This market environment is like something out of a movie. It’s the perfect storm. I’ll get more into that, but first…
We Need Peaceful Protests and Justice
The two are not mutually exclusive. The world is a scary place right now. With the virus, the protests, and the riots it’s pretty crazy.
We live in a world where we’re afraid to have the conversations that need to be had. Or when you try to have the conversation some people just want to shut it down. Their only response is “you’re wrong” or “check your privilege.”
We MUST end police brutality. I’ve been very open about this, posting on Instagram and Twitter that it has to stop…
Police Brutality Must Stop: WARNING — GRAPHIC IMAGES
View this post on Instagram
⚠️WARNING: GRAPHIC IMAGES⚠️ Repost from @karmagawa The killing of George Floyd is not the only instance where police have used excessive force so we must talk about this urgent issue much more before anyone else gets injured or killed! Swipe through these videos and share whichever one, or ones, you find most powerful with your followers and tag people, celebrities and influencers in the comments here so they can watch and share these videos with their own followers too — and also leave a comment below with your thoughts on this as we must all work together to spread massive awareness about this often-overlooked crisis and not only get #justiceforgeorgefloyd because #blacklivesmatter but also find ways to #endpolicebrutality once and for all because #alllivesmatter too and VIOLENCE IS NEVER THE ANSWER! #icantbreathe #stoptheviolence #justiceforfloyd #karmagawa
At the same time, looting and rioting are NOT the answer. Violence is NEVER the answer. We need peaceful protests.
This rioting, violence against police, destruction of businesses…
… it’s beyond anything that could possibly help the situation. It can only make things worse.
Looting Is NOT the Answer
This makes me sad and angry…
Waking up to this really makes me so sad, we MUST #EndPoliceBrutality because #BlackLivesMatter but we need peaceful protesting, NOT looting & violence against cops either otherwise sad scenes like this will keep happening & probably even get worse too, everyone stay safe! pic.twitter.com/1YsTKLa0gX
— Timothy Sykes (@timothysykes) May 31, 2020
Choose to Make Your Life Better
This is all so sad. Please think about your actions. Think about what you can do — what steps you can take today to improve yourself.
The world is a scary place right now so I think more people should #stayhome & trade, less chance the #coronavirus & you won’t get hurt in the #BlackLivesMatter protests, seriously why are more people not taking advantage of new technology to #staysafe & make $/spread awareness!
— Timothy Sykes (@timothysykes) June 1, 2020
Stay home and trade. Do something to make your life better. Or if you’re not ready to trade, then study. Because for all the negatives in the world right now, there’s more opportunity than ever before. Whatever you do, stay safe
New to penny stocks? Access my FREE penny stock guide here. Bookmark that guide. Keep coming back to it. The patterns haven’t changed. This market environment is giving you opportunities to trade and learn.
You have no idea what’s possible when you learn to…
Take Advantage of the Market Environment
For example, civil unrest also creates stock market opportunities. Think about it … what might spike when there’s civil unrest? Police equipment stocks. The best two examples right now are Wrap Technologies (NASDAQ: WRTC) and Digital Ally (NASDAQ: DGLY). There will be others as long as the rioting continues.
My Trading Challenge students are prepared. It doesn’t matter whether it’s coronavirus or civil unrest, they learn to spot the opportunity.
Don’t Judge Your Trades By the Numbers
May was my biggest month in years. I traded too conservatively at the beginning of the month. And maybe a little too speculative towards the end. In the end, I made $106K in profits.**
(**My results are not typical. I have exceptional knowledge and skills developed over time. Most traders lose money and trading is risky. Do your due diligence and never risk more than you can afford.)
But it’s important to not judge your month by the final number. It’s easy to say “Here’s the number, good month.”
A lot of newbies focus on the milestones…
“Oooh, you passed $1K in profits…” Or maybe it’s $10K, or $100K, or even $1 million.
They’re looking for validation, right? “Why am I studying so hard? Is it worth it?” Everybody likes celebrating milestones.
For me … I’ve been trading for so long I don’t care that much about the $106K.
First, I donate all my profits to charity. It’s either going to Direct Relief or Trunks Up. Direct Relief is supporting frontline medical workers in the fight against COVID-19. Trunks Up is a charity that helps elephants in Thailand. Because the tourism industry is shut down, the elephants need support or they won’t get fed.
There are MANY ways I could position myself to make more $, like trading big & alerting everyone in social media like many fakes do, but I trade small & donate ALL my trading profits to charity, prioritizing teaching & spending my time on watchlists, commentary, videos, webinars!
— Timothy Sykes (@timothysykes) May 31, 2020
I’m donating all that money to charity. And I trade with a small account to teach. So the amount … whether I made $86K or $106K … it doesn’t matter. What matters most is teaching students the process.
Which is why I love to share…
Student Success Stories
I’m taking advantage of the market environment. But it’s more exciting to share my students’ success. For me, that’s validation.
