PennyStocking Profile: Mike The Machinist Up $300,000 Over The Past 5 Months!
Posted by timothysykes on Tue 24th of Jun, 2008 11:08:21 AM
Tags:
Sponsor Offer:
While I have no way to confirm or deny whether or not Mike actually has gone from $50,000 to $350,000 as he says HERE (and I had to really beg him to put a dollar figure on his gains), I, along with many others, have been in his chatroom several times when he’s made too many incredible calls to recount here…okay, maybe a little, stuff like THIS $14k day, and posts like THIS where he takes snippets from his chatlog to prove his abilities. A great deal of his success stems from buying stocks making intraday highs, taught to him by Muddy, but he freely admits he learned Short Selling from me so his accomplishments make me damn proud!
Add Mike’s remarkable success to that of grad student Tony Ellis who’s now up over $80,000 in the last few months and you might begin to understand why I have such determination to spread this strategy far and wide. Especially since students of my DVD PennyStocking know that I close my presentation by saying you can do better than me…might as well just call me Archie Manning…well maybe only in a few months when one of my students surpasses $1 million in earnings.
(And I feel perfectly comfortable saying that cuz these are real people making real money…not fake testimonials from fraudsters. Don’t believe us? Gooood. You shouldn’t trust anybody in this game, but be sure to stick around cuz this is just the beginning and you can see everyone posting their picks and plays day in and day out…viva la revolucion!)
Mike’s kind of a shy guy so we have no pic of him…the photo below is just what I imagine he looks like:
1. What’s your background?
I’m 48, worked as a machinist for the last 14 years, got laid off before
the start of 2008. When I got laid off from my job, I contacted my old
friend Muddy
whom I had kept in contact with over the years after meeting him in a
bookstore in the investing section of that store.
I told him I was finally going to try and get serious with his approach.
Up until then I used the same old same old stuff most everyone uses
and I basically stunk at trading that way.
So I asked for a huge favor in that after reading through his blog a
few times and trying to get the gist of it, would he mentor me for a
few weeks since we live so close.
He said he’d be glad to and his stuff absolutely turned my trading
around to where I am today. He also turned me on to you Tim, and
shorting the low priced ones.
2. Inspire us all with the story of your journey over the past 5 months!
The last 5 month journey has been an awesome ride but I see no way
that I can keep up the furious pace/focus with which I trade
especially with the chatroom.
3. What do you look for in your trades?
VOLATILITY VOLATILITY!
I want the highest average dayrangers 30 day period and 10 day
period on my main watchlists at all times.
I was given a scan by another which shows the number of times a stock
has run 10 to 19% in the last 100 days. Coupled with Mud’s suggestion
to add ADR(30) to that scan and using the scrolling Scottrade hod
list it adds up to some fun times.
By running these scans night after night, week after week, the
volatile ones just started to become burned into my brain,and now I
can spot them many times instantaneously as they hit that hod list.
I quickly look to see if the stock is volume spiking.
4. What % of your trades/gains are long vs. short?
The last month the ratio has turned as you say “to the dark side”.
I’d say about 60% short/40% long.
5. What resources do you use?
I use only a few basic resources…Scottrade platform, trade with IB
and love their premarket leader board, $9 basic subscription to
Stockfetcher to
run my scans, Prophet charts, newsletters for the pumps and of course
Timmay for the latest info.
6. You once posted on my blog “Never shorted successfully till you came
along and turned on the lightbulb!” How long had you tried Short Selling
before? Was it really as quick as turning on a lightbulb or was it a gradual
change from losses to profits?
I shorted for many years,about 10 and stunk at it.
Honestly it was as quick as turning on a lightbulb, I had always
shorted the higher priced ones usually in the $20 to $100 range before.
Then Mud told me about how he began shorting ala your style and with
my knowledge of volatile crap stocks under $10, my shorting really
took off and is responsible for a large portion on my gains the last
few months.
7. Judging from your chatroom, what’s the #1 mistake you think people make?
The #1 mistake is many folks don’t work too hard at whatever
method they are using. I was exactly the same way until I finally got serious.
Another mistake I think is not getting out of a losing trade quickly enough.
I know the PDT rule of under $25k forces many to hold but one can
always open up a few different accounts at different brokers to
increase one’s allowable daytrades.
8. What’s with you and the 13th floor?
One of my favorite bands is The 13th Floor Elevators
9. When i made $700,000 in 3 months in 2000, at first I was dazed
and confused…then i got cocky. What steps are you putting in place
to make sure that doesn’t happen to you?
Turning 49 helps a ton! Seriously, I’ve got my head on straight so
IF I can keep it up I’m sure I won’t get cocky.
10. What are you going to do with your winnings, besides pay a
shitload of taxes?
Probably buy another house and since Mud turned my trading around
and he is such an animal lover, I donate fairly heavy to the 4 animal
shelters around my way.
