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How To Turn $500 Into $2,000 In A Month Or Earn $6,000 In One Day

July 6, 2011 at 12:00 pm by Timothy Sykes

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

I LOVE hearing stories like this from those who are impoverished:

Impoverished

Impoverished

Many people ask themselves and Tim how can I trade Tim’s system with a small account? With only $500 bucks in my name I was for sure one of them! At first, my co workers and wife were very worried that I was switching from long term investing into Timothy sykes trading system. I was scared too because I had read about scams out there and I was about to invest my last couple of dollars into his educational program. I began to read his blog and sign up with PennyStocking Silver membership but I cancel after a month because I wanted to learn not to rely on Tim’s picks. I decreased my silly email more and more by reading his blog and changing my broker to his special broker Thinkorswim. I was able to buy a couple of dvd’s from Tim store with the help of my wife and I’m glad that we both agreed on that decision as a couple because the results were just plain awesome! My recent biggest trade GGRI, I was able to pull $463.00 after fees. I was successful because of the lessons taught in PennyStocking Part Deux about buying breakouts.

I observed Greenwood Gold Resources Inc (GGRI) when it first broke out and decided to wait before closing in order to see if the stock held it’s gains before closing. I decided to buy 11,000 shares at 0.06 and got executed at 0.0634. The message boards were going crazy after closing and I wanted to get out the next day because I wanted to sell off the brand new hype of the stock being compared to Portage Resources Inc(NDA) (POTG). The next morning I was in a meeting and took out my laptop during the meeting executing my trade at .1055. The stock went up to .14 for the day but I decided to protect my profits because I made 40% on the trade.

This trade along with another big win on RESPECT YOUR UNIVERSE (RYUN) ($300) put my account close to $2000 and I can’t stress enough how important it is to plan and invest in your education in trading. Yes, I renew my membership with Pennystock silver but I don’t just trade when the alert comes because I rather wait and see how things turn out. I use the silver membership as something extra that can be added to my own watchlist. I believe that no one should rely on anyone to grow their account except themselves. I encourage traders with small accounts to invest in their own trading education and overcome the short obstacles of having a small account.

Jarmall J.
Profit.ly JLeX24

…as it reminds me of this TIMalerts subscriber David M. from last year:

…and that’s all well and good, but for those of us with larger accounts, the strategy can work nicely too, as evidenced by THIS subscriber who has now profited $75,000+ using my strategy, just $6,000 yesterday on his well timed short selling trade of Orsus Xelent Technologies Inc. (ORS):

part filled. It was ETB when I traded, It cost nothing to carry

SELL 4200 ORS ORSUS XELENT TECHS INC NEW 4.71 19,756.03
06/30/11 SELL 2800 ORS ORSUS XELENT TECHS INC NEW 5.04 14,101.82
07/05/11 BUY 4000 ORS ORSUS XELENT TECHS I NEW 4.16 (16,651.00)

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  • http://twitter.com/JLex24 JLeX24

    I did this post for Tim because too many people complain that Tim’s products are too high but are willing to pay other folks that doesn’t show their track record more money. Some people have way above 25k and can’t get it right still which proves skill is better than luxury. I have so much to over come for example, the pattern day trading  can be a pain for some people but I actually like it. This rule is one of the many factors that makes me focus because it reminds me that I have to be a sniper and to skip crappy stock picks. This is way better than Vegas!!!!!!!

  • http://twitter.com/Sutali88 Sutali

    Yes, way better than vegas. I went to a casino and it was just mind numbing and boring! 

  • Ibanezx123

    7/7 3:45 AM. Great article, and i say if you can make decent profit with a small account, as long as you don’t change….you’ll be making a hell of a lot once your account is a decent size…all theoretical of course :) Hrmmm…well yesterday i broke my rules and got some bad fills. i had 3 good calls , 3 bad calls, and 3 that could have gone either way(depending on entry/exit/fill); in my watch list. Although 2 of the bad calls never broke my critical points so i wouldn’t have played them. What i learned today: Recognize sideways price action and use it as a warning….distinguish it from the trend…even if it still could be in the current trend…you will notice the trend is slowing.  Maybe a sign of a reversal? in the case of my bad picks, yes for a few of them. As for tomorrow, MOBI , QUIK(chart not as great ) Buy…Entertainment purposes only lol i am still learning and only have a paper trading acc…i have added my own little twist to Tim’s style and have allowed for stocks that maybe don’t spike as much…So far it seems to be working even though these are less ideal plays.. i just cannot forget the lessons of support/resistance/volume…and now I’m reading the Steve nison book about Japanese candlesticks!
    don’t think i’ll be able to wake up at 6 am for the market open haha

  • http://twitter.com/JLex24 JLeX24

    The pattern day trading makes me sharp and sniper like.

  • Ibanezx123

    MOBI was my best call of my watch list, spiked about 1.15 cents/share but had to get out quick. QUIK was probably the worse call of my list, spiked about .20/share…still profitable but not ideal. To my surprise every stock pick in my watch list went the way i thought… 7 stocks in total average of .24-.40 cent/share gain maximum with 1 trade of 1.15 cent/share max. So not big gains and on a lot of them you had to be quick…so if you trade with my strategy you have to have good fills and really good entries/ strong volume. Things might have been different in my Paper trading acc…i’m still learning to wake up early…i was successful a few days ago, might have to pull an all nighter.

    So my strategy is a variation of Tim’s…being open to more trades….in doing so probably more risk / but also less money on the table. But i am using the same principles just with smaller moves and so far it has proven to work(so far as in about 4 weeks). I think it’s good to study Tim’s material and from that figure out your own trading style that coincides with the fundamentals.
    damn i type to fast i just noticed how much that is to read! Good luck!

  • Mannapperumadon

    Small accounts have no chance at all for shorting stocks if you are with ThinkorSwim or IBbrockers, they simply do not allow you to do that. I say this from my own very recent experience.

    Don

  • http://www.timothysykes.com Anonymous

    there are openings, poor people like yourself just dont use enough data points but do try to READ this post, the guy who’s been banking hasn’t been shorting…go ahead and read, I know you can do it, I believe in ya!

  • http://twitter.com/JLex24 JLeX24

    I haven’t short because I had an $500 account. Please read again!

  • http://twitter.com/JLex24 JLeX24

    I didn’t short because I had an $500 account. Just because Tim short sell doesn’t mean that he doesn’t encourage “Buying” I think it is a silly stereotype. Please read again!

  • Fabian

    Hey JJ.
    Which broker did you initially use that allows trading (long) pennys with 500$ deposit?

  • http://twitter.com/JLex24 JLeX24

    @fabian sorry i didn’t answer you sooner. think or swim deposit demands a $3500 but I was able to fund with $500

  • Pingback: A Great Trading Lesson From The Dude Who Turned $500 Into $2,000 In 3 Weeks

  • Micnut

    very inspiring! Thanks for the post!

  • Anonymous

    Nice! Thanks for the push & the inspiration!

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