Millionaire Mentor Update: Money Time

Millionaire Mentor Update money time

Have you ever heard an elite athlete talk about money time? It might be the last two minutes of a tight game … or game seven of a playoff series. (Yes, I miss professional sports. I’m looking forward to when everything gets back to normal.)

Thing is…

What many people forget is what it took for that athlete to get there. How many times did they say it to themselves while practicing? How many times over the course of their career did the coach say it?

“Here we go … it’s money time.”

In other words, they set themselves up for those moments. They talk about money time because they prepared for money time.

Which is why I want you to consider today … right now…

Money Time

mentor update money time Timothy Sykes with stacks of cash
© 2020 Millionaire Media, LLC

A lot of people have asked me how I’m doing as the lockdown extends.

“Tim, you must miss traveling so much.” Or, “Tim, are you working out during lockdown?”

Here’s the thing…

Even if I was traveling, I’d probably just stay inside most of the time. Why? Because before the pandemic I was hoping for a stock market crash. I wanted some time off. I wanted to work on my fitness. Fewer plays would give me time to get organized. I wanted to finish these books I’ve started writing.

We got the crash, but I’m busier than ever with so many freakin’ plays. This hugely volatile market is full of opportunities … if you’re prepared. (I created “The Volatility Survival Guide” specifically for this crazy market. It’s a two-hour, no-cost video guide. Get it and watch it now.)

For example, last week I averaged over $4,800* per day in profits. Over the past two weeks, my average is $4,260* per day. And I’m only taking half of the plays. There are plays galore…

(*Please note: my results are not typical. I’ve spent years developing exceptional skills and knowledge. Always remember trading is risky. Never risk more than you can afford.)

This insane market is money time … that’s the number-one thing. It’s not about fitness, traveling, or having fun.

Too many people are wasting this amazing opportunity. I know you want to stay healthy and fit. Get rich. Then you’ll be able to hire a trainer and eat organic food later.

With that in mind, here are three money time tips…

Money Time Tip #1: Maximize Your Studying

Money Time Tip: Maximize your studying
© 2020 Millionaire Media, LLC

If you’re reading this and new to trading, your money time is all about studying. All my top students went through periods of intense study. So don’t make excuses about not having time. Use whatever time you do have to study.

Brand new to penny stocks? Access my FREE penny stock guide here.

What can you do today? What can you do this week, month, or year to put yourself in the best position two years from now? Or five years from now?

Before you come back with “I don’t wanna wait five years…” consider this…

Five years from now it’s still gonna be five years from now. The question is, where will you be?

Will you look back and wish you’d studied? Or will you look back and be grateful you studied your butt off every spare second. It’s up to you. Just remember money time is in the process even more than the profit-and-loss column.

Money Time Tip #2: Maximize Your Trading

If you’re reading this and already trading…

What can you do to up your game? I’m not talking about profit and loss. It’s not about profit and loss. And it’s not about trying to take bigger position sizes or bigger risk.

Focus on trading well.

Check this out…

Some of my top students only win about 50% of the time. Especially in the beginning. Some win less than 50% of the time… 

So how are they successful? They keep their losses smaller than their gains and they focus on trading well. They work on the process and follow rule #1: cut losses quickly.

Money Time Tip #3: Maximize Your Mindset

This is a big one. And it might be the most confusing.

Again, all those athletes who talk about money time set themselves up for it. Yes, for them that’s money time. They’re at the next level already. And for them it’s time to step it up even further. But remember what got them there … and then apply it to yourself.

Check out this 5 minute video with one of my top students, Mike Hudson (aka Huddie)…

Trading To Win Mindset with Huddie

If you sit down with successful people and ask, “How did you become successful?”

Not one says, “Oh, it was easy. I didn’t even have to work at it.”

Too many people look at success like it’s something that just comes easy to other people. Or they think successful people have all sorts of advantages. Or it’s luck.

I’ve never met a successful person who didn’t work at it. They all worked at it. Yes, some had to work harder than others. But without fail they worked at it.

Now … right now … is your money time. I don’t care where you are on the journey. It doesn’t matter if you’re at the beginning or closing in on your first $10K … $100K … or $500K in profits.

What you do today, tomorrow, next week, and next month…

… will set you up for two years, three years, or five years from now.

You should try to learn a little every day. And understand that you have to gain experience.

Let’s move on to…

Trading Questions from Students

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“What’s up with the ‘upcoming catalysts’ pattern? Is it worth tracking stocks with seemingly good news when there’s not much price action?”

No. Let me give you an example. In the last edition of the update, I told you how I underestimated AgEagle Systems (NYSE: UAVS). The company announced an upcoming conference call on April 27. I thought it would spike — it didn’t do much.

