Category Archives: Millionaire Habits

How To Prepare For The Stock Market Open Tomorrow

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!

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 so 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

How To Be A Better Trader: 8 Dos and Don’ts

be a stronger trader

While your New Year’s Resolutions are still fresh in your mind, let me ask you, do you want to be a stronger trader? If so, there are certain things you should be doing, that ALL my millionaire trading challenge students and others that you definitely shouldn’t.

Understand that improving your trading is a lifelong process. That being said, there are specific things that you can do that will have a huge impact on your odds of success, whether you’re brand new or well-established your career. By following the tips detailed in this blog post, you’ll be on a better track to improving your trading and setting up a stronger foundation for future success.

1. DO take the leap. This tip is geared toward the newbies. Before you can become a strong trader, you need to become a trader, period. This requires taking a leap of faith. Are you ready? It doesn’t have to be a big grand leap into the unknown. The Tim Sykes Millionaire Challenge is here to guide you through the process. Starting with a basic education on trading, you’ll quickly progress into the nitty gritty of how to actually make money in the crazy world that is trading penny stocks. Continue reading

9 Successful Day Trader Habits

Cultivating successful day trader habits can be the difference between flourishing financially or floundering in your career…and I want more millionaire trading challenge students so please pay attention!

Truthfully, the differences between the trader who is earning millions and the one who is constantly losing money are typically not that great, but these differences are important and career defining. And typically, they boil down to your habits (or lack thereof). Simply put, great traders recognize the importance of cultivating money-making habits.

So how do you recognize which habits are good and how do you, well, make them habits? Here, I’ll introduce you to 9 successful day trader habits, and give ideas for how to incorporate them into your routine. Continue reading

7 Signs That You’re Ready to Be a Millionaire

ready to be a millionaire

Are you ready to be my next millionaire trading challenge student?

Sure, everyone would love to have millions of dollars drop right on their lap, but that’s not what I’m talking about here. I’m talking about actually being in the right state of mental preparedness to make your financial dreams come true.

These are seven strong signs that you are in the right head space to really become a millionaire. How do you stack up?

1. You’re ready to work hard. How is your constitution when it comes to work? Are you content to waste the day on Facebook and procrastinating, or are you able to get down to business and get stuff done? And I’m not even saying giving up your day job or school work, you can study and work hard at night, on weekends and SO many other times that most people aren’t willing to work.

Because what millionaires understand is that it takes time to actually get stuff done. If you’re in the former camp and you don’t want to work that hard, it doesn’t mean you can’t be a millionaire, but it does mean that you’ve got to change your habits. It could be that you haven’t had the proper program or training; the Tim Sykes Millionaire Challenge could be the opportunity you’ve been looking for.

2. You want to learn. Are you a voracious reader, and do you love picking up new information and skills? If so, you might be millionaire material.

If you think you know it all, or if you want to only learn enough so that you can make money, then your values are all off. Longtime millionaires frequently credit their success to a lifetime spent learning. It’s when they become complacent or think that they’ve done enough learning that their careers begin to decline. Learning keeps your mind nimble, and keeps you current so that you have the best ideas for potential business ventures or trades. A desire to learn is a great indicator that you’re ready to make millions.

3. You have a mentor. If you have a mentor, then it’s a good indicator of a strong financial future. You already realize that you’ll be more successful with some guidance, and you’re not afraid to seek it out.

If you don’t have a mentor, the fix is simple: find one…I never had a mentor and that sucked so my goal every day for my millionaire trading challenge is to be the mentor to my students that I never had because having a mentor can speed up your learning curve dramatically and literally can make you millions in a fraction of the time. Why would you go through the growing pains and ups and downs that you can avoid simply by having an advisor who is further along in their career than you? It’s like a fast track toward success. I act as a mentor to my millionaire students so that they can have the guidance I never had in my early career.

4. You can embrace a routine. This might not be a totally sexy aspect of becoming a millionaire, but you need to be able to follow a routine to get ahead. Success and strength are the rewards of consistency. Think about it in a gym setting. If you sporadically lift weights for two hours every now and again, it won’t give you the same results as if you worked out 20 minutes a day, every day. Becoming successful at business requires the same perseverance and adherence to routine.

