I want to thank Anthony Nieto from Investor’s Underground for having me on “The Trader’s Journey” podcast.
It was a great Q&A and I hope the lessons we covered help you to understand…
What it REALLY takes to be a successful trader.
With 27 years of wisdom from trading, teaching and life, here are the rules that build million-dollar trading careers…
Journal Every Trade
Too many people just look at profit and loss, or good trade versus bad trade.
Jack Kellogg, one of my top millionaire students, journals every single trade.
He can pull up a ticker, pull up the chart, pull up what he did right, and what he did wrong.
We’re talking thousands of trades (THAT is why he’s made $25 million).
Next up…
Share Your Losses Publicly
I know some people won’t do this (for privacy reasons). I get that.
But there’s so much to learn from it.
When Eduardo lost $70,000 on a trade, I told him to make a video.
He was borderline crying when he made it, but he learned from it.
It’s also his most popular video.
Control the Noise
When I first started, there weren’t even streaming quotes.
You had to click every single time you wanted an update on the price (seriously).
We live in amazing times, where you have access to SO much data and information.
But that also means it’s easy to get distracted by stuff that doesn’t matter.
So, stay focused.
Freedom comes from being able to block out the distractions.
Why I Love Teaching So Much
I’ve made enough from trading (I donate my trading profits to charity).
For me, meaning comes from showing people what’s possible.
Most people lose, and this industry is full of negativity and scams.
So I’m here to show you what’s possible, even though you’ll go through ups and downs.
You’ll get frustrated and make mistakes. That’s okay.
Focus on the process and you’ll be amazed at how quickly you can progress.
What Jack Kellogg Said When I Was Up $50K
Lol. In 2020 or 2021, when the market was crazy, I was with Jack, Kyle Williams and Bryce Tuohey.
One day, they were all up $300K-$400K.
I’ve always been conservative, but being around them, I started pushing size.
I was up around $50K on the day, and Jack turned to me kind of condescendingly and said, “Good job, Tim.”
I had to remind him that I’ve been trading since he was in diapers.
We all had a good laugh.
Trade Small In the Beginning
Especially when the PDT rule gets lifted (it’s supposed to be next month).
There is MASSIVE upside to trading. But there’s going to be a temptation to trade as much as possible.
And there’s going to be a temptation to trade bigger.
Remember, there’s a lot of money to be made trading conservatively.
Trading conservatively isn’t as much fun, but it’s necessary for beginners.
If you have any questions, email me at SykesDaily@BanyanHill.com.
Cheers,
Tim Sykes
Editor, Tim Sykes Daily
