Good news for the followers of this series of posts! This review will be brief. Since this chapter is kind of a wrap up of loose ends it is only an hour long, vs most of the chapters being 3 to 3.5 hours long. That being said it may be short, but it was solid. There was a lot of commentary on mindset and planning which I always find beneficial.
The chapter begins by wrapping up the last segment. More discussion of shorting non pumps and hot sector plays like bodycams and ebola. Tim spends quite a bit of time breaking down and analyzing $ISNS.
After that Sykes goes into some random but useful items that shape his trading, primarily his “simple” focus. I agree with most of these ideas and concepts. Often so many traders try and use tons of different tools, crazy PC’s with ton’s of monitors, all kinds of indicators and trade way too many stocks. Tim details his simple one monitor laptop and desire to be in cash as much as possible, only trading when the best opportunities show up, and even then taking 1-2 positions max.
“Treat trading like a journey. No one trade will make you a millionaire but one bad/terrible trade can crush the journey.” – Tim Sykes
Last part of the chapter is based around having a growth mindset and the ability and desire to constantly adapt and change to the current trends in the market. While quick this was a VERY good chapter. I’ve mentioned it several times in this reviews, I think some of the “mindset” and planning side of things are the most valuable skills for the new trader to learn.
Rating: 4.5 out of 5
Continuation of shorting non pump’s
Body cam Plays
Long breakdown of ISNS
-Simple setup one laptop
-1-2 stocks max
-100% cash most of the time
-always looking for trades but not looking to trade all the time.
-focus on one trade at a time remember 1000*$1000=$1M
Treat trading like a journey. No one trade will make you a millionaire but one bad/terrible trade can crush the journey.
-NEVER bet/risk disaster
Never trust failed breakouts and breakdowns, play defense
Aim for the meat of the move.
Scan for percentage gainers over all kinds of timeframes
Always write a plan.
Constantly learn and grow – stick to a plan – stay disciplined and focus on overall goals.