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I Was Robbed

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Written by Timothy Sykes
Updated 2/21/2021 3 min read
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This is the disclaimer that pops up now when I launch my Etrade PRO charting and Level 2 platform.

But last week when I was waking up at an ungodly hour at my $5,000/night penthouse suite in LA to make big money before the sunrises like HERE, there was no such warning and I had to spend an hour on the phone with their technical support team to be told at the time there was no fix.

Normally it wouldn’t be a big deal, but in this case, the Supernova MJNA was getting close to breakdown, there were shares available to short and I was flying blind.

Within a few minutes MJNA tanked nearly 50%, a perfect $5,000 profit for me…gone…since I was robbed by my “trust” trading platform being down.

In a few months, what Etrade does or does not do well with Etrade PRO will not be my concern because my team and I have been working on a replacement called StocksToTrade.com.

We just released it publicly it a few weeks ago and early beta testers/users have called it “amazing” and that it makes them “feel like master of the universe”, mainly due to our superior stock screening tools.

I was determined to grow StocksToTrade.com and make it truly great, but missing out on that definite $5,000 profit on MJNA just made it a necessity NOW as opposed to later.

mjna crash copy

So good job Etrade, you spend so much money on commercials and marketing because your brokerage sucks, which is fine, but now your software robbed me of $5,000 which is not fine so I have redoubled my efforts to making StocksToTrade.com the single best platform out there.

No commercials, no big marketing budget, we’re just gonna spend $ on making it perfect…so that traders will never have to fly blind and miss out on great trades like I did with MJNA

(I still made nearly $2,000 shorting MJNA on the bounce after the initial panic…catching that trade live too…there’s always angles to trade on Supernovas, but none are greater, more rewarding or thoroughly enjoyable than the #4 crash pattern from my PennyStocking Framework DVD which Etrade PRO made me miss this time)

Check out a brief video intro about StocksToTrade.com here:

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity.
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* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”