timothy sykes logo

Mentor Updates

Millionaire Mentor Update: Change Your Perspective for 2021

Timothy SykesAvatar
Written by Timothy Sykes
Updated 1/24/2023 16 min read

Want to make 2021 YOUR year? Here’s a tip: change your perspective.

The new year starts in a couple of days. So in my final 2020 update, I’d like to leave you with a few thoughts that I hope you’ll take to heart.

Your perspective is crucial to how well you do as a trader. But it’s not only trading. It’s everything. How you make your way through life has a lot to do with perspective. And some of you need a change.

Here’s an example…

The Power of Perspective

Humans are destroying the environment and endangering wildlife at an alarming pace. I know some of you don’t want to hear that. There are still people who believe it’s all a hoax or that it doesn’t really matter.

So while we’re on the subject of changing your perspective to have a better 2021, watch this three-minute animated video I reposted from Karmagawa

A Different Perspective on the Environment

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!

 

View this post on Instagram

 

A post shared by Timothy Sykes (@timothysykes)

A lot of people think their individual actions don’t make a difference. They do. I often ask trading students this question…

“What can you do today, tomorrow, or next week to set yourself up for one or two years from now?”

Change Your Perspective to Be Part of the Solution

Being part of the solution to our environment and wildlife issues works the same way. Yes, there are big problems that need big solutions. But the simplest and most effective thing you can do is change your perspective. Then make your actions reflect your new perspective.

Do you value our planet and the animals that live on it with us? Yes? Then act like it. Remember the video. Look at the world as if you’re the one getting poisoned. Then do the right thing.

The world is an amazing place. Appreciate it. We CAN and MUST do better. Then, when you’re ready, get out and explore it.

Let’s talk trading…

Trading Mentor: Perspective vs. Perception

There’s a common rhetorical question people ask to get an idea about your perspective on life. I’m sure you’ve heard it before…

“Is the glass half empty or half full?”

It holds you back in life if you have the wrong mindset or wrong perspective. It might sound cliché, but your perspective can make or break your trading career.

When you place your trust in me, I promise to give you my 100%. And I do. But to maximize your education, you need to have the right perspective. It’s not about any one pick or hot alerts. It’s not about any one trade. And it’s not about any single pattern.

This is key, because too many people sign up with me and expect a hot pick. Then they want another … and another. Even though I say to focus on the process and NEVER follow my alerts.

So what’s underneath that flawed perspective?

Perspective vs. Perception

Perception is the information you take in. It’s your mental impression.

Let’s apply it to trading — especially if you’re new.

At first, it seems like there’s a lot to learn. You face obstacles. Mistakes and losses are part of your experience. There’s confusion and frustration. And it’s likely you’ll lose money for a while.

Some people reading this will say, “Wow, that sounds hard. Why would I put myself through that?” If that’s you, your perception is coloring your perspective. You want it to be easy. Or you want an ‘aha’ moment. But it doesn’t work that way.

My latest millionaire Trading Challenge student Jack Kellogg is a perfect example of having the right…

Perspective of Learning

Jack accepted early on that becoming a better trader was worthwhile and would take time. But he admits that by the end of 2019 he wondered how long it would take.

Why? Because his total profit at the end of the year was $160,091.* After two years of grinding. He knew how hard he’d studied. His grind was a part of him. It didn’t define him as a person, but it had a big influence.

watchlist banner

But Jack’s perspective was still that the hard work would pay off if he just kept at it. He didn’t make excuses or even think about giving up.

Here’s Jack’s perception vs perspective…

Perception: This is taking a long time. It’s going slowly. It’s hard work. I still make mistakes.

Perspective: It’s worth it. Stick with it. When preparation meets opportunity, I’ll be ready.

Fast forward to now…

Jack’s Visit From Santa

It’s fun for me when I get to reward students. Since Jack passed the $1 million milestone, I’ve been waiting for the moment when I could surprise him.* Check it out…

 

View this post on Instagram

 

A post shared by Timothy Sykes (@timothysykes)

The crazy thing is, Jack is up another $680,785in December alone.*

(*These results are not typical. Individual results will vary. Most traders lose money. My top students and I have the benefit of many years of hard work and dedication. Trading is inherently risky. Always do your due diligence and never risk more than you can afford to lose.)

Adopt Jack Kellogg’s Perspective

Jack is up $1.660 million in 2020.* His total profits a year on from wondering how long it would take … $1,812,518.*

Jack is exceptional. Don’t think you’re gonna do the same thing. You’re not.

But you CAN adopt Jack’s perspective … It’s worth it. Stick with it. Study, refine, and focus on the process. Learn to take singles. Show up EVERY day with a desire to get better. Work your butt off.

You MUST have the right perspective. Anything worthwhile in life takes time. And the benefits in one, two, or three years far outweigh the experiences you face right now.

