Tim Sykes Daily

To be a successful trader, you have to be in the game. That means studying, making a watchlist every day, and taking trades (or paper trading). It means you have to journal your trades. And it means you have to constantly refine your process. But none of that adds up to being profitable.

I know everybody is excited about the PDT rule change coming in June. It’s going to unshackle millions of accounts. That could create unprecedented liquidity and opportunity. But there’s also added risk. Why?

It’s the end of an era. For those of you who don’t know… The Pattern Day Trader (PDT) Rule limits accounts under $25,000 to 3 day trades per 5-day period. Finally, the SEC fully approved FINRA’s rule change. And the PDT rule is dead.

You know about Jack Kellogg’s success. He used the $10K he managed to save as a valet to invest. He turned that into over $20 million. But what many people don’t know (or forget) is just how hard Jack worked to get where he is.

I want to thank Anthony Nieto from Investor’s Underground for having me on “The Trader’s Journey” podcast. It was a great Q&A and I hope the lessons we covered help you to understand… What it REALLY takes to be a successful trader.