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3 Valuable Lessons From My Millionaire Students

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Written by Timothy Sykes
Updated 11/22/2023 7 min read

It brings me tremendous joy to know that all the hard work my students are putting in is paying off…

I want all of you to be successful, regardless if you’re in my trading challenge or not.

Last week I asked my challenge students what were the top three most important lessons they’ve learned early on in their careers to help them get to where they are today…

So I can share with you those three important lessons as you start your journey.

Here’s what they told me…

Review And Study Every Trade

One of the best ways to learn how to trade is to study trades from other successful traders, like me or any of my millionaire students.

You may think what I have to say is boring, or I just repeat myself over and over again with the same strategy…

But that’s what trading’s all about. It’s about sticking to a strategy that WORKS time and time again!

I don’t care if traders think my dip-buying strategy is boring…

At the end of the day, we’re all here to make money!

It’s a strategy that has helped me make millions, and many of my millionaire students learned this strategy early on in their trading careers.

It’s so important that you review your trades and my trades, or any of my millionaire students to help you gain a better understanding.

If you’re unsure how to review your trades, here’s a YouTube video to give you an idea.

The best thing about being part of my challenge is that there are year’s worth of information you can dig through to help you relive the past.

Let me show you an example.

Jack Kellogg is one of my top students and he joined my challenge back in 2017. 

Here’s an example of our chat dating back to November 29, 2018. 

Source: Profit.ly

My goal is to develop self-sufficient students.  So when I say study someone else’s winning or losing trade, I want you to observe what they’re doing and see if you can gain any insight to help your trading.

I don’t want you to be a copycat trader and follow my every move…

You won’t learn anything by doing that and I’m not going to be on this earth forever for you to do so.

Mind Over Matter

Way too often I see traders buying stocks simply because they’re bored…

Or they’re annoyed after a few losing trades and go all-in.

If I don’t see any great trades, I sit and wait…

Or I get up from my chair, move around, and keep myself busy so I don’t make random trades from pure boredom.

Trust me, you don’t need to sit in front of the computer screen all day to be successful.

Every day there’s a specific time I like to focus on…

I like to call it the “power hour”.

I believe there are two power hours in a trading day.

Between 9:30 AM and 10:30 AM Eastern is very powerful, this is where I look for my morning panics on recent runners…

And so is the last hour of the day, between the hours of 3:00 PM and 4:00 PM, a time that fits in perfectly with my over-the-weekend strategy. 

So why are these times so important for you to focus on?

Simply put, that’s when we have some of the highest volume and volatility.

That’s not to say there aren’t any other opportunities in between those hours…

This is why I have StocksToTrade Breaking News Open or XGPT  to alert me if something so good comes up that I’d feel guilty about missing.

Trading requires you to stay focused, disciplined, and emotionally balanced as all of these can greatly influence your trading success…

Don’t let one losing trade distract you and get you frustrated…

Losses will always be a part of the game, there’s nothing you can do about it.

So if you’re ever feeling discouraged, take a breath and review what I’m seeing or what my other students are seeing…

And be sure to learn from your mistakes.

More Breaking News

Focusing on what matters, keeping your emotions in check, and learning from your losses will only make you stronger and a better trader as you continue on your journey.

Managing Risk

Over the years, I’ve put together hundreds of hours of training material for my students to take advantage of.

But the thing about trading is that there are no shortcuts.

You can’t skip steps…

Just one wrong move when it comes to trading can be the difference between a winning or losing trade.

Trading is a game of patience and determination.

Many of my millionaire students weren’t profitable after year one…

I know, that’s probably not what you want to hear, but it’s the truth.

When all of my students started, they didn’t go all-in, or risk a large portion of their trading account in hopes they’ll be a millionaire in no time…

They took a small position size on every trade to help them learn the trading process and once they got the hang of it, their account started to grow…

And as their account started to grow, that’s when they could be a little bit more aggressive with a few of their trades if the market conditions were right.

I’ve seen countless traders blow up their accounts within a few days or even weeks…

It boggles my mind that so many new traders lack patience and risk more than they should.

Trading can create so many opportunities for any of you…

You just need to know where to start and how to manage your risk.

If you want to know how to spot some of the best trades in this HOT market…

And how to break down your trades or how much to risk…

👉Click here to attend our FREE trading sessions.👈

We break everything down for you so YOU can have a better understanding of how this market works.

I’ll see you in chat.

-Tim

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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.
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* 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”