Is Tim Sykes really a scammer?

marketsurfer · Mar 21, 2013

Altucher on Sykes--- and how to really live--- for you negative creeps.

http://www.jamesaltucher.com/2013/03/make-every-moment-a-work-of-art/

atticus · Mar 21, 2013

Quote from marketsurfer:

Can anyone answer my question on how to front run limited short shares? How do u manipulate the dump? Pump, yeah that makes sense-- the dump where Sykes makes most of his $$ --- nothing said so far makes sense.

I don't get the confusion. He shorts his allocation moments before posting it to his subscribers. I am not stating that's what's he's doing, but that's the value-add for having a large subscriber base. Makes more sense if he were long these pennies.

marketsurfer · Mar 21, 2013

Quote from atticus:

I don't get the confusion. He shorts his allocation moments before posting it to his subscribers. I am not stating that's what's he's doing, but that's the value-add for having a large subscriber base. Makes more sense if he were long these pennies.

Ok, his subscribers try to pile in after him--- short, this would make the price drop? are you sure??

i agree about the long side

atticus · Mar 21, 2013

Quote from marketsurfer:

Ok, his subscribers try to pile in after him short, this would make the price drop? are you sure??

i agree about the long side

Sure. Logistically it's easier from the long-side, but the point of the synergy is that these have no institutional following and can be easily manipped. When I was at Paloma I jokingly put in an offer for 200k shares on one of these that a coworker was long and just posting the offer to the book caused the stock to drop 4%.

The stocks can't support the volume so the bids disappear. The other side to that coin is that it's difficult to cover as well.

I would bet that most of Sykes' covers are within an hour or two of the dissemination to his subs.

marketsurfer · Mar 21, 2013

Quote from atticus:

Sure. Logistically it's easier from the long-side, but the point of the synergy is that these have no institutional following and can be easily manipped. When I was at Paloma I jokingly put in an offer for 200k shares on one of these that a coworker was long and just posting the offer to the book caused the stock to drop 4%.

I am not doubting it--- just trying to understand the logistics of price collapsing due to short sellers piling in--- AKA borrowing shares to short-----

surf

profitloss999 · Mar 21, 2013

Quote from marketsurfer:

Name one other living trader who turned 13k into over a million in several years--- then did it again in full public view with full documentation. There aren't any. Clearly, many on Wall Street make more than he does but I challenge you to locate an at home retail trader who does. The facts are Sykes kicks every retail trader on this site ass. He found the niche you and everyone else failed to see.

The difference between Tim and ET posters is: Tim makes money, while ET posters photoshop their screenshots of profits.

stock777 · Mar 21, 2013

who's to say he doesn't scare out longs?

marketsurfer · Mar 21, 2013

Quote from profitloss999:

The difference between Tim and ET posters is: Tim makes money, while ET posters photoshop their screenshots of profits.

LOL! we had a guy come on here, his name is chubby lang or something like that, pointing to his glory days of the tech bubble as confirmation of his trading acumen---- That's as close as he can get to replicating what Sykes does day in and day out in 2013, not 1998.

surf

atticus · Mar 21, 2013

Quote from profitloss999:

The difference between Tim and ET posters is: Tim makes money, while ET posters photoshop their screenshots of profits.

yeah, and you don't even bother with the screenshots.

Jreality · Mar 21, 2013

Quote from Baron:

Well considering that he owns the investimonials site, I would expect for him to rate pretty good on it. :eek:

LOL...I agree with your point...also Tim Sykes runs profit.ly as well. That makes me suspicious that any favorable information about him on those sites may not exactly be the unbiased truth...LOL. (even though I do like Investimonials in general).

My opinion is that Sykes is taking advantage of suckers in a dishonest way. Even if the trades are actually profitable overall, he is likely front-running the trades. If that's the case, then of course he can make money doing that, as long as there are suckers to follow him. That doesn't mean the suckers who subscribe are going to be able to do so....only some of them will profit if they get in early enough and get out early enough.

I doubt Sykes really cares about "teaching people" how to trade or has any "love of teaching". It is a safe bet that he just wants to profit from suckers....and if you believe anything else, I've got some February 2013 SPY options I'd like to sell you for a great price. LOL