Tim Sykes' Trade Secrets
Tim is going to help everyone learn about financial speculation by laying it all out there and breaking it down to the basics. â€œThe key is that I'll hold nothing back. My every move will be open to public scrutiny. I'll be using a regular discount online brokerage account to prove that anybody can do it.â€?
Not everyone wants Timothy Sykes to come to parties right now, ever since his hedge fund lost a third of its value last year.
Timothy Sykes knows it, too. That's why this Connecticut born and New York City based entrepreneur is creating for himself a goal of showing people he can still successfully stock trade and teach people along the way.
Whether you know nothing about the stock market, leave everything up to your financial planner or actively day trade, you have to take note of the fact that Timothy Sykes has chutzpah. He originally became known for having taken $12,415 of gift money he received for his Bar Mitzvah and turned it into a $1.65 million fortune in a few years of highly frenetic stock trading.
He went on to create a hedge fund which was a top ranked fund for several years, but was hit by tremendous losses last year. His story hit the gossip columns and he became a whipping boy for several media who took him to task for his failures and attributed it to his youth and impetuousness.
He acknowledges that his failure was in part due to overconfidence, but he’s convinced the losses have made him wiser. Not only does he intend to make back his fortune, he also believes he can help others learn to do the same.
What he plans to do is start all over again and repeat his original feat.
He will begin with the same $12,415 and trade openly till he makes a cool $1.65 million dollars for a second time.
“I believe that everyone should learn stock trading, but people need to understand the markets better instead of being fed thousands of random stock picks,” he said. “The goal is to help everyone learn about financial speculation by laying it all out there and breaking it down to the basics.”
“I’m going to describe everything I do on my website www.timothysykes.com. I won’t give out stock pick recommendations ahead of time, instead, I'll show everyone exactly what I'm doing so that they can watch and interact with me while learning my strategies.”
“The key is that I'll hold nothing back. My every move will be open to public scrutiny. I'll be using a regular discount online brokerage account to prove that anybody can do it. Perhaps most importantly, I’ll be expressing myself and making fun of myself and letting people see how fun stock trading can be.”
“I’m calling this challenge “TIM”, short for Transparent Investment Management, but I’m not taking on any investors. None. Zero investors. This is all about me teaching people through my personal stock trading.”
Timothy’s quick to offer up his top ten trading lessons learned. Here they are:
1. No matter how much money you make in the stock market, be humble or else it will be the market that humbles you.
2. Don't limit yourself to only one investment strategy, learn as many strategies as possible so when the market changes, as it inevitably will, you can change with it.
3. No matter how sure I am about a position, I've learned to limit my position size so no matter what happens, I stay in the game and live to play another day.
4. All my greatest losses have come by my trying to force opportunities when none existed. Don't force opportunities, let them come to you.
5. There is no salary in financial speculation, so don't expect consistent profits. Don't be afraid to take days or even weeks off when there's nothing to play.
6. Do your research, generate your thesis and take your positions, don't cry if you're wrong, just exit, learn, revise and move on.
7. Stock trading is like surgery--this is not a simple game so you must study all the subtleties of the markets before operating--or else your patient (your account) will die.
8. There are a lot of idiots on Wall Street and many companies will fail--you can profit from this, it's called short selling.
9. I've made 100x my money within a few years by being right about 65% of the time, the key is cutting losses quickly.
10. I've made thousands of bone-headed mistakes, but have only used leverage once and will never do so again. After all, all the greatest blow ups involve leverage so why bother risking disaster?
One thing is for certain. We’ll be hearing more from Timothy Sykes.
You can follow his story and day to day activities at his web site www.timothysykes.com
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“Speaking Truth To Empower.”
Ann GarrisonNovember 30,2013 @ 12:14 PM
It was sexy to be against the war back then. He was probably in it to get laid.
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