Welcome to episode 47 of the Chat With Traders podcast – I’m your host Aaron Fifield, and this week I interviewed Timothy Sykes (of Profit.ly).
If you’re not already familiar with Tim (for some strange reason), he’s made quite a name for himself as the penny stock guru, who trades, teaches and flaunts big piles of cash on Instagram. And before you can get a word in sideways, he’ll also gladly remind you that he does have ‘millionaire students’!
I really enjoyed this conversation with Tim, because we covered many substantial topics that do play an important role in a traders’ success. To rattle off just some of those topics, we discussed:
- What’s all fuss the about making a million dollars?
- How to stay motivated and get the most out of your dedicated study time?
- How to combat the urge of over-trading?
- How to avoid liquidity issues in OTC markets?
- And so much more…
Hope you enjoy this episode, with the man who has become wealthy from penny stocks (the most hated niche in all of finance) –Timothy Sykes.
“Sometimes the best trade is no trade.”
Lessons learnt in this interview:
- What’s all the fuss about becoming a millionaire, and what changes once you pass seven-figures? Is it just an arbitrary number or is there something more significant…
- Tim speaks about the irony of philosophical traders who claim they don’t trade for the money, and why you should not ashamed of chasing material items and financial freedom.
- Top tips for traders who struggle with study – those who are either lacking self-motivation, or lacking time because of work and family commitments.
- How to get the most out of your dedicated study time, what to focus your energy on to be as productive as possible, and understanding the sacrifices necessary to make it to the big time.
- Words of caution when dealing with brokers and the misleading information. Plus, a few pointers to effectively combat the urge of over-trading; focus on better and lesser trades.
- How to manage negative influences in your life, and succeed regardless, i.e. family and friends who may not believe in what you’re doing, and may try to discourage you from becoming a trader.
- The rule of thumb Tim follows to avoid liquidity issues in thinly traded penny stocks, and how scalability limitations have forced him to adapt.
- Plus, much more…
Links and resources mentioned:
- Profit.ly – View Tim’s verified performance on Profit.ly, the platform he founded in an attempt to encourage transparency. Also on Profit.ly, you can get full access to Tim’s educational DVD’s and subscription service.
- EP 010: Tim Grittani – Listen to an interview with Tim’s first ‘millionaire student’, on episode ten of the Chat With Traders podcast.
- EP 007: TriforceTrader – Listen to an interview with Matti Owens (aka TriforceTrader) on episode seven of the Chat With Traders podcast, he also learnt a lot from Tim in the beginning.
- Larry King interview – You can watch Tim’s recent interview with Larry King here, the video runs for approximately 25 minutes.
- Read SEC Filings – A comprehensive DVD created by Tim and his first ‘millionaire student’ Michael Goode, explaining how to read, analyze and understand SEC Filings.
- An Ideal Trade – Here’s a link to the video Tim referenced towards the end of the interview, walking through a trade example.
- TimothySykes.com – To learn more about Tim, trading, and education, you can visit his website and blog here.
- YouTube – Here you can view Tim’s YouTube channel, where he is constantly uploading new videos.
- Instagram – If you want to stay connected with Tim, you can follow him on Instagram; @TimothySykes.
- Twitter – And lastly, you can also follow Tim on Twitter at the same handle.
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