Are you new to trading? Have TONS of questions such as, “Where do I start?” Well, you are in luck! Today’s topic, Your Newbie Questions: Answered!
We All Started Somewhere
Every new trader begins somewhere whether it mean you lost your job because of this Covid-19 pandemic and are looking to supplement your income… Perhaps you are bored and want to try your luck with the markets.. You could even be a parent looking to make extra money for your kid’s college fund! Whatever the reason that brought you to this post I am happy to answer the most basic and commonly asked questions I receive on a daily basis! here’s to Your Newbie Questions: Answered. LOL
The photo above represent new traders as we must all take baby steps in order to grow our accounts. You will constantly hear Tim talk about your two accounts. He is referencing your knowledge account and your trading account. This is why we must expand your knowledge account before you risk your trading account as so many knew traders may not even know what questions to ask and that is quite alright! Rest-at-ease as I am here to answer very basic question that might seem like no-brainers, but; for so many, these are difficult to find answers to. That is why this blog is ALL about Your Newbie Questions: Answered!
I, also, want to teach you how you can work towards becoming a little more independent and able to find the answers to your questions on your own. For instance, great job taking action reading this post. You are well on your way to being able to research your own answers!
How To Find Your Answers
This chapter starts at the end. Counter-intuitive right? HAHA well, you’ll find that a lot of successful traders have counter intuitive rules, research, and answers!
Ask Your Question in Google Search and Type Timothy Sykes
Crazy Simple RIGHT!?!?
Who is Timothy Sykes? This is my teacher/mentor/guru. He has taught me everything I know thanks to Penny Stocking Silver and his Millionaire Trading Challenge. (disclaimer: I am constantly learning and adapting as I will never know everything. Don’t think that I am a teacher because I am not. This is a blog that I started as homework and I continue to write what I learn.) He has been trading well over 20 years (Basically my entire life) and has been teaching over 10+ years.
Tim verifies EVERY trade he has ever made on Profit.ly! Profit.ly is a website he had his team develop in order to encourage other traders to show every trade to the public. This is called Transparency. Transparency is something most traders don’t want to participate in as it proves they are typically Frauds, Fakes or Scammers! If a Furu (fake guru) won’t show you every single trade that they have ever made (track record), then they are usually hiding something and it is best to avoid them completely!
Transparency is King
The Music Video Below is Tim calling out traders who are fake and lying about their trades on Twitter because they are refusing to verify their trades transparently for the public on profit.ly!
You can find me on profit.ly under Tessa Lamping or click the record tab at the top right of this blog. Another trading journal I want to tell you about that I use is TraderSync. This is my personal online trading journal that I use when I am on the go. TraderSync was developed by students of Timothy Sykes. Many traders love the convenience and being able to customize their layout/statistics/etc all on a user-friendly page.
Become a Student
By becoming a student under Timothy Sykes via PennyStocking Silver or for the truly dedicated students, applying to the Millionaire Challenge (I say apply because only the truly dedicated students get accepted). Not sure which kind of student you are? Simple. Join Silver and if you are still just as dedicated as you were from day one, then try applying for the challenge. Mind you, it is not for everyone, so there is no shame if you are lazy. Don’t waste your time. Simple.
Not sure how much the challenge costs? Apply and find out! It’s not hard to make an appointment and ask. This shows you are dedicated and will take the steps to research yourself. We ALL have to do it. So Just DO IT!
Follow The Syllabus
So many students ask me where they should start once they join the Challenge. Your Newbie Questions: Answered! Every student should start by following the course syllabus which should be in your email. Your teachers have spent their time making it for students for a reason. Don’t even question what material should be studied until you have completed the syllabus.
Charts, Stocks, Candlesticks, Green Day, Red to Green, Offering, Volatility, Liquidity, Float, Market Cap… these are just a few basic terms that you MUST know if you plan on being a trader. Not sure how to find out what they mean?
What was trick #1? Google your question and type Timothy Sykes. That is one option. He has written about everything under the sun it seems like and has answered every question I have ever asked myself. You can even find many of your questions answered on his YouTube Channel.
Another resource you can use is Investopedia.com since they have a very useful dictionary. Their dictionary is fantastic for learning definitions regarding trading. But of course, as with everything, take it with a grain of salt. Some definitions traders use may mean something different, so if you are truly confused, then go ahead and ask the trader what they mean BUT only after you did your research!
You can also type in the word you are questioning; for example, Dilution… into your search bar and type, “Dilution Definition”. This should give you the definition of Dilution. You may also want to add, “Stock Dilution Definition,” this may help with some definitions that could apply to the same word that could have multiple meanings.
