8 Ways To Reduce Trader Burnout

trader burnout

8 Ways To Reduce Trader Burnout

It’s a New Year and everyone is excited about learning and earnings and trying to do what it takes to become my next millionaire trading challenge student, but you have to remember this is a marathon and NOT a sprint so success takes time and that trader burnout is a very real thing. Not only can this make you less effective and productive as a trader, but it can also strip away your love of the process of trading. Therefore, it’s important to take proactive steps in your everyday life to avoid reaching the point of overload.

Here, I’m offering some important tips for how to reduce trader burnout. From small changes to cultivating millionaire habits, these tips will help keep you on track for the long term.

1. Automate whenever possible. Time is limited. Why waste it on repetitive and mundane tasks that are easy to automate? Consider some of the tasks that you have to do frequently, and how you could streamline them. For bloggers, automation could include things like scheduling tweets or Facebook posts in advance, so that you don’t have to take time out during your workday to engage on social media. Or if you’re a businessperson, it could mean outsourcing customer service to a third party company so that your time can be freed up. For traders, it’s using this crucial software that lessens the time it takes to research potential stock trades and patterns….so utilize it! Continue reading

5 Reasons Why You’re Not Reaching Your Financial Goals

Reaching Your Financial Goals

It’s a NEW Year and you should focus on achieving your financial New Year’s Resolutions as I outlined in the blog post “7 New Year’s Trading Resolutions” because I want this year to be the year in which you actually reaching your financial goals!

Usually, when traders are not meeting or reaching their financial goals, and NOT becoming my next millionaire trading challenge student, there are some simple and easy to explain reasons why. That fact may be hard to swallow, but it’s the truth. This post will detail five common reasons why traders aren’t realizing their full financial potential, and offers tips for how to reverse this negative trend.

1. You don’t have goals. What are your goals? If this question is being met with crickets chirping in the silence, that’s a problem. Chances are, your lack of goals is playing a big part in why your financial dreams aren’t coming true.

To be able to attain your financial goals (and any goals, really), you first need to have goals. So what are your goals? This should be unique to you, and not based on things you think you “should” want. Watch this video I made to start 2017 as it’s just as applicable now in 2018: Continue reading

10 Unexpected Penny Stock Trading Benefits

Penny Stock Trading Benefits

Life is not only about becoming my next millionaire trading challenge student, there are a ton of penny stock trading benefits.

While a lot of investors love to hate on penny stocks, and on the surface, it’s not hard to see why since the stocks themselves trade for infinitesimal amounts of money and the market is not highly regulated, and can be volatile…I am here to tell you that penny stocks should not be ignored or underestimated. While they trade for small amounts per share, penny stocks can reap you big rewards when you learn the right trading techniques, which I teach my students in the Tim Sykes Millionaire Challenge. Below, I will detail just a few of the many benefits of trading penny stocks that you may not have considered. Continue reading

How To Protect Against Big Stock Market Losses

stock market losses

Stock Market Losses

I want more millionaire trading challenge students to avoid stock market losses and to accomplish this I NEED to get you thinking and trading the way millionaire traders do…and remember, I do have some knowledge in this field since I started with a few thousand dollars and turned it into 7-figures, years before I’ve now mentored SEVERAL of my millionaire trading challenge students to do the same (be careful learning from any non-millionaire trader who doesn’t show EVERY trade publicly, they’re usually full of crap, or worse, don’t teach good trading rules and you only realize it after you lose big aka when it’s too late)

So instead of just focusing solely on profitable trades, learn to analyze the market as a whole…not necessarily the entire stock market — this isn’t right-35%-of-the-time-CNBC — but analyzing sectors that are in play as a whole…like the weed stock sector…and protecting yourself when sector momentum turns against you.

If you ever fall in love with this sector, or any sector, please remember to read this article, and when the momentum shifts, learn to protect yourself and cut losses fast just like I outline in this must watch video lesson (which we have also transcribed below for my valued deaf trading challenge students!): Continue reading

Lessons From My Student Who Just Made $20,000 in a Day

lessons from my student

These lessons from my student will make a believer out of you, and if it doesn’t inspire you, then…well, day trading probably isn’t for you.

