Confessions Of A Penny Stock Day Trader

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I’m not afraid to admit when I make mistakes — you should never be either. I’ll show you why self-reflection is an important part of becoming a smarter trader. Watch this!

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I have a confession to make…

Even though I made profits above my average for the month* … I made some sloppy trading mistakes.

One was on Marathon Patent Group Inc. (NASDAQ: $MARA) and the other was Exela Technologies Inc (NASDAQ: $XELA).

I’m wrong roughly 30% of the time … But the most crucial thing about my mistakes is my acknowledging them. I also cut my losses ASAP — it’s rule #1.

It’s important for me to be honest so I can pass these lessons onto my students.

How can you cut losses quickly if you don’t realize you’re making a mistake? That’s why you have to constantly evaluate your performance. Track every trade. Analyze your performance regularly.

I actually encourage you to make a confessional video about your own mistakes … You’ll never be a perfect trader. And that’s the point — you don’t have to be perfect. There’s no such thing. And being honest with yourself is part of this process.

That’s how you improve.

Now, besides having some losses, I had a really good trade with Vuzix Corp. (NASDAQ: $VUZI). The setup was on point with this one, and the reward outweighed the risk. This is a play you gotta learn, so pay attention!

And I have a lot of students absolutely nailing their trades. Some are even trading better than me — I LOVE when that happens.

I’ll go into detail on the two stocks I was wrong about and MUCH MORE here. There are some major lessons in this video — don’t miss it!

Do you understand that small losses are OK as long as you learn from them? Leave a comment and say, “small losses are fine, small gains add up.”

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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.*