Ep 114: Trading Syke-ology With Tim Sykes
As Tim Sykes is quick to say, “It’s good to be rich.” And for him indeed it is –– this successful penny stock trader is a millionaire many times over.
He’s constantly jet-setting around the globe while working to save the world with his charitable efforts … He’s a mentor and teacher to many aspiring traders all the while. And he still trades.
Sykes has been on the show before, but since he always has great wisdom, projects, and advice to share, he’s a great guest to bring back every now and again.
Today, the two trading Tims (Sykes and SteadyTrade host Tim Bohen) talk about the bigger picture when it comes to trading. Plus, they get into how focusing on the right mindset and goals over “I wanna make money” can make a big difference in your trading career.
What’s Up With Tim Sykes?
It’s never a dull moment with Sykes, as evidenced by the many topics the Tims cover in the episode…
Saving the World
Sykes is deeply devoted to charity, and he might just go down in history as ‘The Trader Who Saved the World.’
Recently, he was involved in creating a documentary called “50 Minutes To Save The World” (which has three million views on YouTube in a month, BTW). He explains one of his motivations for being so active in this realm … After all, if we don’t save the earth, we won’t have a place to trade! Learn how crazy intelligent coral reefs are … and, of course, you can stay up to date on Tim’s trading and charity projects via the his Instagram and Twitter accounts.
Trader & Investor Summit
Did you know that Tim Sykes is the founder of the Trader & Investor Summit? That’s the ultimate educational getaway for traders, and it takes place annually in Orlando.
This is a three-day event where some of the world’s most successful traders come together to share stories, teach techniques, and impart wisdom based on their wins and losses.
Oh, and it’s also where SteadyTrade hosts Tim and Stephen chose contestants for last year’s Paper Trading Challenge.
Tickets always sell out, so be sure to register today!
A Midwest Trader Meetup For the Ages
Recently, Sykes visited Bohen’s neck of the woods. In the episode, you’ll learn about his epic Midwest trader meetup with traders including Jack Kellogg, Michael Goode, and Dominic Mastromatteo.
Laugh along as Sykes talks smack about the Midwest, saying that successful Midwest traders are only good at trading because there’s nothing else to do…
But really listen in as he talks about how these 20-something youngsters are making six figures a year by trading. It’s a testament to being prepared, working hard, and being ready for the perfect plays!
As always, Tim closes out the episode with plenty of great wisdom that traders won’t want to miss. Check it out…
- The importance of preparing. Guess what? You can’t be too prepared. Sykes talks about how, if you’re willing to study for 12, 14, 16 hours a day like his best students, you can start to see patterns with stocks. Boring? Maybe. But the results can be anything but boring!
- Work ethic. According to Sykes, “It all comes down to work ethic.” Whether you’re a trader, a farmer, an athlete, or a violinist, having a good work ethic is key to being good at what you do. You can’t just look at one stock chart and say “Oh, I’ve got it.” You have to learn the how and the why rather than just memorizing patterns.
- There’s value in mistakes. If you’ve ever held a stock too long or missed the boat entirely on a trade, don’t despair. A similar situation will come around again. And if you work to figure out where you went wrong, next time you’ll be ready to handle it differently.
- Have a long-term mindset. It can be tempting to judge yourself on what happened today. Don’t. Take a bigger-picture view. There’s going to be another trade tomorrow, next week, next month. It’s a marathon, not a sprint!
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