I Joined the Tim Sykes Millionaire Challenge

Tim Sykes Millionaire Challenge

Tim Sykes Millionaire Challenge

Call me a genius or call me stupid because last week I joined the Tim Sykes Millionaire Challenge. Naturally you might ask who is Tim Sykes. Good question. To make a long story short he is the guy who turned his 12,415.00 Bar Mitzvah money into 3.5 million dollars playing penny stocks. Click here to read more about Tim Sykes. In any event last week I was interviewed and was accepted to be a student of the millionaire challenge. Feeling skeptical? Good you should be.

Here is my story.

I am a father of 2 and a husband of 1 with a part time photography business. I own a few websites and I have been trading and investing in the stock market (on and off) for 20 years. However, in the beginning of 2012 I hit the market hard again and started to trade this and that along the way. I made money but I felt like a bicyclist on the Autobahn who had no clue how to get in and out of traffic. Then I read the December 2013 CNN article on Tim Grittani  which you can read here. Basically the article talks about the day Tim Grittani became a millionaire in less than 3 years by implementing Tim Sykes’ penny stocking techniques. Click here to read more about Tim Grittani.

I read the article with congratulatory thoughts and then tucked it away in my brain for 2 weeks. In case you don’t realize, 2013 was a great year in the stock market but I kept thinking that I did well only because the year in the market was a success. What would happen if the market tanked again I thought. Would my portfolio tank too? That is when I went back to the article and found the name Tim Sykes.

Why I decided to Join the Tim Sykes Millionaire Challenge

Listen. If you are reading this and you are feeling conflicted you should be. You are not alone. However, I feel like I did enough preliminary research on TS to make an intelligent decision. In essence I am investing in my future by educating myself. That being said this is what I did before I applied.

I immediately Googled the name Tim Sykes and watched video after video after video after video after video after video… of him. There are thousands of videos, blog posts and reviews on him. Some of them aren’t pretty. In fact here is a great article on Michael Goode’s turn around opinion on Tim Sykes. It’s a must read if you are contemplating taking the challenge.

He definitely make various impressions once you start watching and reading. My personal feelings on him are irrelevant though. However, know this. I am a cynical New Yorker. There isn’t any amount of marketing he can do to MAKE ME buy his products or services. I did my research and made a decision based on that research.

In a nutshell Tim Sykes says to trade penny stock (not invest) companies on the way up and down based off of price action by using volatility, volume and chart patterns to your benefit. That’s all.

Simple right?

Not at all. You need the right tools, money and service to do this.

So, I thought about it and talked it over with my wife. She actually supported me on my decision because she knows I am thorough. So, I bought his penny stocking silver newsletter and hoped in feeling confused and overwhelmed. However, I enjoyed it and that is what was meaningful to me. That is when I applied for the Tim Sykes Millionaire Challenge. About a week later I was interviewed by telephone and was accepted. I told them that I needed to reconfirm with my wife and that I would call them a few days later. My wife reconfirmed so I joined.

UNDERSTAND THIS…

I want to make this clear before I say anymore. There is no part of my being that feels that this is a get rich scheme. This is a thought out decision based on my personal research and communication with my wife. There are plenty of services I could have used but this one felt right because Tim Sykes doesn’t hide his failures. In fact he highlights them for others to learn from. This is also an investment into my future with the understanding that there are risks involved. In fact, Tim Sykes repeatedly says that 90% of traders lose money. I look forward to becoming a part of the 10 percent.

I will blog about my journey weekly as it happens real time so that others can experience the excitement, fear, confusion, enlightenment and anything else along with me.

Today is my First Blog Post on the Tim Sykes Millionaire Challenge

Here is what you need to know and where I am at right now.

I have been studying for the last 2 weeks and have not made any trades as of yet. I still have the same personal brokerage account and have yet to open an account with another broker to trade penny stocks. From my understanding not every brokerage account is good for penny stocks. By March 1st I plan to have an account open at one (possibly 2) of the firms they recommend and I will blog about it when it happens. I also plan to begin paper trading to work out any kinks along the way before using real money. This means that I don’t plan on making any trades as of yet because I want to understand and grow more before I delve in. I can’t lie. It’s tempting to want to make trades. Even this morning I emailed Michael Goode to ask his opinion on a stock. He answered me back before the market opened and I am confident that his response helped me to save me from possibly jumping in before it’s time. Yes I might have made some money today but I feel that if I make money too quickly without understanding what I am doing I will reinforce bad behaviors which could ultimately cost me in the end.

By the way Michael Goode is Tim Sykes’ first millionaire student who answers questions and does weekly webinars as a part of the Tim Sykes Millionaire Challenge.

That is it. If you have any questions please feel free to ask and I will try to answer them as soon as I can.

Oh… How much did this cost me you ask?

$5525.00.

Call me a genius or call me stupid.

 

 

 

 

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175 thoughts on “I Joined the Tim Sykes Millionaire Challenge

  1. Hi,

    really interesting article. I have been thinking about the callenge too.

    A question arose, when I read your article: Does it cost 5525$ to join the program, or is this the money you put in your account?

    Looking forward to your answer!

    • Thanks for the question. I look forward to answering any questions along the way because it can be scary out there and NOBODY wants to get burned. First let me say that you need to apply to the challenge. I would suggest watching a ton of videos first. Who knows you might not even like Timothy Sykes. I actually like his personality. He highlights his losses and his wins. He isn’t afraid to say when he is wrong but trust me he isn’t afraid to let the world know he is right. That being said if you continue to watch and read and still want to join you would then interview 2 times to make sure you realize this is a process and not a get rich quick scheme. In the end I paid $5525 to join for one year. It includes ALL of his DVD’s, over 1400 Webinars and Michael Goode who answers all your questions along the way. I have to be totally honest. I haven’t made any money yet but I have saved a ton of money from the stupid mistakes I could have been making without the knowledge they are giving us. There is a TON of studying to do. It’s quite overwhelming at first but slowly you start to feel a groove. Some students have banked a lot because they are quicker to pull the trigger than I am but I am in no rush. I hope this helps and come back to read more and I plan on documenting my experiences along the way.

      • Thanks for your answer!

        Thats a lot of money to pay which I don’t have at the moment :(.

        But I hope you will keep blogging your efforts, as I am curious how this works out. I wish you all the best and will keep checking back to your blog!

        • I guess it depends on how you look at it. Keep in mind you don’t have to go the route I went. There are plenty of free videos that are very very helpful. However, the amount of material and resources that are available to me has been well worth the money spent and I haven’t even traded yet. Thanks for your encouragement. Please come back soon.

      • Are you serious? over 5K for a a bunch of DVD and webinars? Sorry but Tim is just another scam in the realm of penny stocks. There are a million dudes like him trying to sell “the dream”.

        • You think that’s expensive. Imagine all of those college students who paid for 4 years of college and have over 100K loans to pay back and they can’t find a job. Ouch!

  2. Hi there,
    I hope you post again with your progress many do but don’t on these types of blogs.
    There are a few people out there that are interested.

    Also what trading platform are you using.

    thanks anyways :)

    • Hi Matt.

      I plan on continuing to post regularly. I understand that it’s a learning curve and everyone is different. If I can shed some light on others along the way that would be all the more worth while. As for a trading platform I am looking into that as we speak. I know TS uses Etrade but doesn’t recommend it. I have heard others have used SureTrader and recently I spoke with Asheya (the single mother of 2 who has over 71k in gains) and she uses Think or swim. I know all this information isn’t quite helpful yet but I am narrowing it down as we speak to see what works best for me. The main thing is feeling comfortable using the tools that each platform offers. Lastly, I will open a IB account but I know their level 2 isn’t up to par. Hope this helps somewhat.

  3. Question for you. I’ve signed up for the challenge and received the fifth homework assignment three days ago, how long from then does it take from then to relieve the interview call?? Very anxious and excited but just haven’t received anything in the past few days.

    • Hey Fred. Congrats on signing up. Be patient though. Everyone and their mother is contacting Tim on a daily basis but someone will reach out to you. First you will get an email asking you what is a good time to speak. Then you will get a preliminary call. If all goes well it will open up from there. The best thing to do is read, watch and learn everything about his technique. You will start to see a lot of things overlap but that is a good thing. It is a bit confusing at first but if you just hold on things start to fall into place. Good luck with your interview. Let me know how it goes.

  4. Hello, I have a question. What is the difference between becoming a Millionaire student versus simply buying TS Penny Stocking Silver for “only” $ 99.95? Don’t you get the same thing?

    Thx / William

    • Good question. As a student you get his book and all his DVD’s, access to 1500 webinars, access to 2 webinars weekly and access to Michael Goode (his first millionaire student) to ask personal questions. I was a TS Penny Stocking Silver subscriber for 2 weeks before I was accepted. It’s good and very informative but as your questions build you start to have to dig deeper on your own. For me that was super time consuming. I am looking at the challenge as an education that I am paying for. To date I have made smarter financial decisions based off of what I have learned. I have saved a lot of money, time and headaches by the world of knowledge that is there. However, TS won’t do the work for you. You have to watch and watch and watch and watch and watch and… There is so much material that it’s overwhelming at first. However, there is a lot of overlap. Eventually you feel like you are picking things up. My suggestion to you is to keep learning. Google everything that comes to mind and type in the name Tim Sykes when it comes up. See what he says. Read what he says and then you will be able to make a more sound decision on what is best for you financially, emotionally and personally as a trader. I hope this helps.

  5. Hello,

    In your first 2 weeks were you profitable with the silver $99.95? I was interviewed and able to join. Does it really make a different having the live web meetings? Do the text alerts tell when to sell and to buy? Also what software do you use?

    • Great questions.

      1. Although we all want to be profitable I signed up for an education first. I forced myself to NOT trade during the learning phase. For me it would have been nice to make money right away but if I didn’t truly know why I made the money I might find myself losing without knowing too. So, I am still in the studying phase. I did trade some other non penny stocks for a nice profit and I did mentally trade a few of TS’s stocks for a profit but I haven’t gone in full force yet.

      2. Would the Yankees’ of the 90’s have been successful without Joe Torre? Would the LA Lakers have won 3 years in a row without Phil Jackson? The honest answer is we really don’t know but I would assume that it would have been a very different outcome if those teams didn’t have managers during their winning streak. I think you might be able to be profitable with just the pennystocking silver BUT you need to follow the rules and learn them first. Without rules you will more likely lose or possibly get lucky but not know why you won. For me that is a recipe for disaster. I want to be able to duplicate my success again and again so I can have longevity. I can tell you for a fact that their 3 to 4 hours of webinars and live trading are GREAT.

      DO NOT USE TIM ALERTS AS A BUY AND SELL ALERT. His alerts are there for you to see what he is doing. If you chase a stock that he has already entered you will lose. I have seen Tim get in and out of a trade faster than I can open up my email. Eventually, through the rules, you will learn to be independent and trade for yourself. That is ultimately what he wants from you as a trader. So I repeat… DO NOT USE TIM ALERTS AS A BUY AND SELL ALERT.

      3. As for the software question can you be more specific? Do you mean what platform am I using? If that is what you mean I will write a post about it soon. If you have any other questions let me know. Hope this helps.

  6. I stumbled upon your website after doing more research on Tim Sykes. I’ve known about him for awhile and after failing in network marketing I always found to have a passion for the markets.

    I’ve been studying trading for about 3-4 months now but have the lack of funds to be able to open an account. Here’s my question to you:

    As a 22 year old, is it a good idea to finish my degree in finance as a fall back and get a job with a residual income to help open up my broker account? Or should I be raising 10K as fast a possible and then get into the challenge?

    Thank you!

    • Hi Jon. You ask a very tough and interesting question. Let me start by saying you truly have to do what is best for you and the only one who knows that is you. However, there are some people like Tim Grittani (click here to go to his blog) who started trading with a small sized account and grew it using Tim Skyes’ technique. 3 years later he is a millionaire. Keep in mind that he studied his butt off, got a bit lucky and grew his account faster than most people do in a lifetime. He is the exception to the rule. If I were you I would keep learning everything I could about TS and his method because getting into the challenge doesn’t guarantee profit. I joined the challenge in the end of January and I haven’t stopped learning yet. The material is MASSIVE. It keeps coming and I keep chopping away at it building my knowledge and confidence. So, that leads me to my last point. There is no harm finishing your studies because if the market is still around after the crash of 1929 then rest assured it will be there after you earn your degree. I hope this helps.