Instead, it started spiking two days before the call. I was in four days before the call. You should not be in these stocks — or even really care about these stocks — when they’re not a percent mover.

Focus on the big percent movers. If there’s an upcoming catalyst, focus on one to two days ahead of the catalyst. Again, it’s not an exact science. Some stocks start a little sooner.

MicroVision, Inc (NASDAQ: MVIS) was another ‘upcoming catalyst’ play. It started moving sooner/faster than UAVS just because so many people were aware of it. But it was also based on a BS rumor from a known pumper website…

So focus on big percent winners. Don’t focus on stocks that aren’t moving. Remember the saying “buy the rumor, sell the news.” But don’t buy the rumor unless the stock is moving. Then be prepared to sell the news…

Next question….

“You called MVIS a ‘gimme’ dip buy on May 5. Can you explain how you would have traded it?”

I’ve had several questions about this one. It was just a morning panic that happened in the afternoon. That might sound confusing, so let’s take a look…

Check out the MVIS chart from May 5:

MVIS chart: May 5 intraday, 1-minute candle, classic dip buy pattern: money time
MVIS chart: May 5 intraday, 1-minute candle, classic dip buy pattern — courtesy of StocksToTrade.com

As you can see, MVIS dropped from roughly $1.50 to under a dollar…

The key was that it took out all of the stop losses at a dollar. So that made it a really good dip buy. And when it couldn’t crack a dollar…

It went to 98 or 99 cents — a penny or two lower — after all the stop losses got taken out. That is the time to buy … and load up.

I wish I’d been near my laptop but I stepped away for a few minutes. By the time I got back it had already bounced roughly 15%. I didn’t want to chase it so I watched. By the time it double-topped after hours, it was back to the high $1.50s.

So … how would I have played it? I would have loaded up right near $1 when it held. Then, best-case scenario, I would have sold in the $1.30s when it pulled back. But that’s the best case. It’s more likely I’d take 10% to 20%.

Looking for Money Time? Keep Studying and Be Patient

money time requires you to keep studying and be patient
© 2020 Millionaire Media, LLC

Even though I missed the dip buy, I’m more proud of the fact that a lot of my students nailed it. It’s a proud moment when I step away, miss a huge play, but come back to students doing well both long and short.

Check out these…

Comments From Trading Challenge Chat: May 5 MVIS

02:12 PM JeremyDosh: “finnall $MVIS been holding this short all day.”

02:26 PM markcroock: “eying dip buy on $MVIS.”

02:32 PM JoshRivers: “wow. sold $MVIS to soon. congrats to everybody on the dip buy.”

02:34 PM DeanLucas: “I’m so glad I was patient with my entry on $MVIS.”

02:34 PM Therealmcdougal: “I LOVE PANIC BUYING! DON’t EVEN HAVE TO TIME IT PERFECTLY.”

02:35 PM kelii1318: “out of day trades but love seeing everyone that was able to capitalize on the bounce play on $MVIS.”

02:39 PM Ade50: “$MVIS Missed the bounce but carried on watching to see the turn and learn. Well done on those that caught it.”

02:40 PM Windwalzer: “Congratulations to all of you who ‘nailed it’!”

Final question…

money time tips to get to the top Tim Sykes on a mountain top

“You seem to be buying more afternoon panic dip buys. Is that because of your personal schedule?”

Again, I’m just trying to take advantage whenever there’s a big panic. We’re in a super speculative market.

I prefer dip buys to happen at the market open. But if they happen midday or afternoon, then I’ll consider them. In this speculative market, be prepared to dip buy whenever there’s a massive panic. Because we can get massive bounces as well.

The key is to cut losses if you’re wrong. So don’t try to catch a falling knife. You don’t know how far it’s gonna drop. But be ready to try the dip buy.

If you’re not ready, watch. Or paper trade. One long-time student took years to get consistently profitable shorting. And he knows he’s not ready for dip buys yet. Check it out.

02:32 PM Jonk87: “I got the short from […] but was too scared to buy the bounce, need to see more of them $MVIS.”

In other words, he knows what he’s good at. He wants to learn the next pattern in the framework. But … he knows he needs to watch and learn for a while. That’s the money time mindset.

Money Time Market Wrap

There have been so many plays the past few weeks it’s crazy. But unless you’re prepared, it’s easy to get in on the wrong side. Or get the carpet pulled out from under your feet when there’s a toxic financing. The key is to know where you are on your journey and make it your money time.

In other words, if you’re a newbie, focus on learning. Maximize your study time. If you’re trading, focus on trading well. And wherever you are, focus on mindset. Which means focus on what you can do now to prepare for next time…

What are you doing now to prepare for money time? Comment below, I love to hear from all my readers! After you comment, share on social using #moneytime. Let’s get this conversation going.

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