Nada, still transferring assets so I can really start to trade again and shut some of these people up. But I am looking at SCON, which I posted my thoughts on my website: http://timothysykes.com/index.php/s...sdaq-stock-that-has-octupled-in-2-months.html The point you're missing is that my short-term trading strategies still work perfectly. There's plenty of volatility and liquidity and thats what my DVD teaches people to focus on. I detail the CYGT trade too so as to help people understand how you can easily be led down the wrong path. As for the term Penny Stock, it refers to any stock trading below $5-generally speaking. But when a $3 stock goes to $10 or $even $40, I still consider it applicable to my strategy even if its not technically a Penny Stock anymore because my strategies (either from the long or short side) seek to profit from Penny Stocks that make such moves, a la SCON. Understand better now? PS I love how you guys try to knock on my products' titles--they're titles for gods sake, not meant to be endlessly qualified. But I guess until you read the book or learn my strategies, you don't really have much else to go on so I understand
I come from a world where titles should be truthful or it is false advertising or misleading the public. You can say whatever you want, shorting a $30 stock is not Penny Stock trading. Lets look at SCON since you posted it: "My advice: sit on the sidelines and let the hype play out. China and wirless are not two trends you want to go short on when there's seemingly unlimited potential...for now. There's been plenty of chances for profit taking and yet even with several dips, SCON has continued making new highs. That's a good sign hype is in charge...for now. Of course, I wouldn't buy the stock either as this really could collapse within a day or two if there's any hint that this joint venture isn't all it's cracked up to be. If I'm right and SCON keeps heading higher, these kinds of plays like to go out with a bang, we're not talking $13 or $15, but $20 or even $25--yup, it can get crazy. If that kind of price action occurs, then I might buy in for a few quick hits, just because I know the shorts will be crying out in unison as they get squeezed higher. " So you would not short it and you would not buy it..... and it could collapse within a day or two if some bad news comes through and it can hit $25 a share. Basically you have said nothing nor made any prediction to short or buy the stock. GENIUS. If the stock crashes or explodes to $25 you can claim you are right.
Ha, I'm not going to qualify the product title, the product itself does plenty of that. As my DVD explains, Penny Stocks have unique business/investor characteristics (such as being story stocks, usually doing PIPE deals, etc) so a rapid price increase does nothing to change those characteristics; thus they are, for all intensive purposes, still Penny Stocks
You don't need to play every Penny Stock that goes up, some take patience. For now, SCON is a waiting game and thats what that post was about. You've been brainwashed by too many talking heads into thinking you need to play every stock one way or the other immediately. No. I will continue posting my thoughts without taking positions because they are intro posts so my students will have done their research ahead of time when the price action is more to our liking. Patience, Planning ahead, researching ahead of time before taking positions==these are the practices I preach.
Larry Williams who holds the largest yearly return of 11,376% had 5 draw downs of over -30%, 2 draw downs of over -60%, and 1 draw downs of over -75% (maximum draw down was -78.45%) ... but he turned 10K into 1.2 million in one year Yeah, you can have a 50% draw down like you asked Tim and still tell your clients you are a good trader. Heck you could have a 78.45% draw down and be one of the best traders who ever lived.
Hey Timmy! I used to trade at a firm you primed with for a short while. Been a lurker here for years...but for obvious regulatory reasons didn't ever post or create an ID. Heres my take. Tim Sykes was always a pleasure to speak with and is a pretty good trader. A 37% cut off the top of trading cap is not a big deal for a young man. At least he has a head on his shoulders to take a step back when things aren't working and regroup instead if revenge trading down to zero. I would bet my year end bonus that 99% of traders here have never turned a profit larger than the commisions they paid that year. And to the 1% that have..GOOD ON YAH!!! Tim did something most people cannot do, and for that he has my respect. I dont get the bashing. Seems to me a independent trader would have better things to do. Tim, I am not gonna out myself publicly. But if you want to PM me we can chat and i`ll tell you who this is.
I could care less about being known as a good or bad trader--I've repeatedly stated I'm not a great trader. What's more important is that I'm thought of as a great teacher and to accomplish that, my 35% drawdown (and learning from it) will help me enormously in my trading and teaching going forward.
ET doesn't have much to go on snake oil sykes? How bout the months you and your abrasive personality have been on ET? How about all the people who, early on, called you out for your obnoxious character? They had even less to go on and were 100% correct. After months and months of your pimping, spamming and lies, there's more than plenty to go on and it stinks. Deal with that. http://www.elitetrader.com/vb/showthread.php?s=&postid=1649602&highlight=ignore#post1649602 "You're a complete POS and this is my last message to u before you (Bob Rowshan) go on ignore." This wasn't another snake oil sykes lie, was it? The following post was made by YOU to me after you put ME on ignore, so you said. http://www.elitetrader.com/vb/showthread.php?s=&postid=1653184&highlight=chosen#post1653184
I was not defending you as a trader and certainly not as a teacher. Rather I was pointing out that a trader could have such a draw down and still be considered a good trader. Actually once they achieve new account highs after such a draw down (50% draw down means you need a 100% return to recover) you are one heck of a trader who can remain come and unemotional to preserve.