If you want to become a trader, for instance, this means setting aside time each day to work on your career. At first the time you put aside might be a study routine as you learn the ropes of trading. Then, as you begin to actually make trades, you’ll need to identify and make habits of the routines that serve you, like waking up early, reading the financial pages, and doing your research before trading.

5. You know exactly what you want. Why do you want to become a millionaire? If it’s some dumb answer like “to have lots of money”, then sorry, but you are not millionaire material. Millionaires know exactly what they want, and they set goals accordingly.

Does it really make a difference? Well, say there are two members of the Tim Sykes Million Challenge Team who say they want to become millionaires. One has no specific goal other than to become rich. The second one has a list of specific things that they want to buy and a lifestyle that they want to attain. If they both have the same skill level, who do you think is more likely to make it happen?

My money is on the one with specific goals. If you don’t have something (or multiple things) to work toward, then it can be far easier to lose steam when things get difficult, or to be rudderless in your trading or business efforts. When you have specific goals, it keeps you motivated and gives you a measure of your success and progress. It’s an important aspect of becoming a millionaire.

6. You can learn from your mistakes. Everyone makes mistakes. Even longtime traders/business owners. I am an established trader, and I make mistakes all the time. There are so many variables in trading; you cannot be right all of the time.

But recognizing the value in your mistakes is what can help make you millions. You will mess up, and you will lose money or lose trades at certain points. But the thing is, these experiences can actually make you a better trader. If you learn from your mistakes and it teaches you to move forward differently, you can truly emerge bigger and stronger from them. It’s like an education by fire; you won’t make the same mistake twice.

7. You’re persistent. Are you the type of person who gives up at the first sign of resistance, or when things start to get hard? Or are you the type of person who can be tenacious when needed, with the ability to persist and keep trying until you get things done?

You absolutely need to be persistent to become a millionaire, remember to read this important blog post to better understand why. You have to have a strong constitution and sense of resolve. The fact is, things will get difficult at times. This isn’t just when you’re starting out; it will be throughout your entire career. This won’t change, but your ability to deal with it can. If you have what it takes to keep going when things get hard, then you may be millionaire material.

Many people want to become millionaires, but few actually make it happen. This has less to do with the difficulty of making millions, and more about having the proper mindset and preparedness. If you meet a majority of the signs discussed in this post, chances are you’re ready to take your career to the next level.

Could you be my next millionaire student? Leave a comment below if you’re serious about achieving this goal and telling me how hard you’ll work to actually make it happen!

6 Routines of Highly Successful Traders

highly successful traders

My most successful trading challenge students and I have a daily routine and that makes this game not just profitable, but also efficient and fun. So, you made be asking what are successful traders doing that you’re not? The short answer is this: nothing that you can’t be doing, you just need some guidance!

Successful traders frequently follow similar routines day in day out and we adapt it to our own schedule/preferences. While these routines aren’t the total sum of our success, they certainly offer a good start toward becoming a millionaire. So take the time to review these six routines that successful traders like my top millionaire trading challenge students and I follow, and see how adding them to your own life can help you out big time!

1. Planning out your day. How many successful traders do you know who roll out of bed at 11, enjoy a leisurely brunch, make a few trades, and earn millions? That sure would be nice, but there’s a reason why successful traders don’t have laziness as part of their lives. Continue reading

8 Ways To Reduce Trader Burnout

trader burnout

8 Ways To Reduce Trader Burnout

It’s a New Year and everyone is excited about learning and earnings and trying to do what it takes to become my next millionaire trading challenge student, but you have to remember this is a marathon and NOT a sprint so success takes time and that trader burnout is a very real thing. Not only can this make you less effective and productive as a trader, but it can also strip away your love of the process of trading. Therefore, it’s important to take proactive steps in your everyday life to avoid reaching the point of overload.

Here, I’m offering some important tips for how to reduce trader burnout. From small changes to cultivating millionaire habits, these tips will help keep you on track for the long term.

