I Have Been Scared Trading Penny Stocks

scared trading stocks

I Have Been Scared Trading Penny Stocks

Ever since I started the Tim Syke’s Millionaire Challenge I have been dealing with being scared trading penny stocks. Scared like watching a scary movie scared. Scared like someone was hiding behind the door and screamed BOO scared. Scared like I was getting results back from the doctor scared. Catch my drift? I thought so.

Now, let me make a point about fear and let’s forget about all the money I have blatantly wasted in my life. Forget about the drinking, partying, shopping, gambling dinning impressing and everything else because let’s face it EVERYONE has wasted money at one time or another.

That being said, if I think about all the fear provoking things I have done in my life I ABSOLUTELY MUST QUESTION MY THOUGHT PROCESS THOROUGHLY.

Let me share a few of the things I have done in my many years on this planet to help you understand what I mean.

  • I performed on some of the biggest stages in the world as a salsa dancer. (Example)
  • I commentated for ESPN for 3 years. (Example)
  • I act. (Example)
  • I got married.
  • I became a dad.
  • I became a dad again.
  • Did I mention I got married?

Yes we all have to deal with fear. Yes we all experience it on certain levels. And yes I have persevered time and time again but this trading thing is scary. The point is that I have been scared trading penny stocks ever since I started the Tim Syke’s Millionaire Challenge. Don’t get me wrong I have traded a total of 5 times since January 27th 2014 and I am currently up $306.75 but it’s been challenging.

For example I let 3 no brainer stocks pass me by. YOD, EKSO & ISR were all great short term plays based off of great news. YOD was said to be the next Netflix of China and had a deal with Disney. EKSO was featured on CNN after helping wheelchair bound people walk. ISR announced the world’s first pediatric treatment for metastatic tumors. Yes hind-sight is 20/20 but there was very little downside risk at the time Tim Syke’s alerted them.

Instead I tried playing the “BOUNCE” on BIOF which is one of the riskiest (stupidest) plays in the stock market game for newbies. Luckily for me I timed it perfectly and got out with a $14 gain but man was I scared (and stupid) for 20 minutes.

What the F am I playing a bounce for? I just started trading with the Tim Sykes strategy. None of his videos nor DVD’s promote playing the bounce unless you have experience in the game.

The plan is I need to focus on smarter setups. I need to try to cut my losses quickly if the price action doesn’t go my way and I need to STOP BEING SO SCARED TRADING PENNY STOCKS.

Wait a minute… after reflecting on this post maybe I should consider renaming it

“I Have Been Stupid Trading Penny Stocks”.

Time to get back to studying.

 

 

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4 thoughts on “I Have Been Scared Trading Penny Stocks

  1. Hi Jai!

    First off I want to thank you for documenting everything you’re going through. I do have a question that I think you’ll be able to answer. But, first I will give you a brief summary about myself. I am 25 years old and I am currently an active U.S. military service member. I have been doing a lot of research about stocks, risk, volatility, platforms, etc. My question pertains to the Tim Sykes Millionaire Challenge. Do you believe that the information that Tim teaches is only for those who can Day Trade? I work all through the trading day and would have no way of executing trades that needed immediate attention. From what I’ve gathered most of the information Ive seen is of Tim studying patterns that occur within an hours time, and then selling/buying. So in your opinion do you think Tim Sykes program would be suitable for the individual that works during the day and does not have an opportunity to consistently monitor the volatile stock until after work? Thanks again!

    • Hey Evan. Thanks for stopping by and thanks for your service. That is very commendable and for that I tip my hat. Now on to your concerns. I know that there are some part time students that are successful Tim Syke’s traders. I also know that Tim has a long term newsletter for those that don’t want to get in and out of a position. However, I don’t know what their success rate and learn curve are. That you will have to find out from another source. With that said, I want to make it clear that I have only traded 5 times and I don’t follow Tim’s alerts. Meaning I don’t enter a stock because Tim entered. I watch the stock and try to find (through charting) his reason for doing what he did. Sometimes he can be in and out of a trade faster than I can look it up. Hence the reason I don’t trade with him unless I was sure I knew why I was getting in.

      I know for me it would be impossible to work a full time job and try to delve in as deep as I want to go but I am also a very detailed and patient learner. I am in no rush. I also know that I would study more and learn all I can to help answer that (your) question more clearly before applying. I hope this helps Evan. Please keep me informed on your progress as I would love to hear back from you in 3, 6, 12 months from now. All the best.

  2. Thanks so much for the quick reply, and information! I will keep learning the ropes before I delve into anything too soon & I will keep reading your blog for more great info!

    Right now I am a subscriber to Peter Leeds. He is a fairly conservative penny stock trader (if that’s possible lol) and has a lot of good info. However, I dont think there is as much money to be made with ONLY going long. I like Tim’s approach of incorporating going long with shorting a stock. Big money to be made there with the right know-how.

    Thanks again Jai!

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