Owners: Timothy Sykes
Level of Experience Needed: None. Beneficial for advanced as well!
Price: $4,000 (Rounded figure. Doesn’t apply to monthly subscription)
Overall Rank: 7/10
The Millionaires Challenge is a course you can sign up for to become one of the students of Timothy Sykes to learn how to trade penny stocks. Tim Sykes is a self made millionaire, that took $ 12,415 of his Bar Mitzvah money and turned it into roughly $1,650,000.
Pretty impressive? Yes it is when you consider that most penny stock traders are scam artists to rob people from their hard saved earnings (most famous example would be the Wolf of Wall Street – Jordan Belfort).
In order to become a member of the ‘Millionaires Challenge’ you have to subscribe and pass an interview.
After that you don’t need any prior knowledge in trading but a strong passion to succeed in order to make it through this course.
I am giving personal first hand experience, as I myself signed up for the course, passed the interview and was a student from 2014 – 2015.
I even met Tim Sykes personally in the annual Las Vegas convention, where he and other guest speakers held a 3 day seminar on trading techniques.
I must admit I did not manage to work throughout the whole year and keep up with all the content and information the course provided me with.
I do however have an honest opinion about it and since I was a student myself I can give my complete review with first hand experience.
Please note that I had very little knowledge about the stock market and even less about trading when I signed up to the course.
I always had a strong passion however to make money through investments and trading and the course was advertised in a way that even someone with no knowledge at all could succeed.
Who Is The Millionaires Challenge For?
Like most courses this course is for absolutely everyone. I think beginners have some advantages of being trained completely form scratch and learn the strategy Tim uses on a daily basis.
Experienced traders will use old habits which will intervene with what Tim teaches and therefore beginners have a slight advantage.
But on the other hand experienced traders can cut the learning curve and just have to unlearn the habits they typically use when they trade.
Having said that, there is tons of material and it is A LOT of stuff to dig through.
More advanced traders have the knowledge of knowing the basics and don’t need to get familiar with certain brokers and even the basic trading terms, so they can skim through most of the videos and texts.
However they might have a handicap because their trading habits will come into play when they shouldn’t.
If you want to succeed in this course and with this niche, you must be a hard worker. And by hard I mean study at least 2 hours a day on a constant basis (if not more).
Personally I did around 2 hours a day after work and up to 6 hours on the weekends to dig through a DVD a week.
One of his DVD’s easily lasts around 6 hours.
They aren’t exiting to watch, as you will mostly find him talking in front of a screen showing graphs. Yes this goes on for 6 hours! And if that hasn’t scared you off, then make sure you are flexible enough to juggle a job and joining the stock market hours and if you’re lucky you’ll even get to see him trade live on one of the webinars in between.
I don’t know how many hours of video lessons there are at the moment, as the library keeps growing.
But when I was a student there must have been around 130 hours at least.
Tim Sykes adds around one to two educational videos a day which vary between 5-15 minutes.
If you wish to join this, please be aware that you have to be consistent and make this part of your life.
There’s no slacking or shortcut in his course and if you know anything about Tim, you know that he’s a ridiculously hard worker.
Honestly I don’t know how he manages it, but it definitely shows by the amount of news and information you get from him personally.
He also makes it clear you shouldn’t just follow his trades through his alerts because you will lose by doing so. Meaning there’s no way around being proactive!
What Exactly Is The Millionaires Challenge?
So as I explained above it is primarily a course you join in order to learn how to trade penny stocks, profitably.
You get a hand full of content on a constant basis so you better be prepared for overload of material. Here’s some of the things I had to battle with:
- Chat room access (both challenge room and normal subscribers)
- SMS alerts
- Twitter alerts
- Daily new video lessons
- DVD’s + Manuals
- Online support
- Weekly webinars
I highly recommend to create a brand new email for all of that because it will get messy very quickly. Take it from a highly organized guy!
The webinars are organized and held by Tim himself and two of his millionaire students, Michael Goode and Tim Grittani.
I didn’t manage to join many of them as I was mostly in bed by the time they we’re held or at work! (due to the time difference).
The ones I did join felt exciting but also a bit disorganized as everyone’s following the stock market, people are typing out various tickers (abbreviations, sort to speak, for certain stocks) to follow and possibly trade.
As you start out it’s good to see and follow what other people deem worthy of trading. But then again why would you follow fellow students who are just starting out themselves?
