12 Steps To Stop Gambling/Trading Poorly As Adapted From Alcoholics Anonymous

Posted by Timothy Sykes on Sun 1st of Feb, 2009 04:05:34 PM

Tags:

Evolution

Here are 12 steps to stop gambling/making dumb trades…adapted from AA…and start taking a breadth and being more meticulous before you put any $ to work in the markets…as I preach in ALL my instructional trading DVDs:

1. We admitted we were powerless over greed/gambling—that our accounts had become unmanageable.

2. Came to believe that discipline greater than our greed could restore us to profitability.

3. Made a decision to turn our will into a ruthless trading machine as we understood it.

4. Made a searching and fearless trading inventory of our strengths and weaknesses.

5. Admitted to our accountants, to ourselves, and to other traders the exact nature of our wrongs.

6. Were entirely ready to learn how to remove all these defects of character.

7. Humbly asked TIM to remove our shortcomings.

8. Made a list of all stocks we had traded poorly, and became willing to make amends to them all.

9. Made direct amends on such trades wherever possible, except when this step didn’t make sense to adapt to gambling.

10. Continued to take personal trading inventory and when we were wrong promptly admitted it.

11. Sought through research to improve our conscious contact with disciplined trading as we understood it, hungering only for knowledge for us and the power to carry out disciplined trading.

12. Having had a profitable awakening as the result of these steps, we tried to carry this message to gamblers/failed traders, and to practice these principles in all our affairs.

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Related Reading

People, Don’t You See That It’s all About Transparency? January 30, 2009
The Financial Web 2.0: Covestor vs. StockTwits vs. StockPickr April 1, 2009
To Those Offended By My Traveling, I’m… February 2, 2009

arron

tim ur a not even a great trader... when your subsriber make $$$ u claim to be their mentor , when they are not you bash them stupid. i think you are just a greedy jew just like madoff!

am

What jew people have to do with Maddoff?
Separate things! The jew community is very honest!
Unfortunately have some exceptions.

Phillip Lyon

I came across Timothy Sykes because I used to have a stock market blog (Intelligent Speculator) and I decided to trade links with him (before he redesigned his blog). I have since sold the blog to take some time away from the brutal market. Since then I check in on his blog every month or so our of curiousity to see what the egomaniac will say about his own self importance.

I can no longer hold my tongue and I must say Timmy is a complete joke. I have read previous posts/comments where little Timmy has said he only looks for stocks that will generate a huge return (+100%) in a short amount of time but yet he has a trade on Jan 8 that went up of whopping six cents for an astronomical 1% gain. He also has a trade on Dec 22 that went up seven cents for a 1.3% gain. Man, he is killing the market with those trades.

Also, if he is so good at trading why is he only trading $43,000? He claims he is making more than 800K on this blog so why not put that money to work if he can truly make money in the market? Why did his so called "hedge fund" with barely over a million (of probably family and friend's money) fail? Because he is a fraud.

Think about his TIM Alerts. If you had a few hundred (maybe few thousand) people following your stock advice and you recommended buying a stock those followers would push up the stock price regardless of whether the stock price deserved to go up or not. If you quickly give a sell recommendation and lock in the artificial gain that is very unethical at best. I cannot believe people actually pay for his advice. I think mainly he is taking advantage of people who know very little about the market.

The only way Timmy can draw an audience is by being over the top and making insane comments about value investors, etc. I cannot name you one famous day trader but I can name several successful (buy and hold) value investors (Warren Buffett, Peter Lynch, etc.)

If you invest based on this clown's advice you deserve to lose your money and regardless of what Timmay says I am sure more people are losing money following his advice than are making money.

Timothy Clemans

Philip you seem like you have a brain approximately the size of a walnut. With a beetle eating the insides.

timothysykes

holy hell philip, i've done 1000 blog posts answering all your questions, i suggest u read them before wasting my time again...or get my DVDs, theyre faster...also the days % gain is irrelevtant, in fact i like shorting stocks close to unchanged, its the % gain over the past few days i'm interested in....and if i'm clown who was up 200% last year, what does that make the entire "industry" that was down 30, 40, 50%..go invest for thelongterm, we'll see who's richer in a few years/decades

Timothy Sykes

new post:

http://timothysykes.com/2009/02/02/to-those-off...

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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)!

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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%)