If you’re listening to the media, you’re likely bombarded with unsettling headlines from global unrest to inflation concerns.
And if there’s one thing the market hates the most, it’s uncertainty.
I warned about this volatility several months ago…
I wrote this blog pos 2 months ago https://t.co/qlcF19xtXR but only now are we REALLY seeing #stockmarketcrash tae price action in the $DIA $SPY $QQQ so I hope everyone is staying safe as this could get even uglier
— Timothy Sykes (@timothysykes) October 20, 2023
However, it doesn’t mean there isn’t opportunity out there.
Even in this heavy sell-off, I’ve made over $17K in profits since September 1st.
That said, if you want to get ahead, then you must avoid doing these three things.
Some of them might surprise you, but they’re why I’ve stayed profitable.
Table of Contents
#1 Don’t Feel Bad If You’re Scared To Trade
This market is highly volatile.
And because of that, I’ve had to tweak the way I trade.
Although I’ve had success…it hasn’t been easy.
If you feel like this volatility is overwhelming…
Then don’t trade.
Nothing is super clean in this market.
Yes, we’ve had some fantastic short squeezes, but still…if you’re not nimble, you can’t take advantage of them.
It’s okay to sit on the sidelines if you’re not comfortable.
Trade scared so trading isn't so scary
— Timothy Sykes (@timothysykes) October 20, 2023
Instead of trading, use this time to study patterns and work on your trader psychology.
#2 Don’t Fear Losses
You might want to size down to adjust to the current volatility.
Even if you do, you might find yourself losing more trades than you usually do.
2 days in a row with 1 win & 1 loss, both days my wins have been nearly double my losses…that's how you can grow an account w/just a 50% win rate, buying into the uptrend on heavily shorted plays like $ICU $MDAI $TGL & selling when shorts panic/create solid intraday spikes!
— Timothy Sykes (@timothysykes) October 19, 2023
It seems like every time I make money, the next trade is a loser.
The key to my success during this stretch hasn’t been my winning percentage…
It’s been the fact that I’ve had larger winners than losers.
I’ve been keeping my losses small.
Moreover, I’ve been trying some new stuff so I’m not expecting to be perfect.
When I lose a trade I don’t beat myself up about it.
I look at it as feedback.
Valuable information that I can take into the next trade.
I know many traders struggling right now, but you MUST hang in here & keep learning/adapting. I'm barely green this year, was barely green last year, but made $1+ million in both 2020 & 2021 so I'm averaging $600k/year over 4 years…some years are better than others #DayTrading
— Timothy Sykes (@timothysykes) October 18, 2023
#3 Don’t Get Greedy
Now is not the time to be playing hero.
Yes, short sellers are giving us opportunities.
But remember, if you’re trading penny stocks, you’re likely trading the worst of the worst companies.
As quickly as they shoot up…they drop just as fast.
Be grateful for all the short squeezes…but take profits along the way.
It’s a message I constantly preach to my students.
Uglyyyyyyyyyy $DIA $SPY $QQQ market close, perhaps we can finally have a real #blackfridaysale tomorrow! I hope you're staying safe, remember that those who #HODL risk far too much as https://t.co/0HhPp6CC1v works & you do NOT have to risk big/over-stress to earn big over time!
— Timothy Sykes (@timothysykes) October 19, 2023
It’s very easy to lose track of perspective when you’re greedy and solely focused on making money.
Profiting in this current trading environment requires discipline and experience.
Want to Thrive Amid Market Turbulence? 📈
The market’s unpredictable nature has even the most seasoned traders on edge. The volatility is palpable with media churning out distressing headlines and the market’s aversion to uncertainty.
🚨 But here’s the good news: With the right knowledge and strategies, this can be a goldmine of opportunities. As evident from my recent successes despite the heavy sell-off, adapting to market changes is the key.
🔥 Discover why you should never fear being on the sidelines, how to take losses in stride, and the importance of keeping greed in check.
These insights have kept me profitable and have been instrumental for countless students.
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