timothy sykes logo

Penny Stocks News

5 Reasons Bryce Tuohey Made $1 Million

Timothy SykesAvatar
Written by Timothy Sykes
Updated 2/3/2023 6 min read

Imagine you made $1 Million…all before your 30th birthday…

What’s the first thing you would do?

Treat yourself to dinner?

Buy a new car?

Bryce Touhey…called his mom.

What I love about Bryce is that he doesn’t take anything for granted.

In fact, his first post on Twitter gave readers a look at the biggest lessons he learned along the way.

I want to take this a step further and dig into the why behind his 5 lessons.

This will help you understand how to incorporate them into your strategy and make you a more effective trader.

#1 The Journey is Long

I have to start this one with a screenshot of Bryce’s tweet:

I highlighted the key phrase that says it all.

Traders want to know how long it takes to become profitable.

It’s different for everyone, with the key being how much quality time you spend studying and learning.

If you’re like Jack Kellogg and eat, sleep, and breathe trading, you can quickly become profitable.

But that’s more the exception than the rule.

Most folks work full time, and have families or other obligations that limit their hours.

That doesn’t mean you can’t become a profitable trader in short order.

Many of my Millionaire Challenge students like Paul Delgado split their time.

If you want to be successful, then you need three things:

  1. Patience
  2. Dedication
  3. A proper education

Don’t expect things to happen overnight.

Just look at how long it took Bryce before he even turned a profit.

Give yourself the space to work hard and study.

#2 Journaling

© Millionaire Media, LLC

Can you remember every trade you took in the last week?

Not just the win and loss counts but the exact day, price, risk, exit, profit, etc?

What about over the last six months?

Unless you’ve got MENSA style memory, you can’t and shouldn’t try to recall every trade you make.

Instead, keep a journal.

No other tool will help you improve faster.

It’s like having your own personal roadmap to success. And you don’t need anything fancy. A simple excel spreadsheet will do just fine.

You want to keep enough information so you can identify patterns and trends, spotting weak areas and strengths.

That’s how you learn what to avoid and when to lean into a trade.

# 3 Risk Management

© Millionaire Media, LLC

I say it a lot, but lose small and fast.

The way I trade if the stock doesn’t do what I want quickly, I cut it loose.

Far too many traders hang on to losing positions, hoping it will turn around.

It’s a fatal trap that captures folks over and over.

Just as important, you want to size your positions correctly.

Know when to reduce your share count and when it’s reasonable to put a little extra on the table.

Bryce put together a great YouTube video that covers these topics and many more.

Use it as a barometer for your own risk management. See if you are correctly controlling your trades.

# 4 Trading Friends

© Millionaire Media, LLC

Bryce isn’t wrong when he says, “trading is lonely.”

It’s one of the reasons I created the Millionaire Challenge.

I wanted a place for traders to not only learn the right skills, but have a chance to collaborate with others.

When I started, there weren’t discord servers or Twitter feeds.

AOL was all we had and those chat rooms were awful.

Other traders can help you craft ideas, keep you on your game, and help you work through problems.

# 4 Mentorship

© Millionaire Media, LLC

The road to riches is long enough.

Why not shorten the learning curve?

I’m not bragging when I say I can teach you how to become a successful trader.

In fact, I want you to be skeptical.

My proof will mean so much more that way.

Bryce makes my 32nd millionaire student.

I’ve taught folks for more than two decades and helped people achieve things they never thought possible.

Sure, I nor penny stock trading is right for everyone.

But what I teach works.

All my trades are posted here on Profitly to see whether you’re a member or not.

You can read the stories of many of my students here.

Do your research.

Read testimonials. I’m sure they won’t all be flattering.

But you’ll quickly realize that what I teach is the real deal.

I can help folks become successful traders.

It all starts with my Millionaire Challenge.

–-Tim


How much has this post helped you?


Leave a reply


Author card Timothy Sykes picture

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

Post image

Get my weekly watchlist, free

Sign up to jump start your trading education!

* 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 (205) 851-0506 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”