We still have webinar access available to my upcoming conference, you should check that out as I’ll be discussing a lot of what’s posted below….and you’ll also hear from 13 other expert speakers, including one penny stock promoter himself!
(and you can also save a ton of $ by pre-ordering the DVD package of the conference HERE, save 50% by ordering it now over when it’ll be shipped in early December)
PennyStocking Silver subscribers and TIMalert subscribers know I’ve had an excellent 2008, 2009 and 2010 (see all trades here) but because I’ve been breaking my time-honored trading rules outlined in my instructional DVD packages, this past week I’ve lost roughly $25,000 (see all trades this past week), wiping out gains from the previous 3 weeks so now my trading accounts finished basically breakeven in October…and up a respectable $220,000+, or roughly 50%, in 2010.
As bad as losing $25k in one week is, it’s just a 3% haircut for my account….because while I have made tons of mistakes, my position sizing and quick loss cutting prevented me from losing too much….and you must understand that everyone has different opinions on what “too much” is…
My critics will have you believe that I am a bad trader who has an advantage since my subscribers help push stocks in my direction and I scalp off them for profits. They ignore the fact that my biggest gains are uniformly mistimed and I usually only make bank on my 2nd and 3rd times buying breakouts or shorting breakdowns (detailed post coming, been a bit busy losing my ass lately). And that my subscribers get crushed when I make bad picks and that I should be ashamed of losing so much money while the reality is that I’ve NEVER been a great trader and have ALWAYS endured such losses on stocks that runup in a choppy fashion like this going all the way back to IPIX, TAYD, ANLT and dozens more and if my subscribers listen, they don’t follow my alerts, they LEARN from them.
(judging from near-all-time low cancelation rates lately, my words seem to be having an effect on people…after all, I don’t know ANY other trader who details their mistakes and losses like I do, I’ve lost track whether I’ve made a dozen or two dozen video lessons in the last week or so outlining every single thing I did wrong to help my peeps learn not to repeat them)
My continued inability to stick to my time-honored trading rules is the cause of my losses, not the rules themselves (or else I’d really be feeling even shittier) and the only consolation I take is that PennyStocking Silver and TIMalert subscribers get to see my mistakes in real-time and learn in real-time…and better yet, as I state repeatedly in my DVDs, I FULLY expected my students to become better than and enjoy more success than me because while I have a great strategy and have learned the rules, I know that I have some serious personal failings that prevent me from becoming a great trader…and yet I was dead on in thinking those same personal failings make me a great trading teacher!
NOBODY should be blindly following my alerts as they are for education and learning from the ups and downs of a self-made millionaire is worth a shitload more than $50 or $100/month so you’re welcome for the deal. Those of you who have become accustomed to one ugly clown shouting “buy buy buy” need to rethink your heroes and focus on education rather than wanting to be a talentless puppet.
Thinking positively, thank you to all those who emailed/IMed me and expressed your support in “my time of need”–it always sucks losing so bad in trading, but I did still manage to make nearly $100,000 on the month from these bad boys. I am continually working to stay more disciplined and more importantly, I will remain as brutally honest as ever (how much do other newsletter writers make, why aren’t they talking? We know from industry rumors that Porter Stansberry aka Hyman Roth pulls in roughly $30 million/year but I don’t see him detailing that…”I’m just a retired investor living on a pension….BS)…
And I am VERY proud of several students who not only adapted to price action and bought during breakouts, but also those who waited for the proper afternoon sideways price action in RITT and banked just as I should have, had I followed the rules outlined in my own instructional DVD packages:
Scott W. made $7,500 buying
Netted just over a point on 6833 shares of RITT. $7.42 to $6.379, $7k profit…..Thanks for the heads up!
While I love highlighting my profits and those who subscribe to my 4 newsletters, I will not shy away from highlighting our losses (check out our combined losses on RITT), if not more (no matter if it’s bad for business or not, it’s the RIGHT thing to do) as this is the yin and yang of trading–the great rewards are possible whether I follow my rules or not, but when I break them, you can clearly see the increased risks of losses.
Welcome to REAL trading, I hope to encourage more people to post their REAL results on Profitly….let the cowards and frauds make up excuses why they shouldn’t be transparent…I’ve heard em all….they don’t even need our pity as they should pity themselves for contributing to and promoting the veil of secrecy that has polluted this should-be-great-industry for far too long. Full transparency is coming whether they like it or not so it’s totally their choice whether they want to be dinosaurs.
(Since we understand some in finance are not legally allowed to be fully transparent…no matter how much you want to be and how ridiculous these “laws” are…we at Profitly are working on a solution…stay tuned for the new site launching in a few weeks)
Rant aside, PennyStocking Silver subscribers got this 30 minute-vide lesson explaining what I did wrong today and this 15-minute video lesson from the other day, but below are 25 simple lessons to be learned from such truly boneheaded losses: Continue reading