Change The Way You Trade
with Timothy Sykes
In this episode of the Making Bank podcast, we welcome a guest for the second time — Timothy Sykes. Timothy was once an aspiring pro tennis player, but an elbow injury eliminated all chances he had of going pro. Since then, Timothy has set his focus on the stock market. Today Tim Sykes is a penny stock trader, entrepreneur, and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of his Bar Mitzvah money that he had saved up while in school. After becoming disenchanted with the hedge fund world, he established the Tim Sykes trading challenge to teach aspiring traders how to follow his trading methods. He has been featured in various media outlets, including CNN, Larry King, Steve Harvey, Forbes, the men’s journal, and many more. Tim is also an active philanthropist and environmental activist and has donated millions of dollars because he wanted to give back and start impacting people’s lives.
This week on the podcast, Timothy talks about how to be a successful trader and dives into the most common mistakes that most people make when starting in trades. He also gives many tips on improving your life, mindset, and becoming a better overall human.
Listen to Josh and Timothy discuss trading and life tips:
(5:25) Living The Life You Want To Live
Many people see Timothy with his laptop trading in some of the wildest and most ridiculous spots, and many think it’s just to brag. To Tim, it’s more about being able to document his life. He wants to show people you can take your laptop or phone anywhere in the world and still trade. Tim believes that you decide to live whatever life you want to live, so choose to live a life that’s worth living no matter what other people think.
(9:58) Strategy For Success
Tim credits his success to his ability to be adaptable. Over the last few years, the world has been quite unpredictable, so your ability to adapt and overcome is essential, especially regarding trading. The most important thing is to be open to opportunities and adjust to take advantage of the opportunities presented to you. Listen to your heart, and don’t be closed-minded — you’ll be shocked at the life you can create.
(16:58) Tips For Trading
One of the best tips for trading is being able to cut your losses early. Don’t be afraid of getting out; there’s always going to be the possibility to buy back in later. Many people follow the crowd, but the results that come from trading are on an individual basis. Learn to keep your gains bigger than your losses and focus on trading individually. A lot of small gains add up over time. Being a successful trader means focusing on winning strategies and staying disciplined.
(21:41) Most Common Trading Mistakes
Tim talks about how he’s made many mistakes trading because so many mistakes can be made. Some of the most common mistakes start with not cutting your losses quickly. Another mistake is putting all your eggs in one basket — 90% of traders lose, so you have to understand the game but don’t try to do too much. Also, don’t put off studying — trading is a game of preparation, but many people don’t put in the time to prepare. Finally, no matter how much you prepare, you might still lose, so learn not to get discouraged by your losses and try again. Treat your losses as lessons.
(27:59) Be Real, Learn Discipline, And Work Hard
When it comes to being a better version of yourself, learn to be real — be natural and put yourself out there. Have a positive attitude, be authentic, think long-term, and then work on it every single day. In order to get better, you need to be disciplined, so learn discipline, build a foundation of knowledge and then work hard. While some people think that’s boring — to a certain degree, that’s true. However, just being an “exciting” person doesn’t mean you are going to make money and be successful in life.
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