Print These 36 Commandments That You Should Live By
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This coming weekend I’ll have some awesome new stock market rules from my newest millionaire trading challenge student, Mark Croock, who just passed $1 million** a few days ago, see all his trades here (unlike the many fakers who pretend to be rich by posting a few screenshots, we like to prove how we’re real by showing EVERYTHING publicly and I encourage you to FORCE others to do the same…and if they make any excuses just realize they’re full of it just like too many people in this industry are!)
I’d appreciate you congratulating him on social media and in chat since Mark works so hard mentoring other Trading Challenge students too! This was a few months back when we celebrated his 36th birthday with courtside seats at the Spurs/Warriors game and we also had dinner with the greatest Spur of all-time, David Robinson, as Mark is a diehard Spurs fan, so check it out:
Download the key points of this post as PDF.
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Recently, I also asked Mark for his 36 best trading rules, so here they are along with some added notes by me. Memorize them, as Mark has now made $1 million in just a few years**and he was Student Of The Year in 2016 as you might’ve seen here:
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Mark has been getting better and better at trading and become one of my top millionaire trading challenge students lately as he’s been averaging roughly $50,000/month** from trading penny stocks, as you can see here, so I would pay attention to these rules if I were you.
1. Learn from a mentor with a proven track record like Timothy Sykes. (join the Trading Challenge, since there are several successful traders there now mentoring students with exclusive video lessons, alerts, and weekly live webinars too)
2. Stay humble – never get overconfident especially after a winning trade (or else the market will humble you next!)
3. Don’t be greedy – take the meat of the move and book profits (don’t try to catch the exact bottom and top, the “meat” of the move is more than enough to make you wealthy over time)
4. Plan out every trade using risk/reward (use this planning guide on every trade)
5. Cut losses quickly if the stock goes against you (rule #1 from this massive trading rule list)
6. Avoid trading mid-day (between 11am-1pm est)
7. Aggressively short first red days on pumps (supernovas)
8. Always check a stock’s float before trading
9. Never short low-float (less than 5 million shares) stocks until they have gone supernova (respect day 1 moves, even day 2 sometimes too, even day 3 lately LOL)
10. Take breaks/vacations from time to time
11. Avoid over-trading/scalping when there are no great setups
12. Focus on only the 2-3 best setups each day
13. Prepare a nightly watchlist and look at big pre-market winners too (this new trading tool is crucial in helping you do all of this efficiently)
14. Always search Twitter for individual stocks (using “$XYZ” format) to see what traders are saying (again this tool helps sort through Twitter better, see how here)
15. Learn from respected traders’ trades, but NEVER follow picks or alerts, the key is to become self-sufficient so don’t train yourself to be a follower (bad habits are hard to break later on too)
16. Never blindly follow anyone into a trade – do your homework first
17. Develop relationships with other traders in the chatroom, but don’t look to trade together, just use other traders for idea generation.
18. Focus on taking proper position size in order to calculate your risk and so that you’re comfortable on every trade, whether your position size is great or small.
19. Lend a helping hand to “newbie” traders eager to learn) the Trading Challenge chatroom has really excelled at this the past few months as I outlined here)
20. Fine-tune your trading by pinpointing your strengths/weaknesses
21. Work your ass off to become part of the 10% traders who profit
22. Only trade at reputable brokers where your money is safe (insured) (see my list of safe penny stock brokers here)
23. Shorting in the afternoon is often safer than the morning
24. Morning spikes can last longer than you might think due to short squeezes
25. Most stocks are not to be traded due to lack of edge
26. Master the “7 Step Framework” from Tim’s PennyStocking Framework DVD (here is the link, watch it and memorize it)
27. Accept that some days there are no setups to trade, you don’t need to trade every day! (In fact, roughly 80% of Mark’s profits come from 6% of his trades)**
28. Don’t get caught up in hype – 99% of penny stocks are junk! Learn to short them on the way down and don’t believe management and their BS press releases!
29. Track your trades regularly in a spreadsheet. (using this tool helps too, duh)
30. Have realistic/tangible goals to motivate you and remember that big goals can help increase your daily performance immensly, so remember to study hard and dream BIG (just don’t expect success right away as remember even this great penny stock trader who just passed $4 million in profits wasn’t consistently profitable for his first 9 months!)
31. Never give up after losses/adversity – apply those lessons for the future and for your lifetime!
32. Track your mistakes and make sure you are not repeating them
33. Avoid stocks that are not liquid and/or not volatile
34. All traders uses support/resistance levels – always look at every timeframe (intraday, daily, weekly, monthly) so you’re not “in the dark”
35. Exercise and stay healthy physically and mentally
36. Don’t burn out and feel overwhelmed at first or ever…you have your entire life to profit from the stock market, most top traders and investors are in their 40s and 50s and 60s so the sooner you start studying the quicker you can get a leg up on everyone else so you don’t have to make all this money and just spend it on new hip surgery!
