Do you want to
learn how to be a millionaire, but secretly
believe that becoming a great trader simply isn’t in the cards for you? If so,
it’s possible that you’re lying to yourself. Many people will tell themselves
blatant lies in a subconscious attempt to protect them from risk and potential
failure. However, by doing this we also talk ourselves out of discovering and
achieving our full potential.
Here are 8 common
lies that keep people from becoming great traders. Are you guilty of any of
these?
1. “I want
to be rich to be happy”. If you
think that you’re only in trading to make money, then you’re deluding yourself.
The fact is, money is only paper. Having a bunch of paper won’t make you
happy.
Money doesn’t buy
happiness…but it does buy you freedom to give you time and the ability to focus
on things that WILL make you happy. So instead of focusing on making money for
happiness-sake, focus on what you hope to do to with all your free time when
you become wealthy and what you will purchase with the lifestyle that you want
to lead which requires money. Begin to see money as a means to getting the life
you want, rather than dedicating your life to having money.
I’ll use my top trading challenge student here as an
example as the $4+ million he’s made in the last 5 years hasn’t changed him one
bit, it’s just allowed him to travel, move to the Caribbean and live the life
of his dreams and yet he still wear t-shirts and gym shorts every day
2. “I need
a college degree to be successful”.
No, no, absolutely no. While a college education can assist your career, when
it comes to trading penny stocks, a degree is just a piece of paper. If you
don’t happen to have that piece of paper, it does not mean that you can’t be a
successful trader.
See this upcoming
millionaire trading challenge student who has
made nearly $1 million even BEFORE he’s graduated college:
Moreover, many people falsely believe that their degree
qualifies them to be a great trader or have a steady employment and future. No,
college is BS, especially these days as your knowledge will be learned through
specific learning in your field, and through experience and can ALL be done
online. This is accessible to anyone. The Timothy Sykes Millionaire Challenge Cost
covers a targeted education on how to be a successful trader. In terms of
practical knowledge, this will educate you on what you need to know to be a
trader.
3. “You
need money to make money”. A lot
of people mistakenly believe that you have to start out with a hefty sum of
money to be able to become a millionaire. While it sure helps to start with
money, it isn’t necessary. It will just take you a little longer to build up to
a bigger bank balance.
I started with
$12,415 and turned it into over $4 million trading penny stocks. You could
start with even less as many of my top trading challenge students have
begun with $10,000 or even $5,000 or $1,500…you can’t be broke, but you also
don’t need to start with a huge amount…not to mention you have to study BEFORE
you ever trade, see these free video lessons and this
free guide ASAP even if you are broke!
One of the
benefits of trading penny stocks is that it requires very little initial
investment. This is part of why the Tim Sykes Millionaire Challenge is
accessible to beginning traders. Your trades might start very small, but if you
reserve your profits, you’ll be able to trade in bigger amounts as you progress
in your career. As your position improves, so will your profits.
4. “I
don’t have enough time”. This is
one of the most boring and annoying excuses that people give for not being a
successful trader. It’s also utterly untrue. If you have enough time to watch
reality TV or log on to Facebook, you have enough time to be a trader…even if
you have a job or are in school, study at night and/or on weekends, my God, I
hate people who make excuses about every single thing.
This is where you
have to be able to prioritize your time. Do you really need to play Call of
Duty for 2 hours every day? Or could you take some of that time and dedicate it
to your trading? Do you really need to wake up at 10am, or could you wake up at
7:30? Rearranging your schedule so that trading is an important part of your
regime is important to helping you attain success.
5. “I’m
too old”. A lot of people visit
my website, discover that I started trading when I was young and made my first
million in my early 20s, and instantly think, “well, I’m too old to get
started”. This is absolutely not true. I got started insanely young, it’s
true. But this isn’t like hollywood where you have to retire young. I have
millionaire students of all ages, and all
walks of life. Many have day jobs or families or other responsibilities.
It is possible to
become a successful penny stock trader regardless of your age or income
bracket. A willingness to learn and dedicate yourself to trading is necessary;
an open mind at any age will help you succeed.
6.
“Trading is too risky”. Yes, it
is true that trading, particularly penny stocks, is risky. But life is risky
and I’d be more scared about trading, or doing anything for that matter,
without any studying and preparation ahead of time. Trading can also make you a
lot of money all within a few years that other industries cannot. So in that
way, are the potential benefits worth the inherent risk? I think so.
While you’re not
going to change the fact that trading stocks is risky, there are things you can
do to mitigate the risk. For instance, you can learn all that you can about the
market; you can do your research on stocks to better help you choose good ones;
you can learn from a mentor and from your own personal
experience. Education is power when it comes to trading, and education and
research can help minimize the risk.
7.
“I’ll lose all of my money.”
I’ll concede that as a trader, it is possible to lose all of your money, so
that part is not a lie. But if you take the time to become a good trader, this
absolutely will not happen as my rule #1 here is to
cut losses quickly and trade like an absolute coward…watch this video
One of the things
you’ll learn very early as a trader is that you should never put all of your
eggs in one basket and if you trade scared you’re not scared to trade. This
means not blowing your wad on a single trade, but it also means diversifying
your income streams. Even the most successful millionaire traders have multiple
income streams. You’ll learn this early on if you do your homework as a trader.
If you think that you’ll lose all your money, it’s absolutely false.
8.”It’s
too hard to get started”. Listen,
if you’re reading this blog, then you are already in the right place to get
started. And if you’ve read through my posts and checked out my free e-guide to
penny stocks, then you already know that it’s easy and accessible.
Moreover, my Millionaire Challenge takes the difficulty
out of the process. By taking that initial step, you’ll find that it’s
actually easier than you think.
The new and
undiscovered is always a little bit scary. In general, we are very good at
telling ourselves lies that we think will protect us. But truthfully, these are
lies that only hold us down. What is the worst that could happen if you tried?
What is the best that could happen if you succeed? When you really evaluate
these questions, I think you’ll find it’s worth the journey.
How do you
lie to yourself and hold yourself back from success? Fess up in the comments
and pledge to do better!
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