7 Ways To Be A More Successful Trader

Successful Trader

How to Be a More Successful Trader

Being a successful trader isn’t easy and you must always remember that 90% of traders lose…mostly due to a lack of studying and preparation. One of the most telltale signs of a good trader is the desire to continue improving and then doing what’s required, that being putting in the time and effort OUTSIDE OF MARKET HOURS, to actually make it happen. Even when you do become a successful trader, you are constantly looking for ways to improve your performance, because we see the positive effects on our careers and our bank accounts too!

This isn’t always easy, because it requires some constructive self analysis and a willingness to put in the work that is necessary to facilitate improvement. But if you’re willing to put in the effort, you will become a more powerful trader. These are seven simple ways to improve your trading and overall success.

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1. Visualize success. This is a simple thing to do, and incredibly effective. So why is it that so many traders forget or overlook this simple thing? Take a few moments, every single day, to visualize yourself succeeding. Whether it’s a trade, a business deal, or even a personal matter, visualize yourself succeeding at whatever it happens to be. Relish that feeling, and hold on to it. Then, resolve to attain it in real life. Even if you’re new to trading or just considering the Tim Sykes Millionaire Challenge, this is a good habit to add to your routine.

You won’t become successful unless you truly want to become a successful trader. This step will fire your desire so that you will want to keep getting better.

2. Be honest about what you want. What is it that you really want to gain from your efforts as a trader? Do you want to buy your parents a new house? Do you want to create an educational endowment? Or do you just want enough so that you can be impressive to potential romantic partners? None of these reasons are wrong. But you have to be honest with yourself about what you’re working toward.

If you try to pretend that you want to make money for other reasons than the truth, you will fizzle out as a trader. Be honest about what you want. Own it, and set goals based on it. This will make attaining your goals, and staying committed to them, much easier.

3. Take stock of everything you’re doing wrong. If you want to improve your trading by leaps and bounds, then take an honest and constructive inventory of your bad habits.

Really dig deep and observe what habits are serving you…and which ones are not. This level of self introspection can be difficult, but it will pay off.

By identifying your weaknesses or bad habits, you’ll be taking the first step toward eradicating them. This leaves room for good millionaire habits which will not only improve your trading and bolster your bank account, but may improve your overall quality of life.

4. Don’t complain. Have you ever noticed how the least successful trader in the room always complains the most? If you’re a chronic complainer, then my advice is this: stop it. Stop blaming situations or people for your lack of success. It’s boring, and it also becomes a self fulfilling prophecy.

One of the most powerful things you can do as a trader is to begin owning your actions. This means that you’ll have to put in the time to be confident of your trades and what you are doing. This requires practice and the education to back up your actions. Which leads to the next point…

5. Learn everything. If you want to become powerful and rich, then become absolutely addicted to learning. Let the Tim Sykes Million Challenge be your education on the ways of trading, but don’t stop there. Read the news, listen to podcasts, read biographies of successful traders, and even follow trends on social media. By learning all that you can, you will become more well-rounded and have better ideas. You’ll also be able to make more informed decisions.

A great education that is ongoing for your entire life is a habit of longtime millionaires. Why not join them?

6. Learn to love the process. This tip is possibly one of the best things that could happen to your trading career. If you learn to love the process of trading, everything will instantly become easier, and your trading will become stronger.

If you’re working at something you don’t love, everything is more difficult. You constantly feel like you’re engaged in an uphill battle. However, when you’re doing something you love, whether it’s cooking, kayaking, or playing chess, the time seems to fly by because you’re enjoying it so much.

So, try to make trading one of your true pleasures and passions. What about trading do you like? Is it the fast pace and the promise of big payoffs? Focus on that. If you consider trading to dull work that you have to do for money, it will always be a struggle and you’re likely to burn out. However, if you look at every day and every trade as an exciting prospect, your career will ascend much faster and more enjoyably.

7. Don’t give up. Obviously, you’re not going to be a great trader if you give up the moment that you have a bad trade and lose money. But I mean this on a larger scale….read this blog post to better understand the importance of patience.

Every trader will experience setbacks, and it’s important to take a pause after them to learn from mistakes so that you can move forward in the future. Over time, this has the benefit of improving your constitution so that when something bad happens, you’ll be better able to deal with it. You never want to totally shut off emotion, but growing a thicker skin when it comes to trading is a must for longevity.

