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5 Millionaire Student** Tips for Success

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Written by Timothy Sykes
Updated 1/13/2023 6 min read

Here, I’ll detail 5 successful millionaire students tips.** When I first started my Millionaire Trading Challenge, I had a dream — I wanted to create new millionaires through my teachings, which were learned over a decade of my personal trading experiences, all the good and the bad things that I have learned, so that others could benefit from my experience.

A few years later, I have now reached my initial goal of creating a few millionaires like this guy and this guy;** now, I’d like to give them a moment to impart some wisdom.. Read and re-read these tips, because they can contribute to your own success and might just inspire you to try something new.

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1. Give my millionaire trading challenge a chance. My first student to break the million dollar mark, Michael Goode, was initially skeptical of the Tim Sykes Millionaire Challenge.** Actually, skeptical is putting it lightly: he described me as being full of it and thought that I claimed too much when I said I could help people become rich.

Well, after much debate on the subject, he decided to give my challenge a try. Within a year of giving me and the challenge a chance, he had made about $77,000.** Guess what?  His opinion changed. Not long after, he was my first student to break the $1 million dollar mark.**

Honestly, I don’t care if you’re skeptical of the Challenge; I’m secure in that it delivers results. Are you brave enough to see what it can do for you?

2. Great success takes time. If you read this blog on a regular basis, chances are you’re familiar with the name Tim Grittani. One of my top students, to say that Tim is killing it would be a vast understatement. He’s constantly breaking barriers, and recently surpassed $4 million in profits.** He’s one of the most impressive members of the Tim Sykes Million Challenge team for sure.

One of the best things about Tim Grittani is that he is completely humble and also transparent. He’s transparent about every trade he makes, and about his methods for success. This makes him a great teacher in addition to a great trader and I’m so thankful that he now helps me mentor other trading challenge students too. Basically, what I am saying is that when he offers guidance, accept it for the wisdom it is.

On his recent roundup of 40 lessons upon surpassing $4 million in profits,** one of the most valuable ones is this: great success takes time. Although he’s one of my most successful students, he hasn’t always been a big winner. For the first 9 months of his studies, he wasn’t even consistently profitable. However, he was able to stick with it and be patient. It pays off. But it takes time so be sure to have patience, especially the first 9-12 months of your journey!

3. Do your homework. My student of the year in 2016, Mark Croock, has made great strides as a trader since entering my millionaire challenge.** He deeply dedicated himself to his studies--in fact, he’s one of the only students who I absolutely know has watched all of my video lessons at least 3 times.

His great wisdom to impart? Always do your own leg work. Don’t trust anyone else when it comes to stock market picks or research: always be willing to do your own due diligence. While you can learn a lot from others, ultimately it’s your money that’s on the line when you make a trade. Don’t get greedy, and don’t get lazy, especially when you start making money. Chances are, if you stop being diligent, you’ll ultimately lose everything you made and then some.

4. Follow the rules. One of my millionaire students, stay at home mom Jane Gallina, had a tough go of things when she entered my Millionaire Challenge. Why? Because she wanted too much too fast. As she puts it, “During the first three months, I admit I did not follow the rules. I was a bag holder, revenge trader and positioned too large. I burned through $6000 in just a few short weeks. Afterwards, I took three months to re-establish myself and find my bearings through strict discipline and focusing my studies on my weaknesses.”

Ultimately, Jane’s losses and so-called failures turned into her biggest teachers. She was able to look at her process constructively, and recognized that by deviating from the rules and trying to take shortcuts, she wasn’t doing herself any favors.

However, she was able to turn it around; within eleven months, she was consistently profiting and on certain weeks, making more than her husband, who has a solid job as an airline pilot.**

There’s a lot of value in Jane’s story; let her be your mentor on this so you don’t have to lose the money that she did. The lessons exist for a reason; stick to them, and learn the proper rules. You’ll be thankful for it when you begin to make consistent profits!**

5. Remember your goals. Do you remember why you started trading? If not, it may be time to take a pause to remember your goals. This piece of wisdom actually comes from a new student in my Millionaire Challenge, who I am sure is going to go great places.

He came to my challenge tired of just getting by in life. He wanted more, and wanted to become financially healthy. He sets short term, mid term, and long term goals, which he credits as a key factor in helping him grow, not only in his trading, but in life. Each week, he sets a goal and repetitively works toward it throughout the day, each day. By learning to work toward something specific, he’s been able to fine-tune his abilities.

I cannot stress this enough: goals are vital to finding success as a trader. They act as your motivation and as your barometer for success.

My top Millionaire Trading Challenge students constantly inspire me with their drive, motivation, and ability to create their own success. They all had the faith to join my Millionaire Challenge, and are currently killing it. You, too, can benefit from their hard work by learning the lessons that they have to impart. Let these tips act as inspiring lessons that you can apply on your own road toward trading success.**

Leave a comment if you promise to be dedicated in your studies and over time you might just be one of my top students!**

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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 (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”