What It Takes To Become a Millionaire Trader
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
What did you like best in this podcast episode? Let's talk in the comments below, or join me in the Facebook group!
Desire To Trade's Top Resources
- DesireToTRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist
- One-Page Trading Plan (free template)
- Recommended brokers:
- Desire To TRADE Academy
- Get a copy of Prop Trading Secrets (Author: Kathy Lien & Etienne Crete)
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