The above interview is only about 15 minutes long with Tom Sosnoff (of TastyTrade.com) and Tim Sykes. Tim Sykes got his fame in trading penny stocks after he turned his $12,415 Bar Mitzvah money into $2 million bucks. He is character to say the least. Although he has done well trading penny stocks and training his students to do the same. Tom Sosnoff argues that he is an outlier and that over time the statistical change of trading directionally and doing better than 50/50 is zero. As anyone who has watched Tom speak, he is all about increasing your probability of success (increasing your edge), doing this by selling premium and reducing cost basis.
Its an interesting video and very entertaining to listen to two very outspoken people in the trading space.
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I haven't watched this but actually glad to hear it because I feel they've been parading the outliers out and acting as if they can do it everyone can do it. My faith in humanity is slightly restored today.
ReplyDeleteIf trading were as easy as some of these guys make it out to be then why sell subscriptions and spend your time with endless self-promotion. If you can show you can beat the market by even a little bit then recruiting money is easy and you can go make a lot more money than selling subscriptions.
ReplyDeleteTim says in the interview that he agrees with Tom that his strategy is not scalable. I agree and disagree with the subscriptions...because a part of me believes that some of these educational subscriptions do add value, especially when a trader is starting out. But I get what you are saying.
ReplyDeleteThe thing that I do like about Tim's thing, is he uses a third party to verify his performance. I actually looked into the service. It is called profit.ly
I thought I heard Sykes say he helped start that company?
ReplyDeleteI did a little search, and it looks like he did help start the company. But I did log into it to see how it works. And it works a lot like mint, where you give it read access to your account and it just pulls down your trades. You are not able to manually adjust your trades or anything like that. So even though he helped develop it, I think it is a great idea. If people want to promote their service and make money from subscription services, as long as there is transparency I am ok with it.
ReplyDeleteEven if I don't personally connect or resonate with the guy.