I hope you enjoyed the Memorial Day weekend and studied. Remember, the most success comes over time. So when there’s a day off from trading, use it to build your knowledge account.
Day in day out you must focus on trying to learn FIRST and then try to earn afterwards. Too many people want $, fame & success without putting in the time and effort to earn it the hard way. FUCK this instant gratification society, the best things take time to earn so be patient!
— Timothy Sykes (@timothysykes) May 28, 2021
There’s no such thing as overnight success. What can you do today to speed up your learning curve? What can you do today to set yourself up for next week or next year?
Keep reading for more about the ‘learn before you earn’ mindset. First…
Table of Contents
- 1 Karmagawa Proudly Announces the Mariana Hincapie School
- 2 Learn Before You Earn
- 3 Trading Mentor: Questions From Students
- 3.1 “I’ve been studying for the past three months because I didn’t feel ready. Now I’m scared to trade. How do I overcome those demons?”
- 3.2 “What holds most people back from becoming a millionaire?”
- 3.3 “How do I keep my equity curve trending up instead of going sideways?”
- 3.4 “Why are you using your old laptop?”
- 4 Trade Review
- 5 Millionaire Mentor Market Wrap
Karmagawa Proudly Announces the Mariana Hincapie School
⚠️NEW KARMAGAWA SCHOOL ALERT!⚠️I’m proud to announce the 86th Karmagawa school in honor of my 1st female millionaire student @mari_trades who has been in my https://t.co/occ8wKmlgm program for 3 years now and she crossed the $1 million trading profit mark just a few weeks ago! pic.twitter.com/RCEkzi2f4A
— Timothy Sykes (@timothysykes) May 28, 2021
Every school project is one step closer to our 1,000 school goal. Like and share the tweet. Help spread the word. One school and one student at a time, we can make a difference!
I’m also proud to announce…
Karmagawa Donation to the Žarkovica Animal Shelter in Dubrovnik
We’re proud to donate to the Žarkovica Animal Shelter which is home to, on average, 300 dogs. They’re doing great work and need support.
Nice little +$900ish day for me, low stress trading on $GMER $GGII $VDRM then I went & visited a dog shelter here in Croatia that needs some much needed support, check them out https://t.co/OBi5FldMdl as I'm proud to donate to them & we're making a video to raise them more $ too! pic.twitter.com/Y9memQwvFQ
— Timothy Sykes (@timothysykes) May 27, 2021
Check out the Žarkovica Animal Shelter website. Again, help us to spread the word by sharing on social media.
Let’s talk about trading…
Learn Before You Earn
I love it when my students post small gains or losses on social media and promoters try to rip them. It’s beautiful. The promoters don’t realize I actually teach students to start small. Ripping on a student who trusts the process shows the promoters’ misguided mentality.
You should start small, build confidence, and gain experience. I encourage you to post your small gains and losses on social media. Then watch the unethical promoters come after you. Ignore them and trust the process. Believe in small gains.
Every small win or loss is a deposit into your knowledge account. Trade small enough in the beginning that you can forget about the money. Then learn the lesson from every trade. Come at it with a mindset of…
Learn before you earn. This video should help…
How Two Words Can Make You a Better Trader
You don’t even need to take notes, just repeat after me…
Keep repeating that every day. Tell yourself once an hour if necessary. Now it’s time for…
Trading Mentor: Questions From Students
The first question this week comes from a student who’s been studying so much he almost has a fear of trading. That’s not such a bad thing in the beginning. Trade scared so trading isn’t scary…
“I’ve been studying for the past three months because I didn’t feel ready. Now I’m scared to trade. How do I overcome those demons?”
Paper trade or trade with 100 shares. The money you make or lose in the beginning won’t be life-changing. Sorry to burst that bubble.
Tim Grittani didn’t make anything his first nine months. Jack Kellogg made nothing his first 20 months. Once you learn to expect nothing in the beginning, you won’t be so scared. Then you can gain experience trading 100, 200, or 500 shares.
If you go back and look at my top students, they all started small. They were making or losing $10 or $20 per trade. So keep things in perspective. Remember, learn before you earn.
“What holds most people back from becoming a millionaire?”
Many people have the desire but lack patience and the right education. And, dedication plays a big role…
You have to realize that it’s most frustrating and tough in the beginning. That’s when most people give up. If you study the right way, it seems like you can’t make enough money. It is what it is…
You have to go through hardships in the beginning. You have to go through the tough stuff. It gets easier over time. But I should caution you…
It’s not a straight line. You can’t expect day 56 to be easier or better than day 33 of your journey. Sometimes you have to take a step backward.