You easily get distracted and personally I advise just to listen to Tim or advanced students.
Definitely ignore all the ticker messages once you start trading yourself or you will lose money.
On top of that you are watching the teachers moves, listening to his voice while typing out questions and hoping he’ll answer yours amongst hundreds of other questions.
A lot of the times I heard them answer questions with, “go study the material”.
Fair enough that you should watch more of the material provided and learn it but if you’re paying several thousands for a course I guess they could answer the question as well as it’s not easy to find it with thousands of videos scattered around.
That was one of the main annoying points in the webinar.
Trainings And Tools
So when I signed up for the course, a week later, I got my first bit of material, which was:
- Most of his DVD’s and a stack of manuals which were basically just the powerpoint slides, printed out for each DVD (slightly unnecessary in my opinion).
- Access to the video library on www.profit.ly
- A starters guide on which videos to watch first
- Access to the Facebook group (which I never got accepted in and they dropped the group by now as it was quite unnecessary)
- Assigned Homework to do (which never happened and I think they also dropped sadly. I think it would have helped a lot)
- 1 year long subscription to Silver Alerts
- Lifetime cheaper subscriptions to any purchases made after the course
- Support from the entire team if you have any questions
- Support from Tim/Michael/Grittani for specific trading questions
- Student only chat room as well as normal subscribers chat room
- Discount for the Vegas convention
- And many more smaller bonuses I can’t remember
Now the list doesn’t sound impressive but it is really overwhelming at first. Personally I imagined the whole course to be a lot better organized and more structured, like the Wealthy Affiliate community.
The sign up fee is all year round so you just join where the others left off. This really put me off at first but I guess you need to study on your own pace and catch up.
I expected to sign up and then start at a certain month with everyone who passed the millionaire registration starting from zero.
Then together we would get the most important videos and personal help until we are ready to trade within 5-6 months with an advised amount of money, homework assignments etc.
I was wrong, it was just all on me basically.
Imagine wanting to join a mixed martial arts class and having to fight with a black belt on your first day. That’s almost how it felt like.
I did however love the fact that you could write the Teachers personally and they would give you a detailed answer as soon as possible.
Michael Goode gave me incredibly detailed answers whenever I would ask him something over mail which I found really helpful.
And although the webinars were packed with people just complimenting Tim and trying to befriend him, (which really annoyed me as well since were all here to learn how to make money, not to make friends with celebrities), he did try and go through every question.
The support team on the other hand was very slow and slacking a bit. He put his dad as one of the people to reply to you and I just don’t think that man was cut out for the job.
A lot of times my questions or requests were ignored and I had to send several emails. Little tip, try to copy people in your requests that helped you during the sign up procedure as they usually forward the email to someone else in charge.
One of the perks of joining the challenge for me was that they mentioned everyone would meet up at the Vegas convention.
I was really excited to meet the other students and trade live with the teachers. In my interview I was even told that if I just copy the trades I would already be profitable within 8 months or so.
This was pretty much a false statement as you can’t copy trades because you’ll always be a second later than the teacher and end up losing money.
Not only is that very unfair to gullible students like myself, but also rather sneaky! Of course you’re more willing to join the course if you see yourself becoming a self employed trader making thousands by the 8th month.
In a way it gave me an extra boost too study so hard but at the same time he made it sound like a copy paste type of thing which it definitely isn’t!
Anyway… The Vegas convention was great, but simply because I got to go to Vegas!
The seminars were really nothing new. I honestly assume that most people that joined, didn’t go through much of the material because I did and I found that nothing new was said.
I could have easily stayed home and not miss anything.
Everything ALL THE SPEAKERS said and mentioned, could be found in the material you already own by being a millionaire student!
The only thing I was really excited about, was to see Tim create a watchlist from scratch.
(A watchlists is basically the list Tim makes the night before or in the morning, that tells him which stocks to trade. It is pretty much the only thing you really need to master. If you can see which stocks are going to rise or drop, you’re good to go and make money!)
I even approached Tim personally after the second seminar and asked him if we could go through his process together at least once to see his thought process live.
For me that is the key to succeeding and landing successful trades. He told me that he would but on that day the main focus was just one ticker and no he didn’t show us how and why he chose that one ticker!
And guess what… the next day it was finally time. The stock market opened and he just started trading…
No preparation on his watch list (which he created the night before in his hotel room) and even while standing in front of me trading on a big screen it was impossible to replicate.
