| Brush Up on Your Pattern Knowledge for Monday - This pattern was HUGE last week…
- Your best teacher isn’t me, it’s actually your…
- One of the best patterns for traders with small accounts is…
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Dear Penny Stock Millionaire, If you want to become a successful trader you’ve got to become a lifelong dedicated student, and mastering chart patterns is something you’ll probably spend a LOT of time on. For me, much of being a successful trader is about trading the right patterns. This knowledge has served me well and I want the same for you. Once you know the patterns inside and out, you’ll know when a pattern isn’t working well and the right time to get out. From all the chart patterns you could trade, there are two that are the most important. Morning Panics The morning panic dip buy is one of the most solid patterns you can learn, and it works especially well for those with small accounts. In this chart pattern, what you’re looking for is a penny stock that has risen dramatically over the past one, two, three weeks, and one that has automatically dropped in price — not on any bad news, but due to a regular price pullback that triggers a tsunami of stop-loss orders that causes the accelerated drop in price. When this happens, my goal is to dip buy the stock to hopefully capture gains of 20%, 30% or even 50% within an hour or less, as the bounce is very potent and happens fast. I loooove morning panics. Supernova Know what else I love? The supernova. Fun fact: Supernovas are—above and beyond—my favorite chart pattern to play, and there were a TON of them last week! It’s basically an explosion in stock price that creates many opportunities to buy on the way up and short sell the stock on the way down. Most of the time, there’s not much financial information available with these, but you start noticing a gradual increase in price over the weeks, then the momentum continues until the price explodes exponentially and creates the opportunity. And if that opportunity is there, you don’t want to miss it — so learn this pattern well! Recommended Link
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Learn The Sykes Sliding Scale Many people ask me, “Tim, How do you pick your trades? From the vast universe of patterns, stocks and potential opportunities, which ones are the best? I have strong selection criteria to filter every trade and a trade-ranking system that allows me to filter the real gems from the noise. I call this ranking system the Sykes Sliding Scale (SSS) and it’s based on the ranking of seven factors I grouped under the acronym PREPARE. Here’s what each letter stands for … P: Pattern/ Price R: Risk/Reward Ratio E: Base of Entry/Exit P: Past performance/History of spiking big. A: At what time of day is it? What’s your personal schedule? R: Reason/Catalyst E: Market Environment From these seven factors, the three most important are: - P: Pattern/Price
- R: Risk/Reward Ratio
- A: At what time of day is it?/Personal Schedule.
Combined, they count for 60% of the scale. So when you are considering a trade, make sure you hold these three criteria in high regard. Recommended Link
Media Calls This A "Baby Boomer Hobby"... I Call It A Payday. 
Its widespread adoption has Reuters calling this "odd" type of trade the "new Baby Boomer hobby" ...but Jim Fink's "twist" on this trade could hand you $1,295 on average each week from just 9 minutes of "work." Get the inside scoop on this "$1,295 per week" system in a ground-breaking new presentation... | |
Knowledge Supports Growth Since you know that you’ll have losses, use them to your advantage: Make your losses your own teacher. Think of losses as partial market tuition you pay toward your trading education. Keep a record of them in your trading journal and study what went wrong in every case. - Was it the execution of the trade?
- Did you choose the wrong pattern?
- Did you take too much risk this time?
- Why didn’t the pattern work as expected?
Keep track of this information, and you’ll learn a lot every time. Soon, you’ll begin to understand what trading moves are working for you — and those that are holding you back. Another smart move: Learning from others. The Bottom Line As you’ve learned over the last few days, losses will unquestionably be a part of your trading career, so the faster you get used to dealing with and learning from them, the faster you can progress as a trader. Remember that you always need to: - Plan out and fully prepare for every trade
- Stick to your plan
- And cut your losses quickly if/when you realize the pattern isn’t working
Limit your trades to those with a good risk/reward ratio based on the pattern — they’re the ones that can help keep your losses on a short leash while having a big reward potential. Be selective in every case! And again, turn every loss into a source of wisdom. It will make you a stronger, wiser, and more confident trader. In this game, the right mindset is everything, so do everything you can to increase your chance of becoming a better trader. Regards, Tim Sykes
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