Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders 512: What It Takes To Become a Millionaire Trader - Tim Sykes
In episode 512 of the Desire To Trade Podcast, we will be listening to the recording of an interview with legendary trader, Tim Sykes, to discuss what it takes to become a millionaire trader. Tim emphasizes the dangers of trading with leverage—especially short selling—and warns against prioritizing profit milestones over trading discipline. He encourages traders to build their “knowledge account” before risking capital, stressing that trading is more about structure and patience than aggressive action. Drawing parallels between trading and golf, he explains that forcing outcomes often backfires, as the market doesn't reward desire—it rewards preparation and consistency. His goal is to help students use trading as a tool to build a life, not become trapped by it.
The video is also available for you to watch on YouTube.
Topics Covered In This Episode- 00:00 Introduction
- 00:58 What’s new with Tim Sykes
- 02:34 The evolution of his trading strategies
- 04:19 The importance of systematic trading
- 05:34 Trading routine and lifestyle
- 08:37 Trading on his phone
- 10:24 Learning from mistakes
- 13:57 Mindset and discipline
- 15:59 Are his trades affected by politics?
- 17:02 Dealing with unpredictability
- 17:43 Building wealth through trading
- 18:26 Teaching trading
- 19:18 Tim’s lifestyle and the role of charity
- 20:22 Advice to traders who want to be profitable
- 22:36 Preparing for market opportunities
- 23:37 Helping students hit their $1M goal
- 25:38 Where to find Tim Sykes (links below)
- 26:21 Final advice to traders
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How to find Tim Sykes- YouTube: TimothySykesTrader
- X/Twitter: @timothysykes
What one thing will you implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!