My first $5009.24 PROFIT with Tim Sykes !!!!!!! Whoopee !! Thanks Tim !!!byJules
My first $5009.24 total PROFIT to date made with Tim Sykes was in 126 trades, just under 9 months winning 62.7 % of the time. I started with 3 small accounts totaling all together $3500.00 of start up money.
My journey wasn’t easy in the beginning. I had been an investor for years, long term, but I never did Penny Stocks which proved to be very different. There was so much to learn and I had no clue what the PDT Rule was. But I KNOW IT NOW !
I started back in early 2014 reading trading books, technical analysis, candlesticking and such. I found Tim’s DVD’s and bought “HTMM”, Tim G’s, “Trading Tickers”, and Michael Nichaud, “Textbook Trading”. I found ALL to have a plethora of information and be extremely valuable. I still listen to them again and again and pull more knowledge out each and every time. Lots of new “Light bulb moments” in re-listening to the dvd’s after trading for a while.
Each morning I wake at 7, go to Finviz, Seeking Alpha, and Market Watch. I pull my watch list and check for news. I then read Tim’s watch list. I confirm the stocks I pulled and add a few he may have I may not. I always choose myself what to go into, have a reason why, and have my plan written out. I also have extensive watch lists on TD Ameritrade, which I also use for my charting, and Scottrade. When the bell rings I use these watchlists to see what stocks are the highest % gainers. It never fails they are usually already on my watch list I just created. GREAT !!,,,, I now choose my stock of choice and enter.
These are TIPS and TRICKS – I LEARNED AND USE IN TRADING !
THE PDT RULE: This slowed me up for sure but truly taught me the most about making educated decisions in trading, being selective, having patience, and not jumping at anything and everything that moves. All 3 of my accounts are on lock down till March. I learned a lot and more than I would have if this didn’t happen to me. But I will admit I have all plans to put up the $25k to avoid this from ever happening again !!!
10 Period Exponential Moving Average (calculated on the close price). Once a move has started the 10 EMA will contain the candles until the move is over. The price (candles) remains solidly to one side of that EMA. Therefore, any break of the EMA signals and exit. Also if the 10 EMA goes flat for several Candle Bars that too is an exit signal.
Whole Number $$ amounts $35.00, $36.00 etc are magnets !!! Consider whole numbers as support and resistance lines and DECADE #’s as ever stronger support or resistance 30, 40, 50. Prepare to exit or set exits to these numbers especially if it hits a whole number and stalls
3 Bar EXIT Rule– 3 consecutive red bars in a row get out if long, 3 consecutive green bars in a row get out if short. This usually indicates a change in trend. I use this rule on the 5 min Intraday chart AND the 1 minute Intraday chart. I find when the 1 min starts to show red bars 1, 2 and then 3 the 5 minute may not have this yet. If the RED bars are large full body I get out, but if small I’ll wait to see what 5 minute chart looks like. It may not go to 3 red bars and I’ll stay in. This has really helped me to HOLD ON for longer and capture a bigger portion of the move. I always use the 1 MIN CHART to give me a heads up but the 5 MIN CHART to CONFIRM my exit and make MY DECISION ON !!!
Cut losses early ALWAYS !!! This can be just $5.00. I don’t wait anymore if it goes against my plan.
TRIANGLES and the ABCD PATTERN- I use triangles all the time to determine when a breakout will happen. I can just see them forming now. I learned this type pattern early on I believe its the easiest to spot and holds true for ~85% of the time. But easy enough to avoid entry if it goes the other way. If interested learn about these.
Things to consider:
STOP loss, trailing stops. Consider a STOP as the emergency button because you didn’t get out earlier. Stops are great to help train yourself to get out regardless of what your mind and heart is saying. I used these in the beginning to train myself.
Scaling IN and OUT I need to learn more about and have not done yet. Not sure if I understand the importance to this so if anyone has time to teach me feel free.
First 10-20 mins – draw horizontal line at highest and lowest price point to see price action for day. These lines are your support/resist lines. If the price breaks above resist line this may indicate to enter long. If it breaks below the support line this may indicate to enter short
Reversal period commonly between 10 am-11 am. Highly advisable not to trade 5 minutes before this period.
I wish you all a thrilling, energy charged, trading experience with lots of solid learnings. Please share these with me, as I learn much from you all as well.