TIMradio #3: Tom Sosnoff, Founder of Online Broker Thinkorswim
As I sit here waiting for the near-inevitable crack in VRML’s stock price, I thought I’d offer up a podcast for your listening and learning pleasure: You’ve all heard me talk about how much I love and recommend Thinkorswim as a broker–not only do they have the best customer service/software, but they have solid borrows through Penson and most importantly, the people at the company actually try to help customers instead of ripping them off. Maybe that’s why there’s a Chicago-based firm, not NYC.
So for TIMradio podcast #3, I was fortunate to have a fine little chat with the man behind the curtain, Thinkorswim’s founder himself, Tom Sosnoff. Besides being a legendary options trader and frequent industry speaker, he’s one hell of a laidback / good guy…one of the few out there…so I hope I can still be like him when I’m that rich! Somehow I think all that power and money will go to my head…we’ll see.
Interview with ThinkorSwim Founder Tom Sosnoff
PS You’ll hear me say this is the first TIMradio, well, it turned out to be #3, but it’s still #1 in my heart :)
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| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| Sept 4 | COIN | $5.70 | $6.21 | $745 |
| Sept 3 | COIN | $6.49 | $6.30 | $305 |
| Sept 3 | COINW | $2.75 | $2.85 | $180 |
| Sept 2 | TAYD | $7.51 | $8.13 | $545 |
| Aug 18 | FOUR | $2.80 | $2.66 | $342 |
| Aug 14 | APII | $2.66 | $3.30 | $1261 |
| Aug 12 | APII | $3.25 | $3.40 | $285 |
| Aug 7 | NOBL | $5.02 | $5.49 | $680 |
Total: $26,508 (
114%)
1ivegotstylekid(TIMBUCKS: $189)
May 9th, 2008 at 2:54 pm
great interview, this guy has some pretty cool trade stories and seems extremely nice. good job
2timothysykes
May 9th, 2008 at 2:56 pm
yahhhh he’s bigtime and chill, great great guy
3timothysykes
May 9th, 2008 at 3:05 pm
Awwww yeah 40 cent drop in VRML!!!!
4Bob (VC)(TIMBUCKS: $237)
May 9th, 2008 at 3:10 pm
VRML Hell yeah!!! Tim you are the man!!!
5JensGould(TIMBUCKS: $53)
May 9th, 2008 at 3:15 pm
how sweet it is
6Ben_Bien(TIMBUCKS: $164)
May 9th, 2008 at 3:16 pm
Nice, I’ll be sure to listen to this when I get home.
7Mark
May 9th, 2008 at 3:24 pm
Wasted 3 days trying over and over and over to short VRML again…even starting at 6:00 AM this morning with no success. You people in VRML consider yourself fortunate.
8bdog9seclx(TIMBUCKS: $19)
May 9th, 2008 at 3:26 pm
when r u covering tim? thinking it might hit stop losses at 3 u holding over night? this is the first time ive seen u greedy in a while i figured u woulda pulled the trigger by now whats up?
9bdog9seclx(TIMBUCKS: $19)
May 9th, 2008 at 3:29 pm
can anyone tell me the order that dropped it .40? sykes hater whats up u dont get 15% gains in 1 day do you. yeaaa up 2500 on my 14k position gotta take the profits 2k is 2k…today was a good day i didnt even have to use my AK
10Bob (VC)(TIMBUCKS: $237)
May 9th, 2008 at 3:30 pm
Mark, you didn’t hear what happened to me on Tuesday- I had an existing limit order, and when I went to change the price, TDA canceled it, and wouldn’t let me back in!! Then, I screwed up yesterday and ended up losing $170.. Now it’s my turn!
11timothysykes
May 9th, 2008 at 3:36 pm
this is a great gain for little TIM, closer to the key 25k level….not gonna risk a fluffy PR/illiquid stock spike–this is not greed at all–greed would’ve been taking my 30 cents the first day i shorted it at 3.45…this was patience paying off…it was an ideal trade, no matter if the stock goes lower, i take my 20% and move on, don’t have the capital to take longer term positions
12timothysykes
May 9th, 2008 at 3:37 pm
Ps there was no big order that took out 3.40 just a small one that broke the wall, then 3.25, then 3.05 then 3.02–its called stop loss surfing and its damn fun!
13Davey(TIMBUCKS: $194)
May 9th, 2008 at 3:39 pm
Nice job Tim! That’s probably your best example of a supernova/pennystocking. At least the best that you’ve profited from.
14bdog9seclx(TIMBUCKS: $19)
May 9th, 2008 at 3:40 pm
Thats what i was saying lately here u have been cautious and just taking smaller profits rather that risking it…but obviously u knew this POS was gonna fall hard..good to see you with the patience..trust me it rubs off on us
15YngvaiMalmsteve(TIMBUCKS: $593)
May 9th, 2008 at 3:43 pm
Nice work to you guys who made a profit on VRML
16Mark
May 9th, 2008 at 3:45 pm
Congradulations Timothy! We’re pulling for you.
