239: Timothy Sykes: Lessons from a Millionaire Penny Stock Trader

Timothy Sykes is a stock trader who turned his $10,000 Bar Mitzvah money into $4,000,000 through exposing the losing game of penny stocks. He then went on to found Profit.ly a community of 84,000 traders, and run a leading trading coaching program called Millionaire Trader

Favorite Quote

“Eat, drink, and be merry”

Key Points

1. Persistence and Patience Are The Only Paths to Success

So often when people set out on the path the financial success and freedom, especially within the stock market, they get in believing that they will have success quickly and painlessly, but the cold, hard, truth, is that this is rarely the case.

If you want to succeed in anything, be it with Penny stocks, podcasting, women, or life, you have to be willing to be patient, and persistent. You will get your ass kicked, you will fail, you will probably lose repeatedly before you win. But the ability to persist and remain patient despite challenges is what separates the winners from the losers.

So as you set down your path to success in life and business, remember, you will fail, you will struggle, but if you follow the proper systems and don’t give up, you will get there, and I promise, it will be worth it.

2. Convert Haters in Fans

While many people step on eggshells, trying to be as unoffensive and uncontroversial as possible, if you are doing big things in your life, you will have haters.

And while many gurus reccomend that you ignore haters, Tim prefers to convert them. In fact his first ever millionaire student became a student after publishing articles speaking against Tim’s methods before he tried them for himself.

Nothing will give you and your business more credibility than the ability to convert haters into testimonials, showing that what you sell and teach works, if you can master the art of conversion, your business success will skyrocket.

3. Money Can’t Buy Happiness but it’s Damn Important

Like Zig Ziglar said “Money isn’t everything, but it’s right up there with oxygen” and while money certainly isn’t everything, it is an indispensible tool that will allow you to live the life of your dreams.

If you have money and you know how to use it, you can live a life of freedom where you can do the things you want to do, and avoid the things you hate. You can live a life of fun, having the ability to travel, explore and adventure. And most importantly, you can live a life of impact, able to give more, share more, and help others achieve their goals.

Influential Books

1. Reminiscences of the Stock Operator by Edwin Lefèvre

2. The Psychology of Trading by Brett N. Steenbarger

3. The Fountainhead by Ayn Rand


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