Best Post Ever: Part 2 Of Portrait Of A Successful PennyStocker, Adam N., Currently #3 On Covestor
Posted by Timothy Sykes on Sun 19th of Oct, 2008 03:10:36 PM
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Remember part 1 of Adam N., the latest successful PennyStocker’s, profile? Well, here’s part 2, an interview and pic with the man himself, and a great interview it is:
1. What’s your background?
I am a 26 year-old graduate from Penn State University with a degree in computer Engineering. I currently work for an internet advertising company, in south central PA, as a software engineer. Up until about two years ago, I really didn’t know a thing about the stock market. It wasn’t until I started to fund a 401k and was granted a few stock options, from my current employer, that I felt compelled to gain some basic knowledge of the markets so I could better understand and monetize these two investments.
So like any ignorant stock market rookie, I started reading and watching everything and anything related to the stock market and basically believed in what all the “experts” and “ANALysts” had to say. I soon opened a small account with Scottrade and “invested” a few thousand dollars I had been saving over the past few years. I started trading every stock out there from Penny Stocks to large cap stocks like AAPL and MSFT. I was even using margin to leverage some of my positions that I felt were “sure things”. I had a little success early on making a few hundred dollars here and there, but every time I generated some gains, it would soon be followed by some bad trades that put me back in the red.
About 8 months ago I took a large position in a dying microcap company, KWGI, which I had previously had success making $2k on. I truly believed that this company was going places, because I bought into all of their overly hyped-up PR’s. About two weeks after taking a 50% position, the company was delisted from the Pink Sheets and to this day, my $3k is on lock down never to be seen again.
After that, I took some time off of trading feeling that the market was bigger than me and that even after all the research I had done, I still knew next to nothing about what really made the stock market move. Shortly after that, I happened to catch a few episodes of a new TV show called Wall Street Warriors where I first learned of that young, cocky jew Tim Sykes, who impressively took $12k and turned into 2 million while still in college. After watching his story, I was instantly re-motivated to make money in stocks and was determined to learn his strategy. And learn I did. After discovering his blog, reading his book, watching the DVD, and subscribing to Timalerts, I have now turned $7,600 into $13,600 and I am well on my way to the coveted $25k where I will be free of that dreaded PDT rule.
2. Best trade?
My best trade to date was SIL. I jumped in shortly after the Timalert around $3.96 and rode it all the way down to about $2.60 where I covered for a $3,225 net gain.
3. Worst trade?
My worst trade was COIN. Again I jumped in short on a Timalert, and the following day I was up like $500. Rather than covering and taking my gains, I was too greedy and held onto it another day only to see it spike back up. Rather than covering at that point and taking what would have been a small loss, I foolishly added to my position, fully expecting the trade to go my way. Finally the stock humbled me and I covered for a hard-to-swallow $1,900 loss. It was a good lesson for me though, and I have since taken losses much quicker now so that I never get myself in a situation like that again.
4. Celebrated your gains at all yet?
My goal right now is to get my account over the $25k hump, so I haven’t taken out a cent yet to celebrate with. Ultimately though, I want to use my gains to pay off debt, buy a house, and one day to be able to trade on a full time basis.
5. Question you’d like most to have me (Tim) answer?
What advice can you offer a new trader like me who has found early success in trading, based off of your methods, to be able to stay on the course of profitability and to not end up like so many other traders that eventually give it all back?
ANSWER: Just don’t have any expectations, don’t set profit goals, take it one pump at a time. You saw form SIL how easy it can be, they’re all not that easy, trust me. The good news is that plays like SIL do come around again and again, you just gotta wait for them and live life in between…
6. What’s your daily routine?
It’s actually very simple, every morning I wake up around 7:30am to read the morning Timalert watch list. I reserve shares of any potential short setups that look promising that day from TOS. Then if I see one of those stocks start to fade or go red on the day, I jump in and short it. I am to the point now where I will often enter into a trade before the Timalert comes out, because I know the patterns very well by now and really just rely on the morning watch list that is posted each morning.
Also, I often hang out in Muddy’s chatroom and the new Timalert chatroom to share ideas with fellow traders and to identify any new plays throughout the day. At night I usually spend an hour or so catching up on all the market news and also to look for new stocks to play the next day.
7. What product of mine has helped you most–book, dvd, blog or alerts?
Definitely your book, I think just about anyone can learn the types of chart pattern setups you look for, but the psychological mindset and general life lessons that I took away from your book have helped me the most in being successful at PennyStocking.
For me it was the motivation I needed to be able to read about first-hand, real-world experience of starting out small and making it big, without all the fluffy sugar-coated BS and empty promises of overnight success that so many other people out there contest to. It has given me the confidence that someone like me, who doesn’t have a degree in finance or who has hundreds of thousands of dollars to start investing, can find success at growing such a small account.
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TIM Trades
View All| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| 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: $92,304 (644%)
