Tim Sykes Millionaire Challenge
Update: October 2017: My original Tim Sykes Millionaire Challenge post can still be read below but my recommendations have changed over the years. I have learned that there are more cost effective ways to start learning how to trade and so I put together my favorite stock market recommendations here.
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 watch a video 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.
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 (which was great) 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.
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?
Call me a genius or call me stupid.
Some of the links in this post are from my sponsors. I thought you should know because honesty is better then sugarcoated bullsh*t.