Timothy Sykes. How to Do Well Stock Trading. Episode 491 with The Real Brad Lea (TRBL)
Episode description
Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Originally from middle-class Connecticut, Tim had an interest in the stock market from a young age. Tim now can teach you how to do it and his approach as a teacher has been different than any other traders you know.
In this episode, Tim and Brad discuss how Timothy does well stock trading in all different market trends, take notes and tune in!
00:00 Intro
04:00 Rule number one is to cut losses
06:58 Timothy’s best lesson
08:20 Crypto
11:15 Training
12:20 “Lose money that you can afford to lose.” - Timothy Sykes
13:08 Bomb: “A profit is not a profit until you cash it in.” - Timothy Sykes
18:30 “Trade like a sniper.” - Timothy Sykes
18:50 Building schools
25:00 Bomb: “Come back to me when you lose enough; that’s the beauty of having a superior product.” - Timothy Sykes
28:55 Bomb: “Teachers should get awards.” - Timothy Sykes
29:48 Bomb: “With better teachers, we have a better future.” - Timothy Sykes
34:35 Wolf of Wall Street//Jordan Belfort
38:06 Check out https://www.timothysykes.com for Tim’s blog
44:00 Company’s with stories
46:56 Bomb: “If you’re going to make life changing money, it’s going to take time.” - Timothy Sykes
48:14 Bomb: “You can’t control the market, but you can control your preparation, that’s all you can control.” - Timothy Sykes
50:00 Bomb: “If anyone can do it, you can too, it’s about the work you’re willing to put in.” - Timothy Sykes
54:10 The recession