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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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  • 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!!!!
  • Bob (VC)
    VRML Hell yeah!!! Tim you are the man!!!
  • JensGould
    how sweet it is
  • Nice, I'll be sure to listen to this when I get home.
  • Mark
    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.
  • bdog9seclx
    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?
  • bdog9seclx
    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
  • Bob (VC)
    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!
  • Davey
    Nice job Tim! That's probably your best example of a supernova/pennystocking. At least the best that you've profited from.
  • bdog9seclx
    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
  • YngvaiMalmsteve
    Nice work to you guys who made a profit on VRML
  • Mark
    Congradulations Timothy! We're pulling for you.
  • Bob
    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
  • Bob
    the ArCA guy just adjusted his stop loss to 2.99
  • Bob
    it going to take out 3 today in 2 minutes
  • Bob (VC)
    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!
  • JensGould
    5 million share dump of lgdi AH what the fuck!
  • Bob
    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
  • novalis78
    next week, it's lgdi's turn :-)
  • Great interview - love the stories
  • JensGould
    oops too many 0's 500k dump still weird
  • Bob (VC)
    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..
  • chris
    Any thoughts on CENT? Looking good to me
  • JMonie
    Tim, Awesome interview - I thoroughly enjoyed it
  • Bubba Wants To Know
    Is this Tom related to Martin of Forbes? And if so, how so. Bubba's just curious.
  • codyhof
    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.
  • Al
    Tim,

    Your thoughts on RHD
  • YngvaiMalmsteve
    Al, RHD is an earnings move
  • Al
    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.
  • noobtrader.08
    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
  • cash
    Great interview. I can not wait to hear who you are going to have next. This new website ROCKS!
  • jason
    podcast not working with sosnoff
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Start Here

Who Is Timothy Sykes And Why Should I Care?

See Tim's full bio HERE. Tim turned a few thousand dollars into a few million by taking small gains time after time on hundreds of volatile penny stocks, discovering that his trading strategy, while consistently successful, works best for those with smaller accounts.

Determined to teach others this PennyStocking trading strategy (learn more HERE), he went back to his original $12,415 roots (already $58,000+ even though the stock market has crashed) to show everyone how to turn thousands into millions, even while having a life (somewhat) and making plenty of mistakes. Currently he is the #1 ranked trader out of 25,000+ on Covestor)

How Can I Consistently Make Money In The Stock Market?

Hard work, Determination and Know How.

Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

Determination to seek those probable profits out and know how in order to actually profit from them.

Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

Why Penny Stocks?

As Tim explains in several ALL-NEW instructional DVDs (see them HERE) and in over 2000+ blog posts, penny stocks are the most hyped and corrupt niche in the entire investment world. These two qualities make them the easiest to profit from (legally) because the vast majority of people who play penny stocks are suckers and all-around ignorant people. If you have any intelligence whatsoever, you have a clear advantage and it's like playing basketball against mental midgets.

Where Do You Find Stocks To Trade?

This is the #1 FAQ (see more HERE) and it is answered in THIS instructional DVD.

Of course, that's just a brief introduction - to receive a full education, there is Tim's book An American Hedge Fund which is the story of his remarkable rise and lessons learned.

To truly increase your odds at profit, Tim has designed an entire set of detailed instructional DVDs, covering all the variables that amount to over 24 hours of instruction (see them all HERE)!

TIM Trades

View All
Date Stock Buy Sell Net
Nov 19 AENY $2.80 $3.02 $1148
Nov 18 NLST $4.16 $4.40 $947
Nov 18 IMGG $1.42 $1.64 $2094
Nov 17 NLST $5.04 $5.59 $2195
Nov 13 VRMLQ $21.50 $22.97 $2901
Nov 11 EONC $2.61 $2.80 $687
Nov 10 EONC $2.74 $3.36 $9784
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $98,094 (681%)