of sources. The Steady Trade Podcast is the most exciting new educational trading resource in quite some time. Here are some of the reasons why you need to listen to it: Continue reading

How To Make 1,000% On Your Money

How To Make 1,000% On Your Money

 

How To Make 1,000% On Your Money

I have a cool gift for you and while most people like materialistic gifts, I prefer the gift of knowledge…so register HERE for a free webinar on November 2nd by my friend Teeka who specializes in a crazy market that has 1,000%+ returns lately…and in case you’re like me and not great at math, a 1,000% return means you can turn $1,000 into $10,000 or $10,000 into $100,000 which is just awesome!

Download the key points of this post as PDF.

And I have to confess that in the past, I’ve personally missed out on this opportunity so while I’ve made millions, I could’ve made millions more if I hadn’t been so close-minded so today that changes and I’ll be tuning into this free webinar HERE too.

Right off the bat I want you to know this while kind kind of return sounds crazy, SEVERAL people I know have achieved this the past few years, including several of my students and even my business partner, and my friend Teeka is one of them who is giving a free webinar HERE on November 2nd so be sure to register and tune in and learn…as I’ll be tuning in too as my education is NEVER complete and I’m always looking for new strategies that can help me profit.

Never forget that the average millionaire has 7 streams of income so I don’t care who you are or what you currently make, in this fast-moving world you cannot afford to get too comfortable with any one strategy, you must learn multiple niches and utilize multiple strategies too.

Let me give you the link to the free webinar HERE one more time so you have no excuses and because it’s literally 100% FREE the only way anybody will miss it is due to laziness, and laziness is your enemy if you want to achieve wealth in this lifetime. Continue reading

How To Use A Trading Journal For Maximum Profit

How to Use a Trading Journal

If you’re a trader, you’re a student of the markets and you’ll need to know how to use a trading journal. And, if you want to make real money as a trader and become my next Millionaire trading challenge student then you have to take the mentality of becoming a student of the markets for life so get used to tracking everything and refining your process/honing your skills over time.

Download the key points of this post as PDF.

My best students and I take detailed notes, as you can see I do on every trade HERE, as we’re always adapting to the markets trying out various strategies and patterns and for traders, this process involves keeping a detailed trading journal. Never forget that successful traders track all of their moves and then optimize, optimize, optimize over time and while perfection is truly impossible, practice does make close to perfect in this industry and the one common element that all my top millionaire trading challenge students and I have in common is that we are meticulous in testing and refining our strategies to better adapt various market environments and our own strengths and weaknesses too.

This educational process is critical to your success and this is why we created Profitly and now have a section where you can even make your own blog posts and/or video lessons and watchlists too at https://profit.ly/contribute

If you think it sounds boring and cumbersome, maybe it is, but it’s your best shot at becoming successful so you’ll thank me later. There’s a psychology to every move you make, and there’s a pattern to every trade you enter and exit so as part of your education you must being to understand your own best and worst patterns, how they change, when they are successful and when they aren’t. And the only way to do this is to keep a detailed record of every move you make and then review your journal often.

This has been a CRUCIAL PART OF MY EDUCATION not just as a trader, but as a teacher too and that’s why I document EVERYTHING I do these days, including my 10th annual conference from just a few weeks ago as we just posted a great recap video here:

But, you don’t have to go that far, just documenting and learning from ALL of your trades is good enough, and if you don’t believe me, watch this video with my top trading challenge student who just surpassed me in total trading profits:

He’s a BIG believer in keeping track of various strategies and patterns and documenting everything, just like this great trader and this one too…it’s a trend!

What Should I Put In My Journal?

So, what are the key elements of a trading journal? Action and emotion. It should note when you entered a trade, and when you exited; your short or long position; what the stock did during that time; what technical indicators or catalysts made you enter this trade; and—importantly—what you were thinking when you entered it. Your emotional state on that day can give you insight into success or failure—so keep track. You’ve got moods, and a journal helps to establish patterns so you can better assess which days are good days to trade, and when it might be better to take a break.

Here’s a hypothetical example for someone who is a total newbie:

So, basically, if you keep a journal like this, you won’t have to ask yourself how you lost money on a trade and how you might have repeated that mistake a week later, or a month later.

Trading is a skill you learn—and keep learning—every day, even if you’ve been at it for years. There’s always something new to learn about patterns, about stocks, about the market—and about yourself.

The best way to see yourself growing as a trader is to keep a journal of your progress. And the best way to actually progress is to build on each move, which means recording each move. Otherwise you really only have a general recollection of your trades. Filling in the journal for each trade also helps you to better understand yourself in the process. It makes you dig a bit deeper into your psyche to figure out what you were thinking and why you were thinking it. It makes you examine and analyze your thoughts, not just record them for future use. So it’s useful in the present and the future.

It’s a great way to learn from mistakes; and mistakes are necessary in order to learn.

It’s also important to start the journal immediately—from your first trade. It doesn’t matter if it’s old school, with pen and paper, or digital, but digital makes it easier for you to update your journal. For instance, you might watch a stock you sold for a while and see what it did and how much you could have won or lost. A digital journal gives you that flexibility, while also allowing you to easily search it for symbols or key words.

If you’re not sold yet on the journal idea, I’ll sum up 5 benefits to having one:

 

#1 Easy Trade Tracking

Sure, you can see your trading history and all your moves on your broker app or website, but this isn’t enough. Your journal should have every relevant detail of a trade, and something your broker history won’t give you: The reasons you entered in the first place, and what made you exit. This is where you record your thought process, and it’s vital to your trading future.

#2 Easy Method for Reviewing Trades

The main reason for having a trading journal is ease of reviewing a fuller trading history. You can compare all your entries and develop a new strategy. If you enter all the details in your trading journal, it will help you track your profit goals and evaluate long-term risks and earnings. Are you making progress toward the goals you had when you set out? Your journal tells all.

 

#3 Learning From Your Trades

Every time you review your trades, you will find out what you were doing wrong, and you will learn from your mistakes. And when you learn from your mistakes, you will know how to avoid repeating the same mistake at the next trade. Also, the journal record of a good trade will help you to focus on advancing your strategy and achieving your goals. Good or bad, there’s something to learn from every trade.

 

#4 See the Big Picture

Not only will your trading journal give you better insight into who you are and what you’re capable of, but it will also give you a bigger picture of the market and how it works. Writing and reviewing your journal will tell what kind of trader you are, and what kind of trader you should be. It tells you what kind of stocks work for you.

#5 Score a Mental Victory over Loss

Your trading journal will help you to recognize your losses and turn them into a mental victory. If you don’t write down your losses, you leave them unresolved. A journal gives your closure, and lets you sleep.

Keeping a trading journal with all these details might seem exhausting. I know, you’re thinking that everything you need to learn to be a successful trader already seems overwhelming. But a journal will actually make your overall workload lighter. Remember, we’re all students, and students without notes are lost—and lost money.

So, if you understand what I’m saying in this post, then please leave a comment and promise me that you’ll follow these instructions and start using Profitly to keep track of ALL your trades…trust me, it’ll help you SO much in the long run!

Don’t Make This Classic Mistake In The Stock Market

Recently, I’ve been blogging about the problems that my students have, as I did in this blog post “A Controversial Problem That Too Many Of My Students Have” which tried to get students to be less narrow-minded in their approaches to various strategies and my blog post entitled “This Is A Big Problem” that outlined some of th fears that cripple too many students and prevent them from achieving all they can and becoming my next Millionaire trading challenge student.

Download the key points of this post as PDF.

Today’s problem is exemplified nicely by this video I just posted: Continue reading