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Pretty simple and basic chapter but that is to be expected. Its the introduction and history which is pretty much obligatory for a book/DVD etc. But I did like it, one of the most interesting nuggets was related to funding accounts. I knew Tim had borrowed money from his parents to open multiple accounts, but I never realized he never actually traded with that money. It was strictly there as a “placeholder” so that he could get over account minimums etc.
Good and quick chapter, Tim did a good job telling his story without dragging it on too long. Tim has a very interesting story, but being honest if you just want to learn “how he trades” you could skip this chapter.
Introduction and History
Slow and steady consistency
72% win rate
Scale up with size
No interest in 9-5
Poker and football gambling
Use fantasy stats (NFL) to trade real games statistics analysis
Found luck was the biggest key in poker and betting.
Finance major but had no interest in “investing”
Early trades were “bets” on true penny stocks
Starting following “picks” on forums/gurus etc
Found Sykes in the early days (2010) how to trade pump and dumps
Joined Sykes service in 2011
Followed videos and trade alerts, just as learning tool, not actual follow on trades.
Used loaned money to open up multiple accounts to allow more trades under PDT
-Only still trades his cash, not the loaned, money, didn’t every realize this, interesting!
Found Investors Underground and used free trials, but could not use it from work.
Sykes taught basic technical analysis, IU taught more how to think like a trader.
Difficult to juggle trading and day job
Big losses in August 2011
Started to look into and learn short selling.
Refunded with summer earnings – one more shot
Got consistent buying promotions ORC breakouts and pump and dumps
Awesome Pennystocks – first big win
Made deal with Parents to trade full time
Feb 2012 merged accounts into Speedtrader
After paying back parents, moved to IB to learn more short selling