Tim boasts of one of his star pupils, Tim Grittani, how he made over twelve million within just ten years. “He is the master of patience. The way that he’s made so much money is because he gives time to setups that are ideal. Whether it’s buying a multi-day breakout or whatever it is, he has patience.”
Another proud millionaire trader, and student of Tim’s, by the name of Roland also takes advantage of this trait to make huge profits. Kyle Williams, who has recently made seven figures, does it too. Tim said, “All of these students are very atypical in an industry where most traders lose, and a lot of it is because they have patience on the right setups.”
However, it’s not enough to be patient all the time; to buy and hold for the long-term; to drop school, and be another Buffet type. What Tim is trying to convey is to have patience with A-plus setups. It won’t be easy, and sometimes it can be scary to hold on for longer than you want. It can be mentally taxing. Your stock must be watched closely like a newborn baby.
It’s definitely well worth the effort. There are huge opportunities to make big money if you practice patience in these stunning settings. Tim himself has been practicing patience and trading for over twenty-plus decades. There are several types of patience. Even knowing when to hold for a few more seconds can help you get the hang of it. Sykes recommends that you start small. As much as we all want big profits, it’s important to learn how to walk before running.
You’ll be crushed if you get ahead of yourself before you are ready. No two traders are alike. Everybody is at a distinct point in their journey.
Tim Grittani’s moves may not be the most comfortable for you. His Stack is larger. His goals and objectives are different. His understanding of the game is vastly different from someone who just started day trading.
Sykes shared, “But if I’m wrong, I’m not embarrassed. Ya know? Like there’s this whole like gotcha sort of thing on the internet, where everyone’s like, ‘You were wrong this time. Gotcha!’ So what? I’m wrong a third of the time. It’s not the end of the world.
If I’m wrong, though, I’m able to cut my losses quickly.” Tim Sykes offers more trading tips in his book An American Hedge Fund. You can click below to see a safer route to increasing your net worth.