- What's up.
Tim Sykes millionaire mentor and trader
here with a very special video interview
with one of my students.
His name is Stephen Johnson.
Very interesting character,
as you'll see, as you'll learn.
He hasn't had as much success as some of my other students,
and he's very honest and transparent about it,
and I think that you can learn from his mistakes.
(orchestra music)
- Number one tip, I think it's pretty difficult to give.
For a sarcastic answer,
I could say, me number one tip is
that you just don't trade at all.
Because what I've found is that,
it is really, really, really, really,
really, really, really, really, really,
really, really, really, hard.
And like, it's money, right?
It's livelihood, it's wealth.
And the stock market is loads of rich people
all takin' money and keepin' money
and then a lot of average people come in,
a lot of workin' class people come in, lose their money,
the rich get richer and then normal people lose.
Like the stock market's based on capitalism,
and it's like how do you beat
or get into the circle of the elite people.
How do you like, work out what they're doing
and get as good as them?
A lotta them are super educated, trust fund babies.
Not as many in the penny stocks.
In the penny stocks they're not interested,
there's not enough money in them.
You can only make like a couple a million.
But in some of the like, 10, 11, 12 dollar stocks,
I think you fightin' against pros and it's hard.
So if you want to start, ask yourself why.
Why are you startin'?
Are you startin' because you wanna make tons of money?
Are you startin' because you want to really feel
inner growth, self-development, self-esteem, networking,
you wanna make some new friends,
and you've got an obsession about the stock market.
You need to first of all have one of these reasons.
The second tip I would give
is you'll get the rare flyers who don't need education.
The real rare ones.
But trust me like, if you just stare at a screen
and you don't know what you're lookin' for,
it's gonna be like lookin' at Chinese and tryin' to read it.
You can't do that.
Like you need someone at the beginnin'
to hold your hand and say
this is the float, this is the volume.
This is my favorite part and first green deer.
This is my favorite part and shot the first red deer.
Doesn't work in these situations.
It does work in these situations.
Now, why don't you go track some data and figure out
a lot of it on your own, as well.
Why don't you look at what I've done
what he's done what he's done what he's done,
their setups their styles, and then find your own.
And that's all you can do.
You can only take little tidbits from everyone
and then develop your own system that works
that feels good for you.
Because if you trade another person's plan
you don't really know what they're thinkin'.
You don't know when are they gonna get out
when they're gonna get in.
And that's why I don't say never follow alerts.
It's the dumbest thing ever.
So there's a couple right now.
There's one, realize the meaning,
why you're doin' it introspectively.
Two, unless you're a genius just get a mentor.
Try a few different mentors.
Get a package where you get access to different mentors.
But give yourself trainin' wheels for the first 12 months
or you're just gonna kind of waste time
and take longer to do it and lose money in the longer term.
Three, just get to grips with what all of the variables are.
Like, that's why I like Trader Checklist so much.
It literally laid out
what's the previous history of the stock.
Does it gap up and fail, does it gap up and go,
is it a multi-tier runner?
If I get in this trade,
what am I riskin' to what is me return?
Like, I really need to think that to have a proper plan.
How does the market environment change from time to time?
Why do longs make money?
Why do shorts make money other times?
Why is the market switchin'?
Why is it goin' through these cycles?
Why is it sometimes quiet and sometimes busy?
Like you really need to get a wide understanding of that
from several different people.
And the last tip that I would probably give
is a few, again, one just remember
that you can't force success.
You can't force it.
You can't study and study and study for fifteen, sixteen,
seventeen hours and be like: why aren't I successful?
You'll just burn out.
Accept that it's gonna take time.
Accept that it might not be two years for you.
Maybe it's three or four years for you.
Doesn't matter.
But accept that it's not gonna happen overnight.
Accept that you're gonna go through
some horrible, horrible depressive episodes of failure,
but it's really genuinely the people
with the strongest character who can
get back up from that failure who go on to be successful.
And so many people I think don't make it
because they can't get up from that failure,
from that rejection, from that hard process.
It's the same thing with comedians.
Like imagine going up
in front of an empty audience and tellin' jokes,
and nobody's laughing 'cause your jokes aren't very good
'cause you haven't put much time or effort
at researchin' or learning it.
And then over three, four grueling years
you get better, you get rejected less,
but you're still gonna have those nights where you bomb,
you suck, and you go home feelin' miserable like a loser,
and you're like: why am I doin' this gim?
I always make the analogy that comedians go through
the thing that stock traders go through.
We go through epic failures that lead to
temporary episodes of borderline depression.
You'll be miserable when you fail.
But like a comedian, if he comes back night after night,
if he sits and writes his scripts
and his words and his jokes, if he keeps on researchin'
and preppin' and preppin' and preppin'
and being in front of different audiences,
eventually he's gonna be pretty shit-hot.
And everyone's gonna be like: oh, how did he do it?
And he's like: well you didn't see the time's
when I was sittin' in me room miserable
because I bombed that night.
What did you learn from bombin' that night?
I need to be more like this,
need to be more casual, need to have better jokes,
need to research the audience more.
I don't know.
Stock tradin's the same.
Things are gonna suck, but you'll learn from them.
Battle scars are good.
And I'll leave it at that.
- Hey, Tim Sykes millionaire mentor and trader.
Thank you for watching my videos.
I hope that they help you.
I wanna 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.
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