The same economists who didn’t see inflation are those who didn’t see this recovery in the market.
I don’t try to predict the future…
Instead, I focus on price action, patterns, setups, and risk management.
It’s what has led me to make over $7.4 million in trading profits and help over 30 of my students on their way to becoming millionaire traders.
And while it’s easy to get sucked into all the crazy action, we’re seeing now…
It’s even easier to go in the wrong direction and lose A LOT of money.
To help my students…and get their mindset straight…I’m telling them to focus on these three principles.
Table of Contents
#1: Be Patient: Think Like A Retired Trader
NICE! THE BEST TRADES COME WHEN YOU ARE A RETIRED TRADER WHO COMES OUT OF RETIREMENT WHEN THE OPPORTUNITY IS SO GREAT YOU WOULD FEEL GUILTY MISSING IT! DO NOT TRADE EVERY SINGLE DAY AS THAT ONLY ENRICHES YOUR BROKER WHO BANKS OFF YOU BEING A DEGENERATE ADDICT! #patiencepays https://t.co/HEgP9oktSc
— Timothy Sykes (@timothysykes) July 6, 2023
Put me in front of my laptop all day and guess what I’ll do?
Trade…Trade…Trade.
I know myself and have a hard time controlling my actions if I’m in front of the screen all day.
That’s why I pick my spots…
I try to trade during certain hours and then focus the rest of my time teaching my students and working on my charitable foundation.
But besides stepping away from the screen, there are other things I do to help from overtrading.
Specifically… adopting the idea I’m a retired trader.
What does that mean?
Staying away from the market…only willing to jump into a trade if I find a setup so compelling it would make me sick to my stomach for not being involved.
It might sound silly to you…
But believe me…it works for me.
The good news about the "retired trader" mindset is you get to live a full & incredible life while waiting for the best plays, then you get paid big $ when you execute properly. Then rinse & repeat, spend your $/live well, focus on executing good trades ONLY when it's optimal
— Timothy Sykes (@timothysykes) June 30, 2023
#2: Focus on Risk: Trade Like A Coward
Most newbies who get into the trading game start to think about all the money they are going to make.
But the truth is…
Most traders lose money.
And even the great ones don’t make money their first year.
That’s why you should focus on learning those first few years…
One of the best things about being a TRUE coward trader is that it's very tough to lose big. If you trade extra-meticulously w/extra-small size & extra-patience/discipline, you just will NOT blow up very easily. Like a coward who runs away from every fight does NOT get beat up
— Timothy Sykes (@timothysykes) July 3, 2023
You have to respect the market…
I respect the market so much I trade like a coward.
Now, that doesn’t mean I’m scared to pull the trigger.
But I am cautious about where I enter a trade and the number of shares I trade.
I know small wins add up over time.
I also know that I can be wrong in my ideas.
That’s why I cut losses quickly when I am wrong.
Of course, there is a drawdown to this approach.
I’m often getting out of winning trades too early.
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But it has worked for me, and I don’t think you can argue with my results.
#3: Learn To Think Independently: Avoid the Herd Mentality From Chat Rooms
Is Your Trading Chatroom Scamming You? 🧐💬 @timothysykes pic.twitter.com/u0AA5izQ9N
— StocksToTrade (@StocksToTrade) July 16, 2023
The best traders think for themselves…
Why do you think I have so many students who have become millionaire traders?
It’s because they have developed their trading style and are self-sufficient.
However, if you hop on social media you’ll think trading is easy…
All you have to do is copy and paste trades that you see from chat rooms.
But those chat rooms are not your friends.
Often they are using you for liquidity.
Remember Atlas Trading?
They pretended they were helping traders…
Meanwhile, they were dumping shares on them after they pumped the stock up.
At least, those are the allegations about them…they’ll have their day in court…and we’ll have the full facts in the future.
But since Atlas trading…
Short sellers have become the new promotors…
Seriously give it up for the $AHI over-aggressive short sellers, I'd say 75%+ of the biggest spikers lately have been nothing but short squeezes so we truly must be grateful for plays like $GSIT $WLDS. Thank you all the short selling Discord chatrooms & groupthink too, gracias!
— Timothy Sykes (@timothysykes) June 9, 2023
And like Atlas, they are not your friends.
There are no shortcuts in this game.
If you just copy and paste trades from chat rooms, you will eventually get burned.
You can either take my word for it…or learn the hard way.
Speaking of learning…
Why don’t you take this chance to sign up for one of my free live workshops?
All you have to do is click here to sign up!
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