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How Bryce Became My 32nd Millionaire Student

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Written by Timothy Sykes
Updated 1/31/2023 5 min read

Bryce Touhey is my latest Millionaire Challenge student to cross the $1 Million threshold.

His Genius Group Ltd. (AMEX: GNS) made him look like…well…a genius.

And he was plenty excited!

But the road he traveled was anything but easy.

And it can teach you a lot about turning a profit over the long-haul.

You see, Bryce sat just under $1 Million for most of 2022.

In fact, most of his gains happened in early 2021.

I cannot express how proud I am of Bryce.

He needed a ton of patience and determination to hit $1 Million.

We recorded this YouTube video back in June 2022.

This video is chock-full of great insights, including how he prepares for hot markets.

I want to take this a step further and offer my take on why I believe Bryce succeeded where so many others failed.

And my reasons might surprise you.

Shore Up The Basics

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Did you know that Bryce spent nearly two months limiting his risk to just $2 per day?

How many of us can say we would or even could do the same?

Then again, maybe you should consider it.

After all, Mariana, one of my youngest millionaire students, spent her first year studying without placing a single live trade.

Yesterday, I laid out my Global Tech Industries Group Inc. (OTC: GTII) Weekend Profits setup.

If you haven’t read it, take five minutes to go through the article.

The setup used three simple concepts to create a juicy trade:

  • News catalyst
  • Former supernova
  • First green day

Quite honestly, a trader could trade just this setup and do quite well over time.

You may not take many trades every week, but with practice, you can get REALLY GOOD at just this one setup.

And that’s all you need.

Most traders get in trouble when they get bored and force trades or step outside their comfort zone before they’re ready.

I see a lot of folks join the Millionaire Challenge and try to learn and use everything all at once.

Look, there’s tons of content for students, and it’s easy to get excited.

But let Bryce’s success show you the way.

Get really, really good at the basics, focusing on just a handful of setups you understand and are comfortable with in terms of risk and execution.

Learn to Love PDT

bryce surviving rocky times
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You don’t need to trade every day and every stock.

In fact, the traders who trade fewer, better setups often do better.

Case and point: Bryce used the last of his buying power to make that GNS trade.

How is that possible?

Bryce told me that when he’s not trading on camera, he’ll often reduce his account size below pattern day trading (PDT), or $25,000.

This limits him to three roundtrip trades per five trading days.

PDT is certainly annoying when you’re profitable and want to scale out of a trade.

But, as Bryce told me point blank, he considers it an account saver.

PDT forces you to become more selective and only take the best setups.

You can use this restriction to help prevent overtrading, one of the most common problems that plague traders.

I know it’s hard to imagine but do this. Take a few weeks and limit the number of trades you make. Then compare that to your typical performance and see how you did.

Don’t Let a Good Trade Go Bad

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I’m not going to tell you that I wasn’t shouting at Bryce to lock in a profit…

But I made my point rather loudly.

Look, everyone wants to hit that homerun…that GNS.

Don’t force those.

If you trade well, statistically, they will happen.

Instead, make sure that you lock in profits and cut losses quickly.

Bryce took this to heart with that GNS trade. Once it gained enough, he moved his stop to breakeven, making the trade risk-free.

Most of my trades only average 5%-10% gains.

I don’t try and swing for the fences.

And when I lose, I keep it small and fast.

A lot of traders think that profits are what matters.

But I can tell you that Bryce and all my Millionaire Challenge students know that keeping losses to a minimum is key to long-term success.

Take today’s three lessons and incorporate them into your trading.

They’re small steps that can make a world of difference.

—Tim


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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

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* 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 (205) 851-0506 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”