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Mentor Updates

Millionaire Mentor Update: Overcome Laziness or Get Crushed

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Written by Timothy Sykes
Updated 1/25/2023 14 min read

If you want it bad enough, you MUST overcome laziness. Every successful trader I know works hard at it. There’s no easy button.

Sadly, as the markets hit all-time highs, laziness and lies are at all-time highs, too. Promoters tell lies to lure in newbies. And newbies want ‘free and easy’ instead of hard work.

Yes, I’m being a little harsh. But it’s for your own good…

Keep reading for three tips to overcome laziness. First, last week was another solid week trading. And I got to travel again. But the most exciting thing about the week was this…

Karmagawa Announces the Matt Monaco School

When I set up my charity, one of my goals was to build 1,000 schools. Things evolved. Now Karmagawa has a much bigger mission. But 1,000 schools is still one of our top goals.

Sometimes the schools are brand new and sometimes we renovate old buildings. But the most important thing is giving children the opportunity for a good education. These kids often have no books, no pencils, no toys … and no place to get inspired to learn. That’s what we want to change.

What happens when we finally hit 1,000 schools? We’ll just keep going. Hopefully, I’ll have enough top traders to name them all.

Why I Name New Schools After Top Challenge Traders

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It’s fun to name the schools in honor of my most successful students. Usually, we travel to the school for the official opening. And when we can, we will. For now, in honor of Matt Monaco, check it out…

That’s 75 out of 1,000. Let’s go!

Congratulations to Matt for seeing his incredible dedication and hard work pay off.* Matt had an amazing year in 2020. So far, 2021 has been even better because of the crazy market. See Matt’s profit chart here.* But what many people don’t understand is how much time and effort Matt put in over the past four years.

(*These results are not typical. Individual results will vary. Most traders lose money. Traders like Matt and I have the benefit of many years of hard work and dedication. Trading is inherently risky. Always do your due diligence and never risk more than you can afford to lose. I’ve also hired Matt to help in my education business.)

One thing you’ll never see from Matt is laziness.

Trading Mentor: Laziness Is NOT Okay

I’m overwhelmed with emails and DMs from people asking to learn. But when I point them to my DVDs or the Trading Challenge, they say they want free mentoring. Or they ask why I charge for my educational materials.

Let’s put it to rest … I charge fees to weed out the lazy and the liars.

If you really think it’s possible to learn everything from so-called free chat rooms, go for it. Good luck. I value my time. As you’ll learn, this industry is full of scumbags. Expect the worst out of everyone and you won’t be disappointed.

And remember, excuses are lazy thinking.

Everyone is in a different place, I get it. Some people want something for nothing. Others are genuinely struggling financially and investing money in education is tough. So I’ll link to my top no-cost trading education resources. (Like my FREE penny stock guide.)

But let me make this very clear…

Laziness is NOT okay. You won’t get anywhere if you’re not willing to put in the time and effort.

Those promoters who say, “Follow my alerts and I’ll get you to the promised land” … They’re full of crap. Stop being lazy.

The problem is, we’re habitual creatures. You’ve probably heard this before, but I want to say it again…

Your habits determine your success.

With that in mind, here are…

3 Tips to Overcome Laziness

Before I get to the tips … I could come up with a bunch of tips off the top of my head. But most people won’t follow them. So I’ve chosen three tips to overcome laziness that apply directly to trading. Heed them well. Or not. It’s your choice.

Tip #1: Overcome Laziness With an Action Plan

It seems obvious, right? Make a plan. Never enter a trade without a plan. I’ve said it again and again in different ways. Too many people try hard at the wrong things, using the wrong strategy, with no plan. That leads to frustration.

How to Prepare BEFORE You Enter the Trading Battlefield

So make an action plan. Whether it’s saving to fund your trading account, studying, or preparing for the open, you MUST have a plan of action. Start by watching the no-cost Volatility Survival Guide I mentioned in the video.

Tip #2: Overcome Laziness by Accepting Losses Are Part of the Game

High achievers set goals, but in trading that can be dangerous. It could be your downfall. This is a very tough skill to achieve.

It’s counterintuitive, but set a goal to learn as much as possible. Don’t set goals about how much you want to make from trading. It leads to swinging for the fences. Singles add up over time. (See my trade review below.)

Too many people expect fast success. We live in amazing times where it looks like people are getting rich quick. But they’re not. I don’t know anyone who got rich quick. Every successful person I know worked their butt off. 

And every successful trader learns that losses are part of the game. Set a goal to trade better over time. Learn to react.

Trading Is Hard

But it’s not enough to just understand it. You might say, “OK, Tim, I get it. Losses are part of trading.” Then, after five, 10, or even 20 losses in a row, frustration sets in. That’s exactly when too many people give up. They get lazy because trading isn’t easy.

No matter what the BS promoters and Twitter pumpers say — trading is hard.

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So learn to accept the losses. Don’t expect perfection. BUT most importantly…

LEARN from your mistakes and losses. Most traders lose because they’re not prepared. But they give up because they’re not willing to study and learn from the mistakes. 

