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4 Non-Trading Hacks to Skyrocket Your Trading Skills

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Written by Timothy Sykes
Updated 11/17/2023 7 min read
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If you’re like most traders…you’ve probably hit a wall more times than you can count.

Overtrading…lack of discipline…and the feeling like you’re on a never ending rollercoaster of emotions…right?

It’s a common cycle that most can’t ever seem to shake.

However, what if I told you there are ways you can dramatically improve your trading without placing a single trade?

In fact, I am almost certain that several of my millionaire students took this route on their path to trading mastery.

#1: Trade On Paper

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There’s no greater way to learn than having money in the market and “skin in the game.”

However, if you take it seriously, you can find a lot of benefits in paper trading.

It’s like the trading world’s flight simulator…

You get all the experience of trading real stocks…without risking your hard earned money.

It’s perfect for newbies or even seasoned traders looking to test new strategies.

By paper trading, you get to:

  • Hone your skills in reading the market
  • Experiment with different strategies without financial risks
  • Develop a feel for market volatility and how to react to it

Over time, it can help you create a disciplined approach to trading without the emotional baggage that often comes with real money on the line.

If you’re looking for a paper trading platform…there’s nothing better in my opinion than the StocksToTrade Platform.

#2: Study…Study…Study

Tim Sykes top penny stocks list trading education September 13, 2021
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When people join my mentoring program they always ask…which one of my videos should they watch first and learn from.

They’re usually shocked when I tell them ALL OF THEM.

Yes…even my videos from 5-6 years ago are still relevant today as they were when I first recorded them.

Some things like market psychology, risk management, and developing a disciplined plan don’t change.

If you’re not part of my mentorship program responsible for developing over 30 millionaire students…I have plenty of free educational content on this blog…

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As well as, free videos on my Youtube Channel.

#3: Journaling and Self-Reflection

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One of the best ways to learn is from traders better than you. Study their best trades, take notes on what they’re doing right and wrong.

Journaling may sound a little corny…but it’s something I do daily.

Keep a journal of your potential trades, why you would have made them, and track their hypothetical outcomes.

Here’s how it helps:

  • It encourages you to articulate your reasoning, which sharpens your decision-making process.
  • It helps identify patterns in your trading thought process.
  • Reflecting on your “paper trades” can provide insights into your trading psychology.

If you’d like to learn from my trading journal you can find it right here.

#4: Network and Learning From the Community

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Several of my new millionaire students including Matt Monaco, Bryce Tuohey, Kyle Williams, Jack Kellogg, and Mariana Hincapie all worked together on their journey to becoming highly successful traders.

Engaging with a trading community is invaluable. It allows you to tap into a wealth of knowledge.

Here’s what you gain:

  • Learning from others’ experiences saves you from common pitfalls.
  • Community discussions can offer new perspectives and strategies.
  • Networking can accelerate your learning curve.

I just had one of my favorite networking events a few weeks ago at the Timothy Sykes Trader and Investor Conference. If you ever get a chance to attend one of these meetings, don’t hesitate to do it…for some it is life-changing.

 

🚀 Elevate Your Trading Skills – Even Without Trading!

Feeling stuck in a trading loop? You’re not alone.

🔥 Join Our Upcoming Live Training Session!

 

We’re hosting an exciting live session that goes beyond the scope of today’s lesson… where we’ll explore comprehensive strategies for today’s market:

Discover Unique Non-Trading Strategies: Uncover powerful methods to boost your trading prowess – no actual trading required!

Gain Insights from Real Trading Success Stories: Learn from my journey and that of my top students. Understand the mindsets and strategies that drive consistent success in trading.

Exclusive Market Analysis and Real-Time Insights: Dive into the current market dynamics and learn how to anticipate and adapt to rapid changes.

Networking and Community Learning: Embrace the collective wisdom of our vibrant trading community. Share experiences and strategies for a more enriched trading journey.

📈 Why This Session Is Crucial for Every Trader

Tailored strategies for navigating the unpredictable market.

Real-time analysis that sheds light on market behaviors and trends.

An opportunity to learn and adapt to market changes effectively.

A holistic approach to trading, blending technical skills with psychological resilience.

👉 Don’t Miss This Opportunity to Grow as a Trader!

Whether you’re just starting or seeking to refine your approach, this session is for you.

It’s a chance to gain insights and strategies that could be transformative in your trading journey.

Click here to join us and take a step towards becoming a more informed, disciplined, and successful trader.

 

🔗 Secure Your Place in the Live Training Now!

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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”