Has been hot on my lips the past week or so as I began to study his technique of day trading penny stocks.
For those that don’t know what he does this is my understanding of the setup,
Is buying and selling stocks from one company on the same day,
Are the cheapest stocks you can buy hence “worth a penny”.
Shorting And Covering Stocks
When the stock price is dropping you borrow/sell it at a higher price and then buy it back at a lower price once it’s dropped.
Now my initial opinion is that it’s a scam or a program in which you could lose loads of cash but after further research you can see interviews on well known American shows and plentiful amounts of details online about Tim’s success trading the market. Here’s where I am currently stuck.
- How much do you need to trade
- How many people is he instructing and due to the possible volume of followers will that affect the strategy
- How much are the joining fees
- What is the possibilities of actually making good coin following his lead
So far I have registered to join the challenge and I even chose a date to be contacted for an “Interview” which they never followed through with.
I can see very clearly that they are using sales techniques to sell the coarse and I believe if he is teaching something worthwhile then he should be paid to do so.
My biggest concern is the amount of money required to start. I have read on Google that you need $25,000 in the account to trade international penny stocks and in Australia your initial purchase of a stock is set at a minimum of $500. I can save $500 to get started but how the Fu*k can other middle class or normal families afford to get into the game?
Money In My Wallet
If I had $25,000 sitting around I could afford to just put aside it would have already been given to family members who need assistance right now. If only there was a way to be sponsored by these pro traders just to get you started, I would happily sign and agreement saying that I would pay all sponsored funds back until paid before taking profits for myself but sadly I cannot find anywhere that offers this. I would imagine there would be criteria to meet before being accepted so that only those who put in the effort actually get sponsored.
I need a mentor, someone who is willing to take the time to teach me one on one.
Will you be my daddy trader?
One big lesson learned from the hurdles faced at every turn is that you need to remind yourself of the goal or target and concentrate on getting there, do not focus on the hurdles as they will slow you down. Whenever you hit a wall in progress turn to the side and keep walking or grab a bloody ladder and climb the bastard.
Don’t let anything get in your way .
Leave a comment or get in contact with me, your feedback and questions make my day and give me the drive to bring you the lessons I am learning.