12 Habits Of Millionaires – @TimothySykes

Overall great article, Sykes can really put out quality material when he wants to. Great list for trading or any career/pursuit. Bolded areas were highlighted by me.

  • Avoid the earn-to-spend mentality. If you want to get richer, you have to save some of what you earn. And if you save more than what you earn, it allows you to increase your trading account and take larger positions which in turns leads to larger profits! My 2nd millionaire student Tim Grittani made $200,000+ in one day HERE on the SAME pattern that he was making $5,000-$10,000 on a year earlier because he was more experienced, he saved his winnings and thanks to his larger trading account size, he could take larger positions.
  • Focus. This is a big one for my students. If you don’t have focus, you aren’t going to be able to make the best trades. You should also write down you goals in each trade and for life in general. This will make it far easier to stay focused and remember what you wanted in the first place.
  • Do whatever is necessary to meet your goals. I don’t care when people tell me I can’t do something and neither should you. Heck, you should use that as motivation to prove them that you CAN do it.! People who earn their millions are perseverant  in the pursuit of their goals.
  • Take calculated risks. In trading and in life, you want to take the right risks. I am always talking about the risk and reward ratio in my trades. If there is more risk than there is reward, then it’s not a good decision. If, however, there is far more potential for reward in the risk, then you should go for it!
  • Be generous. Just like on Thanksgiving of last year when I handed out food to the homeless or the scholarship program I set up at my alma mater, you need to be a generous person. People like Bill Gates, Warren Buffett, Carl Icahn, and Ken Langone are all very generous billionaires that you should look up to.
  • Start the day before the sun comes up. I often get up before sunrise to catch up on emails and other tasks so that I am fully prepared for the trading day once the market opens. I suggest you do the same. If you still have things to catch up on by the time the real work begins, you’re not going to be as focuses and in turn you won’t be as productive.
  • Read every day. Whether for pleasure or purely to learn, reading more has been known to help the mind. You could read my book, you could read SEC statements, you could read a fictional novel, just read! It’s far more productive and helpful than watching reality TV.
  • Never stop learning. This is a common theme amongst millionaires; they never want to stop increasing their knowledge base. My students are already on top of this one, especially those that watch my DVDs as well as read my newsletter and watch my video lessons. Always remember that knowledge is power!
  • Stay motivated. This is key. Some ways to help with this is writing down your goals, surrounding yourself with people that are supportive and helpful, take a break to refocus your thoughts and remember what the big picture is, etc. I love traveling, so that is one of the ways that I stay motivated. I know that if I wasn’t as successful as I am right now, I wouldn’t be able to take these amazing trips around the world, and that keeps me focused.
  • Do a good deed every day. This goes back to being generous. Helping others will make you feel good about yourself and enjoy what you are doing. That is why I love teaching. It’s an amazing feeling to know that by just telling other people how I trade and teaching them my strategy, I can help them become more financially independent and live happier lives.
  • Lastly, step outside of your comfort zone. If you want to be notable and more than ordinary, you can’t just do average things. You have to experiment and change things up! I could have just continued to trade for myself and run a hedge fund, but I wanted to help others and run my own business. This has given me a great deal of flexibility that I wouldn’t have had if I hadn’t been willing to step out of my own comfort zone.

via 12 Habits Of Millionaires – Timothy Sykes.

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