Still not studying much? Still not watching, taking notes, and shedding some blood, sweat and tears to become my next millionaire trading challenge student? Still not a true believer in hard work when it comes to trading?

And if the story itself doesn’t inspire you, maybe $20,000+ profits in a day will.

This is what I want to hear from all my students—every day.

So pay attention to what my student Mitchell E. just wrote me: Continue reading

8 Pieces of Advice From My Millionaire Students

Advice From Millionaire

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It’s a New Year so you need all the help you can get to become my next millionaire trading challenge student so here’s some advice from millionaire students of mine! I have seen a lot in my two decades as a trader, and I share my hard-earned knowledge with my students in the Timothy Sykes Millionaire Challenge

…but as much as I have to share, sometimes it’s helpful to hear words of advice from your peers, not just your mentor. So here, I’ve put together 8 invaluable pieces of advice from some of my top millionaire trading challenge students. Memorize these words of wisdom and let them guide and inspire you on your journey toward financial success.

1. You can do it. It’s true: not everybody will make it as a trader. But you can be one of the successful ones…if you put in enough time and effort and most of all have patience as this is a marathon not a sprint!

Take, for instance, my student, Matthew Miller. He was on the fence for a while before joining the challenge, citing “I knew that the statistics to become successful in the stock market as a day trader is roughly 10 percent…the way I viewed those analytics was that if 90 percent of day traders fail, the 10 percent who do succeed must make a killing in the market. And the 10 percent who do succeed must be doing things entirely different than those who failed.”

Matthew chose to be one of the individuals who do things differently. He did indeed sign up for the challenge, and took his studies very seriously. And so far, he’s succeeding. Believing that you can do it is a vital step toward finding success.

2. It’s OK to take it slow. Matthew Miller (the same student from the previous point) has another valuable piece of advice to share: it’s OK to take things slow when you’re just starting out as a trader.

Matthew started slow but steady: his first step was developing an interest in the market. For about a year, he scoped it out and kept tabs on the stock market while considering becoming a player. Then, after doing plenty of research, he decided to join the Tim Sykes Million Challenge Team. By the time he joined, he was ready to fully apply himself to the program.

He studied and watched the market for three more months before he made his first trade, but once he did, he was really ready and confident. He has a very bright future.

3. Focus on the big picture. This piece of advice comes from one of my top millionaire students, Tim Grittani, who is at this point an established trader with some serious experience (and profits of nearly $6 million now) under his belt. Tim advises that to really be a great trader, you’ve got to focus on the big picture.

Milestones don’t necessarily matter–it’s about the larger end goal. Tim doesn’t necessarily get excited about the dollar amount he earns on a trade. But he does get excited about the plays that advance his position, because he sees trading as a lifelong process. So instead of seeing the million dollars in profits he’s earned as having “made it”, he sees it as just the beginning of a long, happy, and profitable road ahead.

4. Keep learning and evolving. Whether you are just on the precipice of making your first trade or you’ve been active in the market for years, it’s vital to keep learning. As one of my students says, “Even after 100,000K in profits I find I can improve in my trades.” The best way to continue improving? Continue learning.

My millionaire trading challenge provides a foundation for my students, but it’s a commitment to lifelong learning and self-improvement that will ultimately make them successful in the long run.

The ability to evolve and adapt is also vital. As Tim Grittani mused way back when he had surpassed $3 million in trading profits, “It’s amazing how much my trading style has evolved since I first began. I started off trading 99% OTC stocks, mostly on the long side. Now I’m mainly a short-seller, focusing on listed stocks. I constantly try to learn new setups and new angles to attack the market, because you never know when conditions will change! Adapt or perish!”

5. Stay rooted. Sometimes you’ve got to walk, even when you feel like running. Traders often get cocky following a big profit, and that can make them act rashly. One of my millionaire students speaks of how he made consistent profits several days in a row…then got overconfident and jumped into a trade without doing research or proper planning, and swiftly suffered a loss.

