What are the top traits of millionaire traders?
That’s a question I am asked often.
Since I established my Millionaire mentor/teacher to a number of talented and successful students. Some of my students have broken the million dollar mark, and many more have achieved six-figure profits, all with just starting with a few thousand dollars…aka incredible levels of financial success., I have acted as
To be clear, myhelps guide them toward success, but only the students who are truly willing to do the work and put in the time and effort will succeed.
So, what makes a successful student? These are eight of the traits I look for in future millionaires:
1. Big dreams. My best millionaire students are big dreamers. They aren’t afraid to set their sights on lofty goals. And believe it or not, this is one of their biggest assets.
You will never become crazy successful or break the million dollar mark four times over, like my student Tim Grittani, unless you give yourself permission to really dream big. Don’t stop at a goal like paying off your credit card debt. That’s a great milestone along the way, but allow yourself to have much bigger and sexier ultimate goals, like starting your own restaurant or buying a Ferrari. It’s these dreams that will give you something exciting to work toward and give you motivation.
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2. Direction. To become successful, a student must have a great sense of direction. They have allowed themselves to dream big, and they have defined goals. But beyond that, they have a sense of direction; that is to say, they have an idea of what will get them from here (dreaming, wanting) to there (dreams, realized).
For my millionaire students, that direction is becoming successful at trading. By joining the Tim Sykes Millionaire Challenge team, they have chosen trading penny stocks as the direction which will get them where they want to go.
3. Drive. This continues to build on the last two traits. Dreams are important to help you define goals. Direction is important to have a roadmap to get there. Drive, then, is like the fuel that takes you there. You might be able to come up with goals and figure out how you might reach them til you’re blue in the face, but the fact is, you’ll never realize your dreams until you’re willing to put in the work and energy to get there.
You need a strong work ethic and the ability to stick with it even when the road gets bumpy. A strong sense of drive is a constant among my best students.
4. Open mindedness. Know-it-alls need not apply to the Tim Sykes Millionaire Challenge. If a student comes to the Challenge thinking that once they’ve completed their studies that learning will come to an end, then they have wasted their money. It’s necessary to come to the program (and most things in life, really) with an open mind. If you’re already closed off or think things should go a certain way, you’re often setting yourself up for disappointment.
With an open mind, you allow yourself to naturally evolve and grow in the directions that are natural and right for you, and to learn new methods that might be better and more efficient than what you’ve been doing. By approaching things with an open mind, you will open yourself to greater opportunities.
5. A true desire to learn. To have an open mind combined with a true desire to learn is a recipe for success. My best students are passionate about learning. For starters, they are obsessed with learning all that they can about trading, but that’s really only the beginning.
A hallmark trait of a good student is their dedication to self improvement and learning. Learning new things, be it from the news, new trading techniques, or poring over trader biographies for success tips, is an asset to any businessperson, but particularly to a trader. The market is ever changing, and being a lifelong learner helps to keep you nimble and connected with the world.
6. Good people skills. In spite of how some media might portray it, you don’t get ahead by being a jerk and walking all over people. Networking, working with others, and forging positive business relationships is one of the keys to success, and a quality trait shared by my best students….that’s why I LOVE that my top millionaire students also give webinars to otherstudents and even help mentor them too!
Good people skills will make people more likely to want to work with you, including business partners, other traders, and a mentor. Don’t overlook this important trait.
7. The ability to self reflect. When you receive constructive criticism, do you shut down? Are you constantly blaming others for things that go wrong in your life? These are not millionaire traits. But if you can reverse this trend and gain the ability to self reflect, then you’ll be on the right path.
Traits of Millionaire Students: they have the ability to step back and really evaluate what they are doing wrong and what they are doing right. Even though this can be hard to do, they see the benefits in identifying what is working and what is not, because this can help them improve themselves and improve their trading.
8. Perseverance. This one is no big surprise, but my best millionaire students have the ability to stick with it, even when things get hard. Things do get complicated and hard at certain points in every trader’s career. The ones that rise to the top are the ones who can weather these storms and stay on their path.
It’s easy to be discouraged when things are not going as you’d like, or not as quickly as you’d like. But if you can keep on believing in yourself and staying committed to your goals, then you only have great places to go from here.
Truthfully, there’s no way that a single list could represent every positive trait that my students possess (that would take a book!). However, this is a great primer on some of the characteristics that are common to some of my most successful students, and strong indicators that they will have a fruitful career. By building up these traits in yourself, your chances of attaining success will improve, too.
How many of these traits do you have? Be honest with yourself and me in the comments section below!