Basics Archives - Timothy Sykes

Category Archives: Basics

How Much Should You Study To Be Successful?

Study To Be Successful

A few weeks ago I wrote these 2 important blog posts: “What’s The Minimum Needed To Trade Penny Stocks?” and “Are You Studying And Working The Wrong Way?” as sadly far too many people think they can become my next millionaire trading challenge student by putting in the minimum money and minimum effort.

So, you must ask yourself this same question and be honest with what’s the best answer for you as we’re all different!

I’m sorry to break it to you, but NOTHING in life worth doing comes easy and that is especially true in the quest to become a millionaire. That’s why there are so few millionaires in the trading world, because it’s damn tough and you need to work harder than you ever imagined on your preparation.

That’s why I make videos like this new one I just posted: Continue reading

How To Get Better At Trading Penny Stocks

how to get better at trading penny stocks

How to Get Better at Trading Penny Stocks

You might think that becoming a successful penny stock trader is easy, but as you’ll learn if you want to become my next millionaire trading challenge student you will have to continually refine your trading process and learn the patterns that work best FOR YOU!

So, start by doing these nine things, and see for yourself the incredible effect it can have on your career as a penny stock trader as I want more millionaire trading challenge students like this guy and this guy and now this guy too! Continue reading

This Is A Big Problem

Penny Stock Fear

Overcoming Fear Of Trading

Before you can find success in the stock market, you have to overcome your fear as one of the biggest roadblocks that keeps people from finding financial success as traders is that they are too hesitant to actually take the leap…and because I trade scared every single day, I’m not scared to trade!

Download the key points of this post as PDF.

While it’s true that trading penny stocks comes with a healthy dose of risk, there are ways to overcome it. Here, I’ll offer some specific tips on how to overcome your fears so that you can open the door to making money.

1. Ask yourself: what’s the worst that could happen? It can be extremely effective to face your fears head on. Often, it’s fear of the unknown that is so scary. If you define your fears or worst case scenarios, you may find that they’re not nearly as bad as you think. Continue reading

Why Everything Comes Full Circle In The Stock Market

I’ll warn you straight up that this is going to be a philosophical blog post, little different from my last hardcore philosophy post here, that turned out to be my least popular post of the year.

Download the key points of this post as PDF.

But as a Philosophy major in college myself, I know not to worry about what will be popular or not when you’re making crucial points that must be addressed…so let the college popularity go to all the athletes and business/finance majors, my fellow Philosophy majors and I have had much more success over the years than them, little different from the great movie “Revenge Of The Nerds”. Continue reading

5 Questions To Ask Yourself Before Choosing Stocks

choosing Stocks

What questions should you ask before choosing stocks?

How do you choose the right stock? There’s a ton of literature dedicated to this very subject, but seemingly no definitive answer…of course you could watch this free guide on the subject, but that’s time consuming so most people choose not to.

Download the key points of this post as PDF.

Truthfully, the “right” stocks can be different for different people. While anyone can get lucky, in the long term, a lot will depend on your trading style and how you approach the market.

These five questions will help give you perspective on a prospective stock before you buy. Take a few moments to pause and ask yourself these questions before you trade and see for yourself how making this a habit changes your approach to trading.

1. Do I know what I’m doing? This is not a flippant question, nor is it one that only stock market newbies should be asking themselves. Before choosing stocks, penny stock or otherwise, you have to pause and level with yourself: in this situation, do I feel confident of my knowledge and abilities? Am I well positioned to make a good choice in choosing this stock?

Overall, many a bad stock decision is made because the trader in question simply doesn’t know what he or she is doing. And this can be for newbies and seasoned traders alike.

If you’re a new trader, signing up for the Tim Sykes Millionaire Challenge could be your first step in learning how to trade. The program instills detailed knowledge about the market so that you’re prepared to make money.

Even if you’re a seasoned trader, be able to admit when you’re in over your head. If you don’t feel confident in your abilities or your knowledge level before choosing a stock, then take a pause. Take the time to revisit your studies. You should always choose a stock from a place of confidence.

2. Have I done my research? Even if you feel confident in your prowess and education level as a trader, you still have to research every stock, every time. This is not just until you get a feel for the market. This is every single time, whether you’re new to the Timothy Sykes Million Challenge Team or if it’s your thousandth trade. If you have not done your research on a stock, then you are not trading responsibly.

It doesn’t matter what promoter or friend talked the stock up. Do your own research. Look up who the company is, and seek out any updates or developments that might inform your decision to trade. It doesn’t take a long time, but it can make or break a trade–and make or lose you huge amounts of money. This means it is well worth the relatively small amount of time it takes to do. Make doing your research a habit. It will make you a better trader.

3. Will trading this stock take me further toward my goals? Every time you choose a stock, take a moment to consider what it is you hope to gain. Not just from this trade, but from your career in general. Take a moment to reflect on your goals. Then, re-focus on the stock in question. Will this trade be a move in the direction toward the things you want in life?

For example, sometimes stepping outside of your comfort zone and choosing a different type of stock than usual can sometimes help you make a great leap in the direction of your dreams. Alternatively, choosing a stock that isn’t relevant to your strengths and knowledge set might actually take you away from your goals. Know the difference, and know when a stock is a good fit for you. Continue reading

Trading While Traveling. What Does Your Dream Life Look Like?

trading while traveling

Trading While Traveling — that’s my dream life; and I am living it.

What does your dream life look like? Does it involve a lot of money, a beach house, a big mansion along with a fleet of private jets, fancy cars and yachts? Or do you want to live simply and give most or even all of your money away to charity and help the poor, homeless and hungry all over the world? Or is it a mix of most or even just a few of the above?

Download the key points of this post as PDF.

Continue reading

How To Become My Next Big Student Success Story

student success story

 

Before we get into how to become my next big student success story: Yesterday, I reviewed different dip buying patterns HERE, so please be sure to watch that video lesson and realize that not all dip buys are created alike…this game isn’t as simple or as easy as anyone wants it to be and if you ignore the different catalysts and intricacies, it’ll cost you a lot of money and I don’t want that to happen. Continue reading

How To Make Money With Penny Stocks Right Now

penny stock trading tips

Penny Stock Trading Tips

Normally summer is a slower trading time, but these past 2 years have been outliers and now the past few weeks have been crazy with SO many hot penny stocks it’s tough to keep up…please use this weekend to review all the best patterns working right now.

Download the key points of this post as PDF.

First, watch this new video I just made summarizing today’s biggest winners with XXII and GPRO being PERFECT multi-month breakouts and LBUY having a solid morning panic I predicted in this video lesson ahead of time:

Congratulations to 2 of my top trading challenge students, Roland and Mark who each made $1,000-$2,500 today and both are now well on their way to becoming my next Millionaire trading challenge students. Continue reading

10 Quotes To Inspire You To Become A Better Trader

Quotes About Trading

Given the mentally trying nature of trading, you really can use all the support and motivation you can get. These ten quotes about trading offer inspiration and insight that can help you stay with it during the hard times and inspire you to become a better trader.

Download the key points of this post as PDF.

Trading is not for the faint of heart and we must always remember that 90% of traders lose, so preparation is key. Even with a lot of hard work and preparation, it can be a challenging profession at times, fraught with risk and potential loss. However, the benefits and financial rewards can make it all worthwhile for those who are up to the challenge.
Continue reading