Category Archives: Millionaire Habits

A Survival Guide During Slow Stock Market Times

Slow Market Survival

Slow Market Survival

Nobody likes thinking about a slow stock market, but sometimes it does happen so you better be prepared. Yes, yes I know; it’s not fun, it’s not exciting, and it’s not typically time when traders are making big earnings. However, it is an important and inevitable part of trading so you better to learn to survive during the bleak times as it’s good for your training as if you’re going to be my next millionaire trading challenge student you must learn to adapt to different market environments.

Download a PDF version of this post as PDF.

Since the stock market is cyclical, it’s very important to consider your game plan for when the market gets slow as it does happen from time to time. Here are some tips for how to stay sane when the market seems to be standing still, too many traders get impatient and do stupid things that cost them big so don’t let that happen to you!

1. Know that the market moves in cycles. It may not be the most exciting fact of trading, but the market is ever evolving. Various factors including the economy, the time of the year, and world events can play into stocks and how they perform. As a trader, it can be scary and disorienting to realize that the market has shifted. If you’ve been working a certain setup that has been working well, a change in the market can throw your technique off balance. 

Simply knowing that the market can, and will, shift is a big part of slow market survival. You can’t take it personally, and you can’t change it. Accepting it versus fighting it is really a big part of the battle…adapt…or perish.

2. Consider whether or not trading is a good idea. Actively trading during times when the market is slow isn’t always a good idea. It’s a risk that should be strongly considered. This is a key aspect of slow market survival.

Overtrading in slow times can be a bad decision, not only for your account, but for your state of mind. When the market is thriving, that is the time to get in there. However, when the market is very still, you are likely just going to mess with your own mind and self confidence as a trader, not to mention grind your account down. Sometimes, an element of watchful waiting can be beneficial. 

3. Know how to recognize market changes. One of the biggest keys slow market survival is simply being able to recognize that the market has shifted. Believe it or not, it’s not always immediately evident; it might just seem like you’re having some off days. But if you’ve been reliably making profits using particular setups and it doesn’t seem to be working anymore, in spite of your best efforts and careful research, it might not be you: it might be the market. 

Recognizing market changes is something that you’ll learn in time as a trader. The ability to identify market shifts will allow you to be proactive about altering your trading methods so that you can survive. 

4. Adapt to the market. Beyond simply recognizing market changes, it’s important to know when it’s time to make a change in your trading based on the state of the market. One way to stay on top of this is by monitoring your winning percentages. If your percentages are going down consistently, this can be a sign that it’s time to adapt. Be honest with yourself: is it just you getting lazy, and not doing your research? If so, it may be time to get yourself back into following good habits. However, if you’re being responsible, studying, doing research, and working reliable setups and your percentages are still going down, it may be necessary to adapt to meet the market where it stands.

5. Look at who is making profits. The market may get slow, but it’s not at a standstill. Someone is still profiting. If you want to continue trading during slow market times, one technique that members of the Tim Sykes Million Challenge team might use is to really study the market to determine not only who is profiting, but how…for example learn from my newest millionaire student here as he’s been banking nicely lately!

Copying another trader’s techniques will rarely work out for the best. However, you can gain plenty of inspiration and direction from other traders who are making money when the market is slow. So if you can find who is making money, try to evaluate how they are doing it so that you can adapt their methods to fit your own routine.

6. Know what to look for. Particularly as a new trader, it can be hard to know what to look for in a trade. This is true all of the time, but definitely when the market is slow. Unfortunately, there’s not one easy answer to this: a lot of it comes with observation and experience. But over time, you’ll begin to identify what types of trades work in various market conditions. Take notes and learn from your experience. The market will come back up to speed, but in time, it will become slow again. Knowing what to look for in trades in all sorts of market conditions is a truly valuable thing for traders…be sure to watch this entire free guide to learn how to pick the best stocks to trade and obviously this tool is crucial too!

