Stop Doing These 5 Things, Improve Your Trading

There are plenty of things that you can do to improve your trading, which I have detailed in previous posts like this one and rules that I go over and over again with my trading challenge students. But now I want to talk about what you should stop doing to improve your trading.

Download the key points of this post as PDF.

These are some of the common bad habits that keep traders from finding the success they crave so if you stop doing these five things, you will absolutely see positive returns on your overall performance:

1. Deflecting blame. There are plenty of people out there who won’t accept responsibility for their actions, their place in life, or their lack of means. There’s always someone else or something else to blame. For instance, some people claim that since they have young children, it’s impossible to change careers and rock the boat of stability. Others will claim that they can’t become traders because they never went to graduate school. There are any number of circumstances that people might assign blame to for their lack of success. But the truth is, nothing is going to change until you change yourself.

Andy Warhol said, “They always say time changes things, but you actually have to change them yourself.” To create lasting change in your life, and to have any hope of finding success as a trader, you need to begin to own your actions. Ultimately, if you are unhappy with your place in life or your bank account balance, it’s on you.

So what can you do? Decide to change things. Take responsibility, and commit to becoming better.

2. Wasting your time. If you’re spending all day dreaming about the things you want but don’t have, but not taking any action, then you are wasting your time. Stop squandering the time you have! To make a change in your life, that means you have to jump to action.

For many, creating a big change in their life without guidance is very difficult. But that’s simple to solve: find a guide. In trading, this means having a mentor…at least start by reviewing free guides like this ASAP.

You don’t need to make it harder than it has to be. In the Tim Sykes Millionaire Challenge, I act as a mentor, guiding my students in gaining the knowledge and techniques necessary for success as traders. My challenge offers a time efficient and carefully guided way to learn how to trade.

You could try improve your trading without my Millionaire trading challenge. Plenty have tried. But, why would you waste your time learning the ups and downs of the market when you can cut out so many of the growing pains? The Challenge offers a way to learn trading in a practical and easily applied way.

3. Living beyond your means. If you want to become a trader because you have grandiose dreams of throwing money around, you’ve got a long road ahead of you.

The fact is, to become a successful trader, you’ve got to make a stronger commitment to saving than you possibly ever have before. Basically, as a trader, it’s in your best interest to make a habit of saving the majority of your earnings. This allows you to improve your position in the market, and to make more impactful trades as your account grows.

In time, as you continue to earn, the amount that you have free to spend will become larger and larger, so that even while you continue to save, you can begin to treat yourself to those things you’ve always wanted. But be aware: it takes time and a lot of discipline to get to that point. Save now and savor the rewards later.

4. Doing it all by yourself. It’s true that trading can be a highly singular activity that requires a lot of alone time. However, to say that trading is something that you can find success in totally alone would be a lie. You absolutely need support. You don’t need to do it alone and, quite honestly, you shouldn’t.

Having a great network is key. First and foremost, you’ve got to get yourself a mentor. Someone who is further along in their career is an invaluable resource. Meeting with them regularly is like pressing fast forward on your career. You can receive advice, learn from their mistakes and downfalls so that you don’t have to go through the same things, and get tips for how to proceed with various projects.

Second, you need a good network of peers, both at your level and who are a little further along than you. Other traders will keep you motivated, and will inspire you to keep it up and often, to do better. Also, by observing what they do and how they conduct themselves, it can give you ideas for how to become a better trader.

Students in the Tim Sykes Million Challenge Team get both of these invaluable networking resources in one fell swoop. Students keep up with each other online and I act as a mentor.

5. Seeing mistakes as failures. When you make a mistake, what do you do? For most of us, we hang our head and hide out feeling sorry for ourselves, at least for a little while. But, if you want to be a great trader, you have to be man or woman enough to get back on the horse, so to speak, and to keep trading.

Mistakes are only failures if you decide they are. But if you have an open mind and a strong constitution, mistakes can also be powerful teachers…the absolute BEST teachers! The trade that went bad today can teach you a lesson that can keep you from losing ten times that amount next time. Alternately, a mistake can open your eyes to what you need to focus on in your studies.

