What does that mean? Well, basically I’m sick and tired of people thinking I just got lucky during the bubble years and/or my promotional skills have affected my trading in any way and/or I’m full of it.
Those of you who’ve read my book know the truth, but it’s time I really show everyone what I’m capable of so I’m gonna go back to my Bar Mitzvah Gift Money roots, take $12,415, stick it in a discount online brokerage account, and turn it into $1.65 million…again.
This time, however, I’m going to write about every single investment, every single investment idea and answer any and all trading/finance/investment questions to help teach people and show everyone how fun finance is! I’m a whole lot more conservative nowadays so I expect to reach my goal of $1.65 million within ten years, instead of four.
Here is a PDF version of this post.
I’m calling this new venture ‘TIM’, short for Transparent Investment Management. I truly believe anyone can be a successful trader, there just needs to be more transparency in this industry and I’m gonna help make that happen.
You can see the full PR here and read the full text of the PR below:
The star of the TV Show Wall Street Warriors, Timothy Sykes, is unveiling a new challenge for himself–to repeat the original feat of turning his $12,415 in Bar Mitzvah Gift Money into $1.65 million. Sykes originally accomplished this from 1999-2002 while still in college, but this time around, he’ll be posting all his thoughts, stock trades and commentary on TimothySykes.com to help everyone, no matter their experience, learn about the risks and rewards associated with financial speculation.
New York, NY (PRWEB) November 1, 2007 — Not everyone wants Timothy Sykes to come to parties right now, ever since his hedge fund lost a third of its value last year before closing on October 1, 2007.
Timothy Sykes knows it, too. That is why this NYC-based entrepreneur is intent on showing people he can still successfully stock trade while teaching everyone along the way.
Whether or not you know anything about the stock market, leave everything up to your financial planner or actively day trade, you have to take note of the fact that Timothy Sykes has chutzpah. He originally became known for having taken $12,415 of gift money he received for his Bar Mitzvah and turned it into a $1.65 million fortune in a few years of highly frenetic stock trading.
He went on to create a hedge fund which was a top ranked fund for several years, but was hit by tremendous losses last year. His story hit the gossip columns and he became a whipping boy for several media who took him to task for his failures and attributed it to his youth and impetuousness.
He acknowledges that his losses were in part due to overconfidence, but he is convinced these losses have made him wiser. Not only does he intend to make back his fortune, he also believes he can help others learn to do the same.
What he plans to do is start all over again and repeat his original feat. He will begin with the same $12,415 and trade openly till he makes a cool $1.65 million dollars for a second time.
“I believe that everyone should learn stock trading, but people need to understand the markets better instead of being fed thousands of random stock picks,” he said. “The goal is to help everyone learn about financial speculation by laying it all out there and breaking it down to the basics.”
“I am calling this challenge ‘TIM’, short for Transparent Investment Management, but I am not taking on any investors. None. Zero investors. This is all about me teaching people through my personal stock trading.”
“I am going to describe everything I do on my website TimothySykes.com I will not give out stock pick recommendations ahead of time, instead, I will show everyone exactly what I am doing so that they can watch and interact with me while learning my strategies.”
“The key is that I will hold nothing back. My every move will be open to public scrutiny. I will be using a regular discount online brokerage account to prove that anybody can do it. Perhaps most importantly, I will be expressing myself and making fun of myself and showing people see how fun stock trading can be.”
Timothy is quick to offer up his top ten trading lessons learned. Here they are:
1. No matter how much money you make in the stock market, be humble or else it will be the market that humbles you.
2. Do not limit yourself to only one investment strategy, learn as many strategies as possible so when the market changes, as it inevitably will, you can change with it.
3. No matter how sure I am about a position, I have learned to limit my position size so no matter what happens, I stay in the game and live to play another day.
4. All my greatest losses have come by my trying to force opportunities when none existed. Do not force opportunities, let them come to you.
5. There is no salary in financial speculation, so do not expect consistent profits. Do not be afraid to take days or even weeks off when there is nothing to play.
6. Do your research, generate your thesis and take your positions, do not cry if you are wrong, just exit, learn, revise and move on.
7. Stock trading is like surgery–this is not a simple game so you must study all the subtleties of the markets before operating–or else your patient (your account) will die.
8. There are a lot of idiots on Wall Street and many companies will fail–you can profit from this, it is called short selling.
9. I have made 130 times my money within a few years by being right about 65% of the time, the key is cutting losses quickly.
10. I have made thousands of bone-headed mistakes, but have only used leverage once and will never do so again. After all, all the greatest blow ups involve leverage so why bother risking disaster?
One thing is for certain. We will be hearing more from Timothy Sykes. You can follow his story and day to day activities at his web site TimothySykes.com
Timothy Sykes appears on the TV show, Wall Street Warriors, a hit reality show which has aired over 900 times now in the past year on MOJO, a hi-def TV network. He is also author of the book An American Hedge Fund.
An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund
by Timothy Sykes
Softcover, 6 x 9, 235 pages