7. Improve your knowledge base. So, if you’re not actively trading when the market is slow, what are you doing? Members of the Tim Sykes Millionaire Challenge won’t be surprised to hear what I have to say. Study!

When the market is slow, you have an opportunity to increase your knowledge base, study up, and improve your trading know-how. This means that when the market bounces back, you’ll be a better trader.

8. Enjoy the time off. When the market is moving at a rapid pace, you need to keep up with it as there are plays galore, but it can also be exhausting. So when the market is slow, be sure to enjoy your time off!

Rest up, go travel or workout, spend time with friends and family, engage in activities that are meaningful to you. The market is not going to be slow forever, so enjoy this rest while you can and make the most out of it!

Surviving a slow market is challenging for traders of all levels, from the newbies to the old pros. However, by following these tips you’ll be able to improve your overall outlook and mindset during these slow times so that you can ride whatever waves the market sends your way…and this is part of your journey to becoming my next millionaire trading challenge student as knowing when NOT to trade is an key component of your overall knowledge.

So, leave a comment below and let me know what you like to do during slow periods and make sure you stick to it when the time comes!

Why Live Trading Is Crucial To Your Success

live trading

Live Trading

Register HERE for my ALL DAY live trading event TOMORROW, Tuesday, March 27th, 8+ hours, I’m SO excited!

And I’m SO proud of my student Steven Dux, he made $40,000+ in 1 day as I was teaching a few students in person (apply here to learn in person too as I’m doing small group training’s all over the world as I search for my next Millionaire trading challenge student…yessss, it[s a worldwide search to find dedicated students as it’s NOT easy to become a millionaire so you need to be willing to study your butt off and do the work/preparation every single day, no days off) a few days ago, contact me HERE if you want a deal on his new guide and also you Trading Challenge students learn from him as he’s lost count of how many archived webinars he’s watched, you have access to them all, you just need to take the time and study up!

 

I hope you recognize that it’s the live trading and live training that helps me create Millionaire trading challenge students as penny stocks move SO quickly and that’s why I cannot wait for tomorrow 8+ hour live trading webinar that you must register at HERE. Continue reading

8 Great Traits Of My Millionaire Students

traits of millionaire

What are the top traits of millionaire traders?

That’s a question I am asked often.

Since I established my Millionaire trading challenge, I have acted as 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.

To be clear, my trading challenge helps 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: Continue reading

How To Improve Your Trading Psychology

Important For Your Education

To become a more successful trader and my next Millionaire trading challenge student, you simply HAVE TO improve your trading psychology. After all, it’s a simple fact: the stock market doesn’t have emotions. But as a person, you do.

Many traders can fall into the trap of taking the market’s fluctuations and volatility as being personal and this bitterness/ignorance can lead to huge errors in judgment and impulsive actions.

The solution is fairly simple, though: get smart about the psychology of trading. By improving your trading psychology, you can mentally whip yourself into shape to become a stronger trader and increase your risk tolerance. Uncertain about how to up your emotional IQ when it comes to trading? Here, I’ll offer some helpful tips for how to do it.

Download a PDF version of this post as PDF.

1. Get yourself in the right mindset. As a trader, you can benefit from daily pep talks and self motivation exercises. Reminding yourself before the trading day begins that the stock prices are not personal can be a powerful reminder. Taking a few moments to get centered and make sure your head is in the right place can prevent you from making impulsive decisions in your trading. You might not totally be able to remove emotions from the equation, but it can help reduce potential damage when you find yourself making quick decisions.

2. Have a great base of knowledge. One of the best ways to improve your trading psychology is to increase your knowledge. Having a strong base of knowledge about how trading works will set you up to make better decisions, both long term and on the fly.

The Tim Sykes Millionaire Challenge is designed to give traders knowledge which is actionable and applicable. We take things a few steps beyond trading basics and work with how to use the knowledge and trading techniques to actually make money. Having this foundation gives you much better basis from which to make strong trading decisions.