Ultimately, if you are brave enough to learn from your mistakes rather than seeing them as failures, you will become a far better trader.

Sometimes, self improvement isn’t just a matter of cultivating good habits. It’s also important to let go of bad ones. By working hard to stop doing the things detailed in this post, your trading will improve big time.

What’s holding you back as a trader? Leave a comment below and be honest with me and yourself so we can cut it out and improve your trading ASAP!

Posted in Basics

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52 comments

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. Clemente

    I am already studying hard while trying to get the money to pay the Millionaire Challenge and so start trading!

  2. Miah

    #5 is so important in my opinion. Today I took a loss and was surprised how I reacted afterwards. I had taken a loss years ago that hurt pretty badly and made me stop trading. Now that I have started up again and have been studying everyday from your teachings, I had a completely different perspective after taking that hit. It was a huge relief knowing what I did wrong and learning from it instead of letting those emotions the best of me. I really appreciate what you do Sykes. One day I will be amongst your millionaire students.

  3. Casey Siscar

    I would like to meet you one day if possible.
    Since 2012 you’ve been my mentor.
    First 3 years I did my trades like noob and lost all and more..
    2 years with you, and now I have my own house..
    Simply amazing, you’ve helped many more lifes than you think!!

    Sincerely I hope to meet you

    Regards from Barcelona my friend

  4. Anonymous

    I honestly don’t feel I’m being held back, presently. I’m approaching month one in the trading challenge and I’ve only made a handful of trades. I’m taking this as serious as cancer and just putting in the time necessary to equip myself to one day become a great trader. Patience, emotional discipline, and education education education, I’m beginning to see, are the cornerstones of trading. So that’s what I’m working on right now.

  5. Austin B.

    I applied for your millionaire challenge not really knowing fully what I was getting into. After the interview, I got a better picture of what’s realistically expected. My work schedule is the main draw back. Right now, I am using my VIP account to do studying while saving up money for How to make millions, penny stocking Silver, and Stocks to Trade.
    My Goals: Learn. Trade overnight. Be consistent enough in the green to where I can become a full time millionaire challenge student. This will be a journey. I’m ok with that.

  6. Rev Dr Mitchell D Maybury

    I am a simple man on disability struggling day by day but I do make some investments and I have earned a little and I continue to study, research and take chances. Simply put….”When you have nothing…you have nothing to lose and all to gain”.

  7. Manuel

    Im studying and watching your videos, learning from my past mistakes and your expert knowledge so I can make smarter trades. I want to be a millionaire, even if it is small gains at a time, and truly appreciate the opportunity to learn. Thank you for your teachings Tim!

  8. Josh Meier

    I have my interview with Rich on Sunday – looking forward to it! Can’t wait for the opportunity to hopefully become part of the Challenge Students! So far the only thing holding me back is a mentor/guidance. I have alittle savings ready to invest, and a major appetite for watching/learning from all your online videos! 😊 I must have easily watched more than 14 hours worth in this last week. 👍

  9. Xavier from bois colombes

    Dear Tim
    Yes learn from mistake but also by what we doing right
    Be patient and assume our lost. Sure a great progress for me
    A mentor help to go faster but ride your own horse
    To learn and to take our road… At our speed
    Study our past tradding to define our future trading
    It hellp me a lot to improove
    Thanks for your energie and your great advices

  10. Odesha hickmon

    I am studying hard reading every free guide I can from timothy sykes until I save enough to change my career, my life to pay for millionaire challenge and start trading. Im motivated to learn.

  11. Anonymous

    I am now about for days into my challenge with you and the team. I am studying studying studying. Learning as much as I can. I plan on being your first Female millionaire challenge student to succeed. I’m ready and like my commitment to that I agreed to. I’ve already began…I’ve been spending more hours than required…my tuition is fully paid…and I AM NEVER GIVING UP!!!!! Let’s get it Tim.

