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Why Everyone is Wrong About The ‘Correct Mindset’

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Written by Timothy Sykes
Updated 1/4/2023 6 min read

A few months ago, I sat for breakfast in one of the most beautiful places on the planet, Switzerland.

Inspired, I created a YouTube video right then and there.

Click here to learn more about my Millionaire Challenge

No matter where I go, I’m truly humbled by the world we live in.

There was a time when I thought flashy cars and fancy hotels would make me happy.

Over time, I realized I was happy, but I wasn’t necessarily fulfilled.

That’s why, despite the roaring success of my Millionaire Challenge, my students, and my own trading, I began charity work.

You see, happiness is transactional.

But a positive mindset gets you through the ups and downs of trading.

Because, make no mistake, you’ll have amazing trades and terrible ones.

It’s critical to maintain the right attitude through thick and thin.

To get you going, bookmark THIS TWITTER POST.

It’s a short message to inspire you.

Then, I want to show you some simple tricks to keep the positivity flowing regardless of what the markets and life throws your way.

Build a Support Group

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One of the great things about my Millionaire Challenge is that you chat with other traders just like you.

These folks range from the newest of the new to millionaire students like Mark Croock.

With thousands of students, you’re bound to find a group you click with.

Use them as a sounding board and support group.

The best is when you have family and friends behind you.

On the flip side, it’s better to stay away from social media and promoters.

Unless you’re inoculated to their garbage like I am, you can get all the info you need through our StocksToTrade Breaking News.

Our team curates the headlines to provide actionable information. Plus, they’ll highlight chat pumps found on popular sites.

Social media has tons of information. But it’s also an echo chamber for negativity and scams.

Do yourself a favor. Limit your time there. Don’t get caught up in the hype.

Keep Your End Goal in Mind

candlestick reversal pattern examples
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Things that give you fulfillment aren’t always easy.

Lebron James may love basketball. But he’s not happy every moment he’s on the court.

That’s not what it’s all about.

Fulfillment comes from the things that give you a sense of accomplishment when you think about them.

They’re the reasons you get up in the morning.

Take a look at this Tweet below.

My work changes people’s lives.

It has a tangible, real impact that I see on the faces of the children, their families, and their communities.

I teach students that take my Millionaire Challenge the skills and concepts they need to succeed in trading.

For some of them, trading in and of itself gives them fulfillment.

For others, it’s a means to reach their fulfillment.

Whatever your reason, always keep it in mind.

It’ll give you patience when markets slow and the energy to study hard.

Celebrate Micro Victories

Millioniare Mentor Update Avoid the Slippery Slope
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Humans love to focus on the worst.

It’s something hardwired into us.

If you don’t believe me, think about the last awesome and terrible trades you had.

Chances are, you’ll have an easier time and more emotional reaction remembering the bad trade.

That’s why I want you to celebrate the milestones along the way.

Mariana is my first female millionaire student and my youngest.

In her first year, she didn’t place a single real-money trade.

Without a P&L to preoccupy her, Mariana could recognize and celebrate the right decisions.

Because we can’t control what happens after we click the mouse. Only when we choose to click.

So, give yourself credit when you avoid a bad setup or stop out small and fast.

That’s just as, if not more important, than hitting those home runs.

Find a Path You Believe in

position trading the bottom line
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I bring up my 30+ millionaire students not to brag, but to prove…

…prove to you that I can teach you how to trade profitability.

Most folks who join my Millionaire Challenge already traded for a while and are frustrated with their performance.

With a history of bad habits, it’s tough to believe someone who says they can show you ‘the way.’

That’s why I talk about my students. 

They are my proof that what I teach works.

All my trades are posted for you to see right here on Profitly.

It’s much easier to stick with trading when you believe in what you’re learning.

And I know it won’t come naturally at first.

That’s why I want you to join my Millionaire Challenge.

Let me prove to you I’m worth your time.


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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

* 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 (888) 878-3621 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”