timothy sykes logo

Trading Psychology

How To Grow As A Trader!

Timothy SykesAvatar
Written by Timothy Sykes
Updated 8/23/2024 4 min read
How To Grow As A Trader! Thumbnail

Most traders lose because they fall off track.

  • They don’t persevere.
  • They learn the wrong lessons.
  • They get lost.

There IS a process for profits in the market. My millionaire students and I are proof of that!

See the post on X below for a recent trade example:

Source

But without the right environment, it’s easy for my students to get lost.

I think that’s why all of my millionaire students come from the Challenge …

  • There’s a specific curriculum.
  • A massive library of materials.
  • The Challenge chat allows us to converse and share.
  • We hold trading live streams.

Below you can see an example of our Challenge chat from Friday, August 23. Even millionaire traders like Tim Grittani pop in and help new students! Grittani’s handle is kroyrunner …

Source: Profit.ly

Join the Trading Challenge today!

Having a community to hold you accountable can make ALL the difference.

And I’ve got a personal example to share with you …

My Lifelong Goal

Eight years ago I opened my first school in Bali for underprivileged children.

For me, trading is a means to expand my charity, Karmagawa.

When I first started to make money in the stock market I bought fast cars, I dated beautiful women, I dressed in expensive suits. But I quickly learned that it wasn’t a meaningful life. I felt empty. So I started to give back.

I challenged myself to build one new school and/or library for every repost that I got from my first school. You can see the original post below:

Source

This post is still pinned at the top of my X profile.

To date, I have 4,400 reposts.

But I’ve only built 120 schools and libraries …

And of course, the haters like to throw that in my face, LOL.

Here’s my response:

 

There will always be haters who try to tear you down.

In the case of trading it sounds like:

  • “Nobody makes money trading stocks, leave it to Wall Street.”
  • “It’s random price action There isn’t a framework for these moves”
  • “You’ll lose everything!”
  • You’re only making a few dollars here and there? What a waste of time! You suck at this.”

Understand, I’ve heard it ALL.

I’ve been in this industry for over two decades!

Not only am I proof that trading can be highly successful, I have a process that other traders can learn to follow.

Join my Trading Challenge to find like minded traders who focus on building each other up!

There are new students who are just like you. They’re starting with a small account, and they’re finding success right now! See my post below:

 

Cheers.

 

*Past performance does not indicate future results

How much has this post helped you?

(0 votes, average: 0 out of 5)
Leave a reply

* 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”