  7. Thanks for your blog post. I actually am waiting to schedule an interview. Honestly, I never do well with interviews but I am a very good man of action. I am not sure how to convey that over the phone. Could you give some tips on what to expect and how to handle the interview? Thanks.

    • Interviewing isn’t always fun. Sometimes we feel put on the spot or we try to answer what we think they want to hear. Keep in mind nothing guarantees you will get in and you don’t need to be a challenge student to be successful. There are other routes if the challenge isn’t in your cards. However, here are some tips that will help easy your nerves before the big day.

      1. Write out your goals. Be specific in what you want to accomplish. That is a great way to showcase your ability to show action.
      2. Be HONEST with yourself and them. Don’t tell them what you think they want to hear. If you do you might set yourself up for HUGE losses.
      3. Know yourself. You know you are a good man of action so that is a good start but know your limitations and where you will have issues.
      4. Stay positive. Not getting into the challenge shouldn’t stop you from your overall goals.
      5. Don’t worry about it. Follow the above rules and jump into motion. Whatever happens happens from there.

      I hope this helps.

  8. I been doing some research and noticed Tim Sykes challenge students don’t really post anything almost anywhere. You have maybe 5 who openly post but that’s about it. How successful are the challenge students besides the top 5 students? There was a blog video where Tim was showing a tutorial of his challenge site and there was a screen with bunch of red numbers which he didn’t discuss. I went back and paused it and it was his students profit/loss.

    Could you elaborate on this? How many students percent wise are actually making 10k or more yearly in your opinion?

    • That is a good question. I really don’t know how well his students do. Keep in mind that people make their own choices and don’t necessarily know what they are doing. For example I have been sitting at the computer for 3 hours and I tried to pull the trigger on a few stocks but could not because I couldn’t get filled or got too nervous. It’s intense but I have only been studying 6 weeks so I can’t expect the world right away. Also, you need to get used to the idea of being wrong. If you are wrong 50% of the time but cut your losses quickly you will be up more than down. However, if you hope and pray things will turn around you will most likely take a hit. Lastly I try to look at it like a baby. First you learn to hold up your head. Then you learn to crawl. After that walk… You get the point. Trading is the same way. I have made 4 trades and I am up on 3. I scared myself out of all 4. :). Anyway, take it one step at a time. The pressure is already there so don’t put anymore pressure on yourself as you can drive yourself bonkers. I hope this helps.

  9. Hey Jai. Wanted to give you an update. I had my interview but I decided not to sign up. Not because something I thought negative about it but rather I just want time to think it over.

    I found you on profit.ly and I am following you. Hope that is ok. Great job on explaining hour picks! Best of luck!

    • Hey Bobby. Thanks for the update. Take your time because it’s a big deal and could seem costly if you are on the fence. I am happy you are following me on Profit.ly. Please keep in touch and let me know if you ever join or go a different route with another guru. All the best.

    • Hi Josh.

      For what exactly? If you haven’t gotten an email yet then it should come in shortly asking to set up an initial phone conversation. If you had your first interview then you should hear back right away. If you had 2 interviews and you haven’t heard back from them and it’s been a couple of weeks I would reach out to them. I know they have been swamped with everything. I hope this helps. Let me know what happens. Thanks.

      • Thanks Jai you know as a 17 year old i am very interested in the stock market. It is something i have a big passion for. When i found Tim and watched a lot of his videos i really wanted to work with him because i think he can make me a better and smarter investor. It’s going to be a week tomorrow since i applied for his challenge and i am just very eager to her back and hopefully i will be accepted to his challange and work my way towards success.

        • Usually after you apply it takes a couple of weeks. My suggestion to you is to study everything you can about Tim Sykes and his techniques before hand. For example you wrote the word “investor”. Tim Sykes isn’t an investor he is a trader. There is a HUGE difference. So, that being said, sit back and learn and wait for the next step. Then when it’s time interview from your heart and all will fall into place. Keep in touch.

  10. Hey Jai, great blog you got going on so far. Very interesting reading as I am pretty much in the same boat as you recently were.
    I am a pennystocking silver subscriber and also signed up to be a Trading Challenge student about 6 weeks ago. Yesterday I got a call from a recruiter explaining that it would cost $5500 (without the software they recommend). The $5500 would include all the DVDs and webinars as well as a weekly live webinar from M Goode and bi-weekly live webinar and trading session with T Sykes.
    Before I explain my situation let me first tell you a little about myself. I am 28 years old, married, and have a 2 yr old son. I have only been trading for about 6 weeks and it has been a roller coaster ride. I use Interactive Brokers (Trader Workstation platform) and iHub level 2. Unfortunately, I don’t have the same will power that you do as I couldn’t wait to jump into live trades. My account net has been up and down but mostly down. At this point another $5500 seems like a pretty hefty investment.
    I told the T Sykes recruiter to call me back Monday morning and I will give him my decision then. I understand that this is a great opportunity for anyone that sees trading as a way out or a means to financial freedom and that I should look at it as an investment in education but at this point I just don’t know if I can risk another $5500.
    My broker account was once above $25k so I was not subject to the PDT rule but now it is below. Is this something that I have to take into consideration to use T Sykes’ strategy effectively? If you were in my position, which route do you think is the best to take? Any guidance you can give me would be greatly appreciated.

    P.S. What is your profit.ly ID? Add me, mine is btsao818

    • Wow thanks for sharing. Let me start by saying this is not easy. In fact it might be one of the more challenging things ever. All is great when the money is coming in but one bad trade and you feel like a failure. I have only made 5 trades so far and this week was tough because I just didn’t have the guts to dive in when I knew I had a good risk to reward set up. Anyway, here is my thought. You say you have a 2 year old son. Give or take a few months he crawled when he was 6 months old and walked when he was a year. Are you still potty training? My point is things take time. Learning takes time. Growing takes time. 6 weeks training is nothing. Imagine having the conversation with friends and family telling them that your son started walking at 6 weeks. Shock and skepticism would fill the room. Listen, I know you already know this but it’s great to hear it again and again. You see I wrote this blog for people like you but more so for myself. It keeps me grounded and real. I am scared too. I can’t lie. I am very scared but in my heart I believe this is all worth it. I can’t tell you if you should join or not that is on you but do what is in your heart and take the pressure off. There are NO wrong decisions here. You have to do what is best for you and your situation.

      Lastly and I will use all caps so you feel what I am saying.

      YOU ARE ONLY 6 WEEKS OLD. STOP TRADING SO MUCH AND LEARN TO CRAWL, WALK AND TALK.

      I hope this helps and please let me know how it goes.

      My name is Catman on Profit.ly.

  11. I want to sign up for the challenge, I have 5500 but that’s all I have. Is there a way to put half down and pay the other half in two installment payments. Or do I have to pay all up front

    • You would have to apply and ask them that question but I can’t imagine they would allow that. Good luck.

  12. So is there no other way to begin the program than paying the $5500 up front? Why can’t you pay monthly? Or pay for a plan that has less services such as a plan without the DVDs or something.

    • Hi Jack. Yes there are several plans available. Also there are various gurus who seem really good although I don’t have any experience with them. Please do your research as you do have many options. Check out the link here for more information. I hope this helps.

      • Hey Jai, not sure if you remember me, buy if you scroll up you will see that I was the person that was considering joining the trading challenge about a week ago.
        So after the initial call from the TIm Sykes recruiter, I received multiple follow up calls and even a call from the team’s “director”. My impression of the first recruiter that contacted me was that he had little to no knowledge of the OTC market and that his only concern was getting me to sign up. He was VERY persistent in trying to find different ways for me to get the $5500 for the tuition fee. He mentioned that getting a credit card and putting it all on the card was a good idea and that I would more than likely make it back within a month. He also said that I could just pull out from my broker account and that would be a good idea too.
        When I told him that I needed some time to think about it I received a call from his “director” about 20 minutes after. This guy seemed a little brighter just by the way he talked and the way he enunciated each word. But he was also very straight-forward. He was very pushy and even told me that if I decided not to sign up for the trading challenge, I should just quit trading all together. When I mentioned that I was currently a Pennystocking Silver subscriber he replied that by the time I get Tim’s alerts that it would be too late for me to make any real money on it. He kept saying that as a trading challenge student I will get access to live webinars with Tim Sykes twice a month. Is that really going to make me a successful trader? What really threw me off is when I asked the director if I could set up a payment plan to pay the $5500 instead of paying all at once he said that they don’t allow it and that he knew I had enough money in my broker account to cover it already so no need to pay in installments.
        All in all, I felt like I was being pressured into buying something. It’s like the same feeling you get when you go shopping for a used car and the salesman is desperate. Ultimately that’s what made me decide not to sign up.
        I hope everything works out for you Jai and maybe you get better luck than me. I feel this blog is great DD for anyone considering the challenge and I just wanted to share my personal experience transparently.

        • Hi Brian. Yes I remember you. We truly had 2 very different experiences. However, let me make it clear for you and for anyone else reading the comments. The stock market game in general is an ugly game and I see it more and more as I get deeper in. There is a ton of money to be made but I don’t follow Tim when it comes to trading. I feel I am too slow to react and that in essence will hurt me. His webinars are great for me. I learn a ton. However, I don’t overreact nor do I rush to trade. In fact, I haven’t traded much and that is because I am doing all the necessary work ahead. My goal is to find my comfort spots in the market and respect price action. If I am wrong I plan to get out quick. I have invested on and off for years. I have had some big gains and some big crashes. The truth is that what Tim is offering me is an education on the good the bad and the ugly. Trust me I have seen people lose big in the chatroom and I have seen them hit big. I am me and I will do what works for me and not be a sheep.

          Here is the good thing. You did what was best for you and I respect that. I truly hope you do well in all your trading endeavors. Please check in down the line and see where I am at. Hopefully more in the green. All the best.

  13. (This was a comment emailed to me directly. I am placing it in the comment section for everyone’s learning benefit.)

    hey Jai

    first off thanks for sharing your thoughts online, I started reading your blog and I loved how I can totally relate to your initial situation: i started a few weeks ago studying the financial market, including some of TIm’s videos and anything I could put my hands on!!…so far, ok I haven’t got much money, but I’m forcing myself to wait before opening any brokerage account (maybe a virtual one to test what I know) but I’m slowly learning the lesson that I need to invest time+energy+money.

    so, I have a couple of questions for you and I hope you would find the time to go through them:
    – would you think that someone with a full time job (although kinda of flexible hours) could sing up for the challenge? how many hours per week do you invest?
    – with the brokerage account at the brokers that they mentioned your have a fee of at least $6-$7 per trade…this means that if you buy/sell the same stock you spend ~$14…and if you short it can be even more expensive…so, how are the small gains in your chart calculated? do they take into account the fee factor?
    – if you had all the material and no access to Tim’s team…do you think you would be able to get the same results?

    thanks so much for taking the time to read this!!
    good luck with your trading ;)

    • Hey Seb.

      Thanks for reading and finding trust in my information.

      First I would like to ask if we can move this conversation to the comment section of the blog. There are other new people and readers who would benefit from this my answering your great questions.

      Now back to you.

      1. I think that a full time job will slow down your learning curve and ability to study. However, it will slow down your mistakes and bad trading too. This is all about timing. Sometimes the best trade to make is no trade at all. No forcing trades. Also, there are plenty of people who have full time jobs and trade using Tim’s strategy. For example Tim Bowen has a full time job and has been with TS for years. I spend a lot of time studying. Hours. I would say 6 hours a day or more. I have passed up small jobs to study and learn.

      2. You are absolutely right. I have a Fidelity account which I have had for years. The fees are $7.95 per trade. $15.90 in and out. Luckily for me I already have an expensive broker so anything cheaper will feel great.

