Can You Trade Forex in an IRA?

How Should I Use My Money to Make More Money?

I've spent so much time (~10 months) just researching different methods of generating additional income, that the opportunity cost alone was doing damage. I'm 27, have a stable income with a 401k (~$600/mo), recently started a Roth IRA ($200/mo), and a taxable account ($200/mo). My risk tolerance is 9/10.
It seems every time I'm about to jump into an "investment" I come across a few threads with 20+ people bashing the idea.
I nearly pulled the trigger on a couple non-local investment properties but was outbid multiple times by cash buyers. I am currently renting but live in the Bay Area so owning a home just isn't very affordable or worth the risk IMO.
I've had a touch of experience FOREX trading and wouldn't mind using the demo account for several months until I can generate an income on a somewhat consistent basis. But I get lost in all of the pros/cons, advice, regrets, etc.
I've also looked into: day-trading stocks, starting an online business for Amazon FBA, mutual funds, rental properties, real estate funding, peer-to-peer lending, etc.
I'm willing to put in plenty of work and not looking for a get-rich-quick scheme or to quit my day job. I could invest $3k to $40k depending on the approach, generating passive income would be most preferable but willing to put an hour or two each day as well.
What are your thoughts?
submitted by rossim22 to personalfinance [link] [comments]

Introduction to investing as a U.S. citizen residing in Japan

[meta: I ask for help in making sure this information is accurate and correct. Please contribute as you see fit!]
WARNING!! I am not a lawyer, accountant, or broker, nor do I have any experience or training in any of those fields. ALWAYS confirm with a professional before taking any advice you read on the internet.
Foreward
If you're old enough to pay taxes, you should start investing. The earlier, the better.
Here’s another example to illustrate the enormous benefit of getting an early start. At age 25, Eric Early invests $4,000 per year in a Roth IRA for 10 years and stops investing. His total investment is $40,000. Larry Lately makes yearly deposits of $4,000 in his Roth IRA starting at age 35 for 30 years. His total investment is $120,000. Assuming both portfolios earn an 8 percent average annual return, at age 65, Eric’s IRA will be worth $629,741, but Larry’s IRA will be worth only $489,383. By starting 10 years earlier and making one third of the investment, Eric ends up with 29 percent more.
- quote from "The Boglehead's Guide to Investing"
Target audience
This is an introduction for U.S. citizens with residency in Japan who want to do long-term investing in U.S. equity (stocks, bonds, etc.).
Disclaimer
This advice may not be accurate for citizens of countries other than the U.S. or for those U.S. citizens living in Japan who work for the military or are only temporarily living and working in Japan as affiliated with a U.S. company. This is also not advice for ForEx or day traders looking to make money. Nor is it advice for what to invest in. This is also not advice for investing in the Japanese stock market.
This is just one way to invest in U.S. equity from Japan. There are other ways.
Assumptions
  • You're a U.S. citizen
  • Your income is in JPY
  • You want to invest in U.S. equity (stock market, bond market, etc)
  • You have basic knowledge about taxes and tax-related terms
  • You have at least $10,000 USD to invest (or $3,000 USD if age 25 or younger)
Background
I am an ordinary guy living in Japan. I have disposable income and, rather than pour all of it into my local izakaya and Philipino hookers (who hang out in front of Mister Donut at night and ask if I "want the massage?" (just kidding, really!)), I wanted to invest in my future by saving for retirement. I'm an early 30's-year-old guy and spent about a month reading up on investing and then set off trying to invest as a resident of Japan.