3. Imagine winning. Olympic athletes will do visualizations of seeing themselves winning a race or game. It might not actually get them to win the gold, but it certainly doesn’t hurt their performance. Why not do the same with your trading? Visualizing how it might feel to win or make a big gain on trades can be motivating, and it can really prompt you to try to figure out real steps that you can take toward making it a reality.

4. Imagine losing. Visualizing a big win is important, but you should also take a few moments to consider how it might feel or what it might look like to lose big, too. Imagining the worst-case scenario isn’t an exercise designed to turn you into a Debbie Downer. Rather, it’s a preventative exercise that can keep you from making truly foolish mistakes. By considering the worst that could happen, you can take proactive steps to avoid such an outcome.

5. Remind yourself that it’s real money. Some traders actually keep a stack of cash on or near their work area. Why? As a reminder. But of what? Two key things.

For one thing, seeing cash can be a motivator of what you’re going for as a trader. For another, and possibly more importantly, it’s a reminder that you’re trading real money.

When trading online, it can be easy to forget that the numbers on your screen are actually representative of dollar signs. Those are dollars that actually belong to you. Remembering this will likely help you make smarter decisions with your money. This means you’ll be more likely to do the things I always tell members of the Tim Sykes Millionaire Challenge to do: make a trading plan, do your research and approach your trade in a meticulous way.

6. Observe the habits of successful traders. Imitation is the sincerest form of flattery, or so they say. When it comes to trading, you never want to copy another trader’s work exactly. Ultimately, this is because there are too many variables in trading to copy someone else’s methods exactly and hope for success.

However, that having been said, observing the positive characteristics of successful traders and cultivating aspects of them or methods into your own trading can be extremely effective for your own improvement. Piecing together the successful methods that work for others can make you a stronger trader. It can also help you observe the positive effects of good trading psychology.

7. Practice, practice, practice. You’re rarely good at something the first time you do it. Trading is no different. Time can (and will) be your biggest teacher. Practice is also the best and most reliable way to gain the mental strength it takes to trade and to improve your trading psychology.

Every tip listed in this post will be most effective over time and with practice. None of them are intended to be a one-time exercise, otherwise their effectiveness will be limited.

8. Observe your progress over time. One of the best ways to improve your trading psychology is to monitor, observe, and document your progress over time…use this software’s paper-trading functionality.

One of the best ways to do this is to take daily notes in a trading log. This might be in a document on your computer; it might be handwritten notes. But keep a record of what you’re doing as a trader. Document your successes, and try to see if there are trends or things that you are doing that are reliably making you money. On the flip side, take the time to keep track of things you’re doing that are reliably wasting your time and making you lose money.

Over time, this log will act as an invaluable resource to streamline and improve your trading and to make your mental clarity stronger on each and every trade.

Trading is absolutely psychological. By investing your time and energy in improving your trading psychology, you will benefit mentally and financially as well. Follow these tips religiously and you will see your results improve.

How is your trading psychology? What can you do to improve it?

10 Things Nobody Tells You About Being a Millionaire

being a millionaire

When most people fantasize about being a millionaire, they think about the sexy parts: the hot cars, the cool house, maybe even swimming through a pool of money, Scrooge McDuck-style….read this blog post to see what I think about all of that stuff.

Don’t worry: with time and effort, these things can be yours. But to get there, you’re going to have to wade through some slightly less glamorous times and put in a lot of hard work. Here, we’ll talk about some of the truth of the matter, and I’ll offer a realistic view of some of the things you should anticipate as you begin to work toward your dreams.

1. It’s simple. Yup, right here, right now, I’m going to say it: becoming a millionaire is simple. But, let me immediately clarify: simple doesn’t necessarily mean easy. Continue reading

What Is Goal Setting Theory And How Can It Help You?

