The Most Common Rookie MISTAKES for Beginning Traders

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Make sure you aren’t making these rookie mistakes. Subscribe: https://goo.gl/poGZTm to get INSTANT alerts when I post a new video outlining my penny stock trading techniques

0:05 What are the most common rookie mistakes? There’s so many of them. Remember, 90% of traders lose money. The majority of people who lose are rookies. They don’t have a plan, they don’t think. They’re not meticulous, they don’t have a mentor. They don’t cut their losses quickly. They buy stocks based on tips from others. They follow other people’s alerts, they don’t do their own research. They don’t choose a conservative plan, they go for home runs instead of singles. They buy whatever stock is in play without regard to the risk. They don’t think about the potential for being wrong ahead of time. They don’t invest in themselves, they don’t invest in their education, they don’t take the time to learn the indicators beforehand.

1:00 They think that all you have to do is buy a stock based on good news, or if it’s in a hot sector, just buy it. They go into chat rooms and they just see what everyone else is trading and they buy it. They don’t realize that you can actually make money on the way down. Shorting, scams. Another rookie mistake, people have the wrong brokers. They don’t have a broker that has shares to short of these penny stocks. I use E-Trade and Interactive Brokers.

2:00 I understand sometimes there are no shares to short. I have a whole YouTube music video called No Borrow, No Cry. I don’t expect shares to short all the time. I’m grateful when there are some because frankly, you can make a lot of money short selling penny stocks. I made my second million basically all shorting. Pump and dumps… They don’t work on their taxes. They don’t think that they have pay taxes. This is another rookie mistake. Always hire an accountant. Always get a financial professional to look at your taxes.

3:00 Tradersandtaxes.com if you wanna learn about taxes. Always consult a professional. Don’t listen to just any random person. Tradersandtaxes.com is a good website created by a financial professional. So many mistakes. Be meticulous. Aim small, miss small. Cut losses quickly. Go into a trade with a very specific plan.

3:30 What price are you going to cut your losses at if if goes against you? What price do you want to take profits at? What is your aggressive goal? What is your conservative goal? What is the pattern that you’re trading? How is it backtested? How has it done in weeks past? Months past? Years past? What is your holding period time? What is the risk if life gets in the way, if you’re busy at work and in school? Or a family emergency? You have to consider all of this before you risk your hard-earned money, so be meticulous.

* Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here: https://www.timothysykes.com/terms-of-service/

Comments

Fernando Frapiccini says:

That's the mindset!! Great video! Keep doing your job! Cheers

Joseph Zinser says:

Great reminders! I needed to use premarket this week and sell before work. I didn't and it bit me. A 2% gain premarket is better than a loss. FOMO played a small part but I am getting that under control quickly. Thanks for all you do.

Katie Abraham says:

Don’t be a rookie,
Looking for 100% winning strategy you can contact me for more information,
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Hayden Harris says:

The most common rookie mistakes are paying for training which will not provide a better chance of making profits at the Forex numbers game. regards Hayden

raj bachwal says:

I love you my man☺

Andriy Gorevych says:

Hey, R U sick or drunk? But you are still crushing!

John Smith says:

can u say wat u said about dip buys in webinar again I didnt ge tit

ZachR says:

THANKS FOR POSTING

brandon holt says:

I understand the short coming from smooth deals to both ends cutting the middle man, but im not the one doing the shorting, if you follow, but thanks for helping me with my leads

igor khimich says:

100% accurate. These people lose money and then hate on penny stocks, or trading in general and say that its gambling. Yes, what they were doing was gambling, not trading.

Sterling Lowery says:

Another good edutainment video.

"Common sense is no longer common." tai lopez

King Delamuela says:

Thank You one more time

Deontia Andrews says:

Good tips…

Choi Sungsoo says:

Rookies' mistakes. It hit the spot. I finished listening to all your DVDs first time on MMP yesterday. I am on the second round listening them all again today. Thank you Tim. I gained a great deal of trading confidence with your instructions.

happy larry says:

CYGT, is Tim short or long? Cilantro Fund Partners, Long or short? Remember STUDY, STUDY, STUDY

Tiny Trader88 says:

I'm at the point where I need a mentor. I have always been a small ball fan, home runs just don't come enough. This is my saying. If one fails to plan, then they plan to fail. Even though I lost on today's GEVO trade, I cut my losses quicky, let my winners win. I followed my plan. I'm still green thanks mainly to all of your advice! Thank you Tim!

Lewis Ford says:

Thanks for the info Tim.

leo willshire says:

Thank you very much for this video👏👏. good content👊

Cali Sali says:

hello New to your videos,
just wanna say thanks for being on this platform to teach…

Flock Ü says:

Great webinar last night Tim

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