We all make mistakes — they go along with losses. The question is what can you learn? I made a mistake that turned into my biggest loss ever — roughly $500,000. That was painful, but I came back a better trader.

Download my book “An American Hedge Fund” free of charge. Read chapter 11 “The Year That Cygnus Built” to learn about my big mistake (page 193).

One final tip to overcome laziness…

Tip #3: Overcome Laziness by Hustling and Adapting

If you’re hustling you’re not being lazy, right? Maybe…

There’s a saying, usually attributed to Thomas Merton but made popular in recent years by Stephen Covey…

“People may spend their whole lives climbing the ladder of success only to find, once they reach the top, that the ladder is leaning against the wrong wall.”

It doesn’t matter who said it first. What matters is that it happens. People waste a lot of time and energy. So choose your strategy wisely. Choose your job wisely. Choose who you follow wisely…

Hustle, but hustle smart. What can you do this week, this month, and this year to position yourself for two or three years from now?

And no matter what…

Learn to Adapt

SO many traders lose everything because they fail to adapt. I can’t tell you how many I’ve watched over the years find success only to lose it. Or take such a devastating loss that means years of recovery.

Even if you find success it doesn’t mean you’ll always be successful. The world changes and markets shift. Today’s hot pattern might be tomorrow’s trap. Industries change over time. You MUST adapt or perish.

Trade Review: How to Win While Underestimating a Supernova

Today’s lesson is all about overcoming laziness. So here’s a thought…

Laziness is what causes people to swing for home runs. Gunslingers are lazy. They want the big win for their ego, to make themselves look good.

You earn your confidence. The best traders earn their way up. Too many traders size up before they’re really ready. It’s not based on confidence — it’s laziness. 

Overcoming laziness also means knowing when to size down or trade conservatively. This trade shows how I underestimated, traded conservatively, and still did well*…

MDM Permian, Inc. (OTCPK: MDMP)

MDMP was one of the biggest movers in the entire market last week. On March 10, the company uploaded this update to the OTC Markets website. It wasn’t even fresh news, but the company tweeted about it and the stock started spiking.

First, check out the MDMP five-day chart from March 8–12…

MDMP 5 day penny stock chart
MDMP chart: March 8–12, supernova — courtesy of StocksToTrade.com

MDMP spiked 4,390% from its March 10 open to the high on March 11. That’s amazing volatility. When a stock spikes that much, you don’t even have to be first.

StocksToTrade Breaking News Chat alerted MDMP at 7 cents. The chart below says the stock went up another 700%. But less than an hour after we made this chart, it topped at 1,247% from the alert…

MDMP penny stock chart with BN alerts
MDMP chart: March 10, STT Breaking News Chat alert — courtesy of StocksToTrade.com

You Don’t Have to Be First

With a supernova play like MDMP, you don’t have to be first or hold through crazy swings. It’s possible to trade something like this conservatively. Check out this chart with my trades from March 11…

MDMP penny stock chart
MDMP chart: March 11 intraday, morning spike, dip buy, breakout — courtesy of StocksToTrade.com

As you can see, I bought the morning spike after a very fast dip. At 61.19%, it was my biggest win last week for a $5,842 profit.*

(*Please note: My results are far from typical. Individual results will vary. Most traders lose money. I have the benefit of years of hard work, dedication, and experience. Trading is inherently risky. Do your due diligence and never risk more than you can afford to lose.)

But also look at my other trades. (See the yellow arrows and green/red circles.) I underestimated MDMP three times and still made another $5,734*. See details of all my MDMP trades here.

Before we wrap this edition of the update…

Why I Use StocksToTrade Breaking News

StocksToTrade Breaking News is my favorite source for catalysts. But it’s more than that. I use STT Breaking News as an educational tool to see what the market’s rewarding.

(Quick disclaimer: I proudly helped design and develop StocksToTrade and am an investor in it.) 

What kind of news is driving stocks the most? I want you to have the right mindset. Focus on education first. Learn to react to the market instead of trying to predict. STT Breaking News Chat saves me a ton of time and energy.

Want to see how, and why, I use STT Breaking News? Watch my no-cost “Holiday Guide.”

Again … I’m making it easy on you. Will you be lazy or will you watch the guide? It’s up to you.

Millionaire Mentor Market Wrap

Overcome laziness now.

Laziness leads to getting crushed in the markets. It slows learning and causes confusion.

You have NO EXCUSE with the free and no-cost resources I’ve linked in this post. But as a thank you for reading this far, here are the links AGAIN…

The no-costs guides require an email address. If you don’t feel you’re getting value from my emails, unsubscribe later. But I’m confident in the value I provide.

Let me add two more resources to the list…

Now go study. Overcome laziness. No more excuses. Let’s GO!

What will you do today to overcome laziness and change your life? Comment below — I love to hear from all my readers!

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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

* 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 (888) 878-3621 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”