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Covestor Is Now Open To Everyone: Sign-Up Or Die! (Credibility-wise)

Posted by timothysykes on Thu 19th of Jun, 2008 11:42:35 AM
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I’m a huge fan of Covestor because they tap into users’ brokerage accounts to verify all their trades and investments, thus giving credibility to those who deserve it, people like me (follow me!)

As TechCrunch wrote, until yesterday, you had to go through some crazy process to sign up and track people, but now they’ve come out of beta so it’s easy and open for everyone!

As you can see from my performance table below, I’ve done okay (see how I stack up against others) but understand their numbers differ from my actual % return cuz they don’t take consider the % cash in an account.

picture 1 Covestor Is Now Open To Everyone: Sign Up Or Die! (Credibility wise)

After all, they’re developing their service so others can auto-trade, for a fee, based on somebody’s trades, so cash doesn’t figure into the situation. But judging from the above graph, I probly should trade with 50-100% of my assets in each play rather than my current 20-40%!

It’s a rather remarkable business model/technology so I encourage you to sign-up now—whether you want to track traders like me, import your own stuff (it’s not just for people who sell books and DVDs, it’s for credibility/exposure-sake…too many “smart” bloggers, message board posters, and we have NO idea if they’re making the trades they say they are…sketchyyyyyyy) (oh yeah and once they start charging for auto-trading, you get a cut too…hello Adsense for traders!)

Yes, you can track my trades on there too, but it’s not truly real-time yet and even when in a few months it is real-time, the auto-trading feature won’t work for my shorts cuz it’s all about reserving shares in advance for that…and that’s why TIMalerts are so necessary—for all you wannabe short-sellers out there as the pre-market emails allow you to reserve shares to short…ahead of those who try to borrow, and usually fail, based off my free blog posts that come later in the day…aka advantage those who are prepared ahead of time!

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  • Michael Goode
    I hope they work out something with Interactive Brokers so they can do auto import from them. I stopped updating that port because it was tedious to do by hand.
  • Fantom
    ctx, kbh and len descending from now to 6/27/08

    Thanks Tim

    //Signed//
    The Market Fantom
  • YngvaiMalmsteve
    I've been a member since end of April, so everyone can see how crappy I did in May, and how I've turned things around now. My username there is YngvaiMalmsteve.
  • Fantom
    Micheal Goode how do you like Interactive Brokers, any problems?
  • Adam
    I'm on covestor as well. great stuff
  • AdamN
    Signed up to Covestor so all my trades can be verified using Tim's methods. I have been trading for about a week now using the pennystocking methods outlined on this site and Tim's DVD and I'm up $200 on two trades so far.

    http://www.covestor.com/mbr/adamn
  • balls...or just plain nuts...
    if i sign on to covestor now, will it show trades made before today? i would definitely like to include them. up 10% in two weeks of trading!
  • YngvaiMalmsteve
    Balls, it won't show trades you made before today.
  • younggunz
    AAARRRRGGGG. I had my limit order in for ssn to short at around 4.70 and that damn thing dropped so fast i couldn't get a bite. If I would have caught it I would be up nearly 40 cents by now.
  • balls...or just plain nuts...
    I'll be on covestor soon. Fellow zecco users can see me on zeccoshare as 3WishFund, on that account I'm up 28%!
  • Adam
    young, i bought at 5.50 and had a stop @ 5.36 and it never even got executed, got out manually at 5.25
  • PCola
    Do you know if anything gets goofed up when you transfer money into an account? I am going to be moving a bunch of money into my TOS account soon, but don't want to show like an 800% return when I add the money.
  • Jeff
    I don't think it takes the amount of cash you have into account when it computes your % return. So adding money shouldn't do anything.
  • Fluke
    Is the run done on ROYL? Need opinions please TIA!
  • Al
    GRO 1k @6.60
  • Alex
    AAArrrgggg - been holding NCOC for a couple weeks now - probably should have sold this morning but I was wasn't watching

    did TIM every mention LLNW? - bullish if it closes above $4 today
  • Alex
    Yikes! - not sure I'd want a program "tapping into" my brokerage account. I hate to imagine what could happen if someone hacked their system and got a bunch of passwords to accounts.
    Interesting idea, though - the autotrading program could hurt the hedge fund/ mutual fund industry.
  • be-the-ball
    Anyone see news on PESI? jumped on volume but i see nothing
  • Kris
    shorting IVAN first red day.
  • Rambone
    Keep an eye on PINN. If it goes under 3.50 it's the end of the road. The stock could never break the 4 mark in the last 3 months. 25 cent upside to 1 downside. I'll short it under 3.50.
  • Rambone
    Shorting JRCC at 57.90. Should drop 3-4 points tomorrow.
  • Kris
    Rambone, tomorrow is quad expiration day. How will this effect nat gas, oil, energy. sell off u think?
    thanks for heads up on PINN
  • Rambone
    Short MEE at 88.60. Another one that should drop 5 points tomorrow. Coal stocks are looking like dot coms. Oil is going down today and tomorrow. Look for oil to break 130 support by tomorrow. China raising fuel prices was a death blow short term to oil.
  • Kris
    Yes I heard about China raising prices. Thx for the ideas. Your MEE pick is a little high for me, Good Luck
  • Rambone
    Kris,

