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3 Tips To Make 2024 Your Best Year Ever

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Written by Timothy Sykes
Updated 12/22/2023 7 min read

Ready to transform your trading in 2024?

Many newbies wonder if they’ll succeed in the challenging world of trading…where over 90% fail.

But with the right approach, success can be within reach.

As a trader who’s earned over $7.5 million and guided +30 students into severn-figure successes…

I’ve got proven tips to share.

As we approach the New Year…it’s time to get serious about our trading goals.

Let me help you make 2024 your most successful year yet with these 3 top trading tips!

#1: Before You Can Thrive, You Must Survive

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NONE of my millionaire students had success right out of the gate.

Several of them struggled for months, even years.

That’s not a knock on them…it just shows that acquiring the skills to become an elite trader takes time.

The key word is time…not money.

In fact, many of my millionaire students started off with small stakes.

You can take a few thousand dollars and take it seven figures…I’ve done it…and so have my best students.

But you MUST protect your capital before you can get there.

Everyday is a learning opportunity.

That’s what your focus should be. And in order to keep learning then you must keep your losses small.

In the beginning you won’t know what works for you and doesn’t…it’s all a discovery process. That’s why it doesn’t make sense to risk a lot of money when you don’t know how things work yet.

And while this all sounds like common sense…you’d be surprised at how many people mess it up.

They let their ego interfere. They think if they are going to spend time trading that they need to be making big money right away…

The truth is, you should be studying more and trading less when your journey starts.

Don’t compare yourself to anyone else either. Everyone’s journey is different.

Adapt a learning mentality.

Ask yourself, how can I learn from the market as cheaply as possible? You do that by cutting losses quickly.

I tease short sellers all the time…here they are with a strategy that probably wins 99% of the time…yet they lack basic risk management skills…and figure out ways to lose all their money even though their strategy has such a high win-rate.

By cutting losses quickly…you buy yourself enough time to learn the skills you need to become a better trader.

#2: Showing Up Is Not Good Enough

trade like a coward - sykes
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Trading can be a cruel game.

A trader like myself can show up, trade for an hour, and make more money than the average trader who spends all day at the screen.

Why?

Because I’m looking for specific setups at specific times.

I’m not trading random setups at random times.

You see, I know exactly what I’m looking for, do you?

If you don’t, that’s fine. No one is born with this knowledge.

My point is that you have to study your butt off.

Each day ask yourself what’s working in this market, what setups are traders using to make money, and what isn’t working?

Are there trends traders are taking advantage of?

You MUST STUDY HARD.

I’m able to trade less and beat most traders because I put in the time to prepare. Each day I’m reviewing my trades, creating watchlists, and studying what is and isn’t working.

You’ve got to do the same…

#3: Trading Is Not MMA

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In MMA you must have a mix of different martial arts skills to be competitive. If a fighter is only good at boxing, then he might easily be taken down and defeated by someone who has wrestling or BJJ skills.

In MMA, your weaknesses will get exposed.

However, in trading, you are in control of everything.

I don’t have to be a good options trader, investor, crypto trader…

This market rewards specialists.

And for me, that’s trading penny stocks.

Trading can be super overwhelming if you let it be.

My suggestion is to study a few setups at a time. Don’t try to learn everything at once.

Believe it or not, you could make a great deal of money if you MASTER just a few setups.

Instead of trying to learn them all…become a master at a few of them.

And that’s how you’ll take it to the next level.

Ready to elevate your trading game in 2024? Join our live training for exclusive insights! 🚀

how to read level 2 trading
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💡Learn to protect your capital with smart strategies.

📈Master specific trading setups for success.

🔍Specialize and excel in your chosen market area.

Don’t just trade, dominate the market with live training sessions. 

🌟 Transform your trading journey into a success story.

👉 Secure your spot in our live training now and become the trader you’ve always wanted to be! 

CLICK HERE TO JOIN!👈


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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 (205) 851-0506 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”