This week on Xplained we had the chance to chat to a stock trader who became a multi-millionaire after accidentally injuring both of his arms.
His name is Tim Sykes, and his story is incredible.
This article was done in collaboration with Vantage Markets, an award-winning trading platform.
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It all started with a freak accident.
Tim was a tennis player in high school but at some point he got badly injured, resulting in both of his arms being placed in a cast.
“I had two casts in my arms, so I couldn’t do much,” Tim said. “But I could type, so I got started in the stock market.”
He started with his bar mitzavh gift money, roughly around $12,000, and began trading daily.
Tim spent a significant amount of time studying charts and in just a few years, he turned $12,000 into $2 million, making him a multi-millionaire before he graduated college.
Now he has a portfolio of around $7 million and helps other students make money in the stock market.
Tim says you can start with any amount, but you have to research every single trade and, more importantly, accept that there’ll be losses.
“I lose roughly 30 percent of the time, but my losses are small,” Tim said.
Tim says the biggest lesson he learned was “to cut losses quickly… if a trade is going the wrong way, just cut it.”
One of the side perks of doing this for a living is that he can do it from anywhere in the world.
Tim says he once traded stocks in South Africa while rescuing a rhino with a charity foundation he helps run.
Obviously, Tim has been able to buy some incredible cars with the money he’s made.
He’s got a Ferrari, a McLaren, two Lamborghinis and a Rolls-Royce.
Mind you, Tim says he’s sold all of his cars and donated to charity, because that’s what motivates him.
About Vantage Markets
Vantage Markets is an award-winning trading platform that offers traders access to over 400 financial assets globally, with over 10 years of experience.
Head to Vantage Markets website to find out more.