My Story
I moved to Japan 3 years ago after working in the U.S. I have an IRA leftover from my time in the U.S., but never contributed to it since moving to Japan (thankfully - find out why in a bit). I recently saw a post from /personalfinance (seriously, go read information in that sub if you want to have more money upon retirement or just get out of debt!) and decided to read the book "The Boglehead's Guide to Investing" based on recommendations there. After that, I started looking into my options for investing from Japan.
Before I left the U.S. for Japan, I rolled over my 401k into an IRA using Vanguard (arguably the best broker available for U.S. citizens). Since moving to Japan, I had not contributed anything to my IRA. So, the first thing I wanted to do was start contributing to my IRA again, and use any remainder to invest in U.S. equity. Turns out this is not as easy as it sounds.
I found out that in order to legally contribute to my IRA, I had to pay U.S. taxes on my income used to contribute to it. Well, if you're like me and don't make an awful lot of money, you're probably filing with Foreign Tax Credit/IRS Foreign Earned Income Exclusion. This stuff basically let's you deduct all your taxes in Japan, as it on Japanese income and you already paid glorious Nippon taxes on that income. For me, this basically meant that I owed the IRS absolutely nothing every year. Great! Right? Buuuuut since I didn't pay any U.S. tax on my income, I cannot use it to contribute to my IRA! Dammit! (But actually a blessing in disguise because if I had been contributing to my IRA, I would have been breaking U.S. tax law because I didn't pay taxes on it.)
So, I started looking into other ways to invest: the U.S. stock market, bonds, etc. After reading The Boglehead's Guide, I knew I wanted to invest in Vanguard's mutual index funds. My first instinct was to open a brokerage account (which is different from your IRA account) with Vanguard. I started filling out the online form, but ran into issues. You have to specify a U.S. address. Also, you have to specify your U.S. employer. I had neither of these, so I called Vanguard (from Japan at a ridiculous call charge) and spoke with someone about doing this. They gave me the OK but said I'd have to submit a paper form through snail mail, and sent me a PDF to fill out and mail in. I mailed it (from Japan using EMS which was like $20..), and got a call about a week later. Surprise! Because I'm not working in Japan temporarily for a U.S. company or living on a U.S. military base (considered U.S. soil, I assume?), I actually can't open a brokerage account with them. Dammit again! What a waste of money calling them and mailing the form overseas.
So, I started looking into other options. I read about a few other brokers and most people agreed that I should either use Fidelity or Interactive Brokers. I had never heard of Interactive Brokers and honestly they seemed scary at first, so I decided to go with Fidelity, who I had actually heard of and is a U.S. based firm. I created an account with Fidelity, but once again ran into roadblocks when trying to open a stock trading account. I didn't have a U.S. address or employer, and actually wasn't able to link my U.S. bank account with them either (for reasons unknown). Dammit once again!
So, I started reading more about Interactive Brokers. Okay, it's still a little scary, but there are positive reports about using them online. I signed up for an account with minimal hassle, linked up my bank account, was able to transfer money over to them, and then successfully bought U.S. shares! Sweet success! Finally!

