Timothy Sykes spotlights the millionaire trader mindset in his recent podcast.
Timothy Sykes is a multi-millionaire penny stock trader turning a few thousand dollars into a million dollars in a few years.
Timothy Sykes is also a coach. He claims to have created three dozen millionaires all in the past few years.
“I can teach you all the lessons, the rules, and patterns, but a certain mindset is required;” he said.
“I can teach you all the lessons, the rules, and patterns, but a certain mindset is required”
Timothy Sykes
Timothy Sykes spotlights the millionaire trader mindset, which has the ability to focus
“Trading is a mental game, it is you versus you. You need to be mentally prepared,” he said.
“A lot of my million traders have excellent spreadsheets tracking their patterns and every trade they made,” he added.
He believes data gives traders the confidence to size up.
“Sticking to a plan under stress. How well you plan, how well you stick to the plan,” he said.
“It is difficult to lose big, or lose everything if you trade scared, ” he added.
“It is difficult to lose big, or lose everything if you trade scared”
TIMOTHY SYKES
Timothy Sykes spotlights the millionaire trader mindset as sticking to a plan but also being able to improvise
Stick to the plan, trade small and cut losses quickly.
“You should anticipate based on the past if you study patterns enough. You should improvise when trading,” he said.
“Your job is to learn how to grow your account” – Timothy Sykes
What does Timothy Sykes mean by improvising?
“You do not have to wait for a loss to happen just because the plan is not working.
If you have a smaller account, you do not have to wait for the loss to get triggered if your goal is specifically to grow your account, which you should be,” he said.
“Your job is to learn how to grow your account. You can turn off your profit and loss column and get more aggressive later on, but do not do that at the beginning,” he added.
Being patient
He believes that trading is not an exact science and that the odds can be on your side by waiting for an opportunistic setup like dip buying, where the stock is already down 30 to 50 %.
You have an advantage if you know the pattern.
“You have an advantage over all the newbies who don’t study. The more time you put into studying and preparing, improves odds of success. Trade the stock or position you are in, don’t worry about everything else. I focus on one position,” he said.
I take one position at a time, sometimes two maximums. I like to look at every single candle. I am like a micromanager. Fight the battle that you are technically supposed to fight.
Timothy Sykes spotlights the millionaire trader mindset, in which they remain calm and unemotional
Emotions are weakness, and weakness is vulnerability. Trading is about discipline. He said that we don’t trade emotionally.
It is very mechanical, and he does everything methodically and habitually.
“Keep it simple KIS,” he said.
