Home Business Insights & Advice Timothy Sykes Millionaire Challenge- what do you need to know before signing up to trading programs like this?

Timothy Sykes Millionaire Challenge- what do you need to know before signing up to trading programs like this?

by John Saunders
27th Dec 19 1:53 pm

Making money is vital in today’s society and there are a lot of different ways to do it. Of course, we all tend to work and that funds the variety of our lives. However, there are other ways to do it on the side. Some people have other jobs on the side, some like to sell old belongings for extra cash and others like to trade. Yep, trade. A number of years ago this may have seemed like a closed-off activity that was reserved for specific people. However, recent times have shown us that almost anyone can trade. There are a lot of different aspects to it and more and more people are getting involved than ever- but that doesn’t mean that it’s easy. There are a number of different things you need to learn before you’ll be successful.

That’s why there are a variety of different ways to learn out there. You could always try and teach yourself; a variety of people have had success from this. However, it tends to be risky and is more likely to go wrong. If you want more reliable, tried-and-trusted results you should probably try and sign up for a program set up by a trader themselves. A lot of traders, both live and retired, are more than willing to pass on their expertise and that’s why these mentorships exist. You need to know what ones to go with, however, and that’s why I’m here today. Programs like Timothy Sykes Millionaire Challenge get a lot of users and also a lot of criticism, so are they actually worth using? Read on to find out in my short guide.

Now, there are a lot of programs out there and you need to be able to find one that suits you. Think of it as though you’re a sport star; different players play better under different coaches and you’ll need to find one that suits your style. Now, this isn’t as easy as it sounds. The sheer volume of courses means you have to do quite a bit of searching to find the best one for you. There are a number of things you need to consider when this is the case; how much will a course cost you when you want its contents? Are you willing to sacrifice a decent amount of money each month in order to benefit in the long term, or are you going to be looking for the cheapest available option? What kind of learning do you like to do? Do you prefer to take part in interactive workshops online or do you prefer reading notes? Make sure you take all these kinds of details into account when you’re choosing a program.

Timothy Sykes Millionaire Challenge is an example of one of the more expensive programs. It’s certainly proven to be a popular one among hard-trying traders, however, with a lot of people trying out. In essence, if you purchase it you get access to all of Timothy Sykes materials and advice- this guy is one of the best traders in the business, tends to specialise in penny stocks and has helped a large number of students over the past few years. If you do want to get access to this program, it’ll cost you $5000 and you need to go through an application phase as well. This is a steep amount if you’re just starting out and it may be worth trying out a few smaller programs first before you take this plunge. However, if you do want to give it a shot then fire away. The information you’ll be given access to is invaluable and could set you on the path to great trading success.

There are other things you need to think about at the beginning of your trading career, as well. You need to take your time over who you’re actually going to try and learn from; think back to that sports star analogy I mentioned. There are a lot of different traders out there who really invest their time and energy into training up the next generation of traders and you can tell. However, there are others who either just aren’t as skilled, aren’t as good at teaching or can’t be bothered with the whole process; they’re only in it for the subscription fees. You need to take your time when choosing a mentor to learn from and make sure you make the right decision. Check out a number of things about them; what is their current financial situation? Are they still making money or is their trading method not sustainable? Is their material fun to learn from or will it only serve to bore you? You need to make sure to check all of these things out before you settle on a mentor.

Taking your chosen mentor’s tactics into account is really important as well. A lot of traders have lots of different tactics; for example, some like to keep things simple and teach you the basics. They’’ll go through things slowly with you and allow you to build up your skills at a steady pace. Others, however, prefer to be more hands on and flashier about things. With Timothy Sykes, for example, he enjoys posting fancy pictures of his luxurious lifestyle all over his social media for his students to see. He claims this is to inspire them and to prove that anyone can achieve that kind of lifestyle through trading; it’s up to you to decide if you prefer these kinds of tactics or different methods.

The kind of stocks you’ll be investing in is a big decision, too. If you’re a beginner there’s little point in choosing a variety of stock types and investing in them all; pick a niche and stick to it. This will allow you to build your skill level up and it’ll make you a better trader overall. If you follow this kind of method, you can really start to specialise and make a lot of money, which is the real goal after all.

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