And to try the beat the “scalable” issues trading the kind that I
do, I put money from my profits into a mutual fund that I’ve had for
about 9 years now,which even in these market conditions hit its all
time high last week.
It’s CGMFX and it is one of a very few (I believe) mutual funds that
is allowed to go short.
I’m going to add if anyone is interested in the type of trading I do
to please read some of Muddy’s blog and THIS article I wrote where I
tried to explain what I do
Now you can Twitter any questions/comments to TIMhelp and obviously you can follow TIM on twitter too!
Related Reading
47 Responses
Other Websites Referencing This Post
- | TIM - Timothy Sykes
- How Grad Student Tony Ellis Made $6,500 Overnight & Is Now Up $85,000 In 7 Months! | TIM - Timothy Sykes
- Another PennyStocking Success Story: Davey, A 21-Year-Old College Student | TIM - Timothy Sykes
- You Think I’m Gonna Make Up Aliases? Prepare To Stand Corrected! | TIM - Timothy Sykes
- The Latest PennyStocking Success Story… | TIM - Timothy Sykes
Leave a Reply
TIM Alerts
View All| Date | Stock | Position | Ideal Exit | % Gain |
|---|---|---|---|---|
| Nov 24 | KVHI | Short | $3.70 | 18% |
| Nov 20 | STSX | Short | $3.10 | 11% |
| Nov 18 | PERY | Short | $3.75 | 25% |
| Nov 11 | IIJI | Short | $2.80 | 5% |
| Nov 6 | CVI | Short | $4 | 15% |
| Nov 5 | MECA | Short | $1.95 | 51% |
| Nov 4 | CVI | Short | $4.81 | 4% |
| Nov 3 | NAK | Short | $3.20 | 5% |
| Oct 29 | EVC | Short | $2 | 26% |
| Oct 28 | HSNI | Short | $6.80 | 7% |
| Oct 28 | HSNI | Short | $5.75 | 4% |
November: 9 alerts, 15% avg gain
October: 11 alerts, 14% avg gain
Love this story!…I am a Machinist as well on train locomotives…Gonna inspire me just that much more in the markets…Thanks TIM your awesome.
I think for the sake of your entire purpose for this site (cutting through the bs), I think it would be in your best interest to confirm people’s gains if there’s going to be a post about it :)
Mike_13th & Tony Ellis,
Great stories! Very inspirational. My one question for you
is -
For someone who has never traded a stock before, but is reading books (from Tim’s list); own’s Tims DVD package; has the determination, ambition, and passion to learn this game, and NOT make the same mistakes (hopefully) of his predecessors; what would you tell him before he makes his first trade?
NOTE - I clearly understand the cutting your losses quickly part, and I understand to watch for volatility (although, I would like a clear cut definition of what people mean when they say a stock is volatile (I know what the word itself means…)
Thanks in advance.
zykosis, no way to confirm, these people have nothing to sell…but they are real, i have no idea who they are and they are confirmation that my stuff works…i’ll promote it all day long
ideally though i can convince them to join my affiliate program and covestor so then they would be tied financially to backing up their claims and if they’re right, they’ll make more in affiliate commissions just by writing about what theyre doing
all i know is that the one day somebody lies to you about their gains and then is exposed, haters are going to jump all over it. “fake gains”, you get the point, could be dangerous to your cause.
Like I’ve always said Tim, you’re a great teacher!
yeah some media may try to attack if they find out someone lies but when he starts off his post by saying he has no way to confirm or audit this person’s gains I think he clearly sends the message that he has no proof that this person is telling the truth from the get go.
Stop your crying zyk. Be concerened with your own trades and not with the profit of others. Total disrespect to Mike with you silly accusations. If you’re hating on a guy that made 300K profit so far this year imagine how much you’d hate the top trader in the world who averaged $16 million a day (5 days a week 52 weeks a year( in 07. Bow down young buck. Don’t hate the player hate the game.
Zykosis, I’m pretty sure Mike’s gains are *not* fake. I’m in his chatroom all the time now, and his calls are awesome. In fact, being in that chatroom is one of the things that’s helped me turn my trading around.
Not only is Mike a good trader, but he also gives me the impression of being just a good, nice guy that’s willing to help newbie traders like myself. Regardless of what his gains are, I thank him for that.
PDO broke down due to citron article and briefing picking it up:
http://citronresearch.com/
Yng,
Can you provide a link to Mike’s chat room? OR anyone who knows what it is?
Thanks,
Normally I prefer precise head shots with a finely tuned rifle. However, seeing this bullshit bounce in homebuilders and construction materials suppliers is causing me to reach back to the rack for a sawed-off 12 gauge, perfect for maximum close-range carnage. This looks like a target-rich environment to me. DHI, KBH, PHM are all possible shorts for me this afternoon. Ditto the airlines, notably NWA
Add DAL to that list. Hoping for a bit of a bull run this afternoon to get the prices up.
