Can You Make Money Day Trading?

Posted by Timothy Sykes on Fri 20th of Mar, 2009 08:05:45 AM

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Yes, of course you can, you just need to do these 10 things:

1. Invest in your trading education, check out my library and instructional trading DVDs to start…learn from those with experience because it can be really scary/dangerous without any guidance/rules in place.

2. Understand that even the best traders are only right 50-60% of the time, the key to longterm success is keeping losses small at all costs!

3. Do you hear me, never risk disaster just because you have a hunch or even if you put in 1,000 hours of research, never risk disaster!

4. I don’t think you understand how important cutting losses is, just do it and don’t give me any lip!

5. And try to let your winners run and grow bigger—I’ve never even be able to do this greatly.

6. Notice I admit my faults, trading is very psychological, you won’t get very far if you lie to yourself or others.

7. Understand 90-95% of traders lose money, get rid of all your big dreams of quick success, just try to be part of the 5-10% who manage to stay in the game at first!

8. Don’t listen to anybody who says what styles or niches to trade, find what works for you, whether its’ Penny Stocks, forex, options, short-term, longterm, etc.

9. Don’t use excessive leverage, I don’t care how ambitious you are, never risk disaster with too much leverage!

10. Yes, you can day trade conservatively, cutting losses and not using leverage are two key elements….learnnnnn

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Related Reading

Why It’s Funny To Me When People Lose Money In The Stock Market aka Understanding Risk Reward November 7, 2008
The Answer To The Question I Get Asked Most Frequently August 30, 2008
37 Key Points Of My Successful Trading Philosophy March 17, 2008

AdamN

Excellent advice for beginners. I would also add, new traders should keep it simple. Don't try multiple strategies at the same time or start off by trying to diversify your capital into a bunch of stocks. Pick a strategy, start out small, and for god sake keep your ego in check.

tbohen

Great post, and great comment Adam!

Colin Klinkert

YAY! A content rich post on TimSykes

Great stuff Tim, Cutting losses (stop loss) is vital

Muddy

2. "Understand that even the best traders are only right 50-60% of the time"

Huh?

johnnyvento

So you're saying that even the best traders are just barely better than random chance? What is the point of all that studying then? Seems like you could save money by not buying DVDs if even the best traders are just flipping coins.

I read however that people that are full of themselves make up statistics 50-60% of the time.

Also, you have disparaged hippies in three recent posts. Much like a toddler, you latch on to a word and then use it constantly (the last one was degenerates). Why all the hippie hate? You're not old enough to have fought that culture war. In case you haven't read the funny papers recently, hippies are in (i.e. green technology will be part of what grows the economy), and asshole business types are out (bailouts, obscene unearned bonuses)

Timothy Sykes

yes, outside of pennystocking between right 60% of the time is huge for traders. we're spoiled wiht our beautiful niche

HopeSolo

Funny that most successful traders are right 60% of the time, professional gamblers (sports betting) strive to be right 55-60% of the time, with their picks.

raid

Thanks for the post man, very interesting, I would hopefully like to start making money online. I can never find any free ways, I only found 1 nice site, check it out... online money making

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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%)