Recap And Tomorrow's Picks! - Timothy Sykes

Recap And Tomorrow’s Picks!

With all the extreme price action in CRDC (up 8% on the day), CHNR (down 10% on the day) and JRJC (down 10% on the day), you might assume I would’ve had a nice gain too, especially considering today’s action basically echoes my thoughts from last week. But you’d be wrong. Sure, I took a small gain on the remainder of my CHNR short, but the others I havent touched. Why?

Well,

I’m working my way out of a hole–and to do that, I’m going to take small gains along the way. Today’s action was nearly perfect, but (as those of you on ET and those who have read my book know) as a result of my CYGT debacle, I’ve lost my appetite for taking on much risk. The good news is that I am still seem to have a talent for finding perfect setups and that’s a big part of the reason why I’ve closed my hedge fund and decided to write and talk about trading now so I can teach others while I work my way out of this hole. So, take advantage of it while you can becuase I don’t know how long it will last!

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Trust me, I know this sounds like a cowardly excuse (as ‘Traitor Monthly’ would have you believe, but it’s just where I am right now so deal with it. Just like my book, I’m going to be brutally honest, admitting failures and all, hopefully showing that admitting your mistakes is not the end of the world; instead, it’s actually beneficial in the long run.

Anyway, onto today’s lesson. Already today, I’ve gotten dozens of emails from people who bought CRDC when I said it’s probably breaking out and shorted CHNR when I posted on Realmoney to short. Good–I’m glad I could help. But why I am not susprised that you guys already want more. You’ve been taught to think that you always need another play and that if your money is just sitting in your account, it’s not working for you. OK, here’s my pick for tomorrow:

Nothing!

You don’t need to trade stocks every day, or guess how the market will fare, or how oil will fare, or how Carl Icahn’s rumored blah blah blah might make you money. No! The way I built my wealth so quickly was to wait for opportunities to present themselves–not try to will them into existence. In fact, my largest losses have always occurred whenever I did try to play these guessing games. Yes, that’s correct–you’ve all been brainwashed into churning your accounts far too often and I have a lot of work to do to teach you the right way to trade. So, take some time and reflect, there will be further opportunities, you just need to have patience.

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one comment

Timothy Sykes

Hey Everyone,

As many of you already know I grew up in a middle class family and didn't have many luxuries. But through trading I was able to change my circumstances --not just for me -- but for my parents as well. I now want to help you and thousands of other people from all around the world achieve similar results!

Which is why I've launched my millionaire challenge. I’m extremely determined to create a millionaire trader out of one my students and hopefully it will be you.

So when you get a chance make sure you check it out.

PS: Don't forget to check out my free Penny Stock Guide, it will teach you everything you need to know about trading. :)

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