Millionaire Mentor Update: How to Prepare for 2020

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Last week I traveled back to the U.S. from Nigeria where Karmagawa built another school. You can read more about that in last week’s update.

Also, in my recent 2020 trading plan video, I mentioned I won’t be traveling quite as much this year. More on that in a moment.

First, please watch the videos in this Instagram repost from Karmagawa below. The devastating wildfires in Australia have already killed at least 24 people and an estimated 500 million animals. There are still around 135 bushfires burning in New South Wales. At least 70 of those are uncontained.

 

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PLEASE SHARE WITH YOUR FOLLOWERS NOW: Repost from @karmagawa Watch these videos of the devastating wildfires in Australia and share them with your followers as we MUST get these brave firefighters and communities help ASAP! An estimated 500 million animals and also 20 people have already been killed, including 3 volunteer firefighters, and roughly six million hectares (60,000 square km or 14.8 million acres) of bush, forest and parks have been burned. As we post this, more than 100 fires are still burning across New South Wales, with some fires that are so large they are the size of Manhattan! So, please join us in praying for Australia and also let’s all use our social media platforms for good and share these videos with your followers and tag people, influencers, celebrities and news media that need to see this as we MUST get the word out about how this urgent crisis is and get international help for these communities! We’re also posting videos of several locals refusing to shake hands with Australia’s prime minister Scott Morrison, who is a climate change skeptic and who has aggressively grown Australia’s coal industry while opposing measures to combat climate change and even going so far as to reject additional funding for firefighters…meaning politicians won’t be much help here so we must step up and get international aid in order to save as many human and animals lives as possible! Check out the link in our bio to purchase Karmagawa charity merch as we’re donating 100% of profits for the month of January on all our charity apparel to hardworking Australian charities like @wireswildliferescue @1300koalaz @deeppeacetrust @balubluefoundation @adelaidekoalahospital @nswrfs @redcrossau and also DM us for instructions on how to donate directly as every donation, great and small, is appreciated as we must come together to help Australia ASAP! Please share this post with your followers and tag people who need to see what’s happening, spreading awareness is crucial in getting the most help! #sendhelp #wildfires #karmagawa

A post shared by Timothy Sykes (@timothysykes) on

We MUST get the word out about how urgent this crisis is. Help us get international aid to Australia by sharing the post. Also, we’re donating 100% of profits from Karmagawa charity merch in the month of January to several Australian charities.

Why I Won’t Be Traveling as Much This Year

not traveling as much
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From Nigeria, I made my way to Los Angeles. I did say in my 2020 trading plan video that I won’t be traveling as much this year. That’s not necessarily less time outside the U.S. — but fewer travel destinations.

In 2019 I visited 32 countries. That’s excessive. My goal in 2020 is to cut that number in half. My plan is to stay in a country longer. For example, I already have two trips planned for this year where I’ll stay an entire month in one place. I’m looking forward to that.

I’ll also be back in the U.S. a little more, too.

In a way, it’s very similar to when I tell students to test different trading strategies and then hone in on what works best for them. Last year I was honing in on the best charities for Karmagawa to partner with. And I was honing in on the best places to hang out.

You’ve gotta hone in on your favorites.

Let’s get right to a few student questions to start 2020…

“Tim, you said you’re rusty trading a big account so you downsized it to $500K to start the year. How will you trade your big account at first if you’re rusty?”

Yeah, I said originally it would be $1 million and then lowered it to $500K because I’m rusty. And there’s a big difference between trading with a small account vs. a big account.

The most important thing is just waiting for the best plays. It’s a little scary trading with a bigger position. But at the same time … I used to trade with big positions. So it’s just a little bit of rust.

It’s not like one day I’ll say, “OK, I’m gonna trade with a big account now.”

I’ll be disciplined. And I won’t force it.  I’ll wait for setups to come to me. And when that happens…

… we’ll see how good the setup is and whether I want to use $50K, $100K, or even $200K on the trade.

But there definitely is a little rust. It should be interesting.

Why You Should Start With a Small Account

If you’re a student … and you’re wondering if you should trade with a small or big account…

… I most definitely think you should start small and build your account. As you build your account you gain experience. You get know-how. There’s no rust if you’re building your account from small to big.

For me … I’m going backward. I’m just a weird teacher … donating all my trading profits to charity. (Read this to understand why I teach.)

But you don’t have that problem. You should start small and gradually build up. Then there won’t be any rust. (At least, there shouldn’t be.) You’re gonna build incrementally — hopefully.

