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Lessons From Students

Wanna Be Like My 20+ Millionaire Students? Do These 5 Things

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Written by Timothy Sykes
Updated 4/5/2022 8 min read

I have 20+ millionaire Trading Challenge students now. Wanna be like them? If so, there’s something you should know…

My top students didn’t get where they are by accident. They all knew there were no guarantees in trading. But they worked hard anyway. Some took extreme steps to make their goals a reality.

It paid off for them. Are you willing to work that hard?

If you’re serious about trading, start doing these five things TODAY. They’ve contributed to my top students’ success…

1. Study Harder Than You Did at School

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Trading isn’t a high school history exam that you cram for the night before. If you want to make it work, you’ve got to dedicate yourself to the process.

I know it’s hard — especially when studying doesn’t directly make you money. But think about it this way…

My millionaire student Mariana joined my Trading Challenge in 2018, right after she graduated high school.

She studied for an entire year before she started trading with no profits … But she was making a serious investment in her knowledge account.

When Mari finally started trading, her learning curve was a lot faster than many students. This allowed her to scale up faster — she became a millionaire by the age of 20.

This is why I constantly tell my students to study hard and why I send out these late-night study checks:

I know it’s hard — but I also know that studying pays off!

2. Learn From the Past and Do Better

My student Sandeep is currently up over $1.3 million in trading profits.

But before he was a millionaire, he blew up two accounts. 

He blew up his first account by making typical newbie mistakes: holding and hoping, cutting losses too quickly, and an ongoing series of papercut losses.

Sandeep learned from those mistakes — but still had plenty more to make.

He blew up his second account by making another newbie mistake. Sandeep was trading too many patterns and strategies. He lacked focus.

These account blow-ups taught Sandeep a lot about how NOT to trade…

And the third time was a charm. Sandeep started again with a $3K account. He reviewed his mistakes daily to avoid repeating them. Within two years, he became a millionaire.

3. Cut the Cord on Toxic Relationships

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My student Dan is currently over $1.9 million in trading profits. But it was a long and sometimes painful journey.

Dan started trading with about $30K to be over the PDT rule. Like so many newbies, he didn’t think he’d lose, but he did. Within about three months, he’d lost over a third of his account.

Dan knew he needed to make some major changes if he wanted to become a successful trader.

But it wasn’t just changing how he traded. He also needed to make some life changes.

One of them was to cut ties with naysayers.

As he puts it, “An unfortunate part of my success story is that I had to become selfish. I stopped being friends with a lot of people. I stopped doing what people thought was best for me.”

It was hard to do, but Dan says the experience was freeing. Dan became a full-time paper trader for eight months and focused on studying. (Fun fact: Dan estimates that he’s devoted over 12,5000 hours to his trading career.)

When he started trading with real money, Dan focused on small gains. He’s further proof that small gains can add up — he passed the $1 million mark in April 2021.

4. Give Back However You Can

In the summer of 2020, my student Tim Grittani, who’s up over $13.5 million in trading profits, traded CytoDyn (OTCQB: CYDY).

What did he do to celebrate?

He gave a webinar for up-and-coming Trading Challenge students to learn from his trade.

Then there’s my student Jack Kellogg. He’s made over $9.6 million throughout his trading career.

Even with those insane profits, he’s still an active member of the trading community. He helps traders through his Breakouts & Breakdowns chat room.

And on his birthday, he even surprised his parents with $100K to thank them for their support over the years. Check out the video:

And then there’s Paul, who bought his mom a house with his trading profits.

These students didn’t NEED to give back. But they did because they appreciate the community and people that helped them attain their success.

Will giving back make you a better trader? Not necessarily. But I believe it’s a crucial part of the winning mindset that many of my top students share.

5. Don’t Get Complacent

In early 2021, the market was on FIRE. I had several Trading Challenge students pass the million-dollar mark in the same WEEK, including Matthew Monaco and Kyle Williams!

But a few months down the line, some of the same students were complaining about how they weren’t making as much money.

I didn’t have much sympathy…

Luckily, I was able to talk some sense into them. I reminded them that top companies don’t just keep doing the same thing forever. They reinvest in research and development and keep growing. Traders need to do the same — they need to adapt to the current market conditions.

They listened to my advice. For example, Matthew branched out into crypto and more recently, into NFTs — and he’s killing it. Read about how he made $63K (over two trades, here and here) on a Pudgy Penguin NFT in this blog post

Ready to Go the Distance?

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All of my 20+ millionaire students come from very different backgrounds and have distinct trading styles. But they have a lot in common, too.

They all share an incredible work ethic, patience, and resolve.

They were all willing to take extreme measures to work toward trading success.

And of course … they all got their start in my Trading Challenge.

Want to be my next top student? Apply today. It’s your opportunity to learn — not just from me, but from my top students, too. Use what you learn to develop your own trading strategy. And maybe I’ll be talking about YOU in an article like this one day.

Are you willing to work hard to make your trading goals a reality? How many of these five things are you doing? Leave a comment — I read every single one! 

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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. 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”