No matter what happens, things can and will improve. But if you give up, you’ll never know what could happen.

Being a successful trader is possible for anyone. But to remain successful in the long term, you need to commit to constantly improving yourself, your methods, and your knowledge base. If you follow the seven tips detailed in this post, you’ll be well on your way to a long and prosperous career in trading.

What’s holding you back from success? Leave a comment below and be honest with me and I’ll help you improve in 2018!

Posted in Trading Psychology

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19 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. James Hopkins

    Thanks for the tips and thanks for Traders Checklist, been watching that recently and it’s one of the most organised approaches to deciding what to trade I’ve found.

  2. JJ Malvarez

    I have finally found what I want to do for the rest of my life.
    It is not only because of the potential rewards (financial freedom and being able to travel any time any where and the fact that trading looks like a lot of fun), but to be able to forge my own future by myself, without depending on others to perform or to do their jobs is very appealing to me. Being a successful trader is very attractive to me because I no longer depend on anyone else for my success. Whether I become a successful trader or a failure will depend on me and no one else, and that is very important to me. I know I can do it, I know I am capable. Master Sykes, Grittani, Goode and others have done it with a lot less help than what I have today following their teachings. If they did it I know I can do it, and I will do it.
    Once again, thank you Master Sykes for your wisdom and coaching.
    I know under your guidance you will have many more millionaire students under your belt and I plan to be one of them…I have no doubt. I have no other choice. I have no bigger desire but to became one of your next Millionaire Students, and I will not stop until it becomes true.
    JJ Malvarez
    January 2nd, 2018

  3. Zach Ritschard

    what is holding me back? I would say a little of all 7. 1st I cant Visualize my ideal trade. I will narrow my focuse to find my pattern. 2 my why. Every where I look is my reason why. So I’ll narrow down 1 and get REALLY passionate about it. 3 my short comings. DISAPLINE in cutting losses as planned.and the courage to Lose. I’ll take smaller positions and 1 setup at a time. 4 complaining and excuses. I don’t complain out loud but I beat myself up and tear my confidence down. More action and less POOR ME! confidence is earned. 5 Learning everything. I study hard but if you don’t put in the work it leads to information constapation. I will be more decisive. 6 Love the processes I go through the process but what do I Love about it! This is what I will look for this week . 7 never give up. I tend to go from job to job just to feel, like I’m stuck in a rut. And when I trade time for money I’m limited in one or the other and my Family gets the short end of the stick. That’s why I’ll do what I can, when I can, whenever I can and Giving up is not one of those options. Keeping what’s important, important!.. To be continued . Thanks for posting Tim

  4. Ivan Zhelvakov

    Hi Timothy
    Thank you for your tips !!!!
    I am in your program and learning a lot and trading a lot and I get better and better

    Biggest problem I have is my currant bussines that is taking away from trading !, it became an interaction and I am planning on selling my bussines to do full time trading

    I am looking for some support !!!
    I have lots of family members that I provide for and many employees that I don’t want to let down ,,
    Have you had this experience with any of your student and what would you suggest?

    Please let me know
    Best Regards
    Ivan Zhelvakov

  5. Nelson kanunga

    Hellow Tim, I am really interested in penny stock trading,and ambitious to become a successful trader ,I believe joining your team by being your student is the first most important step towards my success.

    Please can you tell me how to I join and what is the fee if any.Honestly I am very new ,I just have heard it from you last few days.

  6. Juan Navarro

    Fear of losing money and fear of failing is what is holding me back. I have watched several videos and read articles. After watching and reading I get pumped up but by the end of the day I realize that I have a family to support and work on a 9 to five job. I need to find more time for education and save money to invest.
    This is my honest opinion of what is holding me back from becoming a successful trader Tim,

    JNavarro
    DOWNEY, CA

  7. Juan Navarro

    Fear of losing money and fear of failing is what is holding me back. I have watched several videos and read articles. After watching and reading I get pumped up but by the end of the day I realize that I have a family to support and work on a 9 to 5 job. I need to find more time for education and save money to invest.
    This is my honest opinion of what is holding me back from becoming a successful trader Tim,

    JNavarro
    DOWNEY, CA

  8. L. Jermaine Russell

    Must maintain a healthy work schedule COMBINED with proper amounts of sleep. This schedule will be the foundation of achieving daily profits of 5%+ each day.

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