TIMradio #3: Tom Sosnoff, Founder of Online Broker Thinkorswim
Posted by timothysykes on Fri 9th of May, 2008 02:21:29 PM
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As I sit here waiting for the near-inevitable crack in VRML’s stock price, I thought I’d offer up a podcast for your listening and learning pleasure: You’ve all heard me talk about how much I love and recommend Thinkorswim as a broker–not only do they have the best customer service/software, but they have solid borrows through Penson and most importantly, the people at the company actually try to help customers instead of ripping them off. Maybe that’s why there’s a Chicago-based firm, not NYC.
So for TIMradio podcast #3, I was fortunate to have a fine little chat with the man behind the curtain, Thinkorswim’s founder himself, Tom Sosnoff. Besides being a legendary options trader and frequent industry speaker, he’s one hell of a laidback / good guy…one of the few out there…so I hope I can still be like him when I’m that rich! Somehow I think all that power and money will go to my head…we’ll see.
Interview with ThinkorSwim Founder Tom Sosnoff
PS You’ll hear me say this is the first TIMradio, well, it turned out to be #3, but it’s still #1 in my heart :)
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TIM Trades
View All| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| July 2 | KIRK | $10.60 | $11.53 | $1377 |
| June 30 | ISRL | $107.97 | $118 | $985 |
| June 24 | LZB | $4.53 | $4.81 | $1240 |
| June 17 | GWSC | $1.86 | $2.76 | $2679 |
| June 15 | SHZ | $1.66 | $1.83 | $280 |
| June 15 | SPNG | $0.11 | $0.18 | $630 |
| June 12 | JAZZ | $2.84 | $3.26 | $380 |
| June 12 | MAPP | $9.68 | $10.07 | $565 |
| June 8 | HEB | $3.00 | $4.18 | $334 |
| June 3 | GROW | $8.64 | $8.96 | $740 |
| June 3 | SYMX | $1.21 | $1.11 | $940 |
| June 1 | USCN | $0.55 | $0.86 | $260 |
Total: $65,674 (421%)
great interview, this guy has some pretty cool trade stories and seems extremely nice. good job
yahhhh he’s bigtime and chill, great great guy
Awwww yeah 40 cent drop in VRML!!!!
VRML Hell yeah!!! Tim you are the man!!!
how sweet it is
Nice, I’ll be sure to listen to this when I get home.
Wasted 3 days trying over and over and over to short VRML again…even starting at 6:00 AM this morning with no success. You people in VRML consider yourself fortunate.
when r u covering tim? thinking it might hit stop losses at 3 u holding over night? this is the first time ive seen u greedy in a while i figured u woulda pulled the trigger by now whats up?
can anyone tell me the order that dropped it .40? sykes hater whats up u dont get 15% gains in 1 day do you. yeaaa up 2500 on my 14k position gotta take the profits 2k is 2k…today was a good day i didnt even have to use my AK
Mark, you didn’t hear what happened to me on Tuesday- I had an existing limit order, and when I went to change the price, TDA canceled it, and wouldn’t let me back in!! Then, I screwed up yesterday and ended up losing $170.. Now it’s my turn!
this is a great gain for little TIM, closer to the key 25k level….not gonna risk a fluffy PR/illiquid stock spike–this is not greed at all–greed would’ve been taking my 30 cents the first day i shorted it at 3.45…this was patience paying off…it was an ideal trade, no matter if the stock goes lower, i take my 20% and move on, don’t have the capital to take longer term positions
Ps there was no big order that took out 3.40 just a small one that broke the wall, then 3.25, then 3.05 then 3.02–its called stop loss surfing and its damn fun!
Nice job Tim! That’s probably your best example of a supernova/PennyStocking. At least the best that you’ve profited from.
Thats what i was saying lately here u have been cautious and just taking smaller profits rather that risking it…but obviously u knew this POS was gonna fall hard..good to see you with the patience..trust me it rubs off on us
Nice work to you guys who made a profit on VRML
Congradulations Timothy! We’re pulling for you.
vrml should continue a down with a nice gap on mon eh?? At least thats the odds. Short into a pm fade for a prob gap down on the third down day? Looks like if it brks 3 than 2.90 it will be in the crapper
can never tell how far its gonna drop–stop loss orders went off, no more, could easily drop again, but it wont be stop loss selling aka much less predictable
the ArCA guy just adjusted his stop loss to 2.99
it going to take out 3 today in 2 minutes
Didn’t want to hold for the weekend! 633 shares in at 3.70 out at 3.05. $392 after commissions. After yesterday’s screwup $222. No matter how you look at it- it’s been a good day! Glad I could finally join in the excitement!
5 million share dump of lgdi AH what the fuck!
who’s going to buy this POS on mon no one. It did hit a low of 2.99. Also its a descending triangle today that may have broken support at 3.25 ish
next week, it’s lgdi’s turn :-)
Great interview - love the stories
oops too many 0’s 500k dump still weird
Hey, a big congrats to Davey- the first to 100 Tim bucks!! I nominate him to buy us all a Tim beer!! :)
Tim, this shit is blowing up.. This site gets bigger every day! Look, you even got a 2nd Bob!!
Yeah, I’m in a good mood..
Any thoughts on CENT? Looking good to me
Tim, Awesome interview - I thoroughly enjoyed it
Is this Tom related to Martin of Forbes? And if so, how so. Bubba’s just curious.
Curious about some of the locals to this site, what did you profit on VRML? If you played it at all of course.
Tony ellis, bob, jj, the rest of the guys?
I have sat on the sidelines for some time now and this play has made me a true believer.
Tim,
Your thoughts on RHD
Al, RHD is an earnings move
Yes I know it is against “Tim rules” to short it. I read the book and have the DVD. BUT, with the down grade and the resent news is it a good short. By the way I broke the rule today and shorted RHD at 7.70 and still holding it.
avoid RHD, its a real company, downgrade, recent news all unpredictable, too many players with varying expectations…u can def. make $ breaking the rules, just as easy as u can lose it–u have no edge. stop trying to think, just focus on VRML-type plays and your odds go way up
SWIM looks real cheap here after this panic. the brokerage segment is going for like 5 times sales.
any thoughts?
never buy falling knives, always another shoe to drop
Excellent interview, it’s beautiful hearing from an innovator. Hey, much of the things Sosnoff says sounds like what Tim would say.
I have an idea: how about getting a SISSY VALUE INVESTOR on your radio show; I’d like to hear some argumentation for and in defense of charting.
Great interview.
I also made $635 on VRML… although I still think it was luck. Had I not had Tim and the rest of the forum talking about it.
I’ll get it though… I’ll get it eventually. Law of Attraction! =D
Great interview. I can not wait to hear who you are going to have next. This new website ROCKS!
podcast not working with sosnoff