30 Basic Rules That Made Me $164,000 Profit in 1 Week
If you’re ever going to reach millionaire status you need rules to follow.
Most people don’t like rules…
But rules keep you disciplined.
And discipline is the key to growth.
So, here are 30 basic rules that I recommend you follow….
I’ve personally used these rules to make $100,000 in one week’s time. That was one of my best trading weeks ever.
So, please, follow these key rules if you’re a member of Tim Sykes’ Weekly Fortunes… or if you’re trading penny stocks on your own:
Rule #1: 10-20-30% gains in a few hours or days are also predictable, but not 100-200-300% gains. Focus on taking as many predictable profits as possible but don’t get greedy.
Rule #2: Hold stocks for just 1-2 days when it’s breaking out as a shorter holding period increases a stock’s predictability.
Rule #3: If you ever get an email with a penny stock tip, expect insiders and others will be selling into your buying.
Rule #4: Besides studying patterns, study successful traders.
Rule #5: Never go all in, no matter how good a stock looks, it’s not worth risking disaster.
Rule #6: You can’t trade penny stocks if you have $50 to $300. The commissions per trade will eat you alive so save up and get at least $2,0000.
Rule #7: To be the best trader, you must be ready to leave friends/family at all times to capture opportunities.
Rule #8: I want pumps to go up as high as possible as that gives them more room to drop later on.
Rule #9: Try not to buy penny stocks unless they have a great catalyst, like a breakout over past highs and news like an earnings win.
Rule #10: Penny stocks niche is so small, breaking news takes days or even weeks to get priced into stocks.
Rule #11: Smaller accounts should be more aggressive with position sizing as making 10% an a $500 position isn’t as good as making 10% on a $2,000 position.
Rule #12: Don’t take days off ever from checking in on the markets though. Check in for 30 minutes/day just to see if there’s anything hot as it stinks to miss golden opportunities.
Rule #13: Think as retired trader who only comes back to trade great setups to prevent over-trading not-so-great setups.
Rule #14: By being meticulous and knowing about patterns you can have great edge over the competition in penny stocks unlike with stocks of Google, Microsoft, Bank of America etc.
Rule #15: Get the right broker.
Rule #16: Eat healthily and workout as an unhealthy trader has less energy and a slower thought process… health is crucial to successful trading.
Rule #17: Get ergonomic chairs and don’t slouch as too many hours in front of a computer is really bad for your neck and spine.
Rule #18: Always remember the market will change….not a question of if, just when, so be prepared.
Rule #19: Understand the catalysts that move stocks and the risks of being aggressive.
Rule #20: Only a good plan with great execution generates serious profits.
Rule #21: Don’t be desperate to trade – let the best trades come to you. When there’s no great plays, go outside and live and spend time with your family/friends.
Rule #22: Always be prepared to strike when there are solid opportunities just like a sniper in waiting.
Rule #23: Short scams, but sometimes there’s no shares available to short-the gift and curse of my strategy.
Rule #24: Having scanners like Stockstotrade.com can dramatically help your performance by fining great plays.
Rule #25: When the market is on fire with plays do not sit back and play it safe. Push it and take larger positions.
Rule #26: Always go into a trade with a specific plan of what to get out at, both the ideal exit spot and the spot to exit the trade if it doesn’t go as planned.
Rule #27: The key to successful trading is just to accept that fraud is rampant in penny stocks and use each stock/press release/pattern to try to grow your account and then move on.
Rule #28: Ignore non-volatile, illiquid penny stocks. Focus only on actively traded stocks that are in play and move very quickly.
Rule #29: Even though most penny stocks will go to zero, they can spike a ton eventually especially if the promotion is successful. Never just short sell and then ignore the stock if it’s going against you.
Rule #30: It’s okay to be wrong if you cut losses quickly.
If you follow these you’ll have a big advantage over traders who don’t…
Speak with you tomorrow!
Editor, Penny Stock Millionaires