Trader turns $1,500 into a million
- Thread starter Maverick74
- Start date
Well I see nothing here that makes me believe he did what he states in the "article." No independent verification.
The Reuters piece had a disclaimer. The CNN piece uses the same pic.
Veteran Trader Timothy Sykes Creates Two Millionaire Students, Proving the Average Joe Can Outperform Wall Streetâs Big Boys
Tue Dec 10, 2013 11:07am EST
* Reuters is not responsible for the content in this press release.
The Reuters piece had a disclaimer. The CNN piece uses the same pic.
Veteran Trader Timothy Sykes Creates Two Millionaire Students, Proving the Average Joe Can Outperform Wall Streetâs Big Boys
Tue Dec 10, 2013 11:07am EST
* Reuters is not responsible for the content in this press release.
It must be a slow news week at CNN. LOL.
Sure, but here are some headlines you will NEVER see on freaking controlled media:
"95% of day traders blew up their trading account during the last quarter"
Or ...
"99% of all traders get killed in the market last year, stay tuned for our shocking and eye-opening documentary..."
So for every "Trader turns $1,500 to $1 million in 3 years", there are thousands of traders who turned their entire life savings into ZERO.
See how easy it is to deceive people?
Anyway.
The story is true but it's mostly due to variance. Take the avg variance of any penny stock trader in the world, put thousands in a room and you will produce a dozen Tim Sykes or this guy. Of course that makes the story less interesting for the avg reader.
On a side note, when I first started in the 90's, I knew more penny stock millionaires then any other type of trader. Penny stocks actually were correlated with the S&P 500 so you could essentially trade the index with monster beta. Of course they made all their money on the long side. I'm always amazed that people have the guts to short these things. I have to give old Timmy some props for that. I think it's incredibly stupid to have that kind of open ended risk vs buying penny stocks which is analogous to being long cheap calls. I have to say, I think that is the only trade I've never made in my life is shorting penny stocks.