About Timothy Sykes: Timothy Sykes is a mastermind businessman, who is currently mentoring budding entrepreneurs as to how to invest in penny stocks and turn a few dollars to millions. Sykes started his investment in penny stocks in 1999 with a sum of $12,415 which produced a turnover 1.67 million within 3 years making him the youngest and fastest entrepreneur to churn out that sum of money and become a millionaire which so less a duration of time. His story is of a brilliant strategy he built up to achieve this success.
His Journey To Becoming A Millionaire
Penny stocks are not considered to be a efficient investment when it comes to raising money. It is the common concept that the huge sums lie elsewhere, in some other business idea. This was the concept that Timothy Sykes used to his advantage and managed to spin $12,415 to a whopping $1.67 million. Tim Sykes always started off with trading stocks whose worth was not more than a dollar and turned them into huge profits only by performing a calculated research on the patterns of stocks or stocks that are likely to be scams.
Also Read: Why should you Start your Own Business Today
The Million Dollar Idea
It all started when an accidental game of tennis caused injury to Sykes in high school, making him undergo a double tendon surgery. This crippled and he could not indulge in much physical activity. That is when his interest in the stock market grew. It was the year 1999-2000: times at which the stock market went crazy. Sykes took a chance. He had his bar mitzvah gift money of $12,415. He decided to utilise it on penny stocks. Penny stocks move fast. Stocks moving at the rate of 20 percent, 50 percent or sometimes 100 percent in a day churned out heavy money. An amount of $12,000 converted into $20,000 that too in one day, when such a situation came.
The dot.com Strategy
But this was all executed by Tim Sykes masterstroke strategy. He bought stocks when they were breaking out. He researched the pattern of stock breaking and noticed that whenever a stock was about to break out, a dot.com was added to its name. Sykes constantly tracked companies who added dot.com and ran his strategy. One of his huge achievements were with the Sportsman’s Guide stock. But the dot.com method used by companies ended. That was when Tim Sykes lost about $10,000. But provided that he always bought breaking stocks, his losses were not much.
The Turnover Through Scam Stocks
Now a new strategy was to be built up for a huge turnover of money. Sykes then started spotting scams. Being an excellent strategist and having an excellent business mind, he was a pro when it came to recognizing a scam. This gave him an advantage as when he invested little amount of money in scam stocks, there was reverse merging with him when the scam was caught and the company lost all its assets. But when it came to legal proceedings, a listing is done. So when the scam goes public, the merger benefits as the media exposure and publicity raises the stock value. The stocks get financing as it is now a liquefied. Commonly, penny stocks are not highly traded and are not liquefied entities. But there are about 20 penny stocks trading million of shares every day. Thus meticulously keeping an eye on those penny stocks is the secret to success. This business idea was a jackpot which by the end of 2002 converted Timothy Sykes into a millionaire.