The hustle-and-grind mentality has been popularized over the years by Gary Vaynerchuk.
Someone I admire…and who I’ve had dinner with in the past.
However, most traders focus on the WRONG thing.
They believe success in the markets comes from staying in front of their computer and trading all day.
And that’s not something I believe in.
If you want to grind, get better, and eventually become a consistently profitable trader…
Then you MUST study my videos, watch my lessons, review your trades, and master the setups.
Over the years I have established a rigorous methodology that I adhere to, which has led to a success rate of over 76% of my trades.
There are times when I get super aggressive with my trading…and days I might not place a single trade.
Unlike so many of the idiots on Fin Twit…I don’t need a hot market to make money.
So how do I stay profitable even when the market looks shaky?
Table of Contents
Why Traders Benefit From Having This
Trading is a battlefield, so are you ready?
Back when we sat in history class, we learned about world history dating all the way to 500 BC and beyond.
And what we learned from the past helped us not to make the same mistakes in the future.
Even doctors created medical journals documenting what worked and didn’t work…
And learned from what didn’t work to help them improve their process.
The same thing applies to trading, and I’ve developed a framework that can help traders understand the trading process…
Unfortunately, it’s not 100%, but it’s pretty damn close…
And yes, you still need to be able to recognize the right pattern when it presents itself.
Yes, certain days are slower than others, this is why I always go back to my trading journal.
It helps me review trades that worked, or didn’t work, and what I could do to improve overall.
Nothing is going to fix the mistakes we’ve already made, but what it will do is help you prevent them from making them again.
Trading is all about finding the right strategies and patterns that work, and one of my favorites is the morning panic.
Not every trade is going to be ideal, but over the years of studying, I’ve learned when I could expect a panic…
And what the ideal panic looks like.
But it’s important to be patient and disciplined, otherwise, you could get stuck into trades that look like this…
Avoid Choppy Trades
Whenever any of us place a trade, we get an adrenaline rush once we hit the button to buy and anxiously wait to see what happens.
The stock may tick higher, or it may tick lower, giving us a feeling of anger or excitement.
Trading can be a very emotional game, and if your first trade doesn’t work as planned, you’re rushing to find the next one to make your money back…
But at that point, you’re rushing to just find any type of trade instead of doing your research and finding the best plays available to you.
We all will suffer losses, but limiting your losses is critical.
When the market continues in this downward direction, I am patiently waiting…
In fact, I have not been so patient when the market wasn’t great, causing me to lose money.
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Here are my trades
Unfortunately, no one is perfect, but when the market is slow and there aren’t many options, I like to study what an ideal setup looks like.
Every day I populate my watchlist, and here is a stock that I am waiting to see either breaks out or has a morning panic…
Western Sierra Resource Corporation (OTC: WSRC)
Take a look at the chart, pretty choppy, right?
Even though at the time I am writing this, it’s up nearly 12%.
Sounds good when you are just looking for big percent gainers, but there isn’t an actual play for you to execute.
The reason these stocks get so choppy is that they don’t have the volume to create the volatility I look for.
Here is another example of a multi-day runner, but the play was so choppy this morning, a morning panic wasn’t worth it, so I didn’t force it.
Clean Vision Corporation (OTC: CLNV)
This is another ugly play.
You want to look for patterns like this…
Unfortunately, I missed this trade because I was flying to Dubai.
Gooooooooooood morning everyone, I just arrived in Dubai! How’s everyone doing today?! #letsgo
— Timothy Sykes (@timothysykes) January 19, 2023
But I am not upset about it, I hope you were able to spot this dip buying opportunity from its recent run-up!
Look At This
We all want to find the trades, but there are a lot of indicators that we need to factor in before the ideal play comes into place.
I teach a lot of my students about my sliding scale, and if you are just starting and learning how to find the best opportunities…
Try using this.
Even if the stock looks nearly perfect, it can do something completely opposite.
Every day before I trade, I look for 3 key things:
I trade penny stocks because they are volatile, not because they are great companies…
And recognizing key plays on stocks that are spiking on possible news and have high volume…
Or they have a low float which could lead to a possible short squeeze…
And it can be used to your advantage if you have a small trading account.
Take It One Step At A Time
Trading can be mentally frustrating and if you don’t have the right mindset, you can force trades that aren’t there.
I never said it was going to be easy, the market has a mind of its own…
But on days like yesterday, it’s important to review and not develop any bad habits by forcing trades on poor setups.
Just because you missed a trading day it isn’t the end of the world, that’s the beauty of trading, you get to make your OWN schedule.
Don’t feel like you are missing out just because you don’t trade…
What you want to do is make sure you don’t miss out on the perfect opportunity down the road because you didn’t take the time to plan.
STUDY UP!
-Tim
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