The 7 Habits Of Great Stock Traders

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Ever wonder what the habits of great stock traders (my Millionaire trading challenge students and I) are? What separates us from the 90% of traders who lose and what do the most successful traders have in common?

Download the key points of this post as PDF.

As it turns out, quite a bit.

While traders come in all shapes, sizes, and personality types, I’ve learned they tend to share certain habits which contribute greatly to their success.

So, are you ready to join the league of extraordinary traders? Start implementing these habits in your everyday life. They’ll make you more efficient and effective as a trader, which can help you gain success over time.

1. Focus on Learning, Not Money If you make a habit of learning, then you’ll be sharing a habit with some of the most brilliant traders and investors out there. In fact, most of my newly minted Millionaire trading challenge students began with smaller amounts than many and they focused on developing good trading habits, as opposed to focusing on profits for the first 6-12 months of their careers.

Great investors agree…Warren Buffet, for example, credits making a lifelong habit of learning as one of the keys to his success. As investor Charlie Munger says of Buffet’s success, “Warren Buffett has become one hell of a lot better investor since the day I met him and so have I. If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is. So the game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process.”

Basically, what he is saying here is that if at any point either of them had done the equivalent of shrugging and saying “eh, I’ve learned enough now”, it would have been the end of their success. But by constantly evolving and learning, they have remained nimble and relevant in the market for years. The Timothy Sykes Millionaire Challenge can provide direction and education, kicking off a lifetime of learning.

2. Prioritize Saving Up. If you want to be a great trader, you’ve got to become great at saving. Saving a portion of all of your earnings should be a priority. Start making this a habit now, even if you’re trading with a small account. You’ll ingrain the habit, and it will serve you very well as you begin to attain more success…I know too many traders who taste success and they go on spending sprees only to then feel forced to make big trading profits to cover their expenses, and when you start feeling forced to make trades, you’ll inevitably do poorly so don’t make this mistake!

Why be so conscientious about saving? Well, that’s a good enough question. First, you’re saving for that proverbial rainy day, AKA when stuff hits the fan. It’s never bad to be prepared. Second, you’re slowly but surely working to improve your position in the market. If you reserve a big percentage of the profit you make on today’s trade, then tomorrow’s trade can involve a bigger investment and potentially reap bigger returns. Keep this going, and sooner than later, the amount that you get to keep and enjoy becomes bigger and bigger. This means that even while saving, you get more money to spend and enjoy.

3. Listening To Others. Do you listen, or do you just wait until it’s your turn to talk? If you’re among the latter group (and many people are), then it’s time to shift your mindset, because you’re missing a lot.

The fact is, when you listen, great things can happen. Actually listening to what someone says can help foster a greater connection, which can result in potential business deals and partnerships. But even more so, when you listen, you learn. You never know when someone might drop a nugget of wisdom that might inform a future business deal or inspire the idea for a trade.

One of my hottest trading challenge students in the video below credits his success to listening not just to me, but to several mentors who give live webinars to trading challenge students:

4. Networking With Others. Are you a social creature? If so, great: this can serve you well as a trader. If you’re not naturally social or tend toward isolation, it’s time to get out of your comfort zone and get yourself out there.

Networking can offer powerful benefits for traders. The more connections you have, the more likely someone will be to think of you when a business opportunity comes around, and the more you can learn from people who are successful. Surrounding yourself with an aspirational crowd can help motivate you, which makes you a better trader.

While social networking is important, be sure to invest the time and energy to attend actual networking events, too. While online connections are great, there’s nothing like a face to face connection. Get used to connecting with people, as this is a bona fide millionaire habit.

5. Following the news/trends. The most effective (and successful) traders have a well-established habit of following the news. They read the paper, they follow relevant blogs and podcasts, and they watch relevant TV programs. Following the news not only keeps you current, but it can tell you a lot about the state of the economy and what direction your investments might, should, and could take…you don’t need to stay glued to the TV, but no matter where you are in the world, be aware of big news and trends that can influence the stock market.

And by the news, I’m not just talking about the financial news. Often, following world events can prove informative, as well as expanding your horizons to include a more global view.

6. Meeting with a mentor. Most successful traders have this in common: they got to where they are now with help. They recognize that they don’t know everything. To that point, they’re dedicated to learning (as noted above), but they also meet regularly with a mentor or advisor who can give them more personalized advice and direction.

