Is Tim Sykes A Scam Artist

Is Tim Sykes A Scam Artist

Is Tim Sykes a Scam Artist

I received a negative and uninformed comment on this blog post. I could have deleted it but I decided to address it for several reasons that I will share with you below. In short I want this to be an open and honest forum for questions about the Tim Sykes’ Millionaire Challenge and not a slice of perfection blog. Here is what the comment said and my response.

“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…” 

“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.”

There are 3 accusations to this comment. The first accusation is that I am affiliated with Tim Sykes and receive affiliate money. The second is that Tim Sykes is a scam and the third is that you (the readers) are too stupid to see that I am lying to you (the readers). Because this person was the  91st comment on the blog post I thought most people won’t get a chance to read it so I chose to comment more in depth to clear up the lies. Before I address the Tim Sykes scam challenge accusation let me address the other 2 accusations first.

Am I Affiliated/Partner Of Tim Sykes

This is a really ignorant comment. Don’t get me wrong I am not trying to be mean for the sake of being mean because I accept all comments. The comment is just dumb. I began the challenge on January 27 2014 and have just started to get my feet off of the ground with his techniques. I have studied my ass off watching videos, DVDs, webinars, reading, charting, preparing watchlists and asking questions. In essence I am still a newbie. So, to be clear I am not an affiliate of the Tim Sykes Millionaire Challenge. I do not receive money from Tim nor anyone affiliated with Tim. I haven’t applied to be an affiliate either and as of today I don’t plan to. Let me go a step further. Tim Sykes if you are reading this please don’t let me become an affiliate until I can prove to you and myself that I am successful with your teachings. I hope that clears that up.

Are You (The Readers) Stupid For Believing Me?

I think it’s fair to say that I have been honest and open from the beginning with everyone who comments on this blog. I have answered them quickly,  thoughtfully and with honesty. You would be foolish not to believe me but you would be even more foolish if you just believed me and didn’t do more research. That is right… Research everything you can about trading and Tim Sykes. Google/Bing/Yahoo everything you can about him. Ask questions, talk to other bloggers and find out the good the bad and the ugly or else you might feel stupid for not doing so.

Is Tim Sykes A Scam Artist? 

Had the person who placed the negative comment on my blog asked me if Tim was a scam artist I would have spent the time to respond. I would have thought that was a very good question. It’s normal to think like that and that is the type of research people need to do. However, he made a bold faced accusation which assumes he knows something I don’t after I spent hours upon hours upon hours researching all I could about Tim Sykes.

You don’t believe me! Here are 3 blog posts you can read that will give you a glimpse of the type of research I did before I joined the challenge.

Tracey Coenen wrote this and this.

Michael Goode wrote this and Tim Sykes responded every step of the way.

Tim Bohen talks about Tim Sykes here.

Now, it’s obvious from my chart that I haven’t traded much but in the few months that I have been training I have learned more about trading and the stock market than all the years I have been dabbling in them. The education I have been getting has changed me forever. I know for a fact that I will never blindly lose money in the stock market again. That is right I will never trade another stock BLINDLY and if I am wrong on a trade I will cut my loses quickly so I never suffer an account blow up.

Ok let me break it down to you like this. In case you weren’t aware I have made money in the stock market before but I have lost too. However, back then I never knew why I won some and why I lost some. I remember years ago I traded DoubleClick and made $20,000 in 1 day and lost $10,000 the next. I just blindly bought and sold and never really knew what I was doing. I didn’t really care because money was coming in but there was one big loss that ultimately changed my life forever.

I bought shares of ETRADE Etradein 2008. Take a look at the chart. Without even knowing a thing about trading you can see exactly what happened. After ETRADE tanked I held it for 5 years. FIVE YEARS! I even stopped trading because I felt defeated, stupid and ultimately poor. At that point I decided that I was going to leave my positions as they were and closed up the idea of making money in the stock market. In essence, I was known as a bag holder. According to Investopdeia a bag holder is an informal investment term used to describe an investor who holds a position in a stock which decreases in value until it is worthless. ” 

Then one day in 2012 I decided to start learning and studying to be a smart trader because the economy was getting stronger. Luckily for me ignorance was bliss as most of my account had either come back or was up because, remember, I was bag holder on every position I had. However, ETRADE was still down BIG. I finally cut losses on ETRADE in December 2013  and that is when I swore to myself that that type of loss would never happen again and it won’t thanks to Tim Sykes and his teachings.

So, is Tim Sykes a scam artist? After 4 months of being a part of the millionaire challenge I have seen Tim help, confess, enlighten, educate, brag, indulge, spend, yell, congratulate, warn, expose, joke, market, care, alert, lose big, and win BIGGER but I have never seen him scam.

Tim Sykes is not a scam artist.

Do your research, ask me questions but please don’t write ignorant accusations that don’t help people learn the truth!


