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5 Responses To A Question From A ‘Wall Street Warriors’ Viewer

Posted by Timothy Sykes on Mon 19th of Jan, 2009 03:30:20 PM

Got this a few days/weeks ago, can’t remember, too many good comments to respond to…sorry for the dealys:

Hey Tim, I’ve been watching Wall Street Warriors and can’t seem to get day trading off my mind. I just graduated college and I’m currently working for a brokerage firm and probably going to be starting a new job as a financial advisor with a big bank. However, I think day trading is what I’d like to do. I’ve been playing around with some money from Bar Mitzvah funds too and have seen great returns. But I’m not sure if I can make the next step without quitting my job and taking day trading on full-time? There are several prop shops where I live, but I’ve always been one to work for myself and not for others. Just curious, did you even think twice about the corporate jobby job?..even considering the fact that you made a lot of your money during college?…Also, you probably get a lot of these gay fucking emails from guys who sit at home and envy your en route road to “fuck you” money but I’m not, so any advice from you would be good advice. Thanks, Andrew.

1. Day trading sucks for newbies, don’t jump to get into it without first doing years of research…see my book and my library

2. Financial advisors suck for the next few years, 2008 killed these dinosaurs.

3. Props shops, by and large, like penny stocks, will rip you off, don’t trust them.

4. I banked trading during the greatest bull market in history, that ain’t coming back anytime soon. Now it’s more profitable to sell people the shovels.

5. This is good advice: don’t even try to get rich quick, you’ll just fail, learn to identify golden opportunities, position yourself to take advantage of them and the profits will inevitably come later.

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  • jessed
    cheech,

    All good points. The deal is this -- I am here to learn as much as I can to get better at things. You articulated much of my thinking. I am going to be slow at this at first and try to accumulate a strong base from which to launch. It will take me a lot longer to get to where many single day traders are, but I will get there much faster than the dollar-cost-averaging 401k guy. This is pretty good stuff, and I have a lot to learn.

    Best of success...
  • cheech
    jessed,

    Listen, tim is a novelty, what he did was a once in a lifetime thing that has taken him 10 years to fully understand himself. He has made a lot of very big mistakes that have cost him dearly- thats what im talking about when you make the decision to go for a day traders life fulltime- its not very glamorous- its in front of the computer all day- and i mean allllll day....tim was barely a young man when he started- no family to worry about if he failed- no one to provide for, not even himself....most investors lose money, especially with a super volatile market such as pennystocking that only a few outside of timmyland are masters of....If you have a family, use caution to jump into it full-time....if you dont- go for it, but know beforehand how much you feel comfortable losing and stick to that number- if you do lose, take it as educational expense and if you win buy urself something nice like month long european vacation.
  • Gurus Suck
    It's funny how they all get bullish and destroyed today. I made about 1,600 because I can see a trend, they are simply "gurus" that fail at trading so they sell books and other crap. Hope kills. i went into a few chat rooms after i made my money just for laughs. everyone in their room gets crushed as well. amazing how many "super sheep" are out there. thanks for playing, suckers.
  • jessed
    Actually, I am self-employed in another field, but I should have clarified -- it may take a few years of education before I am self-employed as a Pennystocker/shortstocker (day trader). I have worked with investments for years, but it was a healthy dose of humility to read this post about how much education it may take to generate a family-sustaining income from pennystocking.
  • cheech
    no need to consult sykes to go into full-time employment for yourself via any business. if u have balls then u will make the jump to self employment...not to say those who dont go "all in" dont have balls- some of you dont have balls, but others arent "all in" because they know they will get creamed and/or cant afford the risk. its all about risk ladies. do it or dont do it. sykes' advice is only that- you have to make the jump urself- you have to make the decision urself. no advice in the world, from anyone can prepare you for going "all in".
  • jessed
    MAN! This is a post I have been needing. Years of research? That is understandable and appreciated advice, but I do hope to cross over to self-employment mode sooner than that. I guess I will digest the videos as fast as I can.
  • Classic
    Your responses are classic. You sound like a guy that knows he has a good gig going, and good for you. take all this "free money" from selling shovels. I think you should mentor the youtube gurus at 50,000 a pop to teach them how to not suck soo bad. late.
  • alex
    Yes that is being honest. I take it to mean that Tim does not to expect to repeat the $10K to $2M feat in the same short 4 years this time around. At the rate he's been profiting so far, it will happen, but I expect it will get a lot harder to double the account value once it gets over a few hundred thousand. All of the trades that relied on stop losses triggering in low volume stocks as an edge will not work for trades that are $100K or more in size. You can't get in and out of penny stocks quickly enought with that kind of size. Either more frequent trades or bigger stocks will be needed. That said, it will be fun to watch this blog when Tim starts trading with that kind of money.
  • Erik
    Tim, this is absolutely fantastic advice-the line "now it’s more profitable to sell people the shovels" is realistic and honest, and why I continue to follow your blog.
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