I have completed one year of this journey of penny stocking training . So my year has been different then some of the other students that I have seen through this process. But I need to recap what this year has been like so I can look back another year from now and see how far I have come. Plus I am going to share my experience on profitly in hopes it will help others. I always find it easier for me to write when I think I am teaching someone else.
How did I started on this process. I have always been interested in the stock market since high school. I always knew it would better to invest then to buy a new car because the same amount of money for a new car I could put in an IRA and retire off of. So I have always read books on the stock market. And I have read all of Jim crammers books. And started trading in the long term with little profit especially because I have such little amount of money to invest long term. One day Tim's paid post on Facebook came up It was the one with Steve Harvey. I then saw he was on that show on hulu Wall street warriors. Signed up for a hulu account and watched all the episodes. Then went online and purchased his book. After that I was hooked.
Tim Sykes social media and free stuff is so massive that it is hard to know where to start. I did watch his Russian seminar. And the first DVD I purchased was the how to make millions DVD. Then Tim had some kind of holiday sale and I purchased all the DVD's I could. I did just get my IRS refund and I wanted to buy something that would last a long time. Honestly Tim rambles a lot and it does become mind numbing but basically what I did is watched them all to get a better sense of it all. But trying to know where to start was difficult and to process what he was saying was also hard for me. I figured I could sign up for a profitly account and do that month to month until I decided if I wanted to do the yearly or just quit. I signed for a STT account the one dollar promo to see if wanted to use that and I decided to open a Td Ameritarde account. Trying to understand what brokerage account to start out was also very confusing because all his DVDs where different. At the time I thought I was set and found MGT to trade you know the pump with MacAfee . It was my first supernova or spike and made 500 dollars on it. I was pumped I just kept imaging all the wealth I was about to make. Made a few more trades and they failed and I got nailed for the pdt rule. But I was hooked and Tim keeps on saying study study study and cut losses quickly. So I doubled down and kept on watching the videos but not knowing what I am looking for. I didn't know how to use stocks to trade and I didn't know how to use think or swim and the worst part was stocks to trade would keep on crashing. So frustrating I got in touch with tech support and they told me my computer should handle STT it must be my internet. So then I upgraded my internet still same problems with it crashing. Still studying and still trying to trade then one day Tim announce his summit in Orlando FL. I really wanted to make it happen. So I booked the flight and hotel and used my rewards points.
Orlando FL, Talking about an experience. I got to meet lots of people there who were all chasing the same carrot but yet my technical issues with STT would plague me and lucky the stock to trade team was there and they looked at my computer for me. But I still got the same answer. Still having computer problems and I pushed on. Tim Bohen took the stage and talked a lot about his story and how he used to own a business and now is a full time trader. His story really resonated with me and when he announced that he was going to be the lead trainer for Stocks to trade and they were going to have a yearlong mentoring program I knew that is what I wanted to sign up for. I knew Tim Sykes had a challenge group and it costed 6k to get in but I didn't have 6k but I did have enough money in my trading account for the pro program. So that’s what I decided to do. I signed up for the stocks to trade pro program.
The flight back. I left my tags on from the conference and during the flight back I met a guy and he asked why I came. I told him that I had a small account and I wanted to learn more about trading. I then asked him his story. He said he started out with 90k and traded his way down to 30k I knew I didn't want to be that guy.
Back home the STT pro program was at the beginning phases of setting up. And I was still having huge problems with STT and not knowing how to use think or swim. But I would get up every day for market open and close and watch all my videos that I have purchased. Finally getting super fed up with STT crashing I decided to buy a new computer. I asked Tim Bohen what kind of computer he had because I noticed he wasn't having the same issues as me. He sent me the specs and I bought an Alienware 3k on a computer. Omg what am I doing to myself I have spent so much money on this process but I am determined to get this down. Finally I have a reliable system. Also through this whole process I have been buying 95dollar monitors from amazon and I found these usb video cards (plugable) so now I have 6 monitors for my setup. Now I have some real estate to see everything. And now I have a reliable computer. But I'm starting to get frustrated because now I only have 500 dollars to my name for trading and the brokerage fees are eating me alive. This is when I decided to save my money even think about emptying my IRA. But that’s when paper trading comes out with STT. Great I can now practice my trading until I save my money. I hear from the chat room that Interactive brokers has pretty cheap trading fee's. I decided to borrow 10k from my business to open an account and then return the 10k back. Now I have an Etrade, TdAmeratrade, and an IB account.