      3. You are right again. The small gains take into account the fees. And to short a stock you will pay more. However, the borrow rate changes per stock and only adds up if you short a stock for a long period of time. For example if you short a stock that has a 100% annual rate and hold it for 1 year you will pay a really high amount for shorting. You might even take a loss.

      4. This one is tough for me to answer. I like being with the team. I get to see many things hear things that they have taught me faster than had I been doing this by myself. You might be different.

      I hope this helps. Let me give you this advice and I think it’s a good learning experience. I know you are interested in paper trading. I suggest you trade with real money but small size to get the experience. Emotion is really important to factor in. We are all genius hind sight but if we have real money with real emotions on the line we make different decisions.

      Ok I think that covers it. Let me know if there are other questions I can answer and please consider my first concern of moving this convo to the blog itself.

      Thanks.

      Jai

      • hey Jai

        thanks so much for the super fast response!

        by any mean, do feel free to put that on your website! i just couldn’t find a specific post where it would have been able to fit properly so I just decided to shoot you an email directly :)

        if other ppl can benefit from my questions, it just make me happy that you want to share them!

        your answers do help and the last one is mainly cause now I can’t afford the 5k subscription but I want to learn as much as I can in the meanwhile…also because I am really tempted to do it as soon as I get the funds in! I teach martial arts for fun on my spare time and I see this a similarity with training: if I get in the new gym with a good martial arts background it would be easier to pick up whatever they teach, and I (ok, kinda hope/want to) believe that the same applies to this where if I study a lot before than it’ll be easier to grasp the key concepts once in.

        did you have the chance to interact directly with Tim? how is he? he looks pretty cocky in his videos (yes, i’m doing homeworks already lol) but I can’t deny that his stuff work and he’s good!!

        thanks again man!!

  14. Seb I placed the comments on the starting millionaire challenge page as this gets the most hits and questions. If people are curious enough your questions will definitely help others make better decisions. For me that is what it is all about.

    Let me answer your questions..

    There is no rush to trade or be do this. I have made only 6 trades which you can view in my profitly chart on the right sidebar up top. There are times that people in chat are making trade after trade. Some bank lovely and it’s naturally to think Oh I Wish That Were Me or Oh I Should Have Done That. However, I just sit on the sidelines and continue to learn and get more comfortable before I take on a bigger step.

    So, don’t worry about any of that. Study EVERYTHING you can about Tim and his strategy. There is so much free info on the web that you can learn a nice starting amount just by putting the learning time in. You say you are a martial artist so that discipline should come in handy in this situation. Do yourself a favor and anytime you have a question google it with the name Tim Sykes in it. You can find a lot that he has written about. For example if you have a question on rules you can type in tim sykes trading rules. There are some great posts that pop up that he has written. Read it-Heed it well. It will serve you better in the future.

    As of today I have not interacted with Tim. He has responded to 2 questions that I have posted in his live webinar but I don’t ask much. I listen. I learn. I study.

    I do ask Michael Goode (his first millionaire student and teaching guru that comes with the package) a lot of questions. He answers them honestly and quickly.

    Is Tim cocky? Hmmm. It depends on how you look at it. For me I see a very passionate man who expresses himself whenever he sees fit. He is not afraid to brag, confront, challenge and make fun of people and or students. Yep even his students. But the reality is that trading is not a pretty game. Tim doesn’t paint this challenge as a pretty walk in the park. He will YELL at you if you ask a dumb question. Better to be yelled at then lose money is what I always say.

    What’s a dumb question you ask? Which broker do you use is one? He mentions it in the welcome email. He mentions it in a ton of blog posts. “DON’T BE LAZY! I HAVE ANSWERED THAT QUESTION A MILLION TIMES…” But he is right. We only get 2 hours a week with him and what a waste of time for him and others to sit through that question/answer every week. You would shoot yourself.

    On the flip side, he is also not afraid to share his mistakes… especially his big ones. Ironically it’s his mistakes that make you learn more than the successes. At least for me that is.

    Yes on the surface Tim is cocky but he speaks the truth and that I love.

    I hope this helps Seb. Once again thanks for stopping by. Please let me know how you fair in the future.

  15. Hi my name is Michael I am 17 years old live in Michigan. I really want to get going with time I just really need some answers though so I would very much appreciate it if you could speak with me.

    Thank you.

    • Sure ask them here. I don’t speak over the phone but will be more than happy to answer questions here.

  16. Hey Jai! Great job on your trades. I had one question. What is required to short? Do you need a certain amount of capitol? Do you need to apply and get a credit check, etc?

    I have $2k that I want to set just to short with. Can I short within my means or do you have to apply for a margin account just to short?

    • Thanks but 6 is just a toe in the water start. I plan to be a snipper and get more involved by standing on the sidelines waiting to attack. :)

      All a margin account means is that you have the ability to borrow money from your brokerage firm. You never want to use it but you need it to short. So, if you have $2000 then open up an account at your desired firm and apply for margin. Then short within the means that you have in cash. However, every stock you plan to short under $2.50 means that for every share you are short, you must put up $2.50 of capital. That means that if you plan to short 1000 shares of a stock that is $.50 you need $2500.00 in your account to do so. It’s the curse of being a newbie with little capital.

      Hope this helps.

    • Hi Carter. I would be a fool if I gave out the password. If you are a challenge member please check your email or email them directly so you have a password.

  17. I was just wondering what the difference was between the Millionaire Challenge program and the Penny Stocking Silver Subscription. It seems to be that the only difference between the two is that with the Millionaire Challenge is that you get all of Tim’s DVDs. Let me know if I am wrong, but that sounds about right from what I’ve read.

    Also, what would you recommend doing for a complete beginner. I want to be able to do the research, learn and then trade but am kind of lost with all of the knowledge available. Would you recommend the Penny Stocking Silver Subscription or the Millionaire Challenge to begin?
    With the 1,400+ videos, where do you recommend to start? What else can I do and what can I benefit from?

    • Hi John thanks for reading. I honestly don’t know the difference between the 2. I wasn’t a penny silver subscriber too long before I updated but it sounds like you did your research and know more than me.

      Where to start is a good question. The best answer I can give is dive right in. Don’t think. Dive in. I don’t mean trade I mean learn. Treat it like a foreign language. You will be super confused in the beginning but in time you will feel more and more comfortable. As for which route you should go I think you should think about it some more. It’s a lot of work. Not so much learning work as it is personal work. It’s your journey and you need to find what works for you financially and emotionally.

      As for the videos I just started watching. I didn’t pick a specific one. I just watched and watched and watched. There is a 60 day video tutorial which gets you started but I just kept watching.

      Lastly yes you get live webinars in the MC which to me are the most helpful.

  18. (This was a comment emailed to me directly. I am placing it in the comment section for everyone’s learning benefit.)

    Hi Jai,

    My name is Sebastian and I have just recently applied for Tim Sykes millionaire challenge. I have a few questions as I do wish to work with him and learn under him. I have several questions and if you could answer them that would be fantastic.

    I was wondering what type of stuff is it that you learn from him?

    Are you in direct contact with him on a daily basis?

    Is he doing this with a select few, or are there a lot of people that are currently learning under him?

    How is the interview? Is it via phone, Skype, etc.? And if you can, what type of stuff did they talk about?

    Since you’ve been selected and are a part of the challenge, do you have any pointers on how to get chosen?

    I do not expect for Tim to be doing this for free. I saw on one of your blog posts that it was around $5,500, is that correct?

    And if it is $5,500, does he expect to be paid up front, or after you have made some money. If he claims to be this good, with 2 of his students reaching the million dollar mark, I’d expect for some results as $5,500 is a lot for someone who is about to start college and, also for just about everybody.

    I’d really appreciate if you could give me some insight to these questions.

    Thanks,
    Sebastian

    • Hi Sebastian.

      Thanks for your questions.

      Let me first start by saying I am going to move this conversation to the comment section of my blog so others can benefit from it.

      Here are your answers in the order that you asked.

      1. We learn a ton of things such as charts, price action, cutting losses quickly, mistakes not to make, info we need to progress and the list goes on. There is A LOT of studying. Also, reinforcement of the information as it’s not always easy to follow rules when you think you know what you are doing.

      2. What do you mean direct contact? Am I speaking with him on the telephone? The answer is no. However, he is in chat everyday and you can see all that he writes. You can ask the moderators questions and they are very helpful. Tim only answers during the live webinar. That being said a lot of questions get answered without asking as many people keep asking the same questions.

      3. I have no clue how many people are in the challenge. I heard him say once over 1000 but don’t quote me.

      4. For me it was a phone interview. I can’t discuss what they talk about in the interview because each person needs to go through their personal journey so there is no bias. What good would it do you to know the answers to the questions if you aren’t completely ready. The only way they and you will know if you are ready is if you answer them as they ask which will be honest and in the moment. Let me say this. Be honest with yourself and your expectations and you will make the right decision.

      5. The only pointer I have is be honest. Don’t think about making money. Think about being a smart trader with specific rules and the money should come.

      6. You answered your own question. No Tim does not do this for free. I didn’t ask about a payment plan so I am not sure but I can only assume you have to pay up front. It makes no sense for people to get a feel for trading and then pull out of the deal. That is why you have to be 100% ready. This is serious business and the markets are not pretty. If you are not willing to pay the money up front you might not be ready.

      Sebastian let me finish with this… This is not easy. There is no easy way to hop in and make a ton of money. I have made 6 trades and they are becoming more and more specific each time. The idea is to learn ALL the rules and follow them to a T. Then build your account 1 trade at a time. You have to accept that you will lose money but that your winnings should outweigh your losses if you follow ALL the rules.

      I hope this helps.

      • Thanks for the quick response! I had a feeling I knew what the answer to some of my questions was going to be, but I figured asking could not hurt.
        Keep writing the articles man, I really do enjoy them.

        One more thing I forgot to ask. Where/What do you recommend I start learning right off the bat? There seems to be an endless and vast amount of information in his blog posts, all over the web and youtube which can be very overwhelming.

        Thanks

        • It’s super overwhelming. I suggest hop right in and watch, learn and study. If you have questions right them done. Chances are some of them will get answered. Check those off and right new ones down. Eventually things get clearer. I had a headache for the first week. I am not joking. A splitting headache.

      • I’m pretty sure whoever applies to the millionare challenge will get accepted. It boils down to are you ready to spend 5500$. The phone call is not really an interview they just let you know how things will work. They won’t accept or deny you based on what you say. They just want you to get onboard with the program. Now, for the program itself is it worth it? I haven­´t accepted yet so i cant say but I will say that i do plan on being part of it.

  19. (This was a comment emailed to me directly. I am placing it in the comment section for everyone’s learning benefit.)

    Hello and good day!

    First off I would like to thank you for providing us real time information on your journey with Tim Sykes. I as well have been looking into him and began watching his DVD series. However, I am full time student with literally no money lol, although I am waiting for the trading challenge interview, I realized that I most likely can not afford this right now. My plan so far is to keep studying from his DVDs alone and begin trading based on my own criteria and possibly signing up for TIMALERTS at first to begin gaining some capital to make further investments into his programs. I am currently experimenting with thinkorswim paper money and to be honest I am super lost on the basics of buying, selling and shorting. I feel that I must first be comfy with a platform to then give it a shot with real money.

    All in all, what can you recommend due to my financial limitations? Good luck to you and thank you again for keeping us posted. I am eager to start but at the same time I still feel lost and short on guidance, maybe you experienced this.

    Thanks

    • Hi Sebastian.

      Please note I have moved this conversation to the comment section of my blog so that others can benefit from it.

      Let me start by saying you sound like you are on the right track. You need to learn and get comfortable first. You also realize that you don’t have the funds to do this right now. Your plan of studying is exactly what you need to do. Study, learn and educate yourself so you can be self sufficient.

      Good for you on the TOS paper trading. I think that is great for someone with no money. Keep in mind you have no emotional investment in your paper trading but it’s a nice start.

      Lastly I think it’s safe for you to be in this position. It allows you to learn all you can without losing money.