1. Automate whenever possible. Time is limited. Why waste it on repetitive and mundane tasks that are easy to automate? Consider some of the tasks that you have to do frequently, and how you could streamline them. For bloggers, automation could include things like scheduling tweets or Facebook posts in advance, so that you don’t have to take time out during your workday to engage on social media. Or if you’re a businessperson, it could mean outsourcing customer service to a third party company so that your time can be freed up. For traders, it’s using this crucial software that lessens the time it takes to research potential stock trades and patterns….so utilize it! Continue reading

8 Pieces of Advice From My Millionaire Students

Advice From Millionaire

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It’s a New Year so you need all the help you can get to become my next millionaire trading challenge student so here’s some advice from millionaire students of mine! I have seen a lot in my two decades as a trader, and I share my hard-earned knowledge with my students in the Timothy Sykes Millionaire Challenge

…but as much as I have to share, sometimes it’s helpful to hear words of advice from your peers, not just your mentor. So here, I’ve put together 8 invaluable pieces of advice from some of my top millionaire trading challenge students. Memorize these words of wisdom and let them guide and inspire you on your journey toward financial success.

1. You can do it. It’s true: not everybody will make it as a trader. But you can be one of the successful ones…if you put in enough time and effort and most of all have patience as this is a marathon not a sprint!

Take, for instance, my student, Matthew Miller. He was on the fence for a while before joining the challenge, citing “I knew that the statistics to become successful in the stock market as a day trader is roughly 10 percent…the way I viewed those analytics was that if 90 percent of day traders fail, the 10 percent who do succeed must make a killing in the market. And the 10 percent who do succeed must be doing things entirely different than those who failed.”

Matthew chose to be one of the individuals who do things differently. He did indeed sign up for the challenge, and took his studies very seriously. And so far, he’s succeeding. Believing that you can do it is a vital step toward finding success.

2. It’s OK to take it slow. Matthew Miller (the same student from the previous point) has another valuable piece of advice to share: it’s OK to take things slow when you’re just starting out as a trader.

Matthew started slow but steady: his first step was developing an interest in the market. For about a year, he scoped it out and kept tabs on the stock market while considering becoming a player. Then, after doing plenty of research, he decided to join the Tim Sykes Million Challenge Team. By the time he joined, he was ready to fully apply himself to the program.

He studied and watched the market for three more months before he made his first trade, but once he did, he was really ready and confident. He has a very bright future.

3. Focus on the big picture. This piece of advice comes from one of my top millionaire students, Tim Grittani, who is at this point an established trader with some serious experience (and profits of nearly $6 million now) under his belt. Tim advises that to really be a great trader, you’ve got to focus on the big picture.

Milestones don’t necessarily matter–it’s about the larger end goal. Tim doesn’t necessarily get excited about the dollar amount he earns on a trade. But he does get excited about the plays that advance his position, because he sees trading as a lifelong process. So instead of seeing the million dollars in profits he’s earned as having “made it”, he sees it as just the beginning of a long, happy, and profitable road ahead.

4. Keep learning and evolving. Whether you are just on the precipice of making your first trade or you’ve been active in the market for years, it’s vital to keep learning. As one of my students says, “Even after 100,000K in profits I find I can improve in my trades.” The best way to continue improving? Continue learning.

My millionaire trading challenge provides a foundation for my students, but it’s a commitment to lifelong learning and self-improvement that will ultimately make them successful in the long run.

The ability to evolve and adapt is also vital. As Tim Grittani mused way back when he had surpassed $3 million in trading profits, “It’s amazing how much my trading style has evolved since I first began. I started off trading 99% OTC stocks, mostly on the long side. Now I’m mainly a short-seller, focusing on listed stocks. I constantly try to learn new setups and new angles to attack the market, because you never know when conditions will change! Adapt or perish!”

5. Stay rooted. Sometimes you’ve got to walk, even when you feel like running. Traders often get cocky following a big profit, and that can make them act rashly. One of my millionaire students speaks of how he made consistent profits several days in a row…then got overconfident and jumped into a trade without doing research or proper planning, and swiftly suffered a loss.

Never forget to stay rooted as a trader. It can be tempting to jump right in, but you’re playing a game of Russian roulette if you trade like that. Be responsible: do your research, plan your trades, and learn from your mistakes. This calm, collected foundation will keep you from acting rashly and making poor decisions.