Great post.
http://mysite.verizon.net/resy.....thescreen/
to all u idiots emailing me: link to the chat is in the post!
tim,
don’t be too hard on all the idiots on the site, they help keep these plays working. Without the idiots, who would we take advantage of?
Tim!! In due time you will be interviewing me…. :)Great job Mike
BTB, nah its mostly senior citizens in these schemes, and they’re so old/senile/out of touch, they cant even spell the word blog
I feel the truth about gains and losses are a must!
I’m the stubborn student of the bunch. But soon I should be mentioned by the teacher as one of his greatest.
I’m Down 1100 today.
Sniper6,
I’m with you there, that press release can’t save them! More
they’ll fall Thursday - Tuesday. No revenue to save them.
guys any one shorting TGC yet..or i am wrong again here!!!
Tim,
When trying to read earlyer posts I click on the page # buttons like 2 for example and it just takes me to page 1?
Great article. I second Yngling’s sentiment (sorry, YngvaiMalmsteve, your whole screen name is just too much to keep typing, so now you have a nickname :) ), Mike just sounds like a straight up good guy. No reason to doubt a word he says.
short 100 DHI @ 12.95
FPP re-breaking $7, looks like a downsloping triangle intraday, shrted early at 7.55, was trading at 7.26 and I had a meeting, put a stop loss and was stopped out at 7.35. I reshorted now that it went under $ 7 again. Go hell FPP !!
Sykes I hope to hell you made a trade, man, either long or short. ROYL or PDO buy before the close yesterday was like giving candy to a baby. How about your PINN short from last Fri. Followed duplicate pattern today.
Sykes, I got a short for you. ACY. Rode it up and sold too early now getting ready to short it.
Buy candidate: IXYS!
new post on shorting OTCBBs:
http://www.timothysykes.com/ti.....g-markets/
tommy missed PDO due to FOX, ROYL cuz i’m a lil bitch and PINN cuz i dont have enough trades…right now looking at LAUD at 3.40 and considering buying
Trader Interviews featuring Bill “Muddy” Milsted. I, for one, can definitely vouch for these guys…I have been in the greenonthescreen chat room many times. His method is simple, which usually means profitable.
http://www.traderinterviews.co.....vember.php
13th Floor Elevators got their name from the letter “M” in marijuana. “M” is the 13th letter in the alphabet. Very good 60’s band; kind of early punk-like. Iggy Pop and the Stooges were inspired by them, along with Queens of the Stone Age and Nebula.
WallSt2,
Have you ever seen “You’re Gonna Miss Me”, a documentary film about Roky Erickson?
Mike_13th,
I have not seen it but I will check it out. Is he the guy who went somewhat crazy? Maybe I am thinking of another 60’s band.
WallSt2,
I think you got the right band.
SOMEWHAT is an understatement!
I haven’t been able to see the movie yet but heard it was nominated for a 2007 indie award.
http://en.wikipedia.org/wiki/Roky_Erickson
Very nice job, though i cant help but mention that there are a lot of losers for every winner here. Again, not everyone was made for trading, not everyone is made for day trading, not everyone is made for day trading penny stocks. It obviously has worked (thus far) for the people aforementioned, but that doesn’t necessarily mean it will work for you. It is a great niche though and lots of fun.
Oh, and by the way, i hope you know who the fund manager of CGMFX is (if you dont, it would fit the personality of pre-crash Tim, knowing all the tickers and charts but nothing fundamental). CGMFX is actually Ken Heebner’s fund (theres an article on him in last month’s FORTUNE). He was the guy who bet big on ag and commodities before stocks like POT and MON had their big run ups and shorted banks and homebuilders. So yah, technicals will work for stocks, but as far as mutual funds go, the fundamentals on the fund manager are what matters.
michael, who are the losers you speak of? as my dvd teaches, if u choose your trades wisely, waiting for the high percentage setups, each and every time, cutting losses quickly, accounts should steadily increase, even if u do have a few setbacks
You know who “another” is.. It’s me, Avery aka TheRumpledOne. It’s from my RUN FOREST, RUN scan on StockFetcher.
3. What do you look for in your trades?
VOLATILITY VOLATILITY!
I want the highest average dayrangers 30 day period and 10 day
period on my main watchlists at all times.
I was given a scan by another which shows the number of times a stock
has run 10 to 19% in the last 100 days. Coupled with Mud
I’ve had streak like that, I could spot breakouts with ease and they all pulled through (10-20% gains in few days). I thought I had it. But then the volatility changed and the markets went sideways, all breakouts started to fail one after another. My point being, if Mike is around in 5 years time making similar profits then he really is the Oracle…otherwise it’s just a lucky streak. The hard part isn’t making a lot at some point in time, it’s the keeping it.
“D”,
Keep in mind that 13th learned from Muddy, who has been making consistent profits for some years now. So it’s ceretainly not a lucky streak IMO