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Millionaire Mentor Update: Review Everything

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Written by Timothy Sykes
Updated 1/26/2023 12 min read

Here’s to a new year! Give a big welcome to 2021 and all the opportunities it brings. At the same time, start the year the way you intend to finish it. And by that, I mean review everything — from your trades to the overall market.

The more you learn to review, the better chance you have to become a self-sufficient trader. Want to know the secrets of the few who make it to profitability? HINT: you have to be different than most traders. Never forget, most traders lose.

So make a commitment today. Review everything and learn to optimize your process.

Before we get to trading, did you make any New Year’s resolutions? This year, I made a big one…

My 2021 New Year’s Resolution: Speak Up for the Voiceless

In 2020 my hair grew so long it felt like there was a small animal on my head. But it wasn’t because I was hiding away behind locked doors. It was because of what’s happening to the Uighur Muslims.

Watch this video but be aware that I’m only scratching the surface…

Why I Shaved My Head for 2021

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Here are links to the headlines my videographer Pasquale pulled up in the video…

This is 2021 … not the Dark Ages. But for a group of people simply trying to live their lives and practice their religion, it’s the darkest of times. It’s shocking this is still going on.

Please do your own further research so we can bring awareness to this tragedy. Then share it on your social media accounts. Together we CAN change the world.

Let’s get to trading…

Trading Mentor: Review Everything

The key to trading success is preparation. You can never be overprepared. And one of the keys to preparation is to review everything. That’s what all my top students and I do.

In All Markets and Every Day: Review, Review, Review

The process my top students go through to become profitable is intense.* Not one has achieved success without putting in countless hours of studying. And part of their studying is to review everything.

That includes all trades, win or lose. (Keep reading for more on trade reviews.) But it’s not just their trades. They review charts for all the stocks on their watchlist every day. And so should you.

What should you review?

  • How did the stock trade that day?
  • Is the stock setting up for your favorite pattern?
  • Did you miss a play because you focused on something else?
  • Is the stock dead, or should it stay on your watchlist?
  • How does the chart compare to your favorite pattern?
  • Especially for beginners: How does the chart compare to my Pennystocking Framework? (Not all stocks follow it, but when they do and you recognize it, you can have an edge. It’s not an exact science.)

Get my no-cost weekly watchlist here.

But it goes further than that…

What did other traders do that day? What happened in the overall market? What big-picture news could affect trading tomorrow?


Review Everything AND Know Stock Market History

A lot of traders — and a lot of newbies — made money last year. But too many who started in 2020 are in for a big shock when the market changes. Let’s use yesterday as an example…

The Dow lost 1.25% yesterday. At one point, it was on track to be the worst start to a year since 1932. And the S&P 500 also had a scary start. Check out this chart, courtesy of the StocksToTrade Breaking News guys…

Sadly, some traders who made money in 2020 think it will last forever. I’ve seen this kind of price action before. Is the bubble market coming to an end? I don’t predict the market. Instead, I react. But I’m no fool thinking it will keep going up forever.

Trade Review: Gain Knowledge With Every Trade

tim sykes lounging in arizona with laptop and food on lap
© Millionaire Media, LLC

Every week I review one or two trades here on the blog. What you might not know is that I review most of my trades in video lessons posted on Profit.ly. And I’m fully transparent about all my trades. See all my trades including entry comments, exit comments, and position size here.

The obvious reason I review trades is to help students. But it also helps me.

When you review trades, it helps you prepare for the next one. Sometimes it helps you prepare to trade the same stock again. Other times it helps you understand how certain patterns are playing out. That way you can adapt.

I was so impressed with Jack Kellogg’s webinar on New Year’s Eve. Trading Challenge students can watch the replay here. One thing he said struck me…

Jack said that he gains knowledge about a stock with every trade. Sometimes he takes small losses or wins on a stock as he gets a feel for it. But every trade he takes gives him more knowledge of that particular stock.

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That’s the intensity that helped him earn $1.78 million in 2020.*

(*Jack’s trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade. Individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.)

Here’s my trade review for last week…

Artificial Intelligence Technology Solutions Inc. (OTCPK: AITX)

On December 31, AITX had a classic morning panic right at the open. The stock had gone supernova the week before based partly on news of a deal with an unnamed Fortune 500 company.

First, check out the AITX three-month chart:

Here’s the AITX chart from the first hour of trading on December 31. It shows the morning panic and my trade alerts:

AITX penny stock chart
AITX chart: December 31, 2020, morning panic dip buy — courtesy of StocksToTrade.com

The $5,278 win turned out to be my most profitable trade of the week.* But it was also one of my best-executed trades. Even though I could’ve made more, I’m happy with my discipline. When it hit my goals, I got out.

(*Please note: my results are not typical. I’ve spent years developing exceptional skills and knowledge. Always remember trading is risky. Never risk more than you can afford.)

Important tip: The reason the chart only shows the first hour of trading is because of a data misprint. The misprint makes it look like the stock spiked 900% — to 41 cents a share — the next minute. It didn’t. The stock never traded at 41 cents a share that day.

I get asked questions about strange prints on charts all the time. It’s important to understand misprints happen. Especially in OTCs. Late prints and misprints lure newbie traders into making mistakes. Don’t fall for it. Yet another reason to review everything…

Maximize Success by Reviewing Every Trade

Do you want to optimize your process in 2021? Review every trade. Both good and bad. Keep in mind, when I refer to good vs. bad trades, it has almost nothing to do with winning and losing.

Yes, your goal is to win on every trade. But if you win and break all the rules, you set yourself up for disaster later. It’s much more important to stay disciplined. That’s why I trade with these rules.

I never, ever, regret trading conservatively. That comes from years of experience. Not just taking trades but reviewing every trade too.

Being Transparent Forces You to Review Everything

One of the reasons we developed Profit.ly is because there are so many shady, lying, so-called gurus out there. They show end-of-the-month screenshots but don’t show the risk involved. 

But we also wanted to help new traders develop the habit of reviewing every trade. Over time, being transparent can only make you a better trader. Why? Because transparency forces you to review everything. The more you review, the better.

penny stock checklist

All my top students upload their trades to Profit.ly. Some, like Kyle Williams, Jack Kellogg, and Matthew Monaco go further. They have in-depth spreadsheets with all kinds of data. That level of commitment to the process pays off over time. But you have to stay committed to reviewing trades every single day.

Millionaire Mentor Market Wrap

Are you ready to make 2021 your breakout year? If you answered yes, then get in the habit of reviewing your day. Definitely review all your trades, but don’t stop there. Use an end-of-day review to get better.

Try asking yourself three questions…

  • What did I do well today?
  • What could I have done better?
  • How can I improve tomorrow?

Sounds simple, right? It is. It’s also a way to train your unconscious mind to seek constant improvement. Try it. Tell me how it’s working out once you’ve done it every day for three months.

Another way to make 2021 a year of massive growth…

First, to make sure you get the right mindset for 2021, watch this video…

Top 10 Tips to Better Your Trading for 2021

Now, take advantage of these…

Trading Education Resources

If you’re brand new to penny stocks, study my FREE penny stock guide here.

If you’re ready to take your first steps into trading…

Get started on the 30-Day Bootcamp. It’s still on offer at an insanely low price.

And if you’re ready to take it to the next level…

Apply for the Trading Challenge here. All my top students are in the Trading Challenge.

If you get it, comment below with “I will review everything in 2021.” Even if you already knew it, leave a comment. I love to hear from all my readers!

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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

* 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”