“What Broker Should I use… I am Having Broker Issues”
One of the most important questions any traders must ask themselves at some point, “What Broker Should I Use?” Your Newbie Question: Answered! Type in Brokers Timothy Sykes . Crazy! So simple! He writes blog posts and posts videos on the most current broker he uses and how they suck the least at the time in which his blog has been written. Remember, perform your own due diligence as it varies upon your location and needs.
I use E*Trade because I read a blog post written by Timothy Sykes, watched many videos of him using it and explaining why, then I went on to Etrade.com and researched if it was meant for me. This broker may not be right for you. That is why you must never become “married” to your broker. It is quite alright for you to open up multiple brokerage accounts and find the one that is right for you.
This question isn’t as simply answered as you think. There are such things as Prop Firms, Off-Shore Brokerage Firms, and many more. This is why YOU MUST research different brokers! I will leave several links Here, Here, and Here and HERE which should help you make a better informed decision. Mind you, by becoming a student of Timothy Sykes, your hand is held when learning about making these kinds of decisions.
Also, if you are having ANY questions about your chosen broker or a broker you are thinking about using, don’t hesitate researching the broker’s website or calling the broker. They are there for a reason. Perform your research. Not sure if you are under the PDT (Pattern Day Trader) Rule then call your broker. No one knows your broker better than your broker.
If you are having issues with ANY site in question, contact their contact email, call their contact phone number, leave comments on their page, etc. This is great advice for many things in life. You may even find the information on their FAQ link. These are some tips to help you succeed and become a self sufficient trader!
“How Much Money Should I Start With?”
Your Newbie Questions: Answered! Whatever you are able and comfortable with losing. WHAT?! Didn’t expect that answer? Well, welcome to transparency. 90-95 % of traders lose/blow up their accounts. And 100% of traders lose at some point on their journey. That’s just the name of the game and most traders don’t want to take the time to grow their knowledge account. So congratulations if you have made it this far!
Don’t use money you need to pay off your credit card debt. Don’t use money that you need to pay your bills such as food money, insurance money, rent money, etc.
Make sure you can afford to lose these funds as your first several years are about growing your knowledge account, testing the waters, catching up on years of stock market history you have been missing out on.
Isn’t there a saying that states something about how it takes 10,000 hours to become and expert? Well, luckily, Tims lessons take only a few years to learn. But it is up to you to be dedicated enough to learn them and apply.
You definitely don’t want to lose a significant amount of money that you can’t recover from. Keep is small, Keep it safe, Keep it recoverable!
This photo represent the Behind-the-Scenes of what it takes to become a self-sufficient trader and research is the main game! It takes a team to setup a photoshoot and it takes a team to help educate new traders!
“Should I Use StocksToTrade and What is It?”
Your Newbie Questions: Answered!
Basically if Tim Sykes says it is important, It’s Important! With my experience, there is no other software out there that is meant for penny stocks like StocksToTrade. Tim Sykes and his team have spent years developing this software for penny stocks. There is no other stock scanner like StocksToTrade. If you are not using this scanning software, then you are missing out on the best penny stocks to trade.
Tim is a teacher and his whole purpose is to help students become millionaires. He has spent over a decade trying to form his teaching around what will help his students reach this goal. StocksToTrade is designed by him for us! Don’t cheap out on your education by being lazy! That is the wrong mindset!
StocksToTrade is a stock scanner and NOT a broker. But it does have a broker integration feature that allows you to link your brokerage account to the stock scanning platform so you CAN trade from the StocksToTrade platform. This is just one of MANY features that Tim and his team have worked on developing.
Not sure what Level 2 is and wondering wether or not you should add it on StocksToTrade? The simple answer is YES and GET THIS DVD to learn why Level 2 is SUPER IMPORTANT!
Your mind will be BLOWN once you use StocksToTrade. By taking the time to try the trial for just a couple dollars, you will never want to trade without StocksToTrade again!
Begin Your Research
Now that you have an idea regarding researching your ideas and what to look for along your trading journey, you should have the very basic tools to complete your basic research! CONGRATULATIONS!!!! You now know how to begin your journey. When you look back years from now, you will be laughing as you reminisce how new you were and that you didn’t know the very basics of trading.
By no means have I covered everything or even the beginning of everything. This is just the absolute baby steps to questions I am receiving Every. Single. Day.
Hopefully you now understand how to ask a question and type it into Google or whatever search engine you are using to find your answer. Unsatisfied with the answer you received? Try YouTube, read another blog, read another website, watch Tim’s DVDs, and become one of his students!
And If all else fails you can find me on Twitter, along with Tim’s other students, we are happy to help!
Thank you for reading and hopefully Your Newbie Questions: have been ANSWERED!