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My Take On Bitcoin Now

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Written by Timothy Sykes
Updated 2/2/2021 5 min read

My Take On Bitcoin Now

A few weeks ago I posted this blog post called “My New $6,000 aka One Bitcoin Giveaway” while I was introducing my friend Teeka’s cryptocurrency newsletter (which is now closed to new subscribers) before Bitcoin more than tripled to nearly 20,000 over the next month!

Download the key points of this post as PDF.

Unsurprisingly, there was lots of feedback, both good and bad, related to that post, as Bitcoin is VERY controversial, but as I mentioned, Bitcoin more than tripled in just a few weeks so everyone who took it seriously did very well…those who signed up with Teeka are raving, since he was 100% dead on with the quick short-term potential and because he and his subscribers made so much money, he actually closed his newsletter to new subscribers, since he has his hands full with his current students and wants to reward them with his focus.

So now, I want to introduce you to another one of my millionaire friends, James here, who has also made millions in this niche and just started teaching his crypto-currency expertise here because he was getting overwhelmed with people asking him questions galore, so I suggest you go HERE ASAP and register with him before he too closes his teachings to new people.  Veteran advice in this hot niche is tough to come by…so don’t waste it while you have the opportunity to learn.

As Bitcoin is not as simple as some newbies thought it was, despite the big runup this year, Bitcoin has dropped 30% off its highs now in just a few days, so you must be EXTRA careful with who you learn from in this niche…as I tweeted this morning:

I can’t tell you how many newbies I know who thought they could just buy and buy and buy with no corrections whatsoever while EVERY veteran trader I know has been taking some or even all of their holdings off the table and locking in profits…I’m disgusted by several emails I got yesterday and today from people who have learned from newbies who have only been trading for 1-2 years and don’t have the experience or knowledge to teach, especially teach and comment about such a fast-moving new asset class where if you’re off by 1-2 days, you can lose 30-50% of your money like that.

That’s why I’m so excited to introduce you to my multi-millionaire friend James here as he’s been trading for DECADES, not just 1-2 years, so his commentary is based upon on everlasting lessons he’s learned the hard way as that’s how he’s made tens of millions of dollars over the years.

Please do not listen to ANYONE who has only been trading a few months or 1-2 years, no matter how great they say they are and actually believe it too as newbies are not humble and that’s what leads tot heir inevitable downfall when the market corrects and helps teach them that they’re not as a smart as they thought they were…instead listen to multi-decade trading veterans like this who focus on safety and risk-management FIRST and not just going for home runs which is a surefire way to lose most or all of any profits you have over time.

And despite all the controversy, Bitcoin has been the single hottest asset class in 2017 so I’ve never seen such ta WIDE variety of opinions on it with many people thinking it’s the future of currency and just as many people thinking it’s overvalued, or a scam with the most number of people simply being very confused and staying away…and to everyone who asks me where I stand I say take it one trade, one day and one week at a time, stop trying to think you can make 5-10 year predictions in an industry like this as that’s a complete 50/50 coin flip and you can make a ton of money in the meantime simply riding the Bitcoin and related-cryptocurrency volatility long before ANYONE declared Bitcoin now to be everlasting or a complete failure.

The one thing I do see happening with Bitcoin is that it’s VERY similar to penny stocks, which are also hated upon and yet they are having a fantastic 2017 so don’t you dare let any mainstream hate or negativity distract you from at least taking a look at this fast-growing niche and learning from multi-millionaires like this who can help speed up your learning curve, just as he’s helped me speed up my Bitcoin learning curve too.

Ah yes, that’s right, I might be a master penny stock trader, but I will ALWAYS ask for help from people I know who have made it in other industries and sectors as their wisdom and experience is priceless. ..so if anyone asks me my take on Bitcoin now, I’ll point you right here as this is the guy I myself am learning from and enjoying every second of it too as I apply his lessons to Bitcoin-related penny stock trading which I highly encourage you do too even if you don’t want to trade Bitcoin specifically!

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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”