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!

Download the key points of this post as PDF.

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:

Maybe you want to earn enough money so that you can buy a condo in Manhattan. Or perhaps it’s not a single tangible thing, but you have a goal to increase your income by 20 percent per year. Quite honestly, it doesn’t matter what your  goals are. What’s important is that you have goals that are meaningful to you, and which you have thought out carefully. By having firmly defined goals, you have something specific on which to measure your progress, and specific things to work toward. Having specific goals in mind also allows you to create manageable milestones to work toward them.

2. You lack targeted training. You can have the most specific goals in the world, and the most magnificent plan for how to attain them, but it won’t happen if you don’t have the skills necessary to succeed. This is true in any type of business, but particularly important if you’ve chosen trading as your profession and how to go about reaching your financial goals.

The Tim Sykes Millionaire Challenge is specifically designed to give traders the precise skills they need to get ahead and make money by trading penny stocks. A basic education on how stocks work simply isn’t enough: you need to be specifically trained in what it is that you need to know to make money. This is what I strive to teach my students.

Yes, my program focuses on educating students on the market and penny stocks in general, but it goes much further than that. The Tim Sykes Millionaire Challenge Team is guided to take these basics and apply them to specific trading techniques which will reliably make them money.

3. You’re not working hard enough. Becoming a millionaire requires a lot of hard work. But something that many traders overlook is that making $500,000, or even $200 for that matter, requires hard work too…and when you work hard, you must be working hard on the right strategy, not just as a job that pays hourly…read my blog post “Are You Studying And Working The Wrong Way?” to understand this!

In a nutshell, you need to work hard all the time as a trader, whether you’re trading with a small account or moving hundreds of thousands in a single trade…research and preparation ahead of time matters most of all!

It’s important to set up good work habits and to be diligent early on in your career. If you’re new to trading, now is the time to develop good habits, so that you can learn the ropes and experience growing pains when the stakes aren’t as high.

As you begin to make more money, you’ll be happy that you took your work seriously earlier, because you will have ingrained good habits and will understand what works and what doesn’t in your trading. As you begin to earn more, this solid foundation will help you work smarter and make more money later on. By learning how to work hard now, you’ll reap many benefits later.

4. You don’t have proper guidance. Having a mentor is lame because you can just do it all yourself, right? Absolutely wrong. Why would you set yourself up for potential calamity and failure when a mentor can save you from experiencing both?

A mentor is worth his or her weight in gold. It’s literally like having someone who has a big key that can unlock many of the mysteries of your unfolding career. A mentor has been where you are, and probably made plenty of mistakes and bad decisions. By following their advice and consulting with them frequently, you can avoid many mistakes and bad decisions that could lose you a ton of money. Listen, you’re probably still going to make mistakes and lose money at points, so why not avoid as many of the pitfalls as you possibly can? A mentor can help you do this.

5. You’re not adjusting your goals appropriately. It’s important to have clarity on reaching your financial goals. But don’t allow them to be so set in stone that you have no flexibility. Being too rigid with your goals can actually keep you from attaining financial success and as a trader you must ALWAYS be adapting to new hot sectors, new hot stocks, new patterns and being aggressive or conservative in various market environments.

Listen, I am a big believer in dreaming big and setting huge financial or personal goals to work toward. However, you also need to be realistic on a certain level. For example, say your goal is to buy a hotel resort in South Beach. That’s a great goal, but it may take quite a long time to reach it. Therefore, it’s important to set many more manageable goals along the way. Otherwise, your goal can seem very far away, and this can be discouraging. Having mini-goals in between here and there allows you to focus on smaller milestones while remaining committed to your goals.

Believe it or not, you can actually set your goals too low, too. Think of it this way. Say you have $10,000 in credit card debt and your goal is to pay it off. When you start to make money trading, you can pay this off pretty rapidly. But then, without a new goal, you can lose momentum. It’s important to re-adjust your goals to suit your career. If you’re meeting them too quickly, aim higher! Don’t hold yourself back by not dreaming big enough.

Having a clean path to reaching your financial goals is a vital part of finding success in business, whether you are trading penny stocks, operate a retail store, or run a food truck. The tips in this post are meant to help keep you committed to your goals and gain financial success.

Tell me what your goals are for 2018 and let’s make them happen together!

Posted in Basics

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21 comments

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

  1. Dustin

    Study, consistently follow the rules, be patient and wait for the right set-ups, remove emotion, avoid FOMO, cut losses quickly, and the rest will take care of itself. Thanks Tim!

  2. L. Jermaine Russell

    thank you for the reminder Tim. My goal is to remain discipline with my trading strategy and trust what I know. If I do this I will earn at least 5% -10% daily.

  3. Keith Brooks

    Add this one to your list.

    1. Fun is more important than living a quality life.
    2. We don’t like waiting for things.
    3. People are more important than me.

    1. We have to spend our money on whether makes us happy. We don’t take our money seriously.

    2 It takes time to learn something enough to be really good at it. The money is the reward you get mastering a skill aka college and maybe stock trading, etc. Let alone knowing the activities in life that could make you theoretically rich. 1M takes too long. have fun with 10k and spend it.

    3. We are encouraged to spend money to have fun because we are with our friends or significant other. People makes us happy along with spending our money on good and activities that cost money.
    You own your bank account but can you control people? Who will take care of you when you need money?

    A news article says that Americans only save 5% of their income on average. Why are people “jealous” of the top 1% of earners in the world?

    In short, you did this to yourself.

  4. Jose Morera

    I know I will succeed!!!! work hard, build my account!! to put my personal goals in play, I have them written in my visualization wall, I see them everyday, and I know where I want to be in December 2018. I will achieve it with your teachings, and mastering this new knowledge that I am acquiring. I am from Puerto Rico, after Hurricane Maria Hit us, a lot of things change, the best one was it gave me an opportunity to be here. If we ever meet, I will tell you more!!!!!!! Thank you!!!!!!!

  5. Brian_B

    Goals for 2018

    1. Focus on finding my sweet spot in trading profits, honing in on multi moth breakout support levels, stocks in an intraday range for dip buys and overextended shorts and see what works best this year for me.

    2. keep a level head and to not get too upset by small losses, defined by my time value of money, and time spent working. I must set aside money that i can lose to enhance my knowledge of penny-stocks, not get stoped out right way with the slightest of market movement, and know when to take a good 15% when liquidity is drying up mid afternoon. To know that some losses are apart of market tuition, i should not procrastinate in making them, but i must learn and eventually profit

    3. I would like to double my trading account by the end of the year and pay down debt to college! we will see (:
    looking forward to all the year brings me.

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