CHATROOM

TIM’s First Successful Day Trade

November 6, 2007 at 10:20 am
by Timothy Sykes

Watch these 7 free video lessons on how I became a millionaire

Awwwwww yeah – just made a quick $170 for a nice 5% gain within a half hour. I know, I know, it’s only a small amount of money, but you gotta remember that I built my wealth one trade at a time with plays exactly like this so it’s a process. Even though I screwed up my entry and exit points (as usual), I only short sold 100 shares of this stock and there were plenty of share available to short, so this kind of trade bodes well for the future of TIM. Definitely gotta get my account over $25,000

ASAP so I don’t have to worry about that pesky Pattern Day Trading Rule
that basically prohibit me from trading the same stock more than a couple times/week (no more than 4 round trips in any 5 day period to be exact)

I’ll have a detailed post of the trade after the market close.

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  • http://www.test.timothysykes.com timothysykes

    MTY now discovered to be pumped on http://www.lowfloattrades.com/

  • YoungGunz

    haha i asked to short at 4.10 and got an immediate “none” not even a let me check. I caught broker cbrankin from ToS…Must have been assigned to a couple of Tim Alert followers today.

  • bestdeception

    I’m assuming you meant MKTY not MTY right?? Or did I short the wrong stock and still make money??

  • YoungGunz

    it was a typo. i checked their site it has mkty right on the front. “Up 45%”

  • lamecoder

    i got some at 4.1 from schwab to short

  • lamecoder

    I guess I should have waited.

  • Reaper

    I got scared and got out. +$53 woohoo lunch money!

  • http://www.test.timothysykes.com timothysykes

    yes id-day shorts are tough…guess i didnt need to be scared out ZYXI either, down another 20 cents/share since my cover

  • Reaper

    Well, I’m looking dumb for closing out my ZYXI position but smart for getting out of MKTY. Everyone else still in it?

  • Davey

    Never got in MKTY, but I’m kicking myself for not holding ZYXI, I tried to cover around here during the first dip but didn’t get filled until the low 3′s. Oh well…never gonna be upset with a profit, no matter how small.

  • bestdeception

    I’m still in. Not sure where these buyers are popping in from. Now there’s big buys at 4.10.

  • lamecoder

    I’m still in.

  • be-the-ball

    still in

  • sparklejc

    shorted MKTY @4.35 for 2000

  • be-the-ball

    I am out of MKTY, $100 nick. Tim and Co might make money on the trade but….I stepped back for a minute and looked at the chart and the action. Absolutely no reason I could see to be short this stock at this point. Totally forced trade.

    Much higher probability that traders pile on this long after lunch than that they bail on it.

    On that dip earlier it was just us shorts hitting the bids, no real sellers came to market.

    Again, I hope it works out for all involved but I am out

  • lamecoder

    Wouldn’t the reasons for shorting be:
    -Piece of crap company
    -Up 40%+ in one day for no real reason

  • be-the-ball

    nope lamecoder.

    Only reason to EVER short is the chart. Chart says the stock is not ready yet.

    All the companies we look at are POS, and all are up a lot. That creates the watchlist, doesn’t tell you to short yet.

  • lamecoder

    Thanks.

  • http://www.test.timothysykes.com timothysykes

    nice big sells on MTY, pattern isnt ideal–BTB is right—but its a confirmed pump, price action looks plump for a quick fade under $4

  • be-the-ball

    This is why I have struggled with Tims strategy from day one. 9 out of the 10 plays he does here are nowhere near the setups he outlines on the DVD and in his book.

    They have been and continue to work in spite of that but I trade for a living and can’t afford to take miscalculated risks.

  • http://www.test.timothysykes.com timothysykes

    LOL BTB, if i stuck to truly ideal plays, i’d be trading 1-2x/month, trading plays that are close to ideal are good enough to get an account up and teach everyone/….u gotta do what u need to do depending on your time and risk

  • be-the-ball

    No, I agree Tim, not critiquing what you are doing at all. Just waiting patiently for you to get over $25K so we can play together for real

  • bestdeception

    Tim, you gonna hold MTKY overnight?

  • be-the-ball

    Best,

    he just covered 4.1

  • http://www.test.timothysykes.com timothysykes

    see my latest alert:

    http://www.timalerts.com/2008/07/22/out-of-mkty-at-410-another-5-profit-sucks/

    but if prior TIMalerts are any indication, i’m out too early