      Keep up the good work and let me know how it goes in the future. Sounds like you know more than you think.

      • Hey Jai thanks for your response it is very reassuring to know that I might be on the right path. To keep you posted I am still working with TOS paper money. However I am now researching which broker suits me best. Maybe you can recommend some based on this criteria.

        -finding and shorting stocks effectively
        -no initial funding or max $500 to start
        -if account is inactive, no extra fees
        -user friendly platform
        -reasonable broker fee
        -level 2 options

        Since I am still learning how to short, I plan on buying long stocks and ease jnto shorting. Based on reading previous posts, thinkorswim can work, the downside is that i read there is a $2000 minimum to fund your account. Another option is starting with a decent broker that maybe is not as good to find short stocks, but works well with minimum fees, such as scottrade and then open another account with another broker that can offer more. How difficult is it closing down a broker account?

        I was also looking into Tim Sykes stockstotrade software and i think it is genius. Maybe you can relate, but for me the hardest part is building a watchlist. Are you using this software and if so how has your experience been? how much does the software cost for trading and non trading challenge students?

        Thanks again

        • Sebastian you ask a really tough question that I probably can’t help you with. Here is why… There is no complete solution for you when it comes to brokers, fees, platform excellence, etc… I really wish there was. I have had a Fidelity account for 20 years and will never shut them down. They aren’t the cheapest but they are GREAT on so many levels. Tim barely mentions Fidelity but between me you and whoever reads this Fidelity has had available shares to short for a bunch of stocks I was interested in. They aren’t good for low cost penny stocks but they are great for small cap stuff. Again there is no real solution. I opened up an IB account and haven’t traded with them yet. Mainly because I am still learning and also because Fidelity has come through for me.

          Here is the thing and I am not saying this to hurt your feelings but $500 is nothing when it comes to trading. Can you build your account with it??? Absolutely BUT you better be meticulous in your trading to the point where you protect the account at all costs. Fees add up and can eat your profits fast. Yes it can be done but you have a BIG mountain to climb. If you are willing to do it you might prevail.

          As for stockstotrade I haven’t used them. It sounds great. Amazing even but I am not there yet. I am finding stocks that I am comfortable trading and not following Tim much at all. I have missed about 10 trades due to fear and internet disconnection. I would say I was right 7 out of 10 times. Yes the proof is in the trading and all I have are my words but I find my thesis has been right which has been building my confidence to trade more.

          As for building a watchlist I haven’t done much of that either. I find 1 or 2 stocks and watch them, learn them, study them and come up with ideas. I don’t have the knowledge and comfort level yet to trade and watch 10 stocks at once. However, I look forward to getting there over time.

          I don’t know how much Stockstotrade is but I am sure it’s not too much different than Equityfeed. I would check out Interactive Brokers scanners. I have head that is good and inexpensive. I have the webtrader version of it but it’s not so good. I have to upgrade to the workstation for it to be worth it for me.

          Hope this helps.

  20. Hi Jai,

    Im just curious, do you learn a more from tim sykes dvds or from seminars? if i were to just purchase the dvds with no experience with the stock market how much could i learn.

    Whats your reccomendation? should i start with TOS papertrading? what is that? and also what are tim alerts?

    Im sorry lots of questoins.. THANKS ALOT!!!

    • Hi Dameon.

      I personally have learned a lot from both. The DVD’s give you the structure and the webinars add in the detail.

      Paper trading is great for learning but lacks 1 really HUGE element. It’s the emotional aspect of trading. It’s super easy paper trade $5000 of a stock because you don’t really have that money on the line. However, if you were trading with real money then you have an emotional element that would pull you. I use real money but trade what I am comfortable with.

      I don’t know exactly what Tim alerts is because I never looked into it. I can tell you this though you don’t want to trade when Tim trades. The best way I can help you understand is by the guest post directly from Tim’s site. Click here. I hope this helps and thanks for stopping by.

  21. Hei Jai I was performing some Due Diligence on Tim Sykes as I am considering subscribing to his PennyStocking Silver and I stumbled in your blog which I consider extremely useful.
    Few questions for you:
    – Tim is now launching a promotion 54% off on his PennyStocking Silver subscription so I am really tempted. The videos I will be able to access through this subscription are enough to learn or will I eventually have to buy his DVDs too?
    – I am Italian and I therefore reside outside the US. Do you know if I can use an American brokerage trading account anyways even if I am not American? I am referring to the Fidelity, Interactive Brokers, SureTrade etc.. do they “accept” also non American residents?
    – Once you are into the PennyStocking Silver, is there an order in which you should go through the materials/videos or is it all random?

    Thank you very much for your help and i hope your answers to my questions can be useful also to other people.

    • Hey Jacko… I am part Italian by heritage and have been all over Italy. Anyway enough about me. :).

      Congrats on doing your DD on Tim Sykes. It is very important.

      Let me say that when Tim had his sale in the beginning of the year for penny stocking and I jumped on it. I didn’t think I jumped. Prices then went back to normal for a few months. Now he has a new sale. I don’t know if his prices went up but as he builds on his business I am sure it will. Then 2 weeks later I joined the millionaire challenge and they discounted the money I spent so I don’t really have a lot of personal knowledge of Penny Stock Silver.

      His 1600 plus videos are helpful but they are teasers that give you a little bit here and a little bit there. You will need to really keep a tight studying timeline to understanding his technique by just watching those videos. However, to be fair I have only watched about 100 or so. Let me say this… I feel that there is a lot of studying and so I study a lot. I don’t trade often yet but I study a lot and I love it.

      Is there an order? I haven’t watched all his DVDs yet but I think Tim Fundamentals 1 and 2 are good as well as his frameworking DVD. Those 2 were a great help in the beginning. Each dvd is about 4 hours long so it is a process but slowly but surely I am watching them all. I guess I will re watch them at one point to keep fresh.

      From what I know about brokers you can open an account internationally. Let me say I love Fidelity. They aren’t good for penny stocks but they are good for some of the stocks Tim has alerted plus some that I have found on my own. I have been with them for 20 years so I am biased. I also have IB. I haven’t traded with them yet. Partially because Fidelity has come through for me, the other part is timing. I am sure I will trade with them soon. So far I like them even though people say their customer service sucks. I have contacted them at least 10 times via live chat and they were very helpful. That is my experience.

      Let me end with this… Continue to do your DD. I can’t tell you what will work for you but try your best to not think of this as a cost. Look at it like an education. That is how I view it.

      I hope this helps. Please let me know how it goes.

  22. Hey JAi Thanx a lot for the quick answer. I really appreciated! I am definitively thinking of joining the PennyStock Silver program. I have been trading macrocap stocks on the italian market over the last 4 years and overall i have won more than i lost. Pennystocks’ volatility attracts me and I would really like to specialize in these field since opportunities are potentially huge.
    When you say you are doing a lot of studying.. what do you exactly study? Tim’s DVD, his videos? Other stuff?
    Does Fidelity and IB provide Level 2? Are you learning to trade also based on Level 2? I heard Tim Grittani saying in one of his videos that most of his trades are made based on L2. I would really love to learn all L2 dynamics.
    That is really cool that you are interacting with your followers. I am glad you have an italian heritage and that you are proud about it.
    Good luck on your studies and trades.

    • Yes I am studying everything. Chart patterns, level 2, sec filings, reasons for Tim entering and exiting a stock, scanning and building a thesis to my trades with a risk/reward set up… just to name a few. Unfortunately Fidelity nor IB have good level 2. For now I am using ThinkorSwim for charts and level 2. There level 2 lags a bit but it’s a start for me. I will look to upgrade that when the time is right. Glad you like my blog and like always thanks for stopping.

  23. Hey Jai! Guess what? Yesterday evening I finally made my decision and I signed up for the PennyStock Silver subscription! I am so exited about it. I can’t wait to dive into all the videos and material to discover everything about pennystocks.
    One of the first mail I got from Tim included a pdf file with a sort of orientation on what to do during the first 30 days.
    Week 1: “Choose a broker and get familiar with them”. He suggests to go for SureTrader. Would you recommend me to for Fidelity or IB instead?
    thank you! and Keep in touch!

    • Congrats for making a decision. I don’t recommend brokers to anyone because a broker is like a loved one you have to choose the one who is right for you. I have a Fidelity & IB account. I have only used Fidelity since joining but I will be using IB sometime in the near future. Let me know how everything goes in a few weeks from now.

  24. Hey Jai,
    First off, thanks in advance for the help. I just started researching Tim Sykes and I look forward to working with him. My question is, I currently trade using the TD Ameritrade platform, but TD makes me wait 3 days from when a buy a stock (and sell) until I can use those same funds again. Are there any brokerage houses that do not have this restriction?
    Thanks, David

    • Hey David,

      Most brokerage firms have a 3 day settlement period of funds which is standard. One way around it is by opening a margin account but that can be dangerous because you are using borrowed money. If you lose that money you have to pay it back plus the fees for using it. Other than that the only other way you can do it is by building up your account so that you have more money available to use. If I were you I would try contacting other firms to find out their policy. I know Suretrader (offshore firm) has different rules but I hear they lack in various ways. Thanks for stopping by I hope this helps.

  25. Can you send me your email please? Im interested in joining the millionaire challenge and I have a few questions.
    Thanks

    • Hi Nicolas. Please post your questions in the comment box. Even if you email me directly I will post them there as this site is to help others making important decisions. I answer questions so everyone can benefit. Looking forward to your questions.

  26. Ok, sorry. Can you tell us (or repeat) the brokerage you are using or which one do you recommend for short selling? (besides SureTrader)
    Thanks

  27. haha sorry I just read..Fidelity, what are the pros and cons of Fidelity? Can you short sell there with no restrictions?

    • I have owned a Fidelity account for over 20 years so I am never going to close that account. However, I find that 30 to 50% of the stocks Tim Sykes puts on his watchlist has shorts available. I was shocked at first but more and more times they are there. They don’t have OTC stocks though. Only smallcap. Pros of Fidelity… 1. GREAT customer service. 2. Account is highly protected. 3. Easier to short than I ever expected. Cons 1. $7.95 trading fee. In and out $15.90. 2. No OTC shorts.

      I also have an IB account but haven’t used it yet. I have only traded 7 times which isn’t a lot but as I get more comfortable I will use both.

      Every brokerage firm has restrictions. You need to call them to find out what works for you and your account size.

  28. Jai,
    What’s your goal by becoming a challenge student? Are you skeptical or a believer? Do you feel you will achieve your goal?

    • I don’t know if I completely understand your questions but my goals are pretty specific. I am educating myself and researching the companies I decide to trade in. I am making informed decisions with set risks and reward levels.

      No longer will I bag-hold a company and hope that it comes back as they want you to believe on TV. I was talking to a friend the other day and he mentioned that he would be happy making 10% on his investments. Imagine only 10%??? Wow that seems like so little compared to the billions of dollars people place everyday in the markets.

      I also want to grow my account substantially and continue to build more and more financial freedom.

      Am I skeptical about what? Don’t know if I know what you mean. Tim Sykes? Not at all.

      Do I believe I will achieve my goals? Absolutely.

      Hope this helps. Thanks for stopping by Max.

  29. Hi, is there an archive of the weekly seminars that he gave for challenge students? That would be really helpful for a new challenge student, thanks. Trying to determine if I should sign up

    • Hey Gary,

      Yes there are 2 (2 hour) weekly seminars. 1 from Tim and one from Michael Goode. Every so often they have a 3rd. However, any questions you have about the challenge you should write down and discuss in your interview.

  30. Hi, thanks but are you able to watch old seminars from before you were in the challenge?

    Great blog by the way, its always interesting to read an average persons daily challenges.

