One of the biggest questions I get asked is if Tim Sykes is legit.
Legitimate question. 🙂
Really, the question you should be asking is how legit is Tim Sykes? To what degree is he legit? Are you getting completely ripped off? Are you just getting scammed? Or can you learn a few things and maybe profit from some of his trade setups? Here’s the truth about Tim.
Let me start by saying everybody is going to be in a different place when it comes trading.
There are a few of you reading this that will be pretty advanced. You have a ton of experience trading, and you’re already very profitable.
Maybe you’ve been trading for a while, but aren’t very profitable. But maybe you know a number of techniques or strategies already.
I personally learned a lot from Tim. Following Tim’s alerts is not about the moment you get an alert you go in and trade the exact same stock. It’s about watching how he does it himself. You see how he goes in and out of trades, how he cuts losses, or scans for stocks.
1. Looking out for the next big move Really, when you boil down to it, Tim is mainly a swing trader. He’s looking for momentum before it happens. He doesn’t just trade penny stocks. He’s traded Facebook, Fannie Mae and a bunch of others.
One of the ways that Tim looks for momentum is based on news. For example, when Colorado legalized marijuana, and a number of weed stocks started to experience some movement. When you hear news like this, it needs to set off some sort of internal trigger to say, “Hey, I should check out some weed stocks.”
Another example would be scanning seekingalpha.com for news. Tim looks for announcements about deals being made between companies. LQMT experienced a lot of movement when news broke out of a possible supplier relationship with Apple. Tim traded LQMT off and on for a few weeks.
Tim also looks for earnings winners. I didn’t understand what this was when I first started trading. Every quarter companies file earnings reports with the SEC. Analysts project earnings for a company, and oftentimes the stock price reflects that speculation.
Anytime a stock reports better earnings than expected, they’re an “earnings winner”. While this strategy is not new to the face of the earth, signing up for Pennystocking Silver certainly taught me the importance of watching out for these possible scenarios. Facebook is a prime example of an earnings winner that Tim traded.
2. Understanding how to use different brokers Just today I had this conversation with my brother. Not all brokers are created equal.
Trading with Scottrade is not the same as trading with Interactive Brokers.
Before working with Tim, I never understood how broker relationships worked, and which ones were the best for day trading.
3. The importance of having a trading plan
Motto not to live by:
Anytime you have money in the market, it is stupid not to have a plan.
Trading the market is sometimes more of a science than it is a game. Having a trading plan in place with rules isn’t just about winning. It’s about narrowing down your trading into a strategy that creates the best chance of success in the market.
If you need help creating a stock trading plan, a really good read is How to Design and Construct an Effective Trading Plan. It’s an easy read at 133 pages, and will help you design a plan that works for you.
Tim is not always the best at explaining his plan, which is why you might want to consider Investor’s Underground instead. You can read my full review of Nathan Michaud as a trader, but for here, I’ll just make this point: Nathan is more clear about what his trading plan is, and better at communicating that plan.
Summary: Tim is legit. As a follower, I can honestly say Tim has taught me a lot about the stock market that I didn’t know before joining Pennystocking Silver. That’s not to say that everybody’s experience is going to be the same.
You may already be a profitable trader with years of experience and a finely tuned trading strategy. Working with Tim won’t be beneficial to you. But if you are like I was when I first started, there’s a lot to learn and know. Trading with Tim has taught me a lot.
The Not So Good
Although I do think Tim is legit, that’s not to say he’s perfect.
1. Tim rambles on One of my favorite songs is Ramble On by Led Zeppelin. But that’s as far as I like to go when it comes to rambling. It will be very evident when you watch Tim’s videos that he’s going to ramble on. He talks in circles. You and I are used to talking in a linear fashion.
- 3 Bullet Points
Not with Tim. He’ll talk about all of his past videos, throw in why he’s living the good life, talk about his successful trading students, etc.
There are a number of reasons for this. 1) He’s trying to fill dead space while waiting. 2) He’s not sure what to say. 3) His thoughts aren’t organized, and he’s processing things out loud. And 4) He’s got a product to sell and wants to make sure you sign up for it!
This is probably the biggest complaint I’ve seen from other review sites on Tim.
Truth be told, if I had to fill a 20 minute video, it would probably sound like a lot of heavy breathing and the crunching of Chex Mix.
If you don’t like Tim’s teaching style, you can always check out his other Guru’s.
2. He’s a dodgy fella Tim isn’t always going to answer your question. Just being honest here.
While I like the service Profitly provides, I also realize that sometimes Tim is just a jerk and doesn’t answer my questions.
Here come the “But wait a minute, I’m paying him a lot of money. He should answer all of my questions!” I don’t disagree with you. If you pay for his service, I want you to get all of your questions answered.
Tim is either too busy, doesn’t care to answer your question, or he’s already answered it a million times.
3. Tim’s strategy doesn’t scale So many of the other reviews I’ve read about Tim all seem to have a common argument or complaint against him. That is, if his strategy is so successful, why does he teach it to others? Why doesn’t he just trade on his own and make bank off of it?
There’s a point where the strategy that Tim teaches becomes limited. Trading penny stocks does not scale. You are limited to the amount of money you can make because there’s only so much volume in the market when it comes to stocks.
Now, to you and I, we would probably say $1 million a year is plenty for us. I think for guys like Tim, it’s great to make that much money a year, but there comes a point when you want to make more.
And unfortunately, this strategy limits him to the amount of money he can make. That’s why he sells a product and his services. There’s only so much money this strategy can make, and so to move beyond that Tim resorts to sales to increase his income.
4. Tim’s an a-hole. I’m a Christian guy. I try to let kindness and gentleness rule my tongue. I try to do right by anybody I come across.
But I understand that not everybody else plays by the same rules. Other people will ridicule you and cut you down. It’s just part of life.
Its sort of like Jekyll and Hyde with Tim. Sometimes you can get really nice Tim, who wants to inspire you to make money and help you become a better trader. And other times you get the Tim that tells you you’re stupid and lazy.
So many times while in the middle of a trading class, I would ask Tim something, and he would yell at me and tell me to go watch his videos. He’d say I was lazy and that if I’d watched his video lessons I wouldn’t have to ask such a question.
My complaint is, who really has the time to watch 800 videos, especially when Tim rambles on a lot? The result can be frustrating.
My advice is if you hit this point, and it really bothers you, take a turn trading alongside one of the other Guru’s like SuperMan or Investor’s Live. You may find they treat you better and more thoroughly answer your questions.
The result is simple. The service Tim Sykes offers is legit.
You will get the chance to learn and trade alongside some very successful day traders. You will learn a unique strategy from Tim that has made him a lot of money. You will also learn to think about things like brokers and trading plans.
The trap I don’t want you to fall in is to think that everything will be handed to you on a silver platter. It’s not like you’re buying a service that deposits unlimited money into your bank account.
You actually need to work to be successful. You need to study. You need to fail to learn what doesn’t work.
Learning from Tim is not a get rich quick scheme, it’s an investment into yourself. When you sign up for Pennystocking Silver, you will get to see how Tim does it. But the key isn’t to just follow his every move, but to pick up bits and pieces here and there, and start to form your own strategy.
As I learned, every trader is different. And the strategy that works for me, will not work for you. We can still learn from each other, but ultimately you have to make it your own.
Sign up for a free two week trial with Tim to get started.