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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 Trading 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. :)
Thanks for the post. This goes along with #31. #37 Don’t be persuaded to give up by the toxic mentality of naysayers who are stuck in their narrow-mindedness. This will likely be the majority of non-traders you share your ambitions with. Work your ass off to make it through the hard times & use that negativity as fuel to push forward.
🙂
Tim,
First, a big congratulations to Mark for his achievements and to you for spreading the word and knowledge about what is possible to achieve. It makes a huge difference to see someone who made it giving the encouragement and knowledge having gone through the steps to get where you are. I think Mark summarized it that he has come a long way from where he started and quick. When you are in the trenches, have a job, a family, and responsibilities that take away from your trading /& study time, it is important to remember to remain steadfast and remember what is possible from the hard work in the end. Thank you for sharing your experience with Mark and Mr Robinson.
I like the idea and live the #NoDaysOff mantra when it comes to learning and trading. I miss learning if I am not looking at charts! With that said, I am going to adopt a revised version of the #NoDaysOff saying adapted to #NoDaysOffIFindTime as this is really how I make it work. I find time even when in an elevator at work to look at charts and study price patterns. Point is, when one wants to get something done, they find a way somehow. It is important to have balance so one has to make time for other things as well but I don’t let one day go by without some form of research or studying the charts.
Regarding the lists, both lists, yours and Marks are really good. Both cover important topics from different angles, both adding value. Not many people are reminded, or taught about saving. Excellent point here. “Keep Learning”, “Keep Getting Better”, those are great principles that suggest one always needs to have an edge to push forward and improve something. Everything can be improved. One of the challenges with ‘achieving success’ is doing it again and holding the same principles true long after one is successful. I think your reminders to keep learning, keep getting better is also a reminder that one will always need to adapt no matter what the outcome of something is. The success from yesterday might not work tomorrow which will require adaption to be successful for the future so be ready for that.
I think Mark’s #1 item, learn from someone who has done it, learn from you, someone who walks the walk and talks the talk, that is very valuable. I am a member of another chat room on Profit.ly and not everyone walks the walk as you do. I am still working on #5, cut losses quickly. I am getting better with this. I am trying to use the chart more to set my losses and let the chart pattern dictate when it makes sense to cut losses. I can go on and on but will stop there.
Thank you for your efforts Tim and for sharing the glimpse into the other night with Mark.
BTW, I saw your Instagram from Grand Case. I was like, man!!!, I cannot believe it. Way to go my friend. Living the dream! I was stuck on 95 traffic here in South Fla!!! lol
AWESOME!
Happy birthday Mark
🙂
This is great information, thanks!
🙂
COURT-SIDE! I am not a huge fan of basketball but any sports are better in person and especially if your team is winning lol .. I felt like I could reach my hand out for that ball and then that guy took it.. lol anyway.. Hope Mark had a great birthday and Robinson had some great advice as well. Good video Tim 🙂
Thanks!
Today I learned that I might have to spend my money on hip surgery. Thanks for the list Tim! 🙂
Yup!
32. Track your mistakes and make sure you are not repeating them
GOOD!
6, 11, 14 and 17 are my toughest ones, although I need to work on them all continually. Especially the trading midday, I always have to remind myself at that time. Feels like I have blinders on that don’t pay attention to the time and I did it again today. I keep refining the process and getting clearer on how I trade. Thanks Tim! This was a great post.
NICE!
35. Overexercising after a loss.
Haha
Thanks. To focus on only the 2-3 best setups (number 12). But I’m getting better.
YES!
Pride prevents me from taking losses quickly and greed prevents from taking small gains
Fix it!
I probably have the most difficult time with not trading mid-day. Due to my day job and living in Europe, I usually am unable to be present for the market open and I’m able to usually start looking at the market between noon and 1 PM Eastern. Although I’ve gotten better lately, I still find myself wanting to find trades right away, when instead I need to learn to be more patient and wait for 2, 2:30, or even 3 PM when the afternoon setups have been more successful for me.
Thanks fro your honesty
Also, happy belated birthday, Mark, and thanks for all the great lessons you give to all of us Challenge Students!
Thanks!
Great set of rules man….happy birthday Marc….awesome achievement, both of you….
Thanks!
I had to write them down since I couldn’t get my printer to print it. Continue to study to be a good trader.
5. Cut losses quickly if the stock goes against you (rule #1 from this massive trading rule l
and know when to give up on sideways plays
YES!
All golden words of wisdom. I think I’ll print this and put it on the wall near me.