I’ve had a few questions regarding brokers since announcing my 2020 trading plan. Nothing’s changed there — I use these brokers.

“There seem to be so many plays right now it’s overwhelming! What should I do?”

Limit-Order-Strategies
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Don’t fear missing out. Fear of missing out (FOMO) is a real thing with traders. They see a stock running, or maybe they’re watching it. And then, for whatever reason, they don’t execute. Or maybe life gets in the way. Or they try to take the trade but can’t get executed.

Then they feel guilty. Or they feel they deserved to get that money.

Don’t worry…

There’s always gonna be another play. And if a play happens without you in it, but you were on the right track … be happy. Get more determined to not only be on the right track in the future but to actually execute your trading plan.

The Market Doesn’t Owe You Money

A lot of newbies get discouraged when they don’t make the money they feel they should. You gotta change your perspective. And you gotta change your mindset. You don’t deserve profits from the market.

If you’re brand new to trading — or for a solid refresher — access my FREE penny stock guide here.

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You have to prove to yourself that you have enough knowledge. You have to prove to the market that you’re ready and…

… that you’re gonna execute.

This is important … knowledge and execution are two separate things. Get prepared — then execute. If you’re prepared, that’s a good thing. Most don’t make it that far. A lot of people never prepare and they never execute.

So if you’re at least prepared … you got one out of two. You gotta work on the other: execution.

Here’s the final question for the first update of the year…

“Tim, what’s one thing I should know about trading going into 2020?”

Blue-Chip Stocks vs. Index Funds
© 2020 Millionaire Media, LLC

Well, there are a lot of things you need to know. But if there’s one thing I can pass on, it’s this: not all years are created equal. The higher the current market goes, the more conservative I get. I really think we’re due for a pullback or a crash.

Be careful. Some people have this mentality of “OK, I missed this bull market … it’s time to get more aggressive.”

That’s like missing out on a supernova and then chasing it right before it’s about to crash.

So, be conservative. Recognize this year’s place in history. We’ve had over a decade of a bull market. And sometimes when there’s an extended bull market — right near the end — the entire market almost looks like a supernova as people pile in. That’s a dangerous time to be chasing.

Also, be aware of what’s going on in the world. We started off 2020 pretty strong until the market reaction to a possible war with Iran.

Just be prepared for a crash. Even if we finish up at the end of 2020 …  it could happen at any time. It could be at the beginning of the year. Or maybe it’ll be in the middle or near the end of the year. But we’re due for something big and major.

Props to Students

I want to give big props to some students who started 2020 the right way…

[Note that these results aren’t typical. These students put in the time and dedication and have exceptional skills and knowledge. Most traders lose money. Always remember trading is risky … never risk more than you can afford.]

Here’s how Jack Kellogg started 2020:

Check out this tweet from Twitter user @12RAULHM:

Or this one from @WillyOne:

Plus this excellent example of being happy once you hit your goals from @MaxBandas:

And finally, this comment from Trading Challenge student RocUWorld earlier today in chat:

9:32 AM RocUWorld: Just made my first $1k trade with $BRTX bought at 0.02 sold at 0.03.

As you can imagine, RocUWorld got a lot of love in the chat room today. Congratulations!

Millionaire Mentor Market Wrap

© 2020 Millionaire Media, LLC

That’s another update in the books.

Remember to share the post about the Australian bushfires. It only takes a few seconds and the more people who spread awareness, the better. Let’s use the power of social media to help.

And for trading…

Don’t get too aggressive or too cocky. That’s a good way to set yourself up for failure. Take it one trade at a time and don’t worry if you miss one. And … remember to take profits along the way. If a trade meets your goals, don’t get greedy.

What’s Next For You?

Those are just a few of the many wins students are celebrating to start the year. If you want to join them…

… and you’re not afraid to work hard…

… apply for the Trading Challenge today. Don’t bother if you’re lazy. It’s not easy.

Also, I realize that level of commitment isn’t right for everybody. That’s fine, you get to choose your level of commitment. And we have options for you, too. Like Pennystocking Silver, where you’ll get access to…

  • Over 6,000 video lessons — with new lessons going up every week.
  • The TimAlerts chat room. (Hint: my Trading Challenge chat room is — by far — the best chat room I’ve ever been in.)
  • Daily watchlists. Every trading day you get my list of 5–15 stocks I’m watching and why. Also, I tell what I’m looking for in order to trade the stocks on the list.

Have a great week and study hard!

Let me know what you think of this update. Comment below, I love to hear from all my readers!

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