    I've seen crazy things happen on options expiration. I'm just going with the odds in my favor. Oil and NG numbers from Wednesday and Thursday were bearish. Throw in the Chinese decision to raise fuel prices and in my book that's a short opportunity with limited downside. Of course one should never get cocky. Energy stocks could still go up regardless of oil or natural gas prices. JRCC and MEE can hurt me max 1-2 points, which I don't mind at all, vs how far they can go done. Many people got burned shorting these on the way up. I never even thought about it till today when I saw a bearish sign appear intraday. I see kinks in their armor.

    MEE can hit max 90 for options expiration and JRCC 60 so I'm not exposing myself to too much risk unless we decide to bomb Iran overnight. Maybe the option writers decide 85 for MEE and 55 for JRCC. We'll see. Hoping for the latter.

    GL to you.
  • Kris
    OK, thanks for explaining how u came up with the idea of shorting those stocks. did not think about checking options..duh. I learned something today. lol
    Cheers and GL to u too.
  • lmsmith
    I have convestor Since Jan. 08- but I stopped updating after my first upload of docs.... no time to keep up with it-
  • PCola
    How long does it take to upload covestor stuff? I thought it was automated.
  • there is an automated option, i suggest u guys use it, uploading sux worse than the SEC
  • YngvaiMalmsteve
    PCola, you can choose whether to have it automated or not. Mine is automated.
  • PCola
    Oh okay, seems like it would be pretty stupid to NOT be able to have it automated, but I guess the commenter above just never set it up to automate. That helps.

    Anyone have a good understanding of how they track performance? The example they show is that if you buy 1 share at $10, it goes down to 9.50 and you buy 20 more, then it goes back to 10, you would make $10, but the tracker would show $0 gain, because they assume the tracker won't add to positions.

    My question is, do they use $100 as the tracking number for all transaction? Like if I buy a $100 worth of a risky penny stock at .001 and it goes up to .01, and buy $10,000 worth of a large cap taht goes down 10%, would they average 900% gain on the penny stock with -10% on the large cap stock and show that you would have gained 445% even though I would have lost $100? I didn't see an explanation about how they track different position sizes. All I saw was that they track % of portfolio holdings, but since in each case I had 100% of my holdings in the two stocks mentioned, would they assume that you'd put 100% of your tracking amount in each of the two? Just trying to get a feel for what the numbers mean.
  • Alex
    ENT trying hard to breakout
  • Alex
    needs to take out 5.07 with some volume - might be able to run then
  • Rambone
    Hoping for a freefall on POT. I still have my Jun 230 PUTs which could expire worthless without a large drop under 230 by tomorrow. This is high risk high reward. AG's should also tank on oil prices. I once saw POT PUTS go up 700% in one day on options expiration so I'm hoping for a repeat of that action. If not, then I'm out of some lunch money.
  • Rambone
    There is blood on the streets. PDO down 8.50 from highs. LoL. I feel bad for anyone that held these oil pump and dumps more than 5 minutes into the open.
  • anybody profit from PDO drop?
  • Rambone
    Looks like I'm in the wrong AG. MOS 155 PUTS are up 900% from day lows to current price intraday. If only I had tomorrows newspaper today. Options are like cocaine with the rush you get and a hangover with the money you lose.
  • Kris
    No watched PDO all day. up and down.
    Good description Rambone..
  • Rambone
    PDO down 10 points now from highs. Only problem with small oils is lack of shares to short. They are more in demand than a Victorias Secret model. Anyone short MXC or PDO?
  • PCola
    In case anyone was wondering, the answer to my question, according to covestor customer service, is that position size is not used in the calculation. In other words, if I buy $100 of a stock that double, and $10,000 of a stock that goes down 10%, their stats would show me as having a 90% gain (100%-10%), and not a loss. I will join covestor if/when this gets fixed, but because I play such a huge variety of types of plays, position size is very relevant to how I trade. For me it would more likely be the opposite effect of my example, in that I may make 20 "normal-sized" trades and average 5% return, and lose 50% on two tiny penny stock gambles, and it would show my return as 0%, even though I'd probably be up 80%. I do like the concept a lot, but this is a fairly big issue for me.

    Just an FYI about how they do their calcs.
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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%)