At my recent Las Vegas seminar, I did some video interviews with attendees, one of whom was Bill Lin, who is “up over $23,000 since April, thanks to your alerts, webinar and seminar”…check out his video and magic trick LOL:
Here’s a little text interview I did with him to learn how he’s had such quick success:
1. I teach several different ways to approach penny stock trading, which has worked best for you? Buying pumps, short selling dumps, scalping? Please explain!
A large portion of my profits came from scalping, especially with TimAlerts . I work full time and sometimes I have unexpected meetings so I can’t always watch market very closely, which I believe is key to trading volatile penny stocks. I did make some good trades myself when I had time watching the market. Because of the bull market, I made more money with buying breakouts (usually I don’t buy complete pumps because I know they can collapse at any time). However, I’m also comfortable with shorting and I believe I’ll short more stocks when the time is right.
2. What obstacles did you have to overcome before you started making some pretty decent money?
I tried different strategies, especially with real company stocks & options, which I found hard to profit from. I was competing with fund managers/real traders. Also sometimes I had big losses because I didn’t cut losses quickly enough.
3. Please explain your biggest success, % or $-wise, in detail, I love hearing about big wins!
I made 40% ($700 profit) on Pacific Sunwear of California, Inc. (PSUN) in April, shortly after I first started trading in U.S. That was a perfect breakout buy. I bought it on the second breakout day when the market was dipping. The fact that PSUN held its price level while the market was tanking was a big positive sign to me. I sold it the next morning, which was a little bit too early. But making 40% in a day made me feel really good.
4. Please explain your biggest failure, % or $-wise, in detail, I love hearing about big losses! (best for learning)
I lost $3200 shorting GVBP the first time. I probably should have covered when I had about $700 gain the same day I shorted it with you (I didn’t because I saw there were no shares to short). Later I made $1600 on reshorting it. I probably should have funded my IB account with more money so I could have resshorted more shares.
5. What tips do you have for others who want to trade penny stocks?
I have no doubt you’re the leader of the pennystock world. I suggest people read your book An American Hedge Fund to better understand the background of your strategies and how you get here today. For poor people, they can read all your blog posts/watch all recorded shows. And if they have more money, buying your DVDs, attending your seminars, and subscribing to your TimAlerts are more time-efficient ways to learn.