  31. Hi Jai,

    First of all, thank you. Your blog and your replies to everyone’s comments has probably been the most helpful information I’ve come across yet when considering Tim Sykes.
    I have always thought about getting into investing and trading but not seriously till about a week ago. In the past few years I’ve grown a youtube channel from nothing to over 6k subscribers and made about $1k off of advertising from it. Now I’m into daily fantasy sports, which isn’t gambling if you know what you’re doing (much like trading). I turned $10 into $4k in a little over a year on playing daily fantasy sports (DFS). So a week ago when I started reading and watching videos from various sites and people including Tim Sykes, I realized how similar it is to what I’ve already been successful at. A lot of basic trading concepts, money management, and way of thinking that I’ve heard Tim talk about I could directly relate to what I’ve already been doing to turn $10 into $4000 on DFS or even 0 subscribers into 6000 on youtube. So I’m very confident I have what it takes to be successful at this.

    Unfortunately, I currently am on a fulltime internship for the summer so I’m only able to study in my freetime and weekends. I also graduate with an electrical engineering degree in December and can easily get a job making 60-90k starting out. I received the email to set up an interview for the MC. However as a complete beginner who knows basically nothing yet, I feel it’s best to just spend the next year learning as much as I can on my own. Then once I have some understanding of everything and get a full time job, only then I should consider paying for and seriously considering learning Tim Sykes’s strategy. It would seem stupid to pay for Sykes’s lessons when I haven’t even made a single trade or barely even understand shorting a stock. Does this seem like a good plan to you? Do you think with a fulltime job its possible find the time to learn and fully understand everything? Should I bother with the interview even though I’m not considering buying anything from them right away? I know it’s extremely overwhelming right now and is for everyone starting out but what exact steps to you recommend I take? I know you said to just dive right in, but dive in to what exactly? What sites to use? So far I’ve used youtube, Investopedia, ToS paper money. I understand the emotion, money management, the process of learning, and mentality you have to have… Just not everything else. I’m so lost.
    Thanks again

    • Hey Chris. Thanks for the comment and I am glad you find this blog helpful.

      Let me turn your comment back to you. I want you to read it a few times and see if you can see what I see. Firstly, and I am not criticizing you on any level, it seems like I am reading your personal diary. A book of your thoughts with all the answers embedded in them. In essence I think you answered your own question.

      That being said there appears to be a HUGE amount going on in your life. They all seem great yet not life changing as you continue to search for something. Hence why you are here. I think you have to find out what you want to do and why you want to do it. Do you want to be a Youtuber, Fantasy Footballer, engineer or a trader? I don’t know how old you are or what your personal life is like but add in a loved one and maybe kids and you might find yourself nearing a breakdown.

      It’s great you have the confidence but it’s easy to convince yourself that building a Youtube channel and making money in DFS is similar to trading. Let me tell you it is not. That doesn’t mean you can’t be successful at it it just means that one thing has nothing to do with the other. How do I know? Because I had nearly 20K Youtube subs at one time. I made nearly 7K on this one video alone. I let it all fizzle out as I started my family but let me say it was a lot easier to do a funny YT video than it is to trade. IMO…

      Anyway, Chris I truly thank you for coming here but I can’t tell you what you should do. That wouldn’t be fair to you and it wouldn’t be right of me. However, I can suggest you read your comment and dissect it. Question why you wouldn’t run to a job making 60-90K a year easily. Question why you set up an interview but might not do it now. Question why you might want to trade? I guarantee you if you answer those questions you won’t feel lost.

  32. Thanks for the reply. Yeah I didn’t really want to post this as a comment cause I knew it sounded like a diary. I know trading will be WAY harder than anything thing else. I just was looking for someone else’s thoughts on my situation that has been through the grunt work of learning trading. I guess I more feel lost on the path I should take to educating myself on trading. There’s so much information and learning tools out there. I’ll figure it out

    • Wether you know it or not you are helping a lot of other people considering stock trading. I created this portion of the blog to help those who need it and are trying to make sound decisions. It helps me to stay focused and learn the rules. Let me say this… It’s a ton of work. It sounds easy because when you make money it’s fast and yes… easy. In reality it isn’t.

      Let me give you an example. Ticker BIOF got a delisting notice late after the market close. Delisting means that they were going to take it off of the NASDAQ. The news was BAD. It gapped down from $6.22 last night to as low as $4.75 this morning. However, it surged premarket until 10:10am and hit a high of $6.69. Why in the world would bad news bring on so much buying? You could have bought the stock at yesterday’s close and made a nice profit a half hour after the market open. Yet the news was BAD.

      Anyway, there are several reasons that happened and too much for me to type here but my point is that there is no real rhyme or reason. There is no guessing. You come up with a specific plan and you set your risk/reward level and get out if it doesn’t do what you want and take your profit when you are right.

      Look it’s natural to feel lost. It’s new, it’s scary, it’s either profit or loss with a click of a button. If I were you I would watch every video about Tim Sykes and day trading I could get my hands on. You will feel LOST at first but then it makes some sense. It might take you a month or even a year to get it but at least you are learning without breaking the bank.

      I hope this helps and please keep me updated with your status.

  33. First off I want to say congrats on the little success you have seen so far. I have my 2nd interview for the challenge this afternoon and have a few questions. My question is/are; have you used the stockstotrade software or level 2? If so what are the costs associated with that? Saw level 2 on suretrader costing 40/month plus various add-ons for 15+/month. I couldn’t find a price on stockstotrade but let’s say its 50/month. Thats an extra 100+/month. Does the 5500 tution cost involve the silver stock trader or TIM alerts? If not do you use them or just stick to the dvds, webinars, and vids? If it doesn’t and one subscribes to everything (Silver, level 2, stockstotrade those monthly fees can add up quick). Last question I promise, after the year of tution do you know if your just on your own or is there like some sort of lifetime membership where you still get access to various tools (webinars, videos, chatrooms, etc)? Goodluck in your trading and keep up the good work Jai.

    • Hey Gary. Thanks for coming by and congrats on your 2nd interview. I wish you well. Ok now on to your questions. I don’t use stockstotrade. There are 3 reasons I don’t use it. 1. There are several sites that give percent gainers that are free or nominally priced. Interactive Brokers, FinViz and ThinkorSwim. However, you have to do scans nightly or throughout the day as that is where you will see the percent gainers. I also have no clue what it costs. 2. For me there is no reason spending all this extra money when I haven’t made a real dent in the trading yet. I haven’t traded in a while but I am on EVERY day doing my thesis work and building my knowledge. 3. Tim and his team are busy so just because you want the software doesn’t mean you will be able to use it immediately. They have so many inquiries that they are very backlogged.

      As for level 2 I have been using ThinkorSwim as it is free. I hear it lags at times but that hasn’t been apparent to me nor is it a major concern because I haven’t traded that much yet.

      His challenge includes everything. DVD’s, webinars, video lessons, chat room, stock alerts… Let me say this though be careful not to follow his trades blindly. If you like a trade he has made you must know your risk to reward or you might lose your shirt. You could bank too. It’s too much of a gamble to just blindly follow so be careful.

      From what I know once your year is up you can renew your subscription. It is significantly less because there are no DVD’s to repurchase.

      I think that answers your questions. Good luck today and please keep me posted.

  34. hey, jai, i just got interviewed by jarad on the phone, and he was asking for my credit card info since you are already a challenge student, you should know this. how did you pay for the tuition, did you pay with a credit card, check, transfer? I’m kind of scared cuz i got my credit card info stolen before. just want to make sure that jarad does belong to the challenge team. thanks

    • Hey Sam. I paid for the challenge via cc. I don’t know who Jared is though. Good luck with the challenge…

  35. Jai is obviously one of Tim Sykes business partners/affiliates. Purely on this thread to market Tim Sykes scam challenge. Can’t believe people are too stupid to see this…

    • John I am in no way affiliated with Tim Sykes nor do I receive any business or affiliate compensation for anything that I write on this blog. However, there aren’t too many people that will read this entire thread which means they will miss your lack of research and my response to it. So, I will do a blog post addressing your accusations of Tim scamming his students and me profiting from it.

  36. Jai,

    First off, I’m very appreciative of the fact that you’re willing to share your journey with us via this blog. I respect your approach to trading and I recognize that you’re investing in the “knowledge” aspect of Tim’s challenge.
    I’ve found the majority of the posts to be informative and genuinely insightful. (I’ve read them all, I fully intend on following you.) I am very new to trading myself, and I’ve been seriously contemplating accepting the Tim Sykes challenge. Got the interview call today, I still need to get back to them with my decision…

    Moreover, you mentioned you have roughly 20 years of experience in investing/trading yourself. As a longtime trader, I was hoping you might share some deeper wisdom on the subject with me. I have a few questions.

    1) Personal Question:
    As a longtime investor/trader of many years, I imagine that the time you’ve put into this endeavor has yielded positive gains for you overall, otherwise why would you continue to practice it?
    Also along those lines, what is the greatest impact choosing to invest/trade has had on your life? Has it been worth all of the time & sacrifice you’ve put into it?
    Would you say it’s been a profitable pursuit in the sense that it’s improved your overall quality of life? Whether that be directly or indirectly related to your wealth, finances, education, personal business, etc…?
    (I realize that’s a bit of a long winded & loaded question, however I think it has a lot of merit.)

    2) More specifically, would you say that the criteria in Tim’s challenge is arranged in a comprehensive structure that you can easily absorb and follow? Untimely have you found the program to be more “practical knowledge” based, as it relates to the real-time trading process, or is it more theory based information that you can only apply if the conditions are right?

    I anxiously await your response, please keep up the good work. If I do accept the challenge, I would hope to rely on your blog as a means to relate to one another and to help create a sense of perspective.

    • Hi Butch Cassidy. I am assuming that is just a screen name. :). Anyway, thanks for your kind words and great questions. However, there are many mini questions or answers that you are seeking in between the main question. For example there is a difference between trading and investing. I was an investor before and now I am training to be a trader. Trading is quicker with very little holding time. Investing can be for years. Ok so, here we go…

      1. I made some nice money in the stock market years ago but I lost a lot of it. I did it because that is what everyone was doing when I began so I followed like a sheep. I quit for many years as I pursued other aspects of my life. Investing came back to me in 2012 and it has yielded positive results. Not life changing but positive but I wanted more. You ask me if it has been worth the sacrifice. I would say in hindsight yes because it has lead me to this very moment. However, there were about 4 years during the financial crisis where I would have said no.

      That being said the challenge has been life changing for me. I haven’t made much money doing it yet but I follow and watch and participate every day. I make daily watchlists and do a recap the following day to see how I did. You see for me this is not just about making money. It is about my education. It’s about learning as much about what goes on inside as I can. It’s about learning the corruption and lies that companies will hide. It’a about learning level 2, SEC filings, charting, scanning, etc…

      I can’t lie the stock market is a really dirty business and so yes it has changed my life forever. To be more specific I will NEVER blindly follow or invest again. I am writing a post as we speak that will delve into that more…

      2. Tim’s challenge is pretty simple and if you have watched any of his videos he says it all the time. Tim buys breakouts and shorts pump and dumps. It’s that easy. However, you need to learn and see the patterns. You need to learn how to get out quickly if you are wrong. You need to learn to control your trading. You need learn to control your emotions. You need to learn to accept losses. You need to learn to cut loses fast. You need to learn to be self sufficient. You need to learn learn learn…

      On a side note Tim has had some heavy losses lately and has shared his mistakes with us all. It’s the best part of the challenge for me. When he is wrong he admits it and shares all his mistakes or thinking along the way. Sometimes Tim is wrong but his thought process was right so he cut loses quickly which ended up being his best decision. Ironically you learn more from losing than winning.

      Anyway, to me Tim is like my coach or manager. He guides me daily even if he has many others to guide along the way.

      So, I haven’t made a lot of money doing the challenge yet but I personally would do it again for all the education and training.

      I hope this helps and good luck with whatever you decide. Please keep me posted as I am always curious to see what people are doing in regards to trading.

  37. Hello there jai!
    Im novice trader looking for someone that can teach me. I heard from this guy tim sykes and i also did my research and found some good stuff and also a few bad stuff about him, but im kind of convince.

    So jai, i got a few question and ill be glad if you could help me.

    1) i live in dominican republic; is there any inconveniente trading tim sykes system from here?

    2) i wish i could apply for tim’s challenge, but i dont have the complete money, i honestly just got like 1.5k in my saving, is there any way i could still learn and learn and learn and then trade profitable without getting to apply to tim’s challenge?