  12. Andrea LaRosa

    Great Information. I am intimidated but I want to learn. It was overwhelming to get all the information and did not know where to start. I will dedicate 2-3 hours a day for now to learn and build up the knowledge and skillset too. Great advise! Thank you! Grateful to be part of the Challenge!!!

  13. Melissa

    While I’m waiting to gather the funds I’m studing the time btween when I go back to my job. This is really great. It’s really a different career swicth , for me , but I’m enjoying the journey.
    Thanks Tim

  14. DATHAN WILLIAMS

    AT THE MOMENT…WHAT’S HOLDING ME BACK IS A LACK OF KNOWLEDGE OF THE MARKET ITSELF, I AM VERY NEW TO IT, BUT I AM WILLING TO LEARN, SO THAT I CAN CHANGE MY LIFE AND THAT OF MY FAMILY.

  15. Jennifer Komondy

    Where do I begin? I am at work and came across this post and the one about Joe- two perfect posts that hit home, I have been following you since 2014 studying, and in 2014 my thought was- I cant afford to be a Millionaire Challenge Student- but when I sit back and analyze all of the education I have bought i.e. Dux DVD, Grittani’s DVD, Part 1 of Matti O’s trading class, and select DVDs like How to Become a Millionaire, How to Read SEC filings, etc. I could have been a Millionaire Challenge Student two times over!! The number 1 on this post, I need to start doing- and quit making excuses as I write this I am jotting notes on my mini goals I want to complete- my education- so much I have not tapped into yet- practicing what I have learned thus far- I was part of the initial testing when STT started- and I had it for 2 years and never used it- because I wasn’t ready but I knew its value and potential as the BEST penny stock tool to use for everything at your finger tips- and I will get it again because its efficient and a great time saver on research with the most up to date information. So, I need to stop making trading this dream, and focus on making it a reality- less talking, more doing 🙂 I appreciate your energy so much, your encouragement and your truths- I have met you a few times, you and your team are amazing, and down to earth- you make time for those that make the effort! and it is truly appreciated.

  16. Carletha

    I love your transparency! Believe me you’re the FIRST! I also like the fact that you’re excited about others doing well. I’m a novice I read your Penny Stock 101 and took notes and feel some of the info went over my head. That’s my drawback the charts seem to be complex. I’m a novice and don’t want to be overwhelmed until I get the gist of this. What is best for someone like me just starting?

  17. Trisha Lee

    I am reading your free guide and learning all that I can while saving for your millionaire challenge. I wish that I could have afforded it already but bills come first. I am hoping to save up enough money to go ahead and start trading that way I can go ahead and get started in the millionaire challenge and still be able to trade. I know that I’ll take losses and I’m okay with that. As long as I have a roof over my daughter’s head and food in her belly than that’s all that matters to me.

  18. AnneMarita

    One can’t build any business over night. The same goes with trading. Success takes hard work and it’s very irritating when someone tells me how “lucky” I am. It’s like John D. Rockeffeller said: “The more I work, the luckier I get”.

  19. Summer

    My daughter gave me your book for a birthday present.
    I am 65 years old and started reading parts of it here and there and was at work 1 night and my apartment was broken into.They took all my valuables and my book that was on my bedroom night stand.
    I know you said not to give up but being my age I may not be ever able to become a millionaire as it takes many years to get where you are now, as I’m getting up there in years. My hope was to get out of where I live now into a safer place in life but that will never happen. I work part time and make only enough to make ends meet. The part of your book was amazing only if i have had it earlier in life I would have made it for my kids.
    You are a great person to teach those in life to do wonders for others in their life.
    God will reward you.

  20. Andrew Cannon

    Starting with a 1000.00 account is discouraging as the profits even if 10% is very small. I work full time, a dad of a 15 year old son and stay busy with him but want to trade and want to do it full time in the future. I am 49 years old and have had thoughts of your too old, you missed your opportunity already but will do my best to push it aside. My biggest struggle will be juggling it all and staying on track with study and research. Thank you for your advice, articles and motivation. I will let you know each time my account doubles. 2000.00 here I come!

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