I act as a mentor for the students who are part of my Tim Sykes Million Challenge Team. When they have time with me, they are able to learn lessons on a more anecdotal and “real” level, which can be more informative than reading them in a book. I can level with them and tell them about my past experiences, and they can use that information to their benefit, avoiding some of the errors I made as an early trader.

7. Frequent analysis and adaptation. The minds of the best traders are always working. They’re always trying to formulate smart shortcuts and ways to streamline their money-making methods. If they had a successful trade, they don’t just call it good. They analyze what went right, so that next time, they can do the same thing, but even better.

At the same time, they’re brave enough to be honest about what they did wrong if a trade goes bad, and use this information so that they don’t do the same thing again. These frequent personal check-ins and the ability to self analyze are habits of great traders.

Becoming a successful trader takes a lot of work, but also a lot of self improvement and good habit cultivation. By making the habits detailed in this post part of your regime, you’ll be taking a proactive move forward in advancing your career.

So, leave a comment below and let me know which of these  habits of great stock traders you have!

Posted in Millionaire Habits

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Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. Rory Mullen

    Well written article. I have been learning all my life, but to be honest, I follow about half of these rules. I know saving is my enemy and will have to learn how to do succed.

  2. Benji

    I’ve started to save and Im saving towards opending my first trading account after I’ve learned and feel confident to dive into the market…your stories and blog posts keep me motivated thanks Tim

  3. Nate

    I’d like to think that I’m good at all of these things, but I’m sure I need all of them more in one way than the other. I feel I’m a good listener and really take in what someone else has been through and take in their aspect on the situation.

  4. Dominique

    Im a G in all these areas lol however not so much follow on trends but keeping somewhat updated. Im a tend setter ! But yes yes im in on biotech right now ! Bitcoin was not my friend !

  5. Anth

    Cryptocurrency market is better in terms of honesty. Wall Street thieves can NOT manipulate it 🙂 ı am trading BTC, ETH and Ripple. Recommend you do the same, stay away from regular stock market.

  6. Matt Goodwin

    I’d Love to tell you I’m good at all of these things, but the fact is I’m not. Could I be? Yes, with time and effort. Of the things listed above I would say I most possess 3, 5, and 7. Would love to work with a mentor but I simply can’t afford it right now. While I think the challenge tuition is perfectly reasonable I have no way to raise that kind of money right now. It is very discouraging and disheartening. I don’t want to give up because I feel like I am better than when I started. Despite my recent losing streak. I do realize that without some sort of mentor my chances of improvement are slow and slim.

  7. Keith Elliott

    Well Tim, I think you’ve hit the nail on the head again…7 times! Very interesting and informative points. Thank you.

  8. Marcos Dominguez

    Right now I’m focusing on learning, learning, learning. I am also saving up whatever profits I do make. I eventually want to be in a place where I can self-sufficiently plan and execute smart trades while constantly adapting. I know it’s a long road ahead and my wife is giving me hell about it but it’s worth it in the end.

  9. JUAN N.

    Currently working on #1, focused on studying. I want to look at trading penny stocks at many different angles. If it takes me six months to do my first trade then so be it. My current career has helped refine habits 1 through 4. The next three will come in time. The mentor one is one of the most valuable one but it should only be requested after doing our own do diligence.
    Thank for the information Tim.

  10. Salvador I Torres

    Everything seems amazing….but I want is just how to catch up the first step….how to start trading …how to going in and going out

  11. Robert Stephens

    I just got done reading this article it taught me to never stop learning and just decided I’m going buy the silver package on pay since we’re getting 400 dollar bonus because I want to learn before I just jump in and mess up. Robert Stephens

  12. Tony Vorster

    Very informative and practical points. Need to get into good habits early in ones trading career. It helps for the future.

  13. Matthew

    Thank you Tim! Great article, I need to work on 5 and 7 more. I also tried trading cryptocurrencies but it is sooo unpredictable I quit doing it, but on the other side I think you can make a good profit just holding some cryptos for months or years…

  14. Liz

    Dear Tim,
    Great article always enjoy them!

    I’d like to think that I process all above but two. (2) and (6). I love books and have been in marketing since my first job. (Publishing, Advertising, marketing.) Yes, I believe listening is a great quality. I thought I was an expert at trading after listening to Steven D. interview. AMAZING!! It Lit me on Fire! From the TON of Gold Nuggets that he shared! (And comical too!: ) I felt like ALL I needed was to see you do a trade OR five and Presto! ( and if my Intuition is right again then this would be the route to take now instead of later) I prefer to study a bit more for now.