    3) as a novice trader where should i start? What will be my first step? I got 1.5k that i can use, i live in the dominican republic and also im a full time student

    Waiting anxious for your response

    Richard.

    • Hi Richard and welcome from DR. Thanks for checking out the blog. Ok let’s get to your questions.

      1. As long as you have internet, a computer and a broker you can trade from anywhere in the world.
      2. You don’t need to join the challenge to be a successful trader however, you are going to need money to begin with. $1500 is a very thin amount to start with and leaves you very little room for error. To be more specific you need a newsletter subscription to follow. Tim Sykes has his Penny Silver subscription, Nate has his Investors Live subscription, Superman has his Super Pro subscription, and there are others too. I am a fan of all 3 but I am only a part of the challenge. I only know about them from Twitter and what other people say.
      3. Richard this is tough. It appears you have very little knowledge about trading, you have very little money and you are in school. The odds are stacked against you in 3 main departments. Education, finance and time.

      Listen Richard… I don’t know you and I can’t tell you what is best for you but I know if I were in your shoes I would continue going to school, find a job to build up my financial situation until I was comfortable losing the money that I was going to trade with. 90% of traders lose money so the odds are stacked high. In my spare time I would learn everything I could from the markets by reading, watching videos and getting more comfortable with trading ideas. I would learn about risk vs. reward, cutting losses quickly and I would paper trade until I was confident that I could make a profit and grow my account.

      I hope this helps Richard.

  38. Hi, really appreciate the blog! I was just wondering what kind of market data packages will I need to start trading? I’m thinking of.setting up a suretrader account and any info on this would be really helpful. Thanks a lot for the help!

    • Thanks Jordan. Are you a challenge member? If you are it’s in your welcome package. I don’t use Suretrader so I can’t help you there. I use ThinkorSwim for charting, level 2 data and scanning because it’s free after you sign up at TD Ameritrade. I also use Interactive Brokers for selling and shorting because their locates are good and fees aren’t bad. I use their scanner as well but I find that my ThinkorSwim scanner does pretty much the same so it’s a matter of preference. I also have a Fidelity account which I have had for over 20 years. Tim Sykes doesn’t recommend them but let me tell you this… Fidelity has come through for me many more times than I could have ever imagined. I also use Fidelity’s level 2 data for certain stocks as I like the look and feel of it but again that is just preference. So, get a feel for what you like and go from there. I hope this helps.

  39. Ok, thanks for the reply. I am still thinking about becoming a challenge student so I don’t have the welcome package. I’m thinking I’ll probable need NYSE, AMEX, NASDAQ, and PINK SHEETS level one and two?
    Thanks

    • ThinkorSwims level 2 does all indices and it’s free. Suretrader has many problems from what I hear but they have a level 2 that is very good and has all indices as well.

  40. So you don’t pay any monthly fees besides you’re commissions at think or swim then? What platform are you using, and do they have a pattern day trading rule? I really appreciate all the help.

    • On TOS there are no fees and you don’t have to fund the account. If you are trying to get your feet wet and save money this is the way to go. I only use Fidelity as of now as I LOVE them. I have an IB account but haven’t used them yet. I will soon.

  41. Jai,

    Closing in on 5 months now since you first posted the above article. How are things going with the challenge? Profit and loss?

    • Hi Alex.

      I haven’t missed a day watching the markets since I started and it’s actually going really well on an educational level. I haven’t traded much. In fact only 7 times but I started charting daily and creating watch lists. Then the following day I evaluate my thesis and rank how well my thinking was. I find it has really taught me a lot. Keep in mind it’s the summer so things are a lot slower in the markets. Anyway, I will eventually share my daily watch list for my educational purposes as well as for others to see where my thought process is on this journey. It will not be for others to trade but to learn. In addition to that I have studied multiple DVD’s and have picked apart the trading DVD by Nate from Investors Live. I will blog about that soon including some really interesting things that should make this more fun to read daily. Thanks for checking in…

  42. Hi Jai, first of all… Great blog, I just read te whole thing and really enjoyed it as appreciate how helpful you have been.
    Ok so here it goes, I’m about as new to trading/the stock market as it gets. I am considering buying Tim’s silver package but should I dive right into that without knowing anything about the market? You mentioned several things such as “level 2″ and I have no idea what that is. Should I real books like stock market for dummies, day trading for dummies and so on? Any advice/suggestions will be greately appreciated. Thanks for your time

    • Thanks Nelson. Congrats to you for starting out. Ok so here is my opinion on your question. The summer months are pretty slow. Most people take vacation, kids are home from school, people are out in the sun. I would study all you can on Tim Sykes that you can find first. Get all the free stuff first. Learn about cutting losses, level 2 and charting. You don’t need to master it right now but get your mental feet wet. Then once you have done some studying you can hope in with a little more comfort. You can even start paper trading to test out what you are learning. Remember this one thing and you will do a lot better… Don’t study the markets to just make money. Study the markets to educate yourself. Making money is the bonus. I hope this helps. Please let me know how you do.

  43. Thanks for your response Jai, I will do that. Is there a good website or program i can start paper trading on? Will it cost money? I’m looking forward to staying in contact with you and this blog. I’ll be keeping you posted on my progress.

    • Sounds good… ThinkOrSwim from TD Ameritrade is 100% free and you don’t have to fund the account.

  44. Hi, I wanna know if we can choose to pay the monthly $100 instead of the $5525? I wanted to start trading with my own money so $5525 is too much for me now. Thanks in advance

  45. Hi Jai,

    I’m a Tim silver subscriber and I was wondering do you as a challenge student get newsletter from Tim for free or do you have to pay extra for that? If you do get newsletter can you please explain more about it please? Right now, I’m playing a demo in SureTrader and it is difficult when to buy a stock or short it. I’ve seen 50% of his videos as a silver subscriber and I’m able to understand the break outs, breakdowns, resistant, and support. You think by having newsletter alert from Tim will give me a higher change to buy a stock or short it?

    • Hi Roger. Let me see if I can steer you in the right direction. As a challenge student you get the same Tim silver alerts. I never trade based off of his alerts because by the time I get the alert the stock has already made it’s move. Keep in mind that he has 4000 plus students. 1% (40 students) will move the stock if they join Tim’s trade. You want to learn how to buy and sell short on your own and not off of Tim’s trades. We all want easy money but if everyone made easy money based off of Tim the world would have no money problems.

      Nightly I put together a watchlist and then recap the next day based off of my theories. I don’t trade Tim’s trades.

      On the flip side you might want to think about trading around Tim. What do I mean? Let’s say Tim buys a stock and sells it for a nice percentage gain premarket. I might be tempted to short it being that the people that follow Tim might sell out too. If I am right I gain. If I am wrong I cut my losses quickly.

      So, come up with daily plans and go for it from there. Don’t worry about trading Tim’s trades unless you have done your due diligence and have devised an entrance and exit plan of your own.

      I hope this helps.

      • Hi Jia

        Thank you for getting back to me as soon as possible. I really appreciate it. I agree with you its is too late to buy a stock or short it based on Tim alerts. I tried that on the demo and did not work well. Your right, It is better to find your on stocks and make your own watch list. So my next question is where does Tim get his information or news on when a stock is going to have a promotional pump? Do you know any sites that I can look and get that information. So that I can prepare my own watchlist. Also, today I got alert from a student that made money trading at night? I thought market hours was only 9:30 am to 4:30 pm? if so, how does it work? Is that only specific stocks that you can trade after hours?

  46. It’s the summer so things are slow so don’t push a trade. You have to check percent gainers daily. Thinkorswim has a free news feed. Yahoo finance has great info too. Promo pumps you might hear about in chat but there aren’t really any good promotors like in days past. Seeking Alpha has good articles that move stocks but you have to do your charting and work before hand so you aren’t blindly trading.

    After hours trading is from 4:00pm to 8:00pm and premarket is 4:00am on certain stocks but for everything else it starts at 8:00am until the opening bell.

  47. Hi there,

    To be honest, I also fell for that trap of this “guru” millionaire. What really opened my eyes is his method and why he is doing this. He appears to be trustworthy, but you have to look deeper. His student millionaires are not his. Both of them officially claim they they made little to no money using this trategy. Tim Grittani now shorts Tim’s (guru) alerts, and Michel Goode made only 6K out of 1Million of his profits on that strategy. Read this blogpost that I found which can explain you what I mean.

    • After studying your comment for a few minutes I noticed your blog post you attached on my blog was written and dated the same day as your comment. That makes your research look fishy. So, I took a photo of your researched post and replaced it with the link you added so there is no backlink.

      Now for anyone reading the comment posted above realize that Tim Grittani made over $200K on one chart pattern which is straight out of Tim’s 7 step framework. Click here to read the post. Furthermore Tim Grittani just shorted WSTI (and banked) which again was straight out of Tim’s 7 step framework. As for Michael Goode you can read this post here where he claims Tim Sykes is full of BS. Read all the comments placed on the blog because Tim and Michael go back and forth several times. Then read here where Michael claims he made $132K using Tim Syke’s strategy.

      The truth of the matter is, aside from the proof above, Tim Grittani is a happier man with a great career because he came across Tim’s strategy. He also credits Nate from Investors Live for helping him out.

      Michael Goode now works for Tim Syke’s after their back and forth disagreements. I have been in dozens of webinars and Michael Goode is honest with what he and Tim agree on today and he has no problem telling his side of things.

      So, your blog post is suspect and your research is too thin for merit. Please do your research and share the real truth.

  48. Hello Jai,
    I have read almost everything you’ve posted and if indeed you are doing this simply to help others without any work relationship with TS. Well, TS owes you big in my opinion. Because you are helping him out a lot by doing this. I am sure he has seen a spike in people trying to enroll since you’ve started this blog.
    I think he should hire someone to do just what you are doing here. Ok, enough about that.
    I actually got accepted for the challenge years ago, but could not commit because at the time I was working overseas. I am actually still working overseas, but am getting ready to head back home for good and have been thinking about calling TS’s staff to talk about the challenge again and try to enroll. My question to you is how long have you been studying and how much longer do you think it will take to finish going over all the study materials? I am sure the study will be almost a non-stop thing, there will always be something to study about the markets. But I am sure you will reach a point where you will move from studying a whole lot to trading more. I do not mind the study, but is this something which will take more than a few months to cover in your opinion and that is study 6-8 hours/day?

    Thank you in advance for your reply!

    • Dukens that was very nice of you to say. Tim doesn’t owe me anything though. I do it because I want to. I enjoy learning and helping others make the right choices that best suits them. So, thank you for saying that and reading the blog.

      Every person has their journey when it comes to trading and the market. I studied hard for the first 3 months and then I turned my attention to the market itself. I now look at charts and level 2. I read news, contracts and earnings winners then I see how it moves the market. I also watch premarket to see trends building. In addition to all of that I am working on myself as a human being so I don’t scare myself out of a trade. You are right there is always something to study but to be honest I think the personal journey takes the longest. For me I am not doing this just for the money. Don’t get me wrong, I want money to come out of this but I am doing this to educate myself and build on financial freedom. And… I actually really enjoy doing this. It’s fun for me and I can see myself doing this long term. So, I know I went a bit of course but let me say this. If you study a few months everyday for 2-4 hours daily you should feel more comfortable in what you are learning. However, don’t put a timeframe on it. I have been in the challenge for nearly 6 months and there are people who do much better than I do and to them I say congrats. I don’t dwell on missed opportunities. I don’t cry for not making money and I don’t complain. When I am ready I will know and I will act. I hope this helps.

  49. Hi Jai,

    Another question for you here my friend. Based on a conversation I had with Tim’s staff, It sounded like I’ll be all good to go with the Challenge as I won’t need to reapply or be re-interviewed.
    Do you have any idea of a good trading platform, brokerage firm which will be suited for the trading patterns of the Challenge? I was told about suretrader.com, but I am not too comfortable when it comes to dealing with non-U.S. firms.

    Thank you!