6. Risk and reward work hand in hand. You have to respect the balance of risk and reward in trading. Great rewards will only come with some level of risk, but that doesn’t mean that you should make risky, dangerous trades.

Basically, as my students have learned, you have to “cut the BS”. Don’t try the extremes of avoiding risk or running straight toward it, but rather, develop a healthy respect for it. Acknowledge that risk is inherent, and try to do all that you can to reduce it intelligently. Do your research, sit back and watch, and pounce at the right moment. While it might not carry the same thrill of jumping on in, you’re more likely to earn consistent profits and become a millionaire if you take this tactic. Respect risk: don’t let it scare you away, but always know that it’s there. Remain calm and controlled.

7. Patterns repeat themselves. Remember this advice, and remind yourself of it frequently. Patterns repeat themselves. For instance, Tim Grittani found that by following a classic penny stock pattern, he was able to make $200,000 every few months on a fairly consistent basis. This is an example of a positive pattern repeating itself, and Tim had/has the wherewithal to capitalize on this knowledge.

However, not all patterns are quite so positive. If you find that you are consistently losing money doing something, then it’s time for a reality check. The tables probably aren’t going to turn any time soon. So rather than blaming “the system” and hoping that things change, it’s time to learn from your mistakes and change your own conduct. Maintaining positive patterns and breaking unproductive ones is a huge key to success.

8. Don’t give up on yourself. In my observation, just about every student goes through tough times as a trader. This isn’t meant to scare or discourage you. Because while every student has experienced it, every successful student has stayed with it, persevered, and continued on their trading journey.

Remember your long-term goals, and remember, these things can take time. As it was wisely stated in The Dark Knight (you know, the Batman movie), “the night is darkest just before the dawn”. Stick with it: things will turn around eventually if you do.

My students are some of the most dedicated and talented individuals I’ve ever come across. Their hard work has paid off, and yours can, too. By following their words of advice, you can advance even faster.

Which piece of advice from millionaire traders helps inspires you the most? You tell me and leave some comments in the section below, I’m ALWAYS interested in your feedback!

6 Tips For Replacing Bad Habits With Good Habits

Replacing Bad Habits With Good Habits

Replacing Bad Habits With Good Habits

Bad habits can be a tricky thing. Everyone has them, but few have the self awareness to identify them. Fewer still have what it takes to banish them…and once you banish them, you can really move forward faster as that’s what I want — more Millionaire trading challenge students moving forward with their account value and their own knowledge base too.

Download the key points of this post as PDF.

Save big on my Thanksgiving sale HERE

To be the most successful, you really have to nitpick everything in your life, from your habits to your friends, to the websites you use…for example, in trading choosing the right broker matters A LOT as I explain in this new video lesson: Continue reading

How To Use A Trading Journal For Maximum Profit

How to Use a Trading Journal

If you’re a trader, you’re a student of the markets and you’ll need to know how to use a trading journal. And, if you want to make real money as a trader and become my next Millionaire trading challenge student then you have to take the mentality of becoming a student of the markets for life so get used to tracking everything and refining your process/honing your skills over time.

Download the key points of this post as PDF.

My best students and I take detailed notes, as you can see I do on every trade HERE, as we’re always adapting to the markets trying out various strategies and patterns and for traders, this process involves keeping a detailed trading journal. Never forget that successful traders track all of their moves and then optimize, optimize, optimize over time and while perfection is truly impossible, practice does make close to perfect in this industry and the one common element that all my top millionaire trading challenge students and I have in common is that we are meticulous in testing and refining our strategies to better adapt various market environments and our own strengths and weaknesses too.

This educational process is critical to your success and this is why we created Profitly and now have a section where you can even make your own blog posts and/or video lessons and watchlists too at https://profit.ly/contribute

If you think it sounds boring and cumbersome, maybe it is, but it’s your best shot at becoming successful so you’ll thank me later. There’s a psychology to every move you make, and there’s a pattern to every trade you enter and exit so as part of your education you must being to understand your own best and worst patterns, how they change, when they are successful and when they aren’t. And the only way to do this is to keep a detailed record of every move you make and then review your journal often.

