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)
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).
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.
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)!
Tags:
Yup,it sure us accurate. It summarizes my trading career (if I really had any LOL).
Crap, need to spellcheck. Meant to say “it sure is accurate.”
Thanks man that actualy hit home big time.
Good work on the A Jew in Japan picture Zach.
Here are some stocks worth having a look at for tomorow.
Long: BORL, QI, AAI.
Short: THRM, ENAB,CHTL,ILE,HDLM,PVCT.
Long or short; KANA.
i’m long AAI right now actually (bought 2.44). i’ve been in AAI before (bought 2.88 sold 3.20) and i’m a fan because the stock lends itself to really predictable scalps. it looks about to REALLY jump tomorrow. everyone knows it’s oversold.
BORL could definitely run; thanks for the tip. i’d actually be looking at QI to short though, although it could gap higher/continue to run.
To anyone,
I have been thinking of buying holding these stocks on a short term bases, but my biggest fear is Uncle Sam. How adversely can buying and selling these stocks on the short term affect my profit or even my original investment?
Sonyhustler - get JK Lasser’s income tax and read the parts on dividends and capital gains.
new post:
http://www.timothysykes.com/ti.....h-of-1929/
Sonyhustler,
you pay taxes on your net capital gain at the end of the year only (most of theses companies dont give dividends).
You buy 50k of stocks, you win 1000$. Thats you capital gain. 1000 minus fees = net capital gain. You can use losses to offset gains. So if you gain 1000$, lose 500$, gain 2000$, you are net 2500$ capital gain. There is one trick here, it’s called the no wash sale rule. You can’t use you loses to offset gains if you rebuy the same stock in 30 days. Suppose you lose 2000$ and you rebuy the same stock 2 days later cuz you think it’s going to reverse. Then you can’t use that 2000$ lose to offset gains. The idea beind that is that people would sell/rebuy and use the losses only for tax purposes. This is totally retarded in day trading like we do but I think the rule hold.
So this is the basic idea. Read books to get the details, or better, make money and pay an accountant.
couldn’t have been more true, great find
God I hope we all do not think like this.
total_keops do you have any good suggestions on websites or books that talk about trading and taxes?
Don’t they call this the “cup and handle” in some circles? Hilarious.
cash, no I dont. It’s all info that I gathered throughout the years. But if you keep your trading simple (only stocks, no dividends, no interest) you dont need any overkill info. In fact, all that is in your taxes form you do it!
Finally we get to see into the mind of Timothy