  50. Hey Jai,

    Interesting post. I havn’t entered the challenge yet, i’m still researching. I’m very skeptical about it as i’ve heard some other reviews saying it’s a scam, waste of money, etc

    I’m not sure if you can answer this question but i’m wondering, if Tim is such a successful trader then why does he need to make money training people?

    I hope this doesn’t come across as too pessimistic, i’ve been burned in the past is all and am very skeptical about these sort of things,

    Thanks.

    • Hi Chris. Thanks for stopping by. You should feel skeptical. You should also do a ton of research until you feel ready to make a decision one way or the other.

      Tim actually sucks at trading. He says it all the time and I see why. He is such a scaredy cat that he scares himself out of a ton of profits. I also don’t always agree with his decisions but he has a proven track record so he sticks to what works.

      Anyway, be pessimistic and ask away… That is what this blog and my perspective is for.

      Why does he need to teach people you ask. I would think that one part of it is quite obvious. The not so obvious is he genuinely likes teaching. He is passionate about it and it shows up every webinar.

      However, put his passion to the side and do the math. He has over 4000 students and more come and go everyday. Times that by the cost of his services and I think you can see another reason why he teaches.

      If I were you I would work out your pessimism first before deciding to join. Any negative feelings will hurt you especially if you aren’t successful with it in the beginning.

      I hope this helps.

  51. Jai, first and foremost, I wish you success in all your trades. Personally, I have decided the information Tim provides isn’t worth the cost. Granted, I know not of any specifics when it comes to his patterns and indicators, so I could indeed be wrong. It all boils down to a webinar I’d watched when he spoke of how it would take tens of years for others to figure out the patterns that he could show. I thought to myself, well if it didn’t take you tens of years, then why do you assume such of others. I realized then I was watching a marketer. The plus side of that for Tim is with his marketing ability, he sits himself upon a goldmine when companies are looking to be marketed. In that, he is smart, very smart. However, in true trades, I don’t quite think so.

    Though I just felt a need to type the previous statements, they’re not really the reason I’m commenting. I’m not even commenting to ask you a question. I just wanted to applaud you for taking the time to really study all you can. Education is golden. I think by educating yourself in what works for you, you will truly come out ahead. It can be time-consuming which I’m sure you already know and the market just loves to insert that emotional attachment that we all love to hate, but you are on a great track.

    Your posts and responses to previous questions are telling. You are a very realistic guy with an excellent mix of optimism and skepticism. You appear to be more interested in learning trends, patterns, where to look for red flags and being able to know when you see them. That, Jai, is the start of a smart investor. I wish you great knowledge, and again, much success.

    • Hi Dawnis.

      I think your comment was one of the nicest and most honest comments I have ever received. I thank you from the bottom of my heart for taking the time to express your thoughts in the manner that you did.

      It appears you have done the right amount of research to make the decision that best fits you. That my friend is what one is supposed to do. Good luck in all your endeavors as well.

  52. Jai,

    I recently got done with an interview with one of TS staff members and I got accepted. With that said, I also told him that I needed time to come up with 5525 or is it 5025, anyhow my question to you is, once I come up with 5k and another 2k in the brokers acct what is the next step that TS staff member would lead me to? Would they give me a different pennystock silver account so i could associate myself with other challenge students? How does the process work from the time you have the funds to actually engaging myself with TS, Michael and TimG?

    Thanks,
    Jay

    • Hi Jay. Be specific please. How are you looking to engage in with them? That confuses me. Once you join you will get an email detailing all that you should do and how you can join the chatroom immediately. Anyway, here is some food for thought… If you are going to start the challenge with 2K then know that you will have a very limited amount of wiggle room to make mistakes. It will be a very very tough starting point to grow your account. Also if you have any questions or concerns please write them down and contact your interviewer to answer any questions you have before you join. Make sure your questions are specific. I hope this helps.

      • Jai,

        Sorry for the incomplete sentence, what I meant is, when do I start engaging conversations with the guru’s. And yes I will be more specific in my questions. I am new to this stock trading community and hoping this education with TS pays off. O yea the 2k is low but I just need to adapt and take whatever profits I can get. Thank you for your time in helping me out. Hope to share some analysis with you one day.

        Jay

        • There are no verbal conversations that I am aware of although if you succeed well I am sure they will reach out to you. I have had 3 interactions with Tim Sykes via email but only because he reached out to me. I personally don’t reach out to him because he answers a lot of my questions in his webinars. If I have a pressing question I send all questions to Michael Goode and he responds quickly. Good luck with your journey and I look forward to hear about your progress.

          • Jai,

            Ahhh I see. You heard of Robert Blackman a Senior Training Coordinator for TS? I just hope he is legit, because he is the one who interviewed me. And yes if everything goes well I will post my progress on here and testimonials on TS website.

          • Great! I just wanted some type of verification he was legit. Hehe because $5525 is a-lot of money to just throw away. Thanks again Jai I will keep you posted.

  53. Hello Jay,

    I am new student and I just subscribed for Silver account . I am also new to this trading. I can’t find any video where it is explaining on how to start once you ready to trade. Most of the videos are already for the people who already in trading for awhile.

    Let’s say I already have and setup StocksToTrade platform, and also have a broker, so what is my next step and how I have to buy these all shares and how (from the brokers) but how? Or let’s say I want to borrow them once they went to high $, and then sell them again once they drop down? What is the process?

    After you short sale them are the they count as yours? Because you have to buy them now for the lower price, isn’t? I would like to find and watch al those videos. I would really appreciate if you will guide me on that, please!

    P.S I signed up for the free paper trading platform with ThinkOrSwim. To get an idea and practice to buying and shorting with “monopoly” money, but again I can’t find PennyStock on that tool.

    Thank you in advance!

    Roma

    • Hi Roma. Let me be totally honest with you. You seem very very lost in this process. If I were you I would stop everything I was about to do and take it one step at a time. Also, why do you have StocksToTrade? You don’t even know how to trade yet. Ok so here is my suggestion. On your Profit.ly platform you should have a link under videos that says 60 day video lesson. Watch all of them. Don’t trade anything. I wrote a great post on what is short selling a stock that you can read here. Also check out Michael Goode’s blog here. He has great information about trading on there and he is one of Tim Syke’s teachers. His information is helpful. In addition to that any questions you have Google it with the name Tim Sykes in it. For example what brokers does Tim Sykes use or how does Tim Sykes build a watch list.

      My friend you need to study first. You need to learn about what you are getting into before diving in. I am happy to read you will be paper trading first but I would put that off for a month or 2 and just get familiar with what trading is about. I hope this helps.

    • Roma,

      I concur with Jai, just take it slow and ONE step at a time. I started with marketplace.com virtual stock exchange(paper trading), following the chat room, watchlist alerts and doing analysis on my own. I even youtube significant terms such as low highs, buying from the dip, fades, squeeze, etc… If I was you I would definitely learn terms that they are use daily on chat, so it will make sense to atleast what they are doing in their trades. To make the long story short I would paper trade for a month or two to just get use to the chatroom lingo and figure out why certain guru’s trade certain stocks, Pay attention to their Entry position and exit position and figure out why they did so. Or buy investorslive dvd it will take you step by step on trading. The process takes a while and years to figure out but starting with the basics is key. I hope that helps.

      Jay

      • Jay’s comment was even better than mine. I have the investorslive DVD which I am reviewing on a blog post. It was the best money spent. Thanks Jay for chiming in and helping others. That is what this blog is about.

  54. Jai,

    Helping others is always good with the traders community because everyone has something to share from novice to pro. But I hope to get investorslive dvd pretty soon I will also post a review once I watch it. I’ll blog my progress once I actually start trading with real money. And most importantly have FUN with trading! -=0)

  55. Thank YOU very much Jai and Jay!!!

    I really appreciate your advices… Its a HUGE help and support to me! Otherwise you are right I lost a bit :-)

    Thanks again!!!

    • Roma,

      No problem, o yea get really familiar with Resistance line and Support lines. See how guru’s implement this in their daily trades.

  56. Hey Jai,

    So how much have you made in profit from the day you started is a challange student to this day?
    I see that you’re not active at profit.ly’s website so I’m wondering if you pretty much gave up?

    Let’s say I’m super motivated to start trading penny stocks and I am able to put like 4 hours each day to this.. would you consider it to be worth to pay 5700$ for the challange?
    Do you feel that it have helped you alot?

    • Hey Toby. You are right I am not active on Profit.ly but that is because I haven’t been trading yet. On the contrary I have been working behind the scenes studying. The short answer is the summer is slow and there are not a lot of stocks in play but I have been creating daily watch lists and trying to study charts as they set up. Every morning I set up for the market open and hang around until 11am. I take a break from the market until 2pm or so. I also take daily notes and review my theories to see what went right and what went wrong. So, even though I haven’t been making money I also haven’t been losing money. One trader blew up his account and lost $26,000. Yep it can be very dangerous if you aren’t specific in your trading. I have been putting in a lot of valuable time for myself and when the time is right I will strike.

      So, to answer your question yes it has helped me a lot. It has helped me understand certain aspects that move the market and certain traps that people fall into. Making money is one thing and not losing it is another. I hope this helps.

  57. hey Jai,

    I was contacted by the Millionaire Challenge recently, and was curious what the most important part of the program for you was…i.e the dvd’s the chatroom, the lessons etc. I understand that all are useful, but was curious as to what made the biggest difference in your experience?
    I am skeptical of any program by default, have a moderate grasp of charts, and a member if investor’s underground already. Also, how involved are Mr. Goode and Mr. Sykes? Are they involved actively in your development?

    Thank you so much,

    William Conklin.

    • Hi William. That is a very tough question. I like the live webinars and I like the video lessons. I am curious though why do you want to join the challenge if you are a part of IU? There are great traders in that room from what I hear. MG and TS give webinars weekly and MG answers all the questions I have ever asked him outside of trading hours. The only time TS and I have corresponded is via email and that is because he reached out to me.

  58. hi Jai I read one of your responses saying “If you are going to start the challenge with 2K then know that you will have a very limited amount of wiggle room to make mistakes. It will be a very very tough starting point to grow your account.” Does this mean you recommend starting with a higher amount of money than 2k?

    • HI Damien. I did say that and for the most part that is true. It’s not impossible but it leaves you in a tight range. I don’t necessarily think you need more capital because that isn’t the answer. So, if you only have 3k to your name putting 3k to play with is a HUGE gamble. If you have 10k to your name and you use 5k then you have a better chance to test out your theories once you start making them. You can’t just follow Tim. I would suggest paper trading if you have only 2k. Test it out on paper with 2k and see how you do. The idea is not to always win but to win more then lose. If you only have 2k it will be tougher. I hope that helps.

  59. Jai,
    I’m a new trader, been studying for 4-5 weeks now and feel like I’ve been picking everything up pretty efficiently pretty fast, not only through Tim and his videos but all around the web from my own personal teaching and experiences through paper/virtual trading. I have a few questions for you as far as trading in general and using PennyStockingSilver.
    1. The one thing I’ve been most concerned with as of lately is which brokerage I will actually be using given my circumstances, which are not important to the question. My question is, your plan to “have an account open at one (possibly 2) of the firms they recommend”.. Please tell me you’re not thinking SureTrader, right? I looked into SureTrader A LOT throughout these past few weeks trying to make sure I was making the perfect decision, and after sifting through all the pretty bs of great commisions, leverage, $500 minimum for margin and avoiding PDST rules, I’ve found the TRUTH is that this brokerage, in my humble opinion, is fucking horseshit. Just forewarning. I’m going with OptionsXpress for now because I can’t even make the $1,000 cash account minimum at most brokerages.

    2. Have you really been with PennyStockingSilver for 6 months?? And still haven’t made a real trade? In an honest and non-offensive way, how do you do that? What makes you think that 6 months of studying all these videos would be THAT much more profitable in the end than studying for a month and starting your trades low and working up with confidence. I emphasize ‘honest and non-offensive’ because I’m finding myself in a similar boat right now… continuously going through a pattern of, feeling very ready and can’t wait to go make some trades and make money (with or without the subscription, to be honest) and “holy shit I’m in way over my head, I cannot open an account and start f-ing with my hard earned money yet”. I’m trying to find the right balance of learning before I open an account and learning AS I trade with an account but I have yet to decide when that is… and don’t know if I’m patient/willing enough to find out 6months+$600 later.

