Introducing Profit.ly, The First Fully Transparent Financial Community

Five months after the introduction of Investimonials (see the introductory blog post and realize how far that site has come!), this is my second project aimed at making finance better!

There are TONS and TONS of financial communities out there…sites like TheLion, EliteTrader, StockTwits & InvestorsHub and every one of them has commentators giving picks and opinions and yet NONE bother to check, let alone verify, the track records of those commentators.

One site, Covestor, does this as they have some nice rankings based on popularity and performance over various timeframes like since inception

Now as the #1 ranked trader based on performance and popularity, I want more…I don’t give a crap about % gains…those are for rich people and value investors who wear old men diapers…I got into trading to make money not to earn above average percentage returns.

After all, think about all the people trading and investing with anywhere from $500 to $30,000 (the vast majority of the online discount broker world), whether they make 5%, 10% or even 50% per year, that $25, $50, $250 or $1,500, $3,000 or even $15,000 in profits ain’t gonna pay for much in the real world let alone be worth all the time you spent earning it.

That ain’t what trading is all about, that’s some Sharebuilder shit right there…no thanks….after all, Ferraris cost $100,000+, not 100%+…and the vast majority of trading and investment strategies, like mine, are NOT scalable (although when I charge a few hundred bucks for 10 instructional DVD packages, and the potential profits per trade are a few thousand or even tens of thousands of dollars, the value proposition is solid).

So, thanks to the outstanding work of Somersi Software, I have created Profit.ly, the first financial community focusing specifically on reporting dollar profits and losses.

That’s right, Profit.ly, this “revolutionary” trading app all comes down to people being honest and sharing their profits and losses so we can all benefit over time and learn a ton what it takes to be a successful trader/investor!

I had the honor or writing the first Tweet on Profit.ly (yes, to use Profit.ly, you must be signed up to Twitter…because we want you to share your trades with everyone! Although yes, you do have the option of not tweeting out your trades because we understand some of you are introverted freaks)

1st

Check out an early screenshot and watch the video below where I explain this new site and realize we have TONS of upcoming features so get excited!

profitly

livestock on livestream.com. Broadcast Live Free

Posted in Cool Products, Profitly, Transparency, Videos

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  • chiggles

    LMFAO, all the money must be messing with your mind if you think this will work. You are living in lala land if you think anyone with clout is going to consistently report their loses on your cheesy site.

  • mikeP

    zzzzzzzzzzzzzzz, stick to your day job of sending people alerts and creating decent watchlists (which you havent been doing lately).

  • http://www.timothysykes.com Anonymous

    we will see won’t we :)

  • http://www.timothysykes.com Anonymous

    havent been doing lately? son, i’ve been working 16 hours days for 2 years now, every day i give it my all

  • traderjack

    surely working 16 hour days you can come up with something better than this?

  • mikeP

    correct. stop getting your interns to create your daily watchlist. they are doing a terrible job.

  • http://www.timothysykes.com Anonymous

    state tuned little jackals, this is alpha version, so impatient!

  • http://twitter.com/poisontree PoisonTree

    This is an awesome idea. I signed up as soon as I read about it. In a few months people who do not use this will have zero credibility. You have forced people to reveal their hands.

  • jonny

    how will you know if someone is honest? unless you verify the trades, this website is useless!

  • http://www.timothysykes.com Anonymous

    really? u really think we didnt consider this? c’mon dude, this isnt elitetrader, stay tuned…

  • http://www.jljtech.com JT

    I like the idea behind Profit.LY, bringing grater transparency to the finance community is essential. What i see as a potential problem will be the verification of posts. Great ideas TIM! Livestock was hilarious yesterday by the way.

  • Anonymous

    Perfect Idea. If someone is saying that is full of sh&^ then he is totally incorrect. Because if you fellow some freak wrong guys than you must be moron. Sykes (his blog) teaches you how to eliminate wrongs and identify trues. All of you who has jackal mindset learn learn learn hard ….

  • Anonymous

    I just tossed a whole bunch of trades onto profit.ly…why not?

  • http://www.timothysykes.com Anonymous

    appreciate it!

  • Mike_13th

    ouch TIM, none of my trades are verified!…But I make like 10k per day.

  • jonny

    Timmy, this is useless to end users. This is an amazing database for you, you can create a datawarehouse with this wealth of information, slice and dice and analyze everything. Unless you share any kind of reports to end users for FREE, how does it help the end user? tell me?

  • http://www.timothysykes.com Anonymous

    of course all the data will be free…we’ll finally get a sense of who is profitable and who is not and trust me, we have some really ways of finding out who is honest and who isnt

  • jonny

    well, i am still trying to understand how this helps the end user? I have been using investimonials, and it’s been VERY helpful! I really like it. Thanks for your effort in such a project.

    On the same lines i don’t see how it would benefit the end user finding out who is profitable and how?All the website/chat owners are sure to claim huge profits consistently. Unless you verify with their brokers, this will be just an advertisement hub for all such people. No matter what anyone claims there is not even 1% of people who gives out realtime alerts on entry/exit/position size like you.

    My concern
    -This will be an advertisement hub for all website owners claiming their huge regular profits.
    -This database will help you gather lot of statistics, and you are going to charge people/companies to access these statistics in future which does not help end users :)

  • http://www.timothysykes.com Anonymous

    relax dont strain your little brain, all will be revealed eventually

  • Anonymous

    There’s a lot of potential for a site like this, however I won’t be using it until I can post my entry separately from my exit. That’s the way truly transparent traders do it.

  • http://www.timothysykes.com Anonymous

    coming tonight or tomorrow!

  • Patrick DeMent

    Tim..You’re great but these issues should have been processed and clearly defined for users “before” kick off…Your credability is on the line everytime you pop a top..

    Keep up the fantastic work that you do..make’n and show’n the money..wish I could be there with ya but the old war wounds are finally getting the best of me.

    Semper Fi,
    Patrick