- What's up, Tim Sykes, Millionaire Mentor and Trader,
here with a very special interview
with my top student Tim Grittani,
who has $1500 now into over $7 million.
It wasn't easy, it didn't happen overnight,
learn from his journey.
(dramatic music)
- So I first got into trading back in February of 2011,
that's when I joined Pennystocking Silver,
and I got into it because really, I just wanted freedom.
That was what it boiled down to,
like I didn't go into this with the idea
of I want to be a millionaire.
I wasn't trying to get rich quick or anything like that.
I just wanted a way out of the only path that I saw.
And at time, I mean I had been working summers at State Farm
and I mean, it was a fine job,
but it certainly did not make me happy.
And I had been a finance major who really didn't like much
in the field of finance,
so I didn't even have the slightest idea
of what path I could pursue going down that road.
So trading, I mean it appealed to a bit of my background too
like the adrenaline junkie gambler,
who you know, I liked poker, I liked sports betting,
stuff like that, so it just kinda seemed
like the most exciting financial thing I could think of.
Like being a day trader.
And it seemed like a way to achieve that freedom
if I could be successful at it.
So it took a while, I mean I definitely think
it took longer than I anticipated.
You go into it and the concepts sound really simple,
and you just think oh, this'll be a breeze,
and I'll be like all these other traders
I see doing well.
And that really wasn't the reality for me.
I took three months to study before I made my first trade.
In six months I'd blown up my first $1500 account,
and I had to refund from State Farm summer money
because that was all I really had left.
And so I put another 1500 in,
and had learned my lessons and gotten more successful.
But it still took time to dig out of that $1500 hole,
get back to break even.
You know as I said started studying in February 2011,
and by the end of 2011 I was up $4000.
And then, 2012 is where the pace really started to pick up.
And by mid 2012, at that point I had graduated college,
I had moved back home with my parents,
and I was trading from home.
And once I felt like I had my feet under me financially
is when I could really get that freedom
that I had desired from the start.
And so I moved away, I went to Columbus, Ohio,
and have really been on my own,
with my now wife, since, but I guess I achieved
my goal in that sense.
Like I got the freedom that I wanted,
and I managed to also scale things up
much quicker than I had expected to be possible.
When it comes to advice that I wish I had known
from when I started that could of made the process
a whole lot easier for me, I think one of the first
main things that comes to mind is just being told
to chill out early and not try to do everything so fast
because that is what got me into trouble,
and end up blowing up my first account
is you know, I had no idea what I was doing,
and I was looking for some kind of guidance.
So I was in three or four different services,
and I was trying to just find anything
that sorta stuck out to me, and made sense
that I thought I could ahead and try on my own,
and find success with.
And that's not a bad approach but the problem
is that I was doing it all at once.
And so I mean, I was under the Pattern Day Trader Rule.
I had a few different brokers,
so nine day trades a week.
But I had a dozen different strategies I wanted
to try to trade with.
And that's just way too much when you're new
because instead of really trying to master one
or two things, I was trying to be good at 12 things
that I didn't really understand all that well.
So it really was no surprise that I blew it off my account
and a lot of it came from trying to short sell
before I was ready mentally.
Because it is a different thing mentally
and it's a lot riskier because a short sell is potentially
unlimited losses if you're not cutting it.
And that scared me knowing that fact.
So I got into short selling saying I'm going
to be very good about cutting my losses.
And really I was too good because what happened would be
I was trying to short a pump and dump that basically
traded sideways for three weeks.
And I knew the fundamental idea.
I said, okay this is a pump.
It's eventually going to go to zero.
And yeah, eventually it went to zero.
But during the three weeks it was going sideways.
Every dip where it looked like it was supposed to crack,
I would short.
And then they would support it and it would pump back up
a little bit and I'd get scared because I'm so psyched out
by shorting and I'd take a two or three cent
per share loss plus commissions.
And I did that over and over and over again
and just chewed myself up.
And that's really the key example I think of with one
of the things I did wrong early was just taking one setup
I didn't really understand and just going nuts with it
before I was ready.
So I wish I had gone into it with a little more patient
of an approach.
For new traders I do think that it's important
to try new things.
I do think that you need to figure out who you are
as a trader because trading is a very personal thing.
What works for me may not work for you.
And all of the successful traders I know,
no one does things exactly the same way.
Everyone's got their own style,
their own little finesse they put on similar setups.
And what works for them is great.
But I see some traders who might be great at dip buying
and I know I'm terrible at that.
I can't wrap my head around it.
And every time I try, I seem to lose.
So I've cut that out.
It's not something I do anymore.
And you only learn that through experience
and that screen time and making your own trades.
So you have to balance it early on.
You have to be trading small enough size that if you do
blow up an account, you're not gonna be so badly wiped out
you can never try again.
But you also want to not do a dozen setups
like I did really.
I mean, take it three or four setups at a time.
Try different things.
See where you succeed, where you fail,
where you're comfortable, where you're not,
and then take that feedback from yourself.
Really what your emotions are telling you,
what your results are telling you.
And don't worry about what other people are telling you.
Let your own performance be your guide.
- Hey Tim Sykes Millionaire Mentor and Trader.
Thank you for watching my videos.
I hope that they help you.
I wanna share everything that I've learned over the years.
You can check out more videos right over there
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all of these videos, get that knowledge,
and become my next millionaire student.
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