    3. On a more specific and really just curious not, how do you have data on Profit.ly if you haven’t made a trade yet…? Anyway, last question I promise..

    4. Have you put any serious thought into looking into other “gurus” to subscribe to? I was all into wanting to open an account with Tim, but as I continued doing research in general and research on him specifically, I can’t help to think that this whole thing is really just a self-fulfilling prophecy: that whenever he makes a “genius pick” and throws it up on profit.ly saying “hey guys, this stocks gunna crash! short it!” or “hey guys, go long on this one, I did all my super in-depth technical analysis that you guys really don’t understand so that’s why you believe I did it and know better. Actually I just see a moderately volatile, low-priced stock that I know can be highly influenced” and BAM, all of his little children of the corn go follow Timmy boy and make the stock do exactly what he says just because he said “it was going to happen”. Now, that’s not to knock neither Tim nor the potential of success through this subscription: it’s genius. If you use these picks and just make sure you’re very conservative in keeping those profits when you have them, I know this subscription will work and help anyone. The only things that make me iffy about it are A. what’s defined as conservative (what I think might be a safe pull out might be 2 ticks past a 40% drop) B. if those “oh so verified picks” on profit.ly are even real and C. honestly how much longer this site will actually last/when or if Tim will be severely fined or jailed. I say this because, Tim may have been popular for a little while now, but within the last year he has really been put on the spotlight. I can’t help but to feel it’s only a matter of time before some big shot with a big shot lawyer realizes “wow, this guy is on a real fine line of being considered an unregistered investment advisor through the SEC” and may win that case just by playing the right cards. I’m looking into subscribing with ClayTrader, he just seems more modest & clear-cut.

    Regardless, sorry for the book I wrote you, this shit just gets me real excited. I may have just recently picked up interest in this area but I’m not stupid. Never trying to stop learning though.

    -Jake

    • Hey Jake. By far your question has been the lengthiest. :)

      Anyway, let me answer your questions.

      1. I use Fidelity and Interactive Brokers. I have been with Fidelity for over 20 years and will never leave them completely. As for IB… Even though I wrote my negative in depth thoughts on paper trading that you can read here I have broken my word and only used the paper trading account. I will blog about the change of heart soon.

      2. I have made 7 trades which is why you see that on profit.ly. Those are all the trades I have made to date from doing the work with Tim and his teachings. I am doing a lot behind the scenes by creating a watch list and reviewing my paper trades and thesis but I haven’t had time to blog about that yet. In addition, I sold 2 homes in the last 2 months and have 2 kids which take up a lot of time. So, I haven’t been risking my capital yet. I will soon. Real soon.

      3. I answered that in 2.

      4. There is no doubt that Tim’s people move the market to a degree but EVERYTHING moves the market. News, other gurus, Tim, hedge funds, other daytraders, twitter, and the list goes on. That is part of the reason I haven’t made many trades with my money. I am truly trying to see the whole picture. Will I join another newsletter? Yes. I plan on joining Investors Underground and will blog about it this week.

      As for Tim being arrested… That will never happen. He isn’t doing anything wrong. He clearly states not to follow his trades. He clearly states that his picks are for educational purposes only. He has more than enough people making a living with his teachings and he has more than enough capital to defend himself if he ever finds himself in that position.

      Anyway, I hope that helps.

  60. Hello Jai,
    I have read every single comment on this blog post. I just wanted to ask how your trading is going thus far, and I had a very simple question for you.
    If you were 18, and you had the knowledge about trading that you have now, what would you have done differently?

    • Did you read today’s blog post? It answers a bit of your question about my trading. If I were 18 I would be much more aggressive with strict rules. I have a family so I can’t just take random chances. I was dead against paper trading but now I see the benefits. I will blog about it soon. By the way… I am in no rush to trade. In fact that is the problem with new traders that I see in chat. Some trade without rules. Sometimes they win and sometimes they lose. However, I met one guy in chat who lost 26K. How the hell do you lose 26K? You lose it by not having strict rules and making random choices. I am doing my best to come up with a plan and follow through with it. Again I will blog all about that soon. I hope this helps.

  61. Jai,
    I have really enjoyed your blog. You have answered many of my questions and I admire your patience. In my opinion you are doing the right thing learning first and trading later. You should be able to minimize the losses that usually occur during the learning process. I have applied as well. I will have about 4 months off work this winter and I plan on using it to learn as much as possible. Thanks again for all your insight

    • The short answer is yes. The long answer is I am building on my education for the long haul so I have gone to paper trading, charting, research, etc… Read this post to give you a more accurate picture of what I mean.

  62. Hi,

    Thank you for sharing your experience. I also just completed an application to work with Tim Sykes. I really like his marketing strategy and he’s the real deal! I’m on homework assignment #5, so I’ll be receiving an interview in a few days.

    He mentions that if you don’t take this opportunity right now, then you’ll never have the option to work with him again. What if you don’t have the $5,525? Are there other options available?

    Thank you for your help,
    Lee

    • Hi Lee. Thanks for your question.

      Here is how you need to look at this. You are a business. You need certain things to get started. You need a space to trade in which you probably have in your home. You need a computer. You need a trading platform which costs anywhere from $35 to $150 a month. You need a good broker. My friend Gary says it best about brokers. Fidelity/TD Ameritrade is a rainy day. Interactive brokers is a cloudy day and Center Point is a sunny day. That basically means Center Point has the all around best trading platform, borrows, customer service…

      Then you need capital to trade. You can start with $1500 but that leaves very little room for error. You can start with $10K which can open you up an IB account or you can go all in with $30K to open up a Center Point account.

      However, the most important thing you need is an education. Tim Sykes provides this and the cost of his teaching costs what it costs without a payment plan.

      Those are the basic things you need. You also need patience, fearlessness, risk management skills and the ability to understand you will lose money.

      Anyway, if you don’t have the money to do that you have 4 choices. 1. Get the money somehow. 2. Try to open up a paper account and watch EVERY free video you can to learn as much as you can on your own. That means learn charting/fundamentals/technicals/watch list building/level 2/etc… 3. Try another field and forget trading for now. 4. Go with another Guru who uses another technique.

      I am not trying to discourage you but trading is very challenging and puts you up against your emotions daily. The more money you have the better your business will be to begin with BUT keep in mind the more money you have the more you have to lose.

      I saw a guy lose $26K in one trade and wipe out his entire account. I have also watched people make $40K on one trade. Take a minute and try to think of that dynamic before you do this. This is not a get rich quick scheme. This is a life long journey that will and can change your life forever.

      I hope this helps.

      • Jai,

        Thank you very much for your feedback and quick response. This was very helpful. I’m in for the long haul, so whatever it takes is just going to have to do. I’ll just have to find a way to make it happen. This opportunity is way too important to pass up.

        Thanks for your insight and quality information!
        Lee

  63. Hello Jai,

    First, I would like to thank you for your blog. It has saved me lots of time looking for questions. I also like that your caution when it comes to trading (“better safe then sorry”). There’s a saying, “Every master was once a disaster, including me.” I have read almost everything on the blog. The question I have is as follows.

    I have signed up for Millionaire Challenge. And I did my last homework, now I should receive an email to set up a call for my interview. Based on what I have read in your blog. What I didn’t know, there’s $5,500.00 to “get accepted.” Tim does not mentions that anywhere before I signed up for the Millionaire Challenge.

    My question is, do you think I will still get accepted later, if I refuse to pay $5,5k during my interview?

    Reason is, I don’t have 5.5k laying around for me to pay that at this moment. The second part, Timothy Sykes also mentions in one of his videos lessons if I won’t get accepted, I will no longer have another chance to work with him, side by side.

    I want to know if I should just not schedule an interview just yet until I have the funds to sign up?

    Or..

    Explain my situation during my interview and sign up later? Any tip will greatly be appreciated.

    Thank you

    Roman

    • Hi Roman.
      I am glad you find this blog helpful. It was meant just for that purpose. You know to be totally honest I don’t know if he will or will not accept you later. It is a business so I can’t imagine he would deny you if you fit the profile for the challenge. However, do know that you need some money to get started. You have to look at this as education and not as a money maker. I wrote a blog post on how I don’t paper trade but about 2 months ago I found myself in a situation where I had to paper trade to learn the program. Then I made some losses and promised myself I would get back to zero before I trade real money again. The good thing is I have been building a great skill and I was minimizing my losses recently. Then I got a bit too confident and now I am 2 steps back. Ok enough about me back to you. I truly think you need to do what you feel the right thing is. There is no wrong answer. If you don’t get into the challenge you have other alternatives and if you are a good researcher you can find a lot of free stuff that Tim has put out on almost every day trading topic. The more work you do the better off you are regardless of getting in or not. I hope this helps.

  64. Hello Jai,

    Thank you for getting back in very short matter. I appreciate for your help. I understand and yes it’s definitely believe its something that requires education and discipline for great results. I wish you the best trades. I will follow you up on your success.

    Best regards,
    Roman

    • Read the comments section. I answer that question numerous times there or email Tim Sykes’ team and ask them what it includes.

  65. Hello Jai.
    Thank you for posting your story. It really gives some nice info , about tim’s challenge that is not easily found elsewhere.
    I am interested and skeptic on the same time about the challenge, so the decision is not easy ( but then again you know that very well ! )
    A couple of technical questions if you don’t mind :
    1) Did you have to actually give your CC card details on the phone, or is there a website or other more “classic” ( and safe) way to process the paying?
    2) Any hints for purchasing the DVDs, other than partecipating to the challenge? The online store is down, and i already send an inquiry a couple of times but i only got an automated response with no further instructions or offers/price list etc…

    Thank you in advance, for any suggestions.
    Regards.
    Michael

    • Hi Michael.

      Thanks for your question. I did give my CC over the phone and there was no issue.

      Hmmm… I don’t know what hints you mean. The challenge offers much much more than the DVD’s. It offer 2 webinars a week and 2 live trading sessions with Tim a month.

      If money is an issue I would say wait for the store to open back up or watch all of his free videos online.

      I hope this helps. Keep me posted.

  66. Hey Jai
    I’m really interested in Stock trading and discovered Tim Sykes. I applied for the Millionaire Challenge and I have the Chance to go into.
    My Short question, should I take the chance? Well, for sure, that is a question, that you can not answer.
    But, would you say, it was and it is profitable for you?

    Let me allow, to ask you a personal question. Does you earn money from trading? (Yes, I know, that’s a bit impolite)

    I’m a bit unsure, because of sending 5700$ to someone, I don’t know.

    Thank you for your time.

    • Hi Silvio.

      You are right I can’t answer that question. Only you can answer it but I will gladly answer your other questions that are more personal based.

      Your first question is was it profitable for me. I am pretty break even with the challenge. I have made a little money I have lost a little money and I have paper traded to get my timing right. I am currently down in my paper trading account although I was on a nice winning streak building it up step by step.

      So, do I earn money from trading? Well as of now I can’t lie. I have not however, I feel it’s more about making adjustments than it is anything else. Profitable trading comes down to 2 things. Picking the right stocks and respecting risk to reward. I am pretty good at respecting my risk but I have not allowed my winners to run when I am right. So, I truly believe I need to make adjustments to become profitable. That is something I will work on in the next few days/weeks.

      And just so you know… I chose to sign up for the challenge and don’t regret it. I think and still think it was worth it for me. I love the education and plan on staying in. I have learned things about the market that have changed my life forever and for that I am grateful.
      Trading is tough and it’s a lot more tougher than you think. Some get it right away and others take a little longer.

      If you are unsure about sending him money then think really hard about this. Take my situation in consideration. Think about how much time you plan to dedicate to learning about the markets and if you think you will still be interested in a month, year or 5 years from now. If the answer is yes than you will find your truth. If it is not you will be wasting your time.

      I truly hope this helps.

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