    I feel that I lack in #2, becuz at this time there’s not much to save : ) ,, I think out-of-the-box and currently making some adjustments begore I Start Trading! YES! (6) a Mentor would be AMAZING! For now studying and just learning. (I don’t like to study, I like to think) : )

    (I hope I didn’t repeat myself)

    Good night Tim!

  15. Anonymous

    Your in an inspiration to all of us Tim! Still amazed to find someone out there that personally cares and wants to see all of his students succeed. We are looking forward TO Orlando. Many thanks again for all you do!!

    Ian and Shannon McCaskill 👊

  16. David Sugden

    I try to save. that’s about the only one of these habits i have and i’m not so good at this one. i can make up all kinds of excuses for my being unable to save but they’re probably not valid. I can and will do better

  17. Jesse Saldana

    Great advice! Thanks for the lesson Tim. Happy Birthday by the way. Hope you have an awesome day!

  18. Gerald Roberts

    Hey Tim,

    I like to listen to the news a lot, maybe more than i should but i do it anyway, and i enjoy reading articles, listening is a big one a lot of people have bad habits of hearing what you say but not listening very well, i think that’s why a lot of mentors instruct you to read and reread whatever their trying to share with you.

    Good instructive article by the way.

  19. L. Jermaine Russell

    These are great gems to hold on to, especially #3 and #4 because it focuses on the social aspect of enhancing one’s wealth. Listening to others and attending networking events are critical for human development in which you reminded me how valuable they are. Can’t wait to meet you at the Trader & Investor Summit in Orlando. I’m kind of nervous about the new experience but I can’t wait.

  20. DNN

    The side hustle is proving itself nowadays to be more lucrative than a traditional 9 to 5 day job. Employers on days jobs are quietly looking at others who are side hustling online and wondering themselves how they too can get in on the fun and make money online in affiliate marketing.

    In the next 5 to 10 years, it’s predicted all kinds of working professional will be in online marketing ranging from government officials, politicians, corporate executives, janitors, college students, unemployed people, homeless people, judges, lawyers, warehouse employees, temporary employment workers, college university employees, and more. Sooner than you know, working from home will be the “new new of making money online and affiliate marketing.”

  21. Sara aka bankatronic

    Great Article, Tim! Enjoyed reading it-definitely need to “meet with a mentor at some point in the future” bit by bit everything is working out 🙂 Thanks for writing these excellent articles!

  22. Gary Top

    Hard not to focus on money vs learning. Wish my bed could hold a cool million but time will tell. I am on the learning curve now. Inundated with Tim
    DVDs, charts, emails….. I’m processing and being patient to learn to avoid burning my initial trade account. Got greedy once and thought I knew more
    than a former mentor but found out the pride does come before a fall.
    Thanks Tim for your input, resources and team that will lead us to a more knowledgeable, profitable and sustainable future.

  23. Barbara

    Focus on learning not money. This has to be me because I manifest in reading stock books on my Audible app. I come home from work and open my email. I read and listen to all email from Millionaire Masters Program and Stocks to Trade. I click on some of the highlighted words that lead me to more reading. Some of the incidental learning has been some of the most valuable pieces of information. Thank you for all the lessons.

  24. Margaret Mukami Nderitu

    I am so keenly trying to learn but it is a lot of good information. I really wish i could have a mentor to explain things out when i get very very confused.

  25. Dwayne M

    Thanks Tim.

    I believe this is the second time I have read this article. It hits home stronger since I began trading nearly a month ago. I continue to learn and study; not only your materials…..I am learning about myself and my emotions and the personal discipline it takes to Day Trade Penny Stocks!

    Thanks again,

  26. Anonymous

    My interest in the stock market was infused after I saw one of your interviews on a talk show on tv. I liked as well the fact that you had set up a fund to help build schools in a third world country. Upon listening to one of your seminars where you used the F— word, I was a little less impressed. So for a period of a few of your e-mails I kind of wrote you off, but have decided to give a listen to another one of your e-mails which made good sense to me. I have never traded before, so all is new to me. With the hope of selling some property in the near future, I would like to get ready to attempt a few trades with the use of my listening to your suggestions of studying and learning as the key to successful trading, which makes sense to me. Derrell

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