Never forget to stay rooted as a trader. It can be tempting to jump right in, but you’re playing a game of Russian roulette if you trade like that. Be responsible: do your research, plan your trades, and learn from your mistakes. This calm, collected foundation will keep you from acting rashly and making poor decisions.

6. Risk and reward work hand in hand. You have to respect the balance of risk and reward in trading. Great rewards will only come with some level of risk, but that doesn’t mean that you should make risky, dangerous trades.

Basically, as my students have learned, you have to “cut the BS”. Don’t try the extremes of avoiding risk or running straight toward it, but rather, develop a healthy respect for it. Acknowledge that risk is inherent, and try to do all that you can to reduce it intelligently. Do your research, sit back and watch, and pounce at the right moment. While it might not carry the same thrill of jumping on in, you’re more likely to earn consistent profits and become a millionaire if you take this tactic. Respect risk: don’t let it scare you away, but always know that it’s there. Remain calm and controlled.

7. Patterns repeat themselves. Remember this advice, and remind yourself of it frequently. Patterns repeat themselves. For instance, Tim Grittani found that by following a classic penny stock pattern, he was able to make $200,000 every few months on a fairly consistent basis. This is an example of a positive pattern repeating itself, and Tim had/has the wherewithal to capitalize on this knowledge.

However, not all patterns are quite so positive. If you find that you are consistently losing money doing something, then it’s time for a reality check. The tables probably aren’t going to turn any time soon. So rather than blaming “the system” and hoping that things change, it’s time to learn from your mistakes and change your own conduct. Maintaining positive patterns and breaking unproductive ones is a huge key to success.

8. Don’t give up on yourself. In my observation, just about every student goes through tough times as a trader. This isn’t meant to scare or discourage you. Because while every student has experienced it, every successful student has stayed with it, persevered, and continued on their trading journey.

Remember your long-term goals, and remember, these things can take time. As it was wisely stated in The Dark Knight (you know, the Batman movie), “the night is darkest just before the dawn”. Stick with it: things will turn around eventually if you do.

My students are some of the most dedicated and talented individuals I’ve ever come across. Their hard work has paid off, and yours can, too. By following their words of advice, you can advance even faster.

Which piece of advice from millionaire traders helps inspires you the most? You tell me and leave some comments in the section below, I’m ALWAYS interested in your feedback!

7 Ways To Be A More Successful Trader

Successful Trader

How to Be a More Successful Trader

Being a successful trader isn’t easy and you must always remember that 90% of traders lose…mostly due to a lack of studying and preparation. One of the most telltale signs of a good trader is the desire to continue improving and then doing what’s required, that being putting in the time and effort OUTSIDE OF MARKET HOURS, to actually make it happen. Even when you do become a successful trader, you are constantly looking for ways to improve your performance, because we see the positive effects on our careers and our bank accounts too!

This isn’t always easy, because it requires some constructive self analysis and a willingness to put in the work that is necessary to facilitate improvement. But if you’re willing to put in the effort, you will become a more powerful trader. These are seven simple ways to improve your trading and overall success.

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Continue reading

Listen To This Great Podcast ASAP

season two of the steady trade podcast

Season Two Of the Steady Trade Podcast

Happy New Year! The stock market is closed today for New Year’s Day so take the day to study and prepare for the coming week….definitely take advantage of this blowout holiday sale that’s ending TONIGHT and save big on study guides that can and will change your life.

Also, I’m so proud of the team behind my favorite stock market podcast, SteadyTrade, which you should definitely listen to ASAP!

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Continue reading

When To Dip Buy vs. Not Dip Buy

when to dip buy

When To Dip Buy vs. Not Dip Buy

 

It’s fitting that my last blog post of 2017 be about when to dip buy since it has been far and away my most successful strategy of 201…watch 400+ video lesson on dip buys here and also read this MUST READ blog post “Try This Every Morning And You’ll Make Money” to learn how to best dip buy panics so you can be FULLY prepared for when they come about.

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Continue reading

7 New Year’s Trading Resolutions

trading resolutions

Trading Resolutions

Traditional New Year’s resolutions, like losing weight, exercising more and spending more time with family are all well and good, but they’re not necessarily going to make you rich. Instead of (or if you’re really ambitious, in addition to) traditional resolutions, focus on your trading career. Make improving yourself as a trader your number one priority in the New Year.

