As we close out another year, I like to take a second to reflect on all of the good moments that I got to experience in 2022…
But I also like to remember the bad.
I hope you can take a minute just to take in everything that 2022 has had to offer you, good or bad!
Some of my happiest moments are ones like these!
It was SO much fun giving out holiday gifts to the kids at our latest @karmagawa school grand opening. No matter what holiday you celebrate this time of year is all about giving back to others, especially after such a difficult year. I hope you & your family has a great holidays! pic.twitter.com/miGGLec3Zm
— Timothy Sykes (@timothysykes) December 22, 2022
And some of my un-happiest moments are ones like these…
In our everyday life, we try to block out anything bad that has happened in our life, and only remember the good…
And as a trader, it’s important for us to reflect on our past trades and to learn from those mistakes, and even the opportunities that we missed out on.
This doesn’t mean they have to be your own mistakes, they can be from other traders, including me!
I like to teach and I want you to learn from all of my mistakes so you don’t have to learn the hard way as I did…
But I also want to help you understand how you can recognize these plays.
Trading can be devastating to those who don’t understand the fundamentals, or take the time to learn the process…
And they just want to go from A to Z, without doing anything in between.
There are several steps that any trader needs to learn, new or experienced…
So let’s focus on some of the best moments and worst moments of 2022 and what you can do to learn from them!
Table of Contents
Lacking This Can Be Devastating
I cannot express this enough, but you must develop trading patience.
All traders want to trade a lot, we just want the rush of making money and catching some of the biggest plays…
But we have to realize that nothing is ever going to work 100% of the time.
You can’t go forcing trades, and unfortunately, a lot of traders have this problem.
Traders start to gamble on trades, then they overtrade their accounts, ignoring one of the most important rules of all, position sizing.
I have met traders who thought it was a good idea to risk nearly all of their trading accounts on one trade and guess what happened…
Their trade failed and their trading account just disappeared.
This is why nearly 90% of traders fail, and this is why I teach all of my students to start small and focus on the process…
Don’t come up to the plate thinking you’re going to hit a home run nearly every time, patience is the difference between profitability and blowing up your account.
In 2022 I made mistakes where I took a position on a non-ideal setup just for the sake of trading…
But as I reviewed my worst trades of 2022, they all had one thing in common…
The lack of patience.
But even though I had some devastating losses, I also had some perfect plays that I like to look back on.
Let’s take a look at why the lack of patience can be so devastating…
And then why most of my biggest gains had this one thing in common…
Worst Losses Of 2022
I hate to say it, but I say it with pride, here are some of my worst losses of 2022.
And If you want to see all of my trades, be sure to check out all of them right here.
These are some ugly losses, right?
As I can’t go into every trade with detail, I want to highlight two of the biggest trades I think you can learn from.
Clean Vision Corporation (OTC: CLNV)
On this trade, I lost over $3,500 on just two trades, both of which could’ve been prevented.
Here’s the chart…
Notice that the stock attempted to break through a multi-month resistance, but it couldn’t even hold above that mark even back in May.
My first mistake on this was not paying attention to the weak breakout on this key resistance level of nearly $0.95.
My second mistake, and you can see from my comments is that I started way too early on this attempted dip-buy as I bought the stock at the top.
As I was attempting to dip-buy this, it’s important to remember that every dip-buy will not work 100% of the time so cut losses quickly!
But also promoters were actually selling this stock after pumping it up and faulted me for short-selling it, which I don’t even do anymore due to the risks of it!
There are ways to spot the top of a penny stock pump, but unfortunately at this time, I wasn’t paying too much attention to what was happening and kept forcing trades that weren’t there.
I learned from this mistake, but let’s focus on my biggest loss of 2022…
Hempacco Co., Inc. (NASDAQ: HPCO)
This was actually from a trade where I was live in Miami at a conference with some of my students, and I was trying to dip-buy this stock for a third time based on FOMO.
I missed the first dip-buy, and the second dip-buy opportunity, so on the third time that the stock started to dip…
I really upped my position size, but I was way too aggressive and the stock kept falling.
Once again, I was attempting to dip-buy a stock at its high of the day and I really thought this IPO had a chance of bouncing even further given that IPOs were hot back in September…
But I was completely wrong and oversized on my trade, causing me to have one of the biggest losses of 2022.
Be sure to review all of my breakdowns here and how you can learn from my stupid mistakes!
Best Trades Of 2022
Here are some of my biggest trades of 2022…
Do you notice that they all have one thing in common?
They all had the same type of catalyst that can truly move stock prices faster than a speeding bullet!
And I usually get all these types of news alerts right here, so don’t miss out on some of the biggest plays in 2023!
But with these biggest trades of 2022, I wasn’t dip-buying these stocks…
I was long as they have broken out through a key level, or if they fit in with my weekend play.
News catalysts can be very powerful, and it’s important to remember that at the end of the day…
You are still trading penny stocks and even with the breaking news, they all will come crashing back to earth.
Just take a look at these three stocks that were my biggest trades of 2022 and how they ended up.
It’s important to remember that you are trading penny stocks for a quick trade, not long term…
So you want to find these opportunities and get in and out and then look for the next perfect opportunity to come about!
But remember, make sure you take full advantage and capitalize on some of the biggest opportunities when they come about, so don’t miss out on these opportunities in 2023!
Bring On 2023
2022 was a difficult year for many traders, but despite how difficult the year was, I was able to profit slightly over $130,000.
I like to trade with a small position size, but I got out of hand for a few of my trades in 2022, which was very uncharacteristic of me, causing me to have some of my biggest losses of the year.
Trading is all about discipline, being patient, and knowing your position size.
Let’s all start off 2023 with a bang and learn the process and be ready for some of the biggest opportunities!
But before I go on my final letter of 2022, be sure to see how many of my students who started with a small account learned this one critical step…
Until 2023!
Happy New Years and Cheers!
Tim
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