#105 Tim Sykes on How Transparency Wins the Day In Finance and In Life

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.

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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]