This has been a CRUCIAL PART OF MY EDUCATION not just as a trader, but as a teacher too and that’s why I document EVERYTHING I do these days, including my 10th annual conference from just a few weeks ago as we just posted a great recap video here:

But, you don’t have to go that far, just documenting and learning from ALL of your trades is good enough, and if you don’t believe me, watch this video with my top trading challenge student who just surpassed me in total trading profits:

He’s a BIG believer in keeping track of various strategies and patterns and documenting everything, just like this great trader and this one too…it’s a trend!

What Should I Put In My Journal?

So, what are the key elements of a trading journal? Action and emotion. It should note when you entered a trade, and when you exited; your short or long position; what the stock did during that time; what technical indicators or catalysts made you enter this trade; and—importantly—what you were thinking when you entered it. Your emotional state on that day can give you insight into success or failure—so keep track. You’ve got moods, and a journal helps to establish patterns so you can better assess which days are good days to trade, and when it might be better to take a break.

Here’s a hypothetical example for someone who is a total newbie:

So, basically, if you keep a journal like this, you won’t have to ask yourself how you lost money on a trade and how you might have repeated that mistake a week later, or a month later.

Trading is a skill you learn—and keep learning—every day, even if you’ve been at it for years. There’s always something new to learn about patterns, about stocks, about the market—and about yourself.

The best way to see yourself growing as a trader is to keep a journal of your progress. And the best way to actually progress is to build on each move, which means recording each move. Otherwise you really only have a general recollection of your trades. Filling in the journal for each trade also helps you to better understand yourself in the process. It makes you dig a bit deeper into your psyche to figure out what you were thinking and why you were thinking it. It makes you examine and analyze your thoughts, not just record them for future use. So it’s useful in the present and the future.

It’s a great way to learn from mistakes; and mistakes are necessary in order to learn.

It’s also important to start the journal immediately—from your first trade. It doesn’t matter if it’s old school, with pen and paper, or digital, but digital makes it easier for you to update your journal. For instance, you might watch a stock you sold for a while and see what it did and how much you could have won or lost. A digital journal gives you that flexibility, while also allowing you to easily search it for symbols or key words.

If you’re not sold yet on the journal idea, I’ll sum up 5 benefits to having one:

 

#1 Easy Trade Tracking

Sure, you can see your trading history and all your moves on your broker app or website, but this isn’t enough. Your journal should have every relevant detail of a trade, and something your broker history won’t give you: The reasons you entered in the first place, and what made you exit. This is where you record your thought process, and it’s vital to your trading future.

#2 Easy Method for Reviewing Trades

The main reason for having a trading journal is ease of reviewing a fuller trading history. You can compare all your entries and develop a new strategy. If you enter all the details in your trading journal, it will help you track your profit goals and evaluate long-term risks and earnings. Are you making progress toward the goals you had when you set out? Your journal tells all.

 

#3 Learning From Your Trades

Every time you review your trades, you will find out what you were doing wrong, and you will learn from your mistakes. And when you learn from your mistakes, you will know how to avoid repeating the same mistake at the next trade. Also, the journal record of a good trade will help you to focus on advancing your strategy and achieving your goals. Good or bad, there’s something to learn from every trade.

 

#4 See the Big Picture

Not only will your trading journal give you better insight into who you are and what you’re capable of, but it will also give you a bigger picture of the market and how it works. Writing and reviewing your journal will tell what kind of trader you are, and what kind of trader you should be. It tells you what kind of stocks work for you.

#5 Score a Mental Victory over Loss

Your trading journal will help you to recognize your losses and turn them into a mental victory. If you don’t write down your losses, you leave them unresolved. A journal gives your closure, and lets you sleep.

Keeping a trading journal with all these details might seem exhausting. I know, you’re thinking that everything you need to learn to be a successful trader already seems overwhelming. But a journal will actually make your overall workload lighter. Remember, we’re all students, and students without notes are lost—and lost money.

So, if you understand what I’m saying in this post, then please leave a comment and promise me that you’ll follow these instructions and start using Profitly to keep track of ALL your trades…trust me, it’ll help you SO much in the long run!