Timothy Sykes
@timothysykestrader·479K subscribers·3.4K videos
Knowing When Not To Trade
Posted
July 21, 2019
Views
9,160
Likes
387
Comments
65
Engagement
4.93%
July 21, 2019
9,160
387
65
4.93%
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Trading can be addictive, and a lot of traders tend to overtrade. We all deal with issues — good and bad. That why it’s so important to have the right mindset. You have to look at trading as a process. You want the stock market to work for you, not the other way around. Here’s how I find balance in my life and refrain from overtrading.
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FULL DESCRIPTION
I’m in Hawaii, still recovering from my back injury. I tweaked my back trying to lift my heavy luggage from the overhead compartment...
So I’m still not 100%, and Hawaii is a tough time zone to trade from. I woke up at 3:30 a.m. — that’s when the stock market opens here. So here’s what I’m facing: I'm on pain meds for my back, I'm up at 3:30 a.m., and I have this big “Save the Reef” documentary premiere.
Everybody has issues, right? These are the issues I’m dealing with, so I decided not to trade today. And that it's OK.
Sometimes you miss a trade. Sometimes you take a trade you shouldn't be in. And sometimes you’re releasing a documentary and can’t trade. Look, too many people overtrade. Some days there are no good plays — don’t force it.
It’s key that you understand this and have the right mindset. You have to accept that we’re all human, we all make mistakes, and that trading is addictive. It will consume your life if you’re not careful.
You have to look at this as a process of learning how the stock market can work for you — not the other way around. Focus on building a foundation of knowledge.
You need to study the past to help you better prepare for good plays. Most of you wouldn’t recognize a good play if it was right in front of your face. Why? You don’t study enough.
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You have to learn to trade like a sniper … wait for the good setups, the setups you’re prepared for. It’s not the same for everyone. You have to establish what works best for you.
What strategies work best for you? How do you know when it’s NOT smart to trade and how do you stay disciplined? Leave a comment below and tell me.
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Hey, it’s Tim Sykes, millionaire mentor and trader. Thank you for watching my videos. I hope that they help you. I want to 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.*
* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here