You might think “Hey, I got this…” and get cocky. You might bet too big. Or break your trading plan and hold too long. Then the market humbles you. Suddenly you’re not as smart as you thought. But the lesson you learn helps you trade smarter over time.
It sounds weird, but sometimes you have to lose. You have to go back a step or go through losses. You have to go through the struggles because that’s what can help you get to the next level.
“How do I keep my equity curve trending up instead of going sideways?”
Change your perspective…
Don’t worry about your equity curve. Take it one trade at a time. Thinking “I have to make $500…” or “I have to keep my equity curve growing” is BS. You have to think about the market and trading in a counterintuitive fashion.
You have to accept that you can’t control the market. Sometimes you’ll lose. Sometimes the market will be slow. And sometimes you’ll have to go backward to go forward over time. Once you start accepting that, things get easier.
Final question for this edition of the update. This keeps coming up…
“Why are you using your old laptop?”
I used my new laptop for three days in a row. That was when the market dropped. I shouldn’t be superstitious. And deep down inside I know my laptop has nothing to do with the market, but I can’t help it.
Now I’m using my old laptop and we’re seeing some solid plays. It wouldn’t surprise me if this is a simulation. Elon Musk might be right. I can’t explain it but I’ll keep using this old laptop now as long as I can.
This week’s trade review covers three trades of one stock. The first was actually my best trade from two weeks ago. Remember, every trade has a lesson. Which is why you MUST review your trades.
Majic Wheels Corporation (OTCPK: MJWL)
In early May, Majic Wheels announced it was entering the fintech sector. That news started a steady uptrend.
On May 21, the company announced a $150 million blockchain acquisition. Then, at around 3:15 p.m. Eastern, the company tweeted “…more details next week.” That turned what was already a big percent winner into an even bigger upcoming news play.
Here’s the MJWL chart from May 21 with my entry and exit. It also shows when the news was released and the timing of the company’s tweet.
As you can see, the stock had already spiked and consolidated. And it was already breaking out over the previous high of day when the company tweeted. But the tweet, which was alerted by StocksToTrade Breaking News, spiked the stock.
I considered holding MJWL over the weekend. But when it met my goals, I was happy to take the single for a $2,236 profit.* Since it didn’t close strongly, I was happy to not have to stress about it over the weekend.
The next two trades were on May 24. And the second of the two was my biggest percentage win last week…
Focus on Multi-Day Runners
When I teach students to focus on big percent gainers, it’s not only for one day. You should look for the big percent gainers over two, three, or five days. When a stock proves it can run, it creates a lot of opportunities.
MJWL kept running on Monday. Traders who saw the news over the weekend got excited, creating a big morning spike.
Here’s the MJWL chart from May 24 showing my entries and exits…
The first trade on the chart was a partial fill on the dip off the highs. I missed the initial spike. It bounced back near the highs but not much more so I took the single to be safe.
Millionaire Mentor Market Wrap
Trading is something you have to learn for life. But the hardest part is in the beginning. Most newbies see others on social media or in the chat room making money and think it should happen fast.
Change your perspective to one of learning first. Then trust the process. Learn before you earn.
You have two choices…
Trust the process and don’t worry about how much you make in the beginning. Or believe the promoters, liars, and scumbags who tell you trading is easy.
If you want to trust the process, start here…
The 30-Day Bootcamp covers all the basics of my strategies. I highly recommend all students watch it multiple times. It covers key foundational material that makes everything else make more sense. Start your 30-Day Bootcamp today.
Then, when you’re ready…
The Trading Challenge is my most comprehensive educational offering. You get access to so much information that you might feel overwhelmed at first. Just like trading, the Trading Challenge is one day at a time. Use it to help build your daily study and trading habits. Apply for the Trading Challenge today.
Are you willing to learn before you earn? If so, comment below with “I will focus on learning first!”
*Mariana’s and Tim’s trading results are not typical and do not reflect the experience of the majority of individuals in the Trading Challenge. From January 1, 2020, to December 31, 2020, typical users of the products and services offered by this website reported earning, on average, an estimated $49.91 in profit. This figure is taken from tracking user accounts on Profit.ly, a trading community platform. Timothy Sykes has a minority shareholder interest in the platform.