How Transparency Wins the Day In Finance and In Life | Tim Sykes on Impact Theory

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This week’s guest on Impact Theory is Timothy Sykes: a penny stock trader who turned $12,000 of Bar Mitzvah money into $4.8 million and became a millionaire before graduating college.

He’s also the author of American Hedge Fund (https://amzn.to/2VHRtUj). In this episode, he talks about his rules for success in investing, why education is so important and why he’s grateful for all of his losses.

SHOW NOTES:

Why Tim Sykes is so hardcore about education (he learned all he knows through the internet) [2:47]

How he traded up with $12,000 of bar mitzvah money and became a millionaire before graduating college. [4:11]

Why people are going to fail in trading – he was wiped out at first because he “didn’t know the rules of the game.” [6:31]

How to learn the rules of the game [8:04]

As he says, “The key to making millions is making small profits over and over again.” [9:19]

The difference between the people who win vs. the people who don’t and why all his students are from the midwest (it’s boring) [10:49]

Why you should study the Egyptians if you want to create an empire. [11:33]

What personality has to do with success and the key patterns he uses. [14:31]

Why he thinks it would suck to have a billion dollars (but a few million is okay) [16:37]

His tips for travel and having an amazing transformation [20:45]

Something that would surprise people about being rich [21:16]

Why now is the most unique time in history and most people are wasting it [23:18]

How he got through the big losses in his career and used this strategy to get back to where he was. [27:30]

Why he’s grateful for all his losses and says that without them he wouldn’t be a complete person. [30:36]

QUOTE:

“The internet is the most amazing tool we’ve had in centuries probably since the printing press like 500 years ago.” [20:02]

Comments

Steven CAPOCH says:

Great let's change that together. Right EDUCATION.

Rodney Blevins says:

Someone has ADHD….

Ragerrr says:

Haven’t watched a Tim Sykes video in so long. What the hell am I doing ? He’s the reason I even have a stock account.

releasingnow says:

I love this guy! No BULL SHIT just say what ya feel is right!

Ammar Salmi says:

Hey Tom,
Another great content as always. But I will use this opportunity for the video being fresh and all to tell you two things I always wanted to tell you.
You're an amazing interviewer. You ask the right questions and you try your best to get the best out of your guest for your and our benefit. And we're grateful for that. However, you have this habit while interviewing people that as they're giving you their answer you're visibly processing what they just said and already thinking about your next question. So the moment your guest finish his answer you get right away to the next question. Now, of course, that would seem like a good practice since the clock is ticking and wasting no time on the transition between questions is very efficient. But there is a side-effect to this tactic that you're missing. When a guest gives you his answer, sometimes, he really expects it to be truly appreciated. If you pay attention to the guests in your interviews, at the end of some of their answers, you can see on their faces the anticipation of some appreciation from you, but you just ask them the next question instead. Not because you're rude. You're one of the most polite people I know on the internet. It's just that you were already lost in your train of thoughts, as I explained earlier, that you miss the body language cue from your guest for an appreciative response. And your guests, although being very mature and with great control over their emotions, will still feel underappreciated somehow. And if they do, they will not be motivated enough to give you their best. And that's the side-effect I'm talking about.

So, try and be verbally appreciative of what they just said whenever you catch the cue for it. It could be something as simple as rephrasing what they just said, which would tell them that you were really listening and you completely understood their point. Just a suggestion.

The second thing, I want to tell you that according to the survivorship bias, your interviews about making an impact and being successful are not giving us the full picture of what it takes to achieve what these people achieved and how to avoid all the pitfalls that should be avoided. So here comes my crazy suggestion: You need to mix things up and not only invite successful people, you have to invite people who failed too. It's insane but let me make my case. Although those stories of success already teach us a lot about how to properly chase our dreams, but they still lack the wisdom that only people who failed have. It's exclusive to them. This is what survivorship bias is all about. I know how hard it is to implement my suggestion. Where can you find a person who failed and lost everything who is also willing to share his tragedy in an interview that will be put on Youtube? But you're freaking Tom Bilyeu! If you decide to do it, you will find a way.

Thanks for reading my long rant.

sommi says:

Well done Tim. I've been following you for 8 yrs. You shattered the Fraud Image to pieces . Congrats you're a mountain climber

Abhishek Jain says:

It was awesome experience to hear from this guy….. Good job Tom

Ninja says:

He is a Scammer. He earns majority of his money from chatroom by trapping his own subscribers.

Divineshot 314 says:

Incredible! This guy is amazing and ha I'm from the midwest but was adopted from a third world country. The older I get the more grateful I become for the life I have been given.
Thank you for sharing your knowledge.

Mike Luna says:

This guy is hella fun. Where do I sign up?

Vishal landge says:

@Timothy Sykes. I am from India. Can I take your trading course?

Karen H says:

Shocked that Tim Sykes is on this show. NOT the high caliber guests I’m used to from Impact Theory. Disappointed.

Dev Deir says:

What a great interview, with so much value. Thank you.

D Lopez says:

Enjoy your mediocre life! ? ? ?

Paul Carter says:

Great insight and reminders to the mindset to being grateful for life. Awesome interview fir learning by doing the work from the inside out. Thanks guys ??

tryambak tripathi says:

And again…. what a Wonderful episode stay Blessed Tom thank you for presenting these kind of personality… amazing brother

deeznutz235 says:

I love all of you

James Golden says:

I watch Tim’s investing videos in the past wow he’s made a 180. I thought he was an egomaniac.. but I’m very happy to hear he’s fulfilling himself in a way that helps the world building schools and such. This interview surprised me. Way to go Tim.

A Stark says:

"Broke people are usually lazy." That woke me up.

Victor T says:

This man has been around for a long time (: learned from him 6 years ago. Tom, try and get Jocko Willink on the show! 😀

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