The key to becoming a millionaire, as several of my http://tim.ly/sykesmc students and I have learned going from high percentage "singles" rather than low odds "home runs" as the singles aka smaller gains add up and increase your account nicely over time!
Here's my technical analysis of the stock market. This is teaching you how to navigate the stock market for beginners.
0:27 Made nearly $2,000. Make a few thousand a day keeps the day job away
2:04 I want more millionaire students, but I can't study for you. You need to put in the work to become a great stock trader
2:29 I've been on a bit of a hot streak with my stock trades
2:45 There's been a lot going on in my personal life, so I wanted to focus on stock trading right now, and then I can share a little bit more about what's going on.
2:50 Perhaps later I can teach you some of my life lessons. It'll be a bit of confession time
3:15 Stay tuned for those "confessional" videos coming your way
3:42 The key to my success in stock trading has been taking singles, not going for home runs. Just locking in gain after gain after gain. Don't be greedy, lock in gain after gain after gain.
4:05 Going back the few weeks and looking at all of my stock trades, I've realized that I could've made even more if I wasn't so cautious.
4:40 Learn to take singles leave a comment that says "I love singles." A few hundred dollars here, a few hundred dollars there…THIS is the way to maximize profits as a stock trader
5:45 My dip buy didn't really bounce the way I wanted it. I got out for a small profit of a few hundred.
7:30 Some stock plays aren't going to do anything, and when that happens, I get out. I don't want to waste my time.
8:50 Bob Knight has made just under $300,000, and he says "I have to thank Tim Sykes" for my success
10:30 I talk about the stocks I "should've chased." But remember, when you chase, you're exposing yourself to risk.
13:30 If I had executed the trade, it would've been a 1-minute trade!
14:47 A lot of newbies are making money right now chasing, but they will get crushed when the market comes back to reality
21:00 When I show off my student's success, it's super fun, but I need to tell you something: You are going to have to work so hard on your mental concentration to become successful as a stock trader.
Hardest part about trading is emotions. Just about an hour ago I would have had my biggest gain yet with BLNK. Bought 194 shares @ $5.08 and I had the chance to sell 194 shares @ $6.10 when it just skyrocketed in minutes. I had my finger on the button! It would have been a great trade but I got greedy and thought "it's a 6 now i'm just going to let it ride" it started going down and stay consistent in the $5.80 - 5.90 range for a solid 10 minutes. I had my chance to take the profit but again greed got in the way and I said "i'll wait until it hits the 6s again." And that is when it tumbled. Went down to $5.18 in a matter of just a couple minutes and I could have sold then for no loss but instead for the third time greed got to me AGAIN! Lesson here is to never get greedy and when 6-10+% gains come take them! So glad this lesson happened today though as it was a good lesson to force me to learn good habits. Study hard and control your emotions people!
I've been studying a lot of charts and trends lately and am beginning paper trading this week, I'll be focusing more on swing trading due to my working hours. When I finally begin it will only be with $100 and as a hobby just locking in my strategy to try and turn it into $500 in 6 months. But paper trading first to test my strategy for a long while
HAHA!! I love it!! 22:59 "Tim Sykes makes a few thousand dollars a day, Yeah well I fuckin started with a few thousand dollars too." Bro, I love you. I am NOT one of your skeptics but all due respect 12,500 is far more than the thousand bucks I am starting with. That said, you paved the way and are making it easier for a guy like me to see the light at the end of the tunnel. That just means I need to work harder and follow your advice! You're a badass! Thank you for not being a dick to those of us that are starting out. #mymentor
again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again. LMAO!! But I get the point. lol
Would suggest maintaining a fairly stable list of about 10 stocks which you follow closely. And not necessarily penny stocks. Almost every day you will get spikes to short and/or dips to buy. Much less stressful than scanning new stocks to trade every day, imo. I trade mainly aapl and this alone gives me trading opportunities most days.
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