During this whole process I'm posting on Facebook and a friend from Facebook notices and sends me a private message that he too is stock trading and we should swap DVDs. Hell yea I want to swap DVD's you know how expensive Tim's DVDs are. At this point I'm already 10k in from the computer, the trip, the DVD's, the STT pro program. I felt like I wasn't making any progress. We decided to start a trading group where we can meet every Monday and chat about stocks. (There are 5 of us now that meet every Monday). I was so pumped because stock trading is very lonely. To be able to talk to people and to bounce ideas off of becomes very important. Add the STT Pro group I know have people to talk too. I can't tell you how important that is. Fyi I don't like the profitly chat room because I get gaged every time I'm in their because I do something wrong.
Now that I have my accounts all setup and I have a total of 9 trades per 5 days I really start trying to trade. But I keep making mistake after mistake. Not chart mistakes or plan mistakes. I am making order mistakes. Each broker works a little bit different. Putting a buy stop order in E*TRADE works so much different than a buy stop order in IB and then I would use my PDT trade up quickly because E*TRADE counts PDT trades much differently than Interactive brokers. I finally get feed up with it and decided to open a sure trade account.
Dux: in the STT pro chat room there is conversation about this guy named dux who is getting close to making a million dollars in profit in one year. The story is that he joined Tim Sykes challenge group and within a year processed all of the DVDs and now is trading making crazy profits. My first thought is no way can anyone do that because I'm still going through all his DVDs and I am not getting it. I'm still stuck trying to learn how to enter an order in. So I messaged Dux and asked him how he did it. He Said "I watched the DVD's and took important notes then created my own thing from my notes." WOW my mind was blown. Dux also made some videos that he posted online and that guy deleted. GRRR if he left his first two videos up!!! They were so good. But his last three videos I recorded them on my phone before he deleted them. I am so thankful that I did.
Tim posted a video interviewing dux. This was what I needed. I need to know how dux did it all. I think I have watched the interview 50 times now and dux said the two DVDs that helped him the most was penny stocking frame work and Tim G trading the tickers. So now I have gone back through those DVDs. Again I have watched them over and over again and still I'm missing something. So I go back and re watch Dux interview but this time I transcribe the whole thing. Sure enough Dux and Tim Sykes Give me all the clues on what to look for in the DVDs.
I will start to re watch all the DVDs again. Now knowing what to look for to gain a better understanding. So here is the big clues that I will be watching for:
Tim: what is this one pattern that work's 85% of the time
Dux: #1 is first Red day. # 2 is dip buying huge panics, #3 has to fit a lot of details shorting spikes #4 doesn't work very well in this market but is called shorting parabolic (look up etrm, Zsan)
Tim: final thoughts, you tell me, anything you think.
Dux: trading is really easy if you master it. If you master it, You can use this skill 20 years, 50 years it doesn't expire. But to master it is really difficult. Mastering a strategy is easy. mastering your emotion to control your risk management is the hardest thing, you have to work on. #1 you have to have a good strategy, #2 you're not craving for opportunity's, you have to wait for the perfect setups. #3 you have to be willing to loose,#4 you have to control your ego don't go to big when you see the perfect setup something always goes wrong, you have some room to add #5 you will be successful.
Kenny: None of you know who Kenny is but he is my friend in our stock trading group and he has interduce me to ema 9 and 20. I have to admit if it wasn't for him I would still be lost in this process he has really shown me how to use Think or swim. He trades on the go all the time. He has a mobile setup in his car and uses his mobile apps. He is really driven and is big technical trader. I have also been reading Japanese candle stick charting. And in that books it says learn candle sticks and then pair it with western technical analysts. That is what I have been doing. In the past few weeks I am comfortable in a trade. I let the chart tell me when to get in and out. I am getting to the point that I feel like I am paper trading. I feel calm and collected. I know I still have a long ways to go after all my overall profit is -3k even tho today I just brought it back below 3k and now my winning average is 40% but Like Tim Sykes said at the Orlando trader summit. You have to build up your knowledge account first before you can build up your money account.
Today I am fully funded 2k per account . I have all the trading accounts I need. I know how to use each one to its best ability. I gave a quick summery of the different brokers. Later I will break each one down so you can get a good idea. If you want to read about them go to the link at the bottom of the post. The usb video cards are pluggable and pluggable 7port usb hub links are provided I also got a usb monitor. . The Japanese candlestick books are in the below links
My view on brokers
I feel like I am finally past the mechanics of trading. Now I will just concentrate on the ideal setup what to look for today mosy was one of the ideal setups. But I need to break it down so that the next time I see something like this I know what to prepare for.
Thank you for reading my journey I hope this helps you.