17Bob
May 9th, 2008 at 3:45 pm
vrml should continue a down with a nice gap on mon eh?? At least thats the odds. Short into a pm fade for a prob gap down on the third down day? Looks like if it brks 3 than 2.90 it will be in the crapper
18timothysykes
May 9th, 2008 at 3:48 pm
can never tell how far its gonna drop–stop loss orders went off, no more, could easily drop again, but it wont be stop loss selling aka much less predictable
19Bob
May 9th, 2008 at 3:51 pm
the ArCA guy just adjusted his stop loss to 2.99
20Bob
May 9th, 2008 at 3:57 pm
it going to take out 3 today in 2 minutes
21Bob (VC)(TIMBUCKS: $237)
May 9th, 2008 at 4:00 pm
Didn’t want to hold for the weekend! 633 shares in at 3.70 out at 3.05. $392 after commissions. After yesterday’s screwup $222. No matter how you look at it- it’s been a good day! Glad I could finally join in the excitement!
22JensGould(TIMBUCKS: $53)
May 9th, 2008 at 4:03 pm
5 million share dump of lgdi AH what the fuck!
23Bob
May 9th, 2008 at 4:05 pm
who’s going to buy this POS on mon no one. It did hit a low of 2.99. Also its a descending triangle today that may have broken support at 3.25 ish
24novalis78(TIMBUCKS: $52)
May 9th, 2008 at 4:08 pm
next week, it’s lgdi’s turn :-)
25Christopher Cianci(TIMBUCKS: $24)
May 9th, 2008 at 4:10 pm
Great interview - love the stories
26JensGould(TIMBUCKS: $53)
May 9th, 2008 at 4:10 pm
oops too many 0’s 500k dump still weird
27Bob (VC)(TIMBUCKS: $237)
May 9th, 2008 at 4:16 pm
Hey, a big congrats to Davey- the first to 100 Tim bucks!! I nominate him to buy us all a Tim beer!! :)
Tim, this shit is blowing up.. This site gets bigger every day! Look, you even got a 2nd Bob!!
Yeah, I’m in a good mood..
28chris
May 9th, 2008 at 4:31 pm
Any thoughts on CENT? Looking good to me
29JMonie(TIMBUCKS: $54)
May 9th, 2008 at 4:44 pm
Tim, Awesome interview - I thoroughly enjoyed it
30Bubba Wants To Know
May 9th, 2008 at 5:05 pm
Is this Tom related to Martin of Forbes? And if so, how so. Bubba’s just curious.
31codyhof(TIMBUCKS: $98)
May 9th, 2008 at 5:25 pm
Curious about some of the locals to this site, what did you profit on VRML? If you played it at all of course.
Tony ellis, bob, jj, the rest of the guys?
I have sat on the sidelines for some time now and this play has made me a true believer.
32Al
May 9th, 2008 at 6:36 pm
Tim,
Your thoughts on RHD
33YngvaiMalmsteve(TIMBUCKS: $593)
May 9th, 2008 at 6:39 pm
Al, RHD is an earnings move
34Al
May 9th, 2008 at 6:49 pm
Yes I know it is against “Tim rules” to short it. I read the book and have the DVD. BUT, with the down grade and the resent news is it a good short. By the way I broke the rule today and shorted RHD at 7.70 and still holding it.
35timothysykes
May 9th, 2008 at 8:41 pm
avoid RHD, its a real company, downgrade, recent news all unpredictable, too many players with varying expectations…u can def. make $ breaking the rules, just as easy as u can lose it–u have no edge. stop trying to think, just focus on VRML-type plays and your odds go way up
36Mark P
May 9th, 2008 at 9:22 pm
SWIM looks real cheap here after this panic. the brokerage segment is going for like 5 times sales.
37Mark P
May 9th, 2008 at 9:23 pm
any thoughts?
38timothysykes
May 9th, 2008 at 9:25 pm
never buy falling knives, always another shoe to drop
39Ben_Bien(TIMBUCKS: $164)
May 10th, 2008 at 3:49 pm
Excellent interview, it’s beautiful hearing from an innovator. Hey, much of the things Sosnoff says sounds like what Tim would say.
40Ben_Bien(TIMBUCKS: $164)
May 10th, 2008 at 3:50 pm
I have an idea: how about getting a SISSY VALUE INVESTOR on your radio show; I’d like to hear some argumentation for and in defense of charting.
41noobtrader.08
May 11th, 2008 at 2:03 am
Great interview.
I also made $635 on VRML… although I still think it was luck. Had I not had Tim and the rest of the forum talking about it.
I’ll get it though… I’ll get it eventually. Law of Attraction! =D
42cash(TIMBUCKS: $106)
May 11th, 2008 at 4:13 pm
Great interview. I can not wait to hear who you are going to have next. This new website ROCKS!