Change your perspective heading into 2021. Every day, say to yourself, “This is a marathon and not a sprint. But it’s worth it. What can I do today, to set myself up for next year?”

Trade Review: Perspective Is Key

tim sykes dressed as santa sitting at laptop
© Millionaire Media, LLC

Here’s another perspective tip for trading: No one trade matters. Too many people get caught up with crazy ideas about how much money they can make. So instead of studying, they swing for home runs. Or they ignore my rules.

But no single trade will make you rich. You MUST learn to take singles. Only with the skills you develop over time will you be ready for perfect setups and bigger wins.

Again, it’s all about perspective. You can think like a gunslinger, or you can focus on one trade at a time knowing that singles add up.

Let’s check out the trade…

American Battery Metals Corporation (OTCQB: ABML)

ABML is a lithium-ion battery play. I was buying it around 17 cents a share back in September when it was an EV sector sympathy play.

ABML ramped on news the company reached milestones on a new battery recycling plant. Then, on December 21, it went supernova.

Check out the ABML six-month chart:

ABML penny stock chart
ABML chart: 6-month, supernova — courtesy of StocksToTrade.com

Multiday runners like ABML are a great setup for morning panic dip buys. Especially if they go full supernova. As you can see from the red candle on the right, ABML finally cracked on December 23.

Here’s the ABML intraday chart from December 23 with my alerts:

ABML 2nd penny stock chart with entry and exit trades
ABML chart: December 23 intraday, morning panic — courtesy of StocksToTrade.com

My trade was FAR from perfect timing. I didn’t nail the bottom, I sold too soon, and I didn’t quite hit my goals. But it was still a solid trade.

If you think you need to be perfect to win in this game … change your perspective. I would love to have done better. But do you think I care at the end of the day about this one trade? I don’t. I’ll never complain about a $5,521 profit on a trade — no matter how imperfect it was.*

But I will try to learn something from every trade. And THAT is an example of…

The Power of Perspective

You have two accounts to grow in 2021: your knowledge account and your trading account. A lot of you reading this are focused on growing your trading account. But you have to grow your knowledge account first. There’s no getting around it.

Check this out…

Prepare for 2021 Now With 21 Tips for Penny Stock Trading!

At the same time, there are things you can do and tools you can use to help speed up the process.

The question is, how bad do you want it? 

Having the right perspective makes exponential growth of your two accounts possible. The reason I say “No days off” so often is because studying has to become a habit. A musician once said to me, “Practice isn’t something you do, it’s something you are.” Change your perspective.

One thing you can do right away is to start using the right tools. It blows my mind when students ask where I find the stocks I trade. Then when I tell them to use StocksToTrade they say, “But I don’t want to pay for that. I just want hot picks…”

Change your perspective. If you want to drill a hole, is a hammer the right tool? NO! So if you want to find penny stocks using the same scans I’ve been using for 20 years … then use StocksToTrade.

(Quick disclaimer: I proudly helped design and develop StocksToTrade and am an investor in it.)

StocksToTrade Special Offer

Do you need a reason to try it? Let me just say this: I use StocksToTrade every single day. The Breaking News Chat add-on has been a game changer for me in 2020. The good news is…

StocksToTrade is running a year-end sale. It’s only on until January 1. Check it out…

Get a StocksToTrade 2-Week Trial PLUS Breaking News Chat PLUS Small Cap Rockets for $20. That’s CRAZY.

Click the link below…

StocksToTrade End of the Year Sale

Change your perspective. Start 2021 by using tools that let you trade confidently.

Millionaire Mentor Market Wrap

That’s a wrap on 2020. It’s been a crazy year…

  • Two more Challenge students hit the millionaire milestone: Roland Wolf and Jack Kellogg.*
  • A bunch of new six-figure students like Matthew Monaco. Matt also helped with…
  • The release of my highly acclaimed 30-Day Bootcamp.
  • The best stock market in decades with so many plays I can’t keep up.
  • My best year as a trader.
  • And so much more…

I want to personally thank YOU for continuing to read my posts this year. Now go crush it in 2021. If you’re ready to immerse yourself in your trading education…

Trading Challenge

All my top students are members of the Trading Challenge. Everything I’ve learned in 20+ years of trading is there for you in DVDs, video lessons, and webinars. Plus, you’ll spend trading days in the Trading Challenge chat room. Watch what others trade so you can learn their mindset and process.

Do you have what it takes? Apply for the Trading Challenge today. Come ready to study.

If you’re already in the Trading Challenge you can become a Challenge Lifetime member here.

Are you ready to change your perspective for 2021? Comment below with “I will have the right perspective in 2021.” Do it. I love to hear from all my readers!


How much has this post helped you?


Leave a reply


Author card Timothy Sykes picture

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

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!

* 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”