Hey I have had the fortune (or misfortune) of getting myself on Tim Sykes' mailing list. I am getting bombarded with his marketing videos. I quite enjoy some of his videos and find them entertaining. Q. Is this guy a decent trader that I can learn something from? I think I know answer but would be interested to here other peoples take on him. I totally understand he is brash and rowdy but I quite like that. Most of my trading these days is sedate stat arb swing trades however if there is some jooce in these small caps I am up for a punt, it might even be fun. ciao ciao.
He is too rude, besides his trades aren't that exceptional. If you don't have much to work with then you would play with penny stocks to build up your captial. However if you have $4K to plunk down. Trade retail using Margin to intraday and swing trade. People that know don't teach! He needs to supplement his income, so he using aggressive Marketing campaigns to win your business with this over priced courses. The big players on Wall Street don't teach. If Skyes has a multimillion dollar account and only made $30K in a month. He is averaging $1500 a day which sucks. I'd proceed with caution because of his brashness. Besides read what other traders have had to say about him online. He doesn't have a lot of flattery reviews. On Wallstreet Warriors he blew a lot of his clients money and lost out on several opportunities. He lucked out a few times and managed to sustain himself. However if he was really good he'd be at the top of the food chain, he's more a bottom feeder.
I've run into Tim on a professional basis. He is the real deal. I truly do believe that he makes the money he talks about. People who say he's a "scam" have no idea what they are talking about. He and I don't get along. He is Rude, and Arrogant with a capital R and A. He doesn't know crap-all about Macro, but at least has the sense to say that. I've also run with guys that make 200 x's the money he makes, that are down to earth, humble and kind. In my mind, he's the poster-boy for what a true profitable trader should NOT be.
I subscribed to tim's alerts/chat service and still have it going to see what he's doing but I do not actively trade his alerts. I've learned 1 big thing watching his trades unfold -- he's really good at cutting losing trades quick. This also means he cuts winners early, but you typically do not see Tim losing much when he does take a loss. I've also seen the same with Nate @ Investors Underground, but Nate does take bigger positions and can get caught at times. I was surprised though watching these 2 trade just how good they are at cutting losers quickly (usually).
from what I can see Tim alerts his subscribers to small cap stocks. So what typically happens is he has a position and then a tonne of volume follows him and he exits for a profit. Is that even legal? let alone moral. these small caps stocks are very sensitive to volume . are my thoughts correct or have I got the wrong end of the stick here.
The reason they both cut and run early is simple... THEY MAKE MOST OF THEIR MONEY FROM SELLING THEIR SERVICE, NOT FROM ACTUALLY TRADING!!!! The key is to take small losses and small profits then keep pitching how you "should have made more from the move" on your winning trades. That douche Scalptrader on Briefing is notorious for continually hyping closed trades if they keep going his way and even trades he didn't even enter but was "watching for an entry point". It's all part of the scam to keep getting newbies to pay for their service.
The money he charges for his course wont cover his living expenses. However he does make enough money to live a pretty good life. Cutting losses quick is what every experienced trader should do. If your not cutting your losses quickly stop trading now. My lossess are automated thru trail stops.
Bullshit. Sykes makes great coin from selling his shit to the stupid and gullible. Plus selling adds and other crap on his website...he makes shit from trading because he is a terrible trader as anyone who watched Wall st Warriors already knows.