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t's been a long time since I wrote here, mainly because I've been busy busting my butt. I was up 197% in 2008, every trade detailed HERE for your learning pleasure, becoming the #1 ranked trader, out of 15,000+ on Covestor.com and growing my blog's monthly income to over $80,000 -- so yes, 2008 was a very very good year for me. Here are five tips I'd like to pass on to help you in 2009:
1. Be honest and admit mistakes quickly. Too many people in finance these days are having problems fessing up and it not only hurts their reputation. It hurts their business and performance too!
2. Learn from your mistakes---even more important than admitting them, you must take it to the next level and learn, unlike value investors who just keep adding to their losing positions in Bank of America (NYSE: BAC), General Electric Co. (NYSE: GE) and Goldman Sachs Group (NYSE: GS).
3. Learn short selling -- I wrote about it all the way back in June last year and since then some of the stocks I mentioned like Sprint Nextel Corp (NYSE: S), JP Morgan Chase & Co. (NYSE: JPM) and Google Inc (NASDAQ: GOOG) have lost more than 50% each! You needn't lose in bear markets if you learn this simple strategy.
4. You don't need to trade every day, week or month. Don't be afraid to just sit in cash and wait this uncertainty out. Too many people are listening to marketers interested in commissions rather than performance. By looking at my trades, you'll find I only trade 1-2/week and that gives me time to have a life too! (I'm blogging this during my month-long Europe vacation).
5. Respect technical indicators over manipulative PR. With Apple Inc. (NASDAQ: AAPL) testing key support at $80, don't expect a huge bounce or drop here. Wait for a confirmed breakdown below $79 and go to the casino rather than buy into that chart pattern and the blatant disregard for the truth regarding Steve Jobs' health.
Timothy Sykes writes the blog timothysykes.com, is a former hedge fund manager, star of the TV show Wall Street Warriors and author of the book, An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund
4. You don't need to trade every day, week or month. Don't be afraid to just sit in cash and wait this uncertainty out. Too many people are listening to marketers interested in commissions rather than performance. By looking at my trades, you'll find I only trade 1-2/week and that gives me time to have a life too! (I'm blogging this during my month-long Europe vacation).
5. Respect technical indicators over manipulative PR. With Apple Inc. (NASDAQ: AAPL) testing key support at $80, don't expect a huge bounce or drop here. Wait for a confirmed breakdown below $79 and go to the casino rather than buy into that chart pattern and the blatant disregard for the truth regarding Steve Jobs' health.
Timothy Sykes writes the blog timothysykes.com, is a former hedge fund manager, star of the TV show Wall Street Warriors and author of the book, An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund
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Reader Comments (Page 1 of 1)
1-15-2009 @ 2:07PM
Kerri said...
I agree with your tips, especially number 4. We don't need to trade every day, and be glued to the screen. You can't have a life like that. In these weary times, we have to step back and take a careful look at things. As you said, "Just sit it out." If you don't yet know how to trade, or want to gain some trading skills, you can get a $100,000 free demo account by going to http://forex-currencyexchange.com click the link at the top left corner, if I remember correctly. It will take you to a sign up page where all you have to do is give your name and email. You can then start practicing trading.
1-16-2009 @ 11:54AM
Beltway Greg said...
TIm,
Congrats on the blog, as PT Barnum said......What was the exact amount you started with last year and are these truly all of your trades? I thought I was doing well being down 1% in my short-term account and 9% in my long term account. One caveat you have to know about my figures is that I frequently go short against my own holdings and I sell very few of my long-term holdings. This year I day traded ANR, MOS, and POT not to mention my personal hero SKF. For instance, I'll short Apple or other long-term holdings periodically especially going into earnings.
People are frequently shocked to discover that my two biggest positions are in APH and POM. And why dear god if you are making money trading do you tell anyone? I wouldn't tell a soul what I do lest the trades get crowded. Things are tough enough already. See you at the Dorchester.
1-19-2009 @ 9:43AM
esuri said...
Good,article
1-19-2009 @ 2:55PM
charlie mcmasters said...
Bernie,,,bernie is that you? lol
1-19-2009 @ 4:15PM
jimnewport said...
decent article; Now here's a sure fire investment: If you must invest in the various stock markets; PURCHASE gold/silver companies i.e. ABX/HL/PAAS and most other precious metal producers; Follow decent PE ratios.
WHY:
The United States is printing fiat dollars like there's no tomorrow. Also, Europe is doing the same, however, not as much as the leading printer (U.S.); Japam & China are also joining the printing frenzy; Obvious what will happen within the next year or two. TOO MUCH MONEY CHASING TOO FEW GOODS; The govt. are taking the path of least resistance.
1-20-2009 @ 10:31AM
Chad said...
So this is fake money? Well, I made 800% in monopoly yesterday...
1-20-2009 @ 10:49AM
tim said...
fake money? no, its all real, covestor tracks REAL PORTFOLIOS...go to http://www.timothysykes.com/tim to see ALL my trades from the last year and learnnnn from my failures and successes
Tim
1-20-2009 @ 11:57AM
Sheldon said...
It does not seem worthy of you to not write for so long and then post this self inflating promotional.
You should also disclose your book was self published.
You should also disclose that your website has also been set up for the promotion of your very expensive DVD's.
You should also disclose you make your money on your website which may far exceed your trading revenue.
1-20-2009 @ 11:59AM
tim said...
i write 3 blog posts/day, daily watchlist, trade and make DVDS...a simple thank you will do for being so honest when nobody else in this industry is...those who read my blog can see EXACTLY how much i make off everything, not that it matters as 99.9% of people lost $ last year and here i am detailing how i made money...not to mention i've got hundreds, now bordering on thousands, of testimonials, aim your time-wasting criticism at someone a.) who lost money last year b.) who doesn't have tons of testimonials form their customers c.) who doesn't share their trades/strategy openly
PS My DVDs are less than 1/2 the price of ALL my competitors, if you can't afford $300, you shouldn't be trading/investing, you should be mowing lawns, so go mow, thanks!
Tim