Important Resources

  • Read my frequently asked questions or if you need personal 1 on 1 guidance from me on how to fully prepare as well as protect yourself from the misrepresentation please click here.
  • Every month I update this post here for my personal "Millionaire Challenge". I suggest you read the entire post and when you reach the bottom you can see my updated progress.
  • I highly recommend the Simple Path to Wealth book to grow Your wealth simply and steadily. It will educate you beyond your financial imagination. This is my review of the book.
  • If you are new to stock trading test your knowledge here with a basic stock market quiz.
  • There are a lot of secrets in trading stocks and I reveal 20 of them in this popular post.
  • If you are confused about short selling stocks then read this simple explanation that will clear it all up.
  • This free stock research tool will give you all the necessary information on any stock you type into the search bar.
  • Do your best to avoid day trading distractions. Especially the 10 I list here.
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12 thoughts on “Is Tim Sykes A Scam Artist

  1. Hi Jai,

    First off I enjoy reading your blog. I’ve been researching the various Tim Sykes plans for a few weeks now. Your history in the stock market sounds a lot like mine. I love the stock market and trading stocks but, quite frankly, I’m not good at it. I’ve been researching and trying to educate myself on a system that I feel comfortable with and will produce winners more often than losers. The millionaire challenge sounds like you get the absolute best education both material and hands-on. But, I have three kids and a full time job. I’m more than willing to study the material in the evenings and my job is flexible enough to where I can make trades during the day. But I do have to focus primarily on my job…..I can’t afford to lose it. I’d like your honest opinion on if this system would work for me. Thanks and keep the updates on your journey coming!


    1. Hi JT. Thanks for the nice compliment. I am glad you like the blog. 3 kids huh? Wow I have 2 and that’s a handful so I can just imagine the challenges on a daily bases. Ok so it sounds like you are a very busy guy. 3 kids and a full time job is like having 4 jobs. Trading has many strategies that can produce successful results but I don’t think I would find much success with the challenge with all that you are going through. I know Tim has a long term newsletter which might be good but I no very little about it. Also, you might want to look into Superman’s strategies here. He does a lot of swing trading which might be good for your situation. I don’t know Superman but I hear he is great. There are plenty of good Gurus but you have to see which works for your situation. Again I am not saying Tim Sykes won’t work for you but keep in mind if you join the challenge you will need access to trading during the morning bell and in to the market close. I hope this helps. Please let me know what you decide. Thanks.

    1. Are you asking me when I will start trading again or when one can start trading once they begin? I will start trading again when the setup is right. The summer is slow so the setups aren’t always great. If you are starting the challenge you can start trading whenever you want. It’s all personal preference.

  2. Sykes a con (…)
    Sykes has sent its 10,000 subscribers order to buy such and such action SYKES already buy …
    Her customers buy the title and SYKES sells !!!
    In Canada this is pure and simple FRAUD, according to the Securities Act ..
    SYKES is a real WOLF WALL STREET (…)
    If I like him, I risk $ 250,000 in fines and five years in prison and nothing less.
    I am wrong? If I say to 10,000 or even 500 people paying $ 100 a month for my advice and I told them to buy a particular title penny stock … I bought the title before giving my buying advice (…) then my loyal subscribers buy SELLS AND I AM!
    This is legal in the US? In Canada I would go for it PRISON !!!

    1. Thank you for your comment. I think you bring up a very valid point. Even though he tells people to not follow him most people don’t follow instructions and follow him in his buys and sells.

  3. Hi Jai,

    Thank you for the posts and I have enjoyed reading them. I am a bag holder too and I feel defeated right now on Twitter shares. I am losing about $11k now and been holding the shares for 9 months. I am still buying shares but the market as of now is just not helping and I am not comfortable shorting. Any advice on getting through this mentality? Thanks.

    1. I am sorry to hear that but hopefully you are learning some great lessons along the way. Please know I don’t give advice on how to trade but if I were you and I owned Twitter I would look into doing 1 of 2 things. The first thing I would do is look into selling covered calls above the money to hedge my bet. I would keep doing that as long as the price of TWTR didn’t continue to fall much lower. If it starts to bounce back in my favor I would sell it for a smaller loss or even a profit depending on where it is at the time. However, I would need to realize that it is very possible Twitter never comes back. The 2nd thing I might do is just rip the band aid off and sell my total position. For me it’s better to be down 11k than 20k or 40k.

      What I would NEVER do is add to the losing position to get a better price. That strategy rarely works and when it does it teaches us to do that again which is a recipe for disaster.

      1. Thanks for the advice Jai. I have covered calls for my long position and yes, I made the mistake of averaging down along the way and that is the best lesson I learned that it is not a good strategy at all.

        What was on your mind when you were holding ETRADE along those 5 years? I think I will do what you said at one point to just sell it all and free my mind from thinking about it.

        1. When I finally decided to do something with the losing position, I got lucky. What happened was I read an article in Barrons that said Etrade was gaining a certain amount of customers a day. The article was very positive Etrade so I then averaged down and sold a covered call for a year. In the end I took a much smaller loss. The difference is 2 things one TWTR makes no money and has no model to do so. The only hope I see for them is they get bought out. Two, I think we are headed into a bear market which won’t be good for the overall stock market. That in turn will take it’s toll on TWTR. But let me say this… I held that position for 5 long years which is a very long time to wait to take a smaller loss. Had I sold it when I knew I was wrong about my idea I would have taken a loss and not have had to have worried or strategize. Again I am not telling you what to do but now when I trade I trade with the mentality that I am either right or right out.

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