At a loss for what some good trading resolutions could be for the year ahead? Here are some ideas for how you can vow to improve your trading trajectory in the new year. These resolutions are accessible and reasonable for traders at all levels, and will help you make amazing progress.

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1. Learn everything about penny stocks. Make this the year that you learn the ins and outs of trading penny stocks. While it’s important to learn the basics, you can’t just memorize a few key trading terms and call it good. You really need to immerse yourself in penny stocks and learn to understand them.

The fact is, you’ll always have to continue learning about penny stocks as you go. However, there are certain basics about how to trade penny stocks that will serve you your entire career long. By mastering these basics, you’ll be doing your career–and your bottom line–a solid. My free e-guide to how to trade penny stocks is a great (and free) resource to start with.

2. Get serious about your trading career. Maybe you got curious about trading penny stocks in the past year or so. Make this year a year of action by getting in the game.

The Tim Sykes Millionaire Challenge is exactly the vehicle that can take you from penny stock basics to actually trading. Created to fill in a huge gap in the trading world, my Millionaire trading challenge is designed to help you progress from learning the basics to applying them in an actionable, real-world way. If you want to make day trading a reality, make joining my millionaire trading challenge one of your New Year’s trading resolutions.

3. Get in touch with your goals. This is an enjoyable resolution to make. To really ramp up your trading career. resolve to get in touch with your goals on a regular basis. Yes, in a way this means that you have permission to daydream.

By remaining closely in touch with your goals, you’ll remain in touch with your motivation. So on a daily or weekly basis, check in with yourself. Remind yourself of what your goals are, and adjust as needed when your desires shift or if you feel like you need to break them into more bite sized portions. By frequently getting in touch with your goals, you’ll be more likely to remain hungry for success.

4. Study every day. If you really want to get serious as a day trader and begin making serious money, make a New Year’s trading resolution to study every day.

Studying to the point of obsessiveness is the difference between traders who thrive…and those who don’t survive. It’s the truth: as many as 90 percent of day traders fail. To a large degree, this is because many people aren’t willing to put in the work necessary to succeed. Make a resolution to study every single day. Monitor charts, do research, listen to podcasts, and watch my DVDs. It will make a difference.

5. Create a network. If you don’t have a great network, make this one of your New Year’s trading resolutions. Any great trader will tell you that they are only as good as the people who surround them. So who surrounds you?

Ideally, your network will include plenty of trading peers. Maybe this is other students who are part of the Tim Sykes Million Challenge Team. But fellow traders shouldn’t be the sum total of your network. It also should include a mentor or guide who is further along in their career than you. Additionally, it should include your family and friends. Even if they don’t understand what you do, they can still be supportive to you on your path.

6. Make productive mistakes. To resolve to not make mistakes would be stupid. It’s simply not possible. There are too many variables when trading penny stocks. Even well established and rich and successful traders still make mistakes.

However, you can make it one of your New Year’s trading resolutions to make your mistakes productive. What does this mean? It means that when you make a mistake, you take a time out and consider what you did wrong and what you could have done differently. And then, you use this information so that moving forward, you don’t make the mistake again. I see traders making the same stupid mistakes over and over, and it’s simply because they don’t have the self awareness to realize it. It can be hard to self analyze, but it can pay off big time in your long term success.

7. Become a better trader. Don’t dream it, be it. If you want to become a better trader, an important first step is resolving to do so. Make a firm decision to improve your trading. Then, figure out how to do it.

Many of the tips or New Year’s trading resolutions already listed will help you become a better trader. But you can really seal the deal by making a specific resolution to become a better and higher-grossing trader. Setting your sights on success as a specific goal is one of the best ways to make your financial dreams a reality.

If you want to make this the year that you become a millionaire, then you’ve got to take specific steps to work toward that goal. Setting New Year’s trading resolutions and sticking to them will work wonders in terms of getting you where you want to go.

Where do you want take your trading in 2018, leave a comment stating your goals and then work every day to actually achieve them!