Have you ever heard of Goal Setting Theory? I spoke about this topic at my 1st Tedx Talk in Sydney, Australia (still waiting for it to post online, but here’s my 2nd Tedx Talk posted).  And, while you may not think it applies to you, trust me it does!

Basically, it’s a specific approach to setting goals in a way that will make you more likely to achieve them. This is a concept that began to gain traction in the 1960s and which I believe can augment the teachings of the Tim Sykes Millionaire Challenge.

Here, I’ll offer a brief overview to Goal Setting Theory, then give specific tips on how to make it work for you as a day trader. Continue reading

10 Things Millionaires Do. Are You Doing Them?

What are things millionaires do that you’re not? Quite a lot, actually. If you want to be a millionaire, it’s not just a matter of working and studying hard. It’s also a matter of cultivating habits and traits of success and maintaining them long term….for example, as I publish this post, the stock market is closed for the week and it’s the weekend and most people are about to stop working altogether and just chill/relax…do you think that will help them become my next Millionaire trading challenge student? 

Download the key points of this post as PDF.

Millionaires are guilty (in a good way) of regularly doing these ten things. How many of these things are you doing? Read everything below carefully and leave your answer in a comment under this blog post! Continue reading

How To Trade for Success: 8 Things You Should Know

how to be a millionaire

It’s crazy that for all the people who want to become my next Millionaire trading challenge student, very few, if any of them, know much about what it actually takes to become one.

Download the key points of this post as PDF.

Because it’s a taboo subject to discuss money, there are plenty of misconceptions about how to be a millionaire. For one, many people think that once you earn millions, your work and effort is done. This couldn’t be further from the truth. Actually, one might argue that this is where your real career and potential begin, as only once you’ve learned how to become a millionaire are you really in a place to help people and influence the world, a situation you don’t really choose for yourself, but one you can’t avoid if you travel enough and see how many people around the world need help!

Here, I’ll break down some common misconceptions about being my next Millionaire trading challenge student in order to inspire your studying and work levels required to actually achieve it! Continue reading

Work Smarter and Better: 9 Tried and True Methods

An all too common catch phrase is: “work smarter, not harder”. I even wrong a blog post called “Are You Studying And Working The Wrong Way?” that is a MUST READ! The idea behind this concept is that rather than spinning your wheels doing busy work, if you really target your efforts, you can do more in less time. Sounds good, right?

Download the key points of this post as PDF.

Personally, I think that it’s dismissive to imply that you don’t have to work hard to succeed in business. Truthfully, if you want lasting success, not just flash-in-the-plan success, you’ll probably work harder than you ever have. That doesn’t mean it has to be grueling, though as these 9 methods are designed to help you work smarter and better, so that your hard work can truly pay off in record time. Continue reading

How To Prepare For The Stock Market Open Tomorrow

stock market open

Even though it’s Sunday I want you to start thinking about and preparing for the stock market open tomorrow as I’ve found a big reason why most traders fail is due to lack of preparation…don’t wait until 9:20am EST tomorrow to prepare your watchlist, do it TODAY/TONIGHT and be 100% ready for all the opportunities tomorrow morning!

Download the key points of this post as PDF.

That’s one of the biggest keys to becoming my next Millionaire trading challenge student like this great trader.

So definitely go over your big % gainer scans here and also take some time and reflect on what patterns have (speculative blockchain/crypto-news morning breakouts) and have not been working (earnings winners on day 2) lately…

The last market days I taught a dozen students in-person, go here to join the next training session and I LOVE teaching this way because it really helps students focus on good habits like patience. Please congratulate my student “Huddie” here who made $5,000 in 2 days and more importantly stuck to his watchlist and plans to a T and was rewarded for his solid discipline…this is now his 3rd year and he’s studied hard so he REALLY gets it so he actually traded the 2 stocks he profited on better than I did.  I love it when the student becomes the teacher!

So, watch and learn from this video recap of the past 2 stock market days that I’ve also had transcribed below for my valued deaf trading challenge students: Continue reading