I'm about to embark on an exciting adventure gentleman. I'm planning on turning $500 into $100,000 with a strategy I will construct utilizing a variety of technical indicators, and in essence it will be a system designed to follow trends. This will be primarily for day trading equities, and yes before you even ask some will be penny stocks, although I will be trading NASDAQ listed equities almost exclusively. I will turn the $500 into $100,000 in one year or less. My $500 will be boosted to $3,000 using the 6:1 margin supplied by Suretrader, where I plan on opening an account. My strategy will consist of a high winning percentage(works at least 75% of the time), and most of my positions when I'm just starting out will be around $1,000 as I grind my way up. Ideally each position will only consist of 5% of my total account balance, utilizing no leverage at all, but this will take some time. After I complete this task you will all worship me as though I was a god. Lets go! #500to100000in2016 Also any suggestions for devising my ultimate stock trading strategy? Which DVDs and books do you guys suggest for me?
How are you going to get around the pattern day trading rule? I am not too familiar with the rules since I don't trade stocks; don't you need a 25k account?
Are you following tim sykes alerts ? You should start with more money so you'll end up with more money. 20,000% return in one year and only ending up with 100k or 50 k after taxes isn't life changing. But 2500 to 500k or 5000 to 1m is. If you manage to pull it off you'll regret not starting with a real stake because you may never be able to pull off this feat again. Good luck.
Suretrader is based in the Bahamas so they aren't legally subjected to the PDT rule. You can also open an account with them at a minimum of $500, and trade at 6:1 margin.
I've looked into Tim Sykes before, I realize he gets an awful lot of undeserved hate thrown at him for being a loud mouth and a "fraud", but I realize he is mostly legit and obviously his success isn't a fabrication, as I've seen his trades in action before and have been in his chat room, among several others. I will think about signing up for his alerts, but I'm hoping to more or less succeed as a lone wolf with my own system for trades, as for finding active NASDAQ listed stocks, well there's many ways to do this, some free, some costly; I'll have to work out the pros and cons. Edit: Basically I'm not interested in paying people $1,000 for knowledge I could have learned/inferred myself for free.
- Utilizing a variety of technical indicators I like exotic dishes with savors in plenty, But it ain't diversification that we love. It's the excellence of the master. Better to master only one thing, Than to be average in many. - Designed to follow trends Fair enough. Keep that goal in mind. But try to follow what's not yet on your chart. Define why / how you enter / exit a short / long. Usually being right is the easiest part, but what if you're wrong ? - 6:1 margin Don't leverage that much, Or you won't be able to survive. Margin's great to leverage an edge. First, find an edge. And leverage if possible. See the kelly criterion. #Survival is key in trading. - High winning percentage Even if your strategy won't make you lose often. I am persuaded that you'll end broke. That's the last thing we can control. And those traders usually blow up. Win pennies to lose pounds. Good Luck.
He often shorts stuff that isn't shortable in the real world, so no, not everything you hear about him is true.