A few people sent me this link saying that the fine folks over at Elitetrader were debating whether my 195% return, now 209% after today’s 15% gain, or $1,700 on SRI (detailed post, TIMalert testimonials galore coming soon), $12,415 to $38,367 since November 1, 2007, was real.
And whether my subscribers/DVD students were actually making any money.
A few comments I see from the mental midgets–no wonder why 90% of traders lose $–like:
The biggest thing is that Sykes is notorious for fantasy shorting impossible to borrow stocks.
I’m sure Covestor doesn’t impose a “locate” on those stupid fantasy trades.
The whole site is a joke.
No locate = no trade = NOT REAL RETURNS.
So that makes his 195% return mean nothing.
A meaningless stat like that is exactly what snake oilers like Sykes use to lure in the newbies.
P.S.- His lemmings are just piggybacking his trades, hence the same returns.
Sharpe ratio of 957.24 and return of 3,612%. That’s realistic, I can’t imagine why he isn’t managing a couple of billion, just sayin.
By the way I have no ill will towards him, but come on surf you mean to tell me he isn’t gambling?
Sykes is just a used car salesman. Go to his site. The guy is selling anything he can. His trading style is fine for guys who want to trade 100 shares of some illiquid stock and make 30 dollars a day. Who knows (or cares) if his trades are real. Who knows if those stocks are shortable. The guy blabs about having a huge return…..well….if you dont want to make real money then go follow his lead. His strategy is ok for the retail guy with 5k in his account who wants to supplement his real income with some extra cash.
Not for nothing….but we are in a bear mkt……when things turn and the mkt goes into an uptrend his startegy will be rather useless.
You made the point better than me. He is selling a product that is basically a gambling system. And the odds are stacked against you because of the nature of penny stocks – low volume, big swings.
I would venture a guess that the vast majority of his subscribers lose money…and many b
Wow, where to begin…I guess I’ll take one ill-researched assumption at a time:
1. For the 83874738483rd time, Covestor taps into real trading accounts, it’s not fantasy trades. Get that through you microscopic brains. If I can’t find the borrow on a stock, I can’t trade it and Covestor can’t verify it. Go back to your shanties!
2. 195%, now 209% means nothing? Maybe not to anybody who loses money consistently, considering they can’t even fathom such an annual return, but to everyone who wants to earn money in the stock market, it’s incredibly important. And when it’s verified like Covestor does, that means I dominate all other gurus/this joke of an industry. Bring it bitches, you got nothin!
3. You’re right, I’ll never manage a couple of billion, its a limited scalability strategy, hence me giving it away…I tried telling these retards when I first was on ET, but gave up when I found out most posters were illiterate.
4. When the market turns, I’ll be in heaven with tons more potential plays since I SHORT INTO STRENGTH. Notice why my watchlists are 20-30 stocks long when the market goes higher? My god these posters must be investment bankers, their inability to research is astounding!
5. 100 shares of an illiquid stock? Uhhh, I trade on average 2-3k shares and I’m usually no more than 1-2% of the volume. Wait til my account grows, can’t wait to slam my everybody-crushing (%-wise people wake up) results down these pissants mouths.
6. Actually since I pick my setups extremely carefully, I believe the odds to be on my side each and every time. The moves aren’t random and as my instructional DVDs teach, they’re pretty easy to differentiate between all the patterns and variables. As for my students losing, well that’s tough considering I’m right about 80-90% of the time, but I’m sure some do lose.
I could pick apart dozens more comments, but it gets old, those were the main assumptions and I have better things to do, like celebrate my massive gains/income from my biz model.