I am SO proud of these hardworking https://t.co/EcfUM63rtt students for their awesome trades in May, @Jackaroo_Trades who made $70k, @mono_trader who made $48k, @traderkylec who made $32k & @SublimeTrades who made $22k, ALL will be millionaires soon if they keep learning/earning! pic.twitter.com/TzO9nPp5GV
— Timothy Sykes (@timothysykes) May 30, 2020
Those guys are crushing it. They’ve all had their ups and downs. But they’ve all focused on the process. And they never gave up.
Keeping It Real: Lessons Learned from Chat Room Tech Issues
I don’t want to focus too much on this but — in an industry full of fakes — I do believe in transparency.
We had some issues with the chat room last week. In this market environment, with all the craziness, everybody wants to learn. Frankly, my whole team and I are a little overwhelmed right now. That’s me being real. I’m not trying to make excuses or say “Woe is me.”
I just want to help you understand the reality of the situation. I’m not a programmer, and I’m not tech support. But I do know those teams are working their butts off to make sure everything is working. They’re pretty sure it’s fixed now.
It’s a good problem to have, but it’s still a problem. So be patient if you see anything strange. I’ll do everything in my power to keep you informed.
For access to what I believe is the best chat room on the planet, apply for my Trading Challenge today. If you’re not ready for that level of commitment, then subscribe to Pennystocking Silver. That chat room is almost as good as the Challenge chat.
The big lesson to learn from everything — from the market environment to our chat room issues is…
Learn to Be a Self-Sufficient Trader
Learn to be self-sufficient. I go on and on about this. All my top students become self-sufficient. What do I mean by that?
You need to learn to scan for stocks, make picks, and develop a trading plan. Only you execute your trades. And only you can decide to cut losses quickly … all without someone holding your hand.
Watch this video…
How to Become a Self-Sufficient Trader
Obviously, with the pandemic I’m not traveling right now. I’m just trying to keep up with all the trades in this crazy market environment.
Part of being a self-sufficient trader is knowing what to do with alerts. So remember…
Alerts Are for Learning
Don’t chase alerts. Don’t follow other people’s alerts or picks.
“But Tim, why do you alert if you don’t want us to follow?”
I alert so you can learn my mindset and process. You should be asking, “Why is Tim Sykes buying this? Why is Tim Sykes shorting this? What is he thinking? What’s the news? Why did he sell? What was he thinking?”
In other words, use my alerts to analyze my trades. NOT to follow me into a trade. I love it when students say “Tim, I did this trade at almost the same time as you because I’ve been studying so hard. I took the trade before you even alerted it. I was already in!”
I’m trying to teach you the mindset of a successful trader. That’s what all my top students understand.
Special Opportunity: Mark Croock’s Evolved Trader
One of my top students is Mark Croock. He’s my most recent millionaire student.* He’s also the one who categorized all my video lessons on Profit.ly.
(Mark’s results aren’t typical. It takes time and dedication to build exceptional trading skills and knowledge. Most traders lose money. Always remember trading is risky … never risk more than you can afford.)
Mark’s been doing something that I don’t do — trading options. But he’s using what he learned from me to trade big stocks moving like penny stocks. It’s weird and very cool at the same time. I’m happy to say Mark is giving a free webinar on Wednesday, June 3 at 8 p.m. Eastern.
Here’s what Mark has to say…
“I’m showing people how to trade options of volatile large-cap stocks with similar patterns to the ones Tim Sykes teaches. Students could be profiting in a big way on these setups by using simple options strategies that I have used to make hundreds of thousands of dollars!”
Mark Croock’s Evolved Trader Webinar
I’ll be there — and you should be, too. Let’s wrap this up with the…
Trading Mindset Lesson of the Week
Going into the weekend, I was exhausted. I was tired and cranky. Burned out.
May was a long month. A grind. Normally I don’t look forward to the weekends, but lately, it’s different. Again, this market environment is pretty insane. There are SO many plays. But it can also lead to burnout.
You need to recognize when you’re burned out or exhausted because it affects your trading. You won’t trade well.
Know When to Scale Back
Last Friday was a weird day — I was down $30 going into the afternoon. I ended up with a solid afternoon and managed to finish the day up $2,174. But that’s not the point. It was the last trading day of the month and looked to be my first red day.
Matt Monaco, who I mentioned above, had his first red day of the month. Kyle Williams had two or three red days. You don’t have to be right 100% of the time. You’re not gonna be happy or healthy 100% of the time. It’s very difficult to have the right mindset 100% of the time.
That’s when you scale back.
Don’t trade — sometimes the best trade is no trade. Or trade smaller. Get good rest on the weekends. Catch up on sleep and then push it — because this is a hot market.
Millionaire Mentor Market Wrap
Just because it’s a new month doesn’t change the market environment. With the pandemic and the way the world is … it’s lined up to create huge market volatility. And it’s creating trading opportunities.
I recently made a special two-hour guide to help you navigate the volatility. Access my no-cost “Volatility Survival Guide” here.
Remember, it’s not a question of if there will be other trading opportunities. It’s a question of when.
My question for you … will you be prepared?
What do you think of the current market environment? Even if you’re not sure, comment below, I love to hear from all my readers!
The post Millionaire Mentor Update: Lessons from the Current Market Environment appeared first on Timothy Sykes.