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3 Things All Traders Should Remember As We Prepare For December

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Written by Timothy Sykes
Updated 11/28/2023 7 min read

Ever wonder what it truly takes to become a millionaire trader?

It’s definitely not an easy journey.  Frustrating lurks around every corner, tempting you to call it quits…

Heck, I got so frustrated once I smashed my computer at my latest Las Vegas Event…

But success is born from challenges.

Today, I want to share with you three steps that transformed not only my journey but also those in my millionaire challenge…

And how following these three steps helped them limit their frustration and prepared them to spot some of the best opportunities in today’s market.

Are you ready?

Let’s dive in!

#1 – What’s Working In This Market

One of the biggest things I’ve learned over the last 20+ years from trading is that every trader out there needs to know how to adapt based on what the market gives them…

And no matter how long you’ve been trading for, there’ll always be something new for you to learn.  

Think about this for a second…

You’ll see professional athletes learn new strengthening techniques to help improve their body’s performance…

Bodybuilders learning new training techniques to build muscle…

Even surgeons learn new innovative ways to perform surgery to lessen the recovery time for patients.

This world is constantly changing and the market is no different.

Being able to adapt your strategies to changing market conditions and looking for new ways to improve your trading knowledge is going to help you throughout your journey…

That’s why I’m constantly reviewing ALL of my trades, good or bad!

You can see all of my trades right here 

Reviewing ALL of my trades has helped me identify what’s working and not working in this market…

And in 2023, I’ve made plenty of adjustments to my trading strategies after reviewing my trades.

Those changes ranged from trading short squeezes, earning winners, even dip-buying intraday panics when morning panics weren’t happening…

But at some point, the market will start to shift again…

And I want all of you to be ready for it! 

#2 – Don’t Be Greedy

Way too many traders who first get into trading tend to be greedy.

Whether they want to or not, the hype of the market tends to overwhelm most newbies…

And after profiting on a few trades, they’re hooked and are looking for that trend to continue.

Let me be honest for a second, you can be successful when it comes to trading, but you need to understand the process.  

If you focus on the right strategy and know how to adapt to what the market has to offer, you can potentially profit on 60%, 70%, or even 80% of your trades!

In November, I made over $11,000 in profits…

And I was able to profit on over 87% of my trades!

I didn’t do anything fancy, or anything different than what I teach any of my millionaire students…

But despite the success I’m having this month, there are some of my millionaire challenge students who aren’t profiting over 80% of their trades.

It takes time to learn the process, but once you start to understand it, that’s when things could start to change…

Just take it from one of my hardest-working students!

There’ll be both good days and bad days when it comes to trading…

But remember to continue to study, focus on the process, and keep pushing towards the goal you ultimately want to achieve…

More Breaking News

And don’t be swinging for the fences!

#3 – Having The Right Tools

Most of my top traders in my challenge are leveraging various tools and resources to gain the slightest edge in today’s market…

And one of the most promising tools I’ve come across lately is XGPT.

Here’s one of my latest posts on Twitter about it…

If you haven’t heard about XGPT, take a few moments and watch this video to see how it’s helping so many traders at different levels identify some top plays in today’s market!

When you start mentioning different tools that traders use, most newbies think it’s a scam…

They’d much rather follow the “hot picks” on CNBC, or what people are saying on Discord or Twitter.

It’s no wonder why most newbies fail, and if you look at some of the most successful traders on Wall Street or those in my millionaire challenge…

They aren’t following what other people are trading, or looking in chatrooms to help them…

They’re using the TOOLS that work compared to those who don’t!

Many of my students, including myself, love to use XGPT and StocksToTrade Breaking News…

Spotting a stock before it explodes can give you a bigger area of opportunity than those who can’t.

Unfortunately, when most newbies see a stock spiking and don’t have the right tools in place, they just end up buying it…

And at that point, most of those initial buyers who already took the meat of the move will start to sell their shares for gains…

And that’s when the stock could potentially start to fall, making more and more newbies frustrated when it comes to trading.

There are a few days left in November, and I want all of you to look to December and ask yourself…

Are you ready to make this your best month yet? 

As we wrap up our lesson for today, I want to leave you with some videos for you to watch in your spare time…

(VIDEO): Lesson From One Of My Top Student On How To Adapt

(VIDEO): Twenty Years Of Stock Trading Tips! 

(VIDEO): How To Use AI To Help Your Trading

Most importantly, don’t forget to sign up for our FREE Trading Sessions!

It’s already helped so many of my students get an edge in today’s market!

👉Click here to reserve your seat today! 👈

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”