I would like to give you all my take on the Tim Sykes subscription experience I had at his website Profit.ly
Tim Sykes teaches his methods of trading the small cap / penny stock markets. A very profitable marketplace especially for those of us who have only small amounts of money to trade with.
That First Google Search
As you know, when I first got the desire to change my life and my financial situation I went to my very best friend and mentor, Google search. I typed in, without expecting much, “How to make $100,000 fast”.
Looking through the different results I came across the blog post “How to Make $100,000/week” on the second page of the search. A blog post on one of Tim Sykes websites.
Clicking that link, for what it is worth, gave me the idea I needed to change my life and achieve financial freedom. This was the search that first started me on the path of trading as a career.
Let me just say this:
“Regardless of the rest of the review I share with you today, have I not come across Tim Sykes and his aggressive advertising campaign then I would not be on the path to becoming a successful trader today.”
After researching all that I could for free on the web on Tim Sykes and his trading strategy, four months in I finally took my chances, opened a $2k brokerage account with SureTrader and simultaneously subscribed to one month of Tim Sykes program.
Why SureTrader?
- I could open a small $2K account.
- The brokerage has a lot of available shares for shorting. This is invaluable when trying to play the “pump and dumb” and profit when trading penny stocks.
- There is no “Pattern Day Trading” (PDT) restrictions because the firm is based in the Bahamas. PDT rules in America restrict traders with accounts under $25,000 in equity to only be able to day trade FOUR times in a five day period. That means one buy, one sell, one buy, one sell, and your done for the week. SureTader allows you to bypass those rules.
Profit.ly is where you subscribe to his many services.
This Is The Experience I Got
- Pre Market Watchlist
Tim will outline his strategy based on each equity he is watching. Have a plan. One great lesson you can learn from the program.
- Trade Alerts
You will receive trade alerts every time Tim makes a trade. You cannot piggyback these trades, the market moves just to quickly. The intention here is that you will learn from the trades that Tim makes in real time. No easy rides here, I learned that the hard way.
- Chat Room Access
Tim’s chat room is filled with, in general, beginners.
Much like the beginner myself was. Most of the time if you follow their advice, you will lose. If you do the opposite, it seems, you will be in the money.
On the occasion the traders in the room do make good calls and are praised for their effort.
- Daily Training Videos and Video Library
Reluctant to say that for me first starting out in trading, this is where the foundation of my understanding of the market came from. Hundreds of videos on hundreds of topics. It is a valuable platform.
The Tim Sykes Video Series
Tim offers a plethora of extremely expensive DVD sets. I cant imagine that someone coming into this situation of trying to become a day trader can ever afford the types of prices of these videos. Even if they are always “on sale”.
You may be better off searching for used DVD’s.
Through my own means, without paying the full price I got my hands on eight of these video lessons.
If I paid the full price for these DVD’s I would be absolutely furious!!!
They are not worth the money, not for the information on the subject that you can find online doing your own due diligence.
There ARE two DVD’s that I do recommend from his site. And I have paid FULL retail for them.
- “How To Make Millions” DVD is the newest release from Tim Sykes program. It features a variety of traders and trading strategies, not just involving penny stocks. One of my favorite trading teachers, Superman, has a great segment in the DVD. Proceeds from the sale of this DVD go to charity.
- “Learn Level 2” DVD is something that a new trader in Equities may need to really get involved in trading. When I first started out with SureTrader, I paid a premium to get Level 2 data, my biggest mistake was not learning what the heck it was or how to read it! This DVD will take you through it and give you valuable information on how to use the Level 2 data.
Here Is The Overall Conclusion
Tim Sykes makes some extra money from selling lessons, DVD’s and subscriptions as well as trading. This is not to say that he is a bad trader, or a bad teacher. The right person, in the right stage of their learning curb can take a lot from his subscriptions.
The subscriptions and the DVD’s are so expensive that they will cost you enough for you to open your own brokerage account and start trading for real.
Use the free, unlimited, internet to teach you the basics. Tim has plenty out there, but there are HUNDREDS of others. Use a simulator to lose the money first. When you think you have the hang of it, fund your account, and maybe try one month of Tim’s subscription service.
You will not get rich quick, or profit in any significant way if you all of a sudden signed up for his services. If you were losing money before signing up, you wont be turning your life around the day after you subscribe. I feel that is the impression that Tim’s promotions push on us.
The Short And Sweet
- Tim Sykes’ services are not a scam.
- It is worth picking from his strategies to compliment yours:
- “Cut your losses quickly.”
- “Get out if the trade if it is not going according to your plan”
- “Have a plan” and “Stick to it”
- I did loose the $2K account in the end. That was my first “Tuition to the Market”.