#traderchecklist Instructional DVD by @timothysykes Chapter 1 and TOC

Finance

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Checklist

 

I’ve done a lot of these reviews of trading instructional materials through the years and while I hope these recaps offer value and are useful to anyone that stumbles across them. I mainly do them to enhance my learning experience. Forcing myself to pay attention and take notes is a simple way to get the most out of a video instruction. Like many I struggle with “Internet ADD” and it can be easy to jump around to twitter or other stuff, I recommend forcing yourself to unplug and take notes.

So after that introduction I’ll move on to the review and recap of Chapter 1.

To be honest this might be the best opening chapter Sykes has ever done. He does a great job of succinctly giving his background and history. As well as some media appearances and other bio type information. Of course there is also the necessary legalese disclaimer stuff. But in contrast to some of his older materials Sykes gets right down to business and doesnt ramble on too much about the past. Sure it’s useful to understand where he comes from, but we want to learn how to trade or get better at trading not a history lesson. The first half of this chapter was well balanced in doing all the necessary setup material without dragging on to long.

The second half goes into the philosophy behind the Sykes Sliding Scale. Not a lot of detail, of course that will come later. But I was curious and intrigued by Sykes taking the CAN SLIM type methodically and adapting it to his breed of low priced stocks.

Not a ton to go over since obviously it was just the intro, but check out my notes below and keep an eye here for further chapters. I plan on rolling through the viewing pretty quickly.

Thanks

P.S. If the bulleted list above is not fully linked, just know you arrived here before I completed all the chapters. As soon as I write a review I will link up the TOC.

Notes:

Intro
Bio
Disclaimer
More Bio and History
     -Media appearances
Gritanni background
More media
Good description of the validity of “penny stocking” for small accounts only.
Profit.ly chart
Profit chart breakdown – historical
More profits breakdown, discussion of small account trading, PDT etc
James Altucher endorsement of Sykes
What makes a successful trader?
     -Good list
NOT GAMBLING
Patience is everything, in learning and waiting for trades.
Treat trading like a business, take it seriously.
Location independence.
Nothing wrong with being wrong in trading.
Informational inefficiency in penny stocks – take advantage of it.
Preparation is key
Small profits add up.
Trade scared and cut losses fast.
No profits are guaranteed.
Trade volatile low priced stocks but be quick.
Risk management discussion
Brokers – E-trade and Interactive Brokers
Wash rinse repeat the same patterns and trades.
     -Don’t believe the hype, just trade the price action
Be agile/adapt – long/short, day/swing
STT – Paper Trading – get comfortable
What makes a successful trader – line up indicators on each potential setup
     -never trade on “gut” or tips
Have a “system” like trader checklist.
    -Reuse and learn from this system, modify to your needs
History and description of past training materials
Penny stocking adaptation of CAN SLIM