Five Tips I Wish I Knew Before I Started Trading

Here are five things I wish someone had told me before I started trading. I'm gonna tell you. ( upbeat music ). What's up Tim, Sykes, Millionaire, Mentor and Trader here? Answering your questions. I love getting questions.

First before I begin. Please click subscribe click the little ringing bell so that you get notified of my new video lessons.. I'm trying to help you I'm trying to teach you. I'm. Trying to be the mentor to you that I never had.

A lot goes into every single trade that I do it doesn't matter. If I'm trading big, if I'm trading small., I'm. Always thinking I'm being meticulous ahead of time before I risk my hard earned money.. So the first thing that I wish I had known before I got started trading.

I wish someone had told me that it's. All about your planning, it's, all about being meticulous.. What is your goal for a trade? What is your risk? What is your thesis? What is the past performance like? What is the intraday chart? Look like What is past one month, six months, one year, two years: What's, the sector? Doing What's, the ? Doing? What's the floor? What time of day is it You need to think about? All of this stuff - this is all in my Trader Checklist Guide.

I'm gonna post. The link to that guide just below this video watch. It okay be prepared. Lesson number two: don't focus just on the money that you could make always consider the money that you can lose protect your butt, because 90 % of traders lose.

I don't want that to happen to You. Too many people get infatuated with the potential and they don't think that they can be wrong. They get very narrow minded. They have blind spots, galore. So understand you can lose on any trade.

, So that should make you more conservative.. Third thing: I wish someone had told me: cut losses quickly.. I know this is my rule number one, but I wish someone had told me this where, if a trade doesn't go well if a trade is going against you for whatever reason.

Okay, Anything can happen. The longer that you're in a stock, especially a volatile stock, a volatile penny stock, the greater risk you have, they might have good news, they might have bad news, they might issue toxic financing.

They might somehow do a good financing where they raise a lot of money at the current price, which is a very big positive. Something might happen in the overall . Three out of four stocks fall on the .

Rule number one. You cut losses quickly.. That way you don't have to think okay, It makes it very mechanical. You stay very disciplined.. It's very difficult to do this, though, because you wan na make money, but sometimes you have to focus on rule number one and you have to cut losses quickly.

. Sometimes the best trade is a small loss containing that loss, not letting a small mistake turn into potential big disaster.. The fourth thing I wish someone had told me about - I guess I would say singles - add up.

. I wanted to be a millionaire when I first got started. I think everyone wants to make a lot of money. Even if you say. Oh, I don't wan na be a millionaire. I just wan na make an extra 50,000, but you still want money right, Like you get into trading, because you want money.

. I wish someone had told me that the key to making a lot of money, especially with penny stocks, is small gains added, up.. Okay, it's, not going for home runs it's, not researching 5000 companies and trying to decide the one company that's like has the best technology.

That's like trying to find a needle in A haystack it's, not worth your time there's terrible odds.. For me, I want to take small gains $ 100 $ 500 $ 1,000 $ 2,000 on stocks that are already moving., And I think that would be the fifth thing that I wish.

Someone had told me about focus on stocks that are already in play.. With penny stocks, you don't need to be. First is actually bad to be first because you might be waiting a week a month, six months, a year, five years before the catches up and meanwhile there's, opportunities galore and you're stuck in whatever stock, because you're like oh, I've done the research I've.

Seen it., I've seen so many companies come and go.. Even if you do perfect research, even if you know everything something could happen and the company will fail. Most penny stocks do fail, so focus on plays that are hot, with news that are moving that have a lot of volume and that you can exit easily.

. I would not do any restricted stock. I would not trade in liquid stocks where there's, not a lot of volume where you can't necessarily get in or out very easily stick with stocks that are in play where there's kind of like the Day trader mob, where they're moving in and out of the play, so you have a lot of volatility, whether you like going long or short.

, I'm gonna give you a bonus, one, six things that I think you should Know be willing to go long or short, don't just say: oh, this company is terrible. I will never buy it. Guess what sometimes the most fundamentally screwed companies spike the most, because they have the most short sellers in them and that creates a short squeeze, especially what's happening in 2019.

Lately., Do not just say: hey there's, no way to make money. In this there's, usually a way there's, usually an angle whether you wan na bet on higher prices or whether you say hey. This is a scam that's being promoted by email and newsletters, and once the email and newsletter stop promoting the stock is gonna crash.

Let me look for shares to short. Start looking for different potential profit angles and there might not be shares to short. There might be no profit angle, but at least start considering that.. When I first got started trading, I was not very flexible.

Even when I first got started teaching, I was like you have to do it one way and over the past 20 years of trading now and 10 plus years of teaching, I've, become very flexible and very adaptable to whatever opportunities there are.

. I'm, always thinking is there something here Or is there a good setup with good odds? Sometimes they're, not sometimes the best trade is no trade, but at least I'm looking and if you're, always looking and you start seeing what plays work over time, you start adapting to what works and that's, what you need to do.

! This is all about a game of adaptation.. How quickly can you adapt to moving stocks to moving s, And you find what you're best at, but that's? A few lessons that I wish I would have learned. Leave a comment below this video.

. Let me know if any of these lessons resonate with you.. I'm curious. I'm, trying to put myself back in my like beginner mindset, but you tell me what is something that you're having trouble with or something that you had trouble with, and you've overcome.

Leave a comment. I'll, talk to you, soon., Hey Tim, Sykes, Millionaire Mentor and Trader.. Thank you for watching my videos. I hope that they help you.. I wan na share everything that I've learned over the years.

. You can check out more videos right over there and also click subscribe so that you can watch all of these videos, get that knowledge and become my next millionaire students. ( upbeat music. ) here are five things I wish someone had told me before I started trading.

I'm gonna tell you what's up Tim, Sykes, millionaire, mentor and trader here. Answering your questions. I love getting questions first before I begin. Please click subscribe. Click the little ringing Bell so that you get notified of my new video lessons.

I'm trying to help you. I'm trying to teach you I'm, trying to be the mentor to you that I never had. A lot goes into every single trade that I do it. Doesn't matter. If I'm trading big. If I'm trading small, I'm, always thinking I'm being meticulous ahead of time before I risk my hard-earned money.

So the first thing that I wish I had known before I got started trading. I wish someone had told me that it's, all about your planning. It's, all about being meticulous. What is your goal for a trade? What is your risk? What is your thesis? What is the past performance like? What does the intraday chart? Look like what is past one month, six months, one year, two years, what's, the sector, doing what's, the ? Doing? What's the flow? What time of day is it you need to think about all of this stuff? This is all in my trader checklist guide.

I'm gonna post, a link to that guy just below this video watch. It. Okay, be prepared lesson number two: don't focus just on the money that you could make always consider the money that you can lose protect your butt, because 90 % of traders lose.

I don't want that to happen to you too many people get infatuated with the potential and they don & # 39. T think that they can be wrong. They get very narrow minded. They have blind spots, galore so understand you can lose on any trade, so that should make you more conservative third thing.

I wish someone had told me cut losses quickly. I know this is my rule number one, but I wish someone had told me this where, if a trade doesn't go well if a trade is going against you for whatever reason.

Okay, anything can happen. The longer that your in a stock, especially a volatile stock, a volatile penny stock, the greater risk you have you know they might have good news, they might have bad news, they might issue toxic financing.

They might somehow do a good financing where they raise a lot of money at their current price, which is a very big positive. Something might happen in the overall . Three out of four stocks fall in the .

Rule number one: you cut losses quickly. That way you don't have to think okay, it makes it very mechanical. You stay very disciplined. It's very difficult to do this, though, because you want to make money, but sometimes you have to focus on rule number one and you have to cut losses quickly.

Sometimes the best trade is a small loss containing that loss, not letting a small mistake turn into a potential big disaster. The fourth thing I wish someone had told me about. I guess I would say you know singles add up.

You know I wanted to be a millionaire when I first got started. I think everyone wants to make a lot of money. Even if you say, oh, I, don't want to be a millionaire. I just want to make you know an extra.

Fifty thousand, but you still want money right like you get into training, because you want money. I wish someone had told me that the key to making a lot of money, especially with penny stocks, is small gains.

Added up. Okay, it's, not going for homeruns it's, not researching 5,000 companies and trying to decide the one company that's like has the best technology that's like trying to find a needle in a Haystack it's, not worth your time there's, terrible odds.

For me. I want to take small gains $ 100 $ 500 $ 1,000 $ 2,000 on stocks that are already moving, and I think that would be the fifth thing that I wish someone had told me about focus on stocks that are already in play.

With penny stocks, you don't need to be. First is actually bad to be first because you might be waiting a week a month for six months, a year, five years before the catches up and meanwhile there's, opportunities galore and you're stuck in whatever stock, because you're like oh, I've done the research I've, seen it.

I've seen so many companies come and go. Even if you do perfect research - even if you know everything something could happen in the company will fail. Most penny stocks do fail, so focus on plays that are hot, with news that are moving that have a lot of volume and that you can exit easily.

I would not do any restricted stock. I would not trade in liquid stocks where there's, not a lot of volume where you can't necessarily get in or out very easily stick with stocks that are in play where there's kind of like the Day, trade or mob, where they're moving in and out of the play, so you have a lot of volatility, whether you like going long or short, I'm gonna give you a bonus, one, six things that I think you Should know be willing to go long or short, don't just say: oh, this company is terrible.

I will never buy it guess what sometimes the most fundamentally screwed companies spike the most, because they have the most short sellers in them, and that creates a short squeeze, especially what's happening in 2019.

Lately do not just say: hey there's, no way to make money on this there's, usually a way there's, usually an angle whether you want to bet on higher prices or whether you say hey. This is a scam. You know that's being promoted by email, newsletters and once the email newsletter stopped.

Promoting the stock is gonna crash. Let me look for shares to short start looking for different potential profit angles and there might not be shares too short. There might be no profit angle, but at least start considering that you know when I first got started trading, I was not very flexible.

Even when I first got started teaching, I was like you have to do it one way and over the past 20 years of trading now and ten plus years of teaching, I've, become very flexible and very adaptable to whatever opportunities there are.

I'm, always thinking is there something here? Is there a good set up with good odds? Sometimes they're. Not you know. Sometimes the best trade is no trade, but at least I'm looking and if you're, always looking and you start seeing what plays work over time, you start adapting to what works and that's.

What you need to do this is all about a game of adaptation. How quickly can you adapt to moving stocks to moving s, and you find what you're best at, but that's? A few lessons that I wish I would have learned, leave a comment below this video.

Let me know if any of these lessons resonate with you, I'm curious. You know I'm, trying to put myself back in my like beginner mindset, but you tell me what is something that that you're having trouble with or something that you had trouble with, and you've overcome leave A comment I'll talk to you soon, hey Tim, Sykes, millionaire, mentoring trader.

Thank you for watching my videos. I hope that they help you. I want to share everything that I've learned over the years. You can check out more videos right over there and also click subscribe so that you can watch all of these videos.

Get that knowledge and become my next millionaire student, [, Music, ]