Although he made a few thousand with that trade I wasn’t impressed. He’s done it several times before without me having my hopes high to learn it first hand.
I don’t want to sound super negative but if you want my opinion, don’t join the Vegas convention.
Although he had a lot of interesting guest speakers I didn’t learn anything his course didn’t already teach.
And because we had to wake up incredibly early each day (around 4-5am) I couldn’t even fully enjoy Vegas.
What was also a bit odd for me was that he was giving out $100 bills to people that would ask great questions or do odd things.
For instance he gave everyone in the front row $100 and suddenly a few people from the back ran to the front.
To me that’s not teaching or learning anything it’s lowering and demeaning yourself for a quick $100.
Also he gave about $800 if not more to Michael Goode, who’s already a millionaire…
The one positive thing about the whole trip however was this:
It inspired me to work hard on my dreams! No matter how many motivational videos you watch or stories you read, when you meet several successful people in one room it blows you away.
Being able to throw away $10,000 on an audience simply for asking good question or running to the front of a classroom is pretty cool in a way.
Plus if you’re really into trading and you see several people from all backgrounds (some that used to be broke and living in their cars which are now making over $300k per trade!) making it then it inspires you.
But again, don’t join the Vegas convention. It is such a waste of money and to be honest the money I spent on the trip alone, could easily be used for trading!
Pros vs. Cons
- Proven strategy to learn how to trade profitably
- Tons of material to go through and continuously updated
- Incredible Q and A from millionaire traders
- Vegas convention get together (extra fee of around $300 and that’s just the ticket not the plane, hotel, food etc.)
- Life long capture of smaller fees for additional subscription
- Webinars (which are recorded in case you miss them)
- Video lessons
- Trade alerts
- Chances to win some of his give away prizes (trip to exotic locations and occasional prizes)
- Unstructured course
- Super expensive to join
- Overwhelming amount of content
- Constant bombarding of news (blog posts, tweets, alerts etc.)
- Some false information due to outdated methods
- Extremely hard to manage if you have a job
- Slow response from support team
- And again no structure or proper guide!
If you want to become a successful trader, I don’t think there’s a better option than this course, Although I would recommend you sign up for the Silver Subscription (click here) for $99.95/ month instead.
It offers pretty much all the same features and although I’m not sure you receive any of the DVD’s, you can always buy them as well.
I don’t think it’s necessary to have more than 2 of them either.
Even if I respect Tim Sykes and his proven method, I feel that the millionaires challenge is a bit of a rip off.
Grittani (one of his millionaire students) didn’t make it through the millionaire challenge for instance but with the silver subscription.
Fair enough it offers a lot of bonuses and advantages, but it is way too overpriced for what you get and again the Silver Subscription is pretty much the same thing.
However, it is hard to argue that a course that teaches you exactly how you could become a millionaire is overpriced.
In order to succeed with this method, you need nerves of steel and it won’t be a passive income method. I did learn a lot through his course and I am glad I did.
I also learned that this isn’t for me but I learned that through a high cost.
What you may also want to consider is that once you join the course, you still have to put up some money to start trading.
If you start with let’s say $1,000 it will be very hard to make any significant amounts at first. I started implementing his strategy after about 5 months of studying.
And although I didn’t short anything (because that requires you to open a margin account where you basically borrow money and you can make a much higher loss) I made a few hundred bucks here and there.
Once I made a slightly bigger loss it kind of scared me off, how quick money just goes. Within a few seconds I was $300 poorer.
Yes he teaches you to cut losses quickly (number 1 rule) but no matter how quick that loss can still be significant, especially when you’re just starting out and just paid $4k for a course.
If you still have a doubt that this might be a scam, let me reassure you that you can watch every single trade Tim Sykes has made in his life, as he is 100% transparent and shows every trade in hindsight and explains why he did it.
So to conclude, I give the course a 7 out of 10 due to the high fees and mainly messy teaching methods.
If I could give Tim one quote to improve his teaching methods, I would say “less is more”.
If you wish to read my preferred course/ program to gain a passive income, please feel free to read my review here!
You’ll find that this course is highly structured, easy to follow, the support is amazing and it teaches you how to earn passive income and not become an addicted trader 🙂
Finally you won’t pay near as much as you can start with a free account to see what it’s like.
Thanks for reading, again please leave comments and let me know what you think! If you want more information about this course feel free to ask I may have left things out.