How to Invest

Part I: Contributing to your IRA
If you do not have an IRA, you probably should, as they are your basic investment option and tax-friendly to boot. However, good luck setting one up as a resident in Japan! Vanguard will happily babysit an IRA you opened prior to leaving the U.S., but they will not let you open a new one with a foreign address. I don't know about other brokers such as Fidelity or Schwabb, but it's probably the same story there.
If you are like me and happen to have an IRA leftover in the U.S., you CAN contribute to it, but in order to do so you must not deduct your Japanese tax on your IRS 1040 or file Form 1116, "Foreign Tax Credit". In other words, you must pay U.S. taxes on any income used to contribute to the IRA.
Refer to your broker for how to actually get the money to them from Japan.
Part II: Investing in U.S. Equity from Japan
Using Interactive Brokers
First, let me tell you a little bit about Interactive Brokers (IB). They are a service mostly used by regulaprofessional traders. The fees are very low and reasonable. However, they have a service charge of $10/month if your commission is equal to or less than $10 USD in that month. This is probably not a problem for people over 25 years old investing with $10,000+ USD, but for people 25 and under with an initial investment of $3000, it's possible you might not make the minimum commission per month. Beware of this fee.
IB lets you fund the account from many different currencies, regardless of what market you are buying (this needs confirmation, but seems to be accurate). So, whether you have a U.S. bank account or a Japanese bank account, you can fund the IB account. You can even fund from both.
IB does not let you invest in U.S. mutual funds. This sounds like a deal-breaker, but it's actually not. You can still invest in U.S. ETFs. This includes Vanguard's total stock market index ETF, total bond market index ETF, etc.
IB has an iPhone app that is pretty good and probably an Android app too. Although, as someone doing long-term investing for retirement, you probably don't need this and don't want to be checking your account too much (refer to /personalfinance as to why).
IB has multiple account types. You will probably see IBLLC and IBSJ. The differences are two-fold: First: an IBSJ is only used to trade Japan domestic equity. You don't want this because you want to trade U.S. equity. Instead, IBLLC is used to trade overseas (U.S. equity). Second: as of 2016, IBJS requires your My Number information, but IBLLC does not. Again, you don't want IBJS, so don't worry about the My Number information.
Open a "Japan Resident Individual Account for IBLLC" account online. This is a lengthy process. Make sure you have the required information.
  • You will need to send info about your current address in Japan, your 在留カード (zairyuu/"gaijin" card), job information, bank account information, and so on. I got confused and sent my My Number card information as well, but this only caused a hiccup in their process and I was told to remove it. Don't submit your My Number information.
  • You need to choose your base currency. Your base currency determines what currency you trade in and receive dividends/money from selling in. I think you need to specify USD here, but not sure. I chose USD because U.S. stocks are in USD and I used my U.S. bank account to intially fund my account. It may not matter, but this needs confirmation.
  • You need to specify that you have trading experience. I forget the actual numbers you need to put into the form, but make sure you put enough experience that allows you to trade ETFs overseas. You can fiddle with the numbers right there in the form, and options open up as you change the numbers. Play with it until it's just right. This part is hazy, and just seems to be some safeguards for IB so that new investors can't sue/blame IB for their own trading stupidity when they lose all their money. If you really don't have any experience trading, IB offers virtual "fake" accounts you can use to play around with trading. I suggest you try it.
After about a week you should have your new account. The next step is funding it, or you may have selected to fund it up front when you created the account so it may already be done. Anyway, the easiest way is to have IB request the wire transfer from your bank. I did this. It was really annoying, but it took about another week or so to go through. Beware that you probably can't start buying right away and need to wait for the transfer to clear.
Congratulations! You're ready to start buying now. Refer to /personalfinance in what to invest in. Remember that you are limited to buying ETFs and a few other things, and not mutual funds (but you can get their ETF equivalents).
Using
TBD... (anyone want to fill this out?)
Part III: Taxes
You need to declare and pay taxes on your dividends and any capital gains you make. Beware.
TBD... (this is arguably the most important part, but I just don't have time to go into it now. Someone feel free to help!)
TL;DR: Open an account with Interactive Brokers online and buy ETFs.
submitted by crab_balls to japanlife [link] [comments]

My investment plan - warning long

My investment plan
Hello all I wanted to share my investment plan here to get some advice and ask some questions. A little background about me I’m married have abo both still in college almost done and I’m 25 both have stable jobs. We have no real debt to speak of. I have been trading in forex for two years never have really loss or gained any returns. But I only invested only $200 just to put a toe in the water. I’m here not to ask for advice on buying a particular stock I know that’s not real welcome, I’m more here to gain more insight and to discuss my investment plan and take suggestions. However over the past couple of months I have grown more concerned of our finical future and began to think more on the lines of short(day to day) medium(5-10 years) and long (retirement) terms when it comes to investing.
The way I’m thinking of breaking my investments down are in three ways:
Long term (retirement)
I’m thinking about doing a Roth IRA account, I do have a retirement account with my employer( that I really do need to check on I have not touched it since I opened it.) I’m not sure which broker I want to go with for a Roth IRA, however I do have a few questions about how the interworking’s work. I plan on wanting this option to be more hand off not much interaction however the most interaction every quarter.
I know you’re supposed to feed money to the account during the year, but how much money do you need to open the account?
Also does the money come from your Check when one gets paid or does one make the despots on their own from there bank account?
Can it also be monthly deposits and can those be variable $50 one month $100 the next month or $0?
Form what I have read its best to choose Index funds and not picking the stocks yourself, the indexes should give your IRA a good diversification. Or how should I invest it. Should I consider a Lazy portfolios like what is suggested here http://www.bogleheads.org/wiki/Lazy_portfolios ?
I don’t want to rollover my current retirement account with my employer is there any negatives to having the retirement account with my employer and opening a Roth IRA and have two retirement account?
I have looked at vanguard since it was recommend by investing for the longer term option, besides there low fees why go with them? I have look at their site they are currently a top contender. Also the suggestion from this thread (http://www.reddit.com/investing/comments/gfr26/i_have_5000_to_invest_but_i_know_nothing_about/ ) seems to be in line with what I have plan.
Medium (5-10) years
For medium term investments I’m thinking of doing dividend reinvestment plans and Direct Stock Purchase Plans. For this I have selected a company and I wouldn’t mind having this money tied up and the stock is cheap. http://www.coca-colacompany.com/investors/shareowner-services one can buy stock from them and the stock you directly hold and one gets paid dividends and they are reinvested. I will probably look at other companies as my capital grows but I was wanting to use Coca-Cola as a starting point for DRP and DSP. What does investing think?
*Day to day * I do have experience in trading the forex market, never have really made anything and I have not blown an account. Here I’m thinking of just day to day trading, I choose forex over day trading stocks because it’s what I already know and placing each trade is cheaper than what I have seen when trading stocks. I know forex seems to be risky however what other day to day investment tool is not risky…. I don’t plan on putting a lot of money here just something to earn extra cash from.
Gold and silver
I also do over time however plan on buying physical gold and silver, I won’t put a lot into this but if the opportunity comes up and the above is being well funded and I have spare income I do plan on buy silver then gold.
High interest online bank
I see this mention quite a bit does investing have a compiled list? Or recommend a online bank?
Summary
So that’s my investment plan and questions. I’m sure some will find major holes in it but if you do all I ask is give your reason and a suggestion. Didn’t expect this be this long, but hey I gave a warning. I don’t expect one person to be able to answer all of these questions, so don’t feel like you have to just if you have something to say or suggest just chime in. If you have any questions just ask. Thanks for taking the time to read.
submitted by Helgi_Hundingsbane to investing [link] [comments]

[These Tips Rock!] BEST GOLD IRA - Need Ideas For Dealing With Gold IRA? Read This

Best Gold Ira Information
The gold market is an exceptional one to enter as an investor. Whether you want to buy or sell, there is always something new to learn. This article contains a great deal of valuable information that you can't trade without. Keep reading to better understand the market and how to take advantage of it.
Use caution when buying your gold. Make sure that you are buying from a reputable seller. You can learn who you can trust by searching the Better Business Bureau website and other resources like it. If you attempt to buy your gold through online actions, pay special attention to the seller's history.
REQUEST YOUR FREE GOLD INVESTMENT KIT
Really look into the reputation of the dealer that you are considering using. Because gold is such a high value commodity, there are a few shady operations out there that are looking to get the best of you. It's your job to make sure that doesn't happen. Research the companies fully.
Precious Metals
Before buying or selling gold, look into the market price for gold for the day. There are daily fluctuations on price for precious metals, so it's important for you to know what the current going rate is. This will help you understand whether the dealer is overpriced or fair in the offers made to you.
REQUEST YOUR FREE GOLD INVESTMENT KIT
Before buying or selling gold, know how precious metal prices work. There are fluctuations in the prices of these metals every day, and you will want to know the current price. You also will have to pay more than melt value, but you will sell below melt value.
Investing In Gold
Bullion is the best choice if investing in gold. There is a great variety of different weights. They range from just under an ounce on up to 400 ounces. However, you may have a hard time locating bars that weigh four hundred ounces.
The price of gold tends to fluctuate over time. It is smart to buy when gold prices are very low and then hold on to it. Don't panic and sell if the price goes up and comes back down. Investing in gold over a long period of time can really end up paying off.
Gold trading is a market where only those in the know survive. Not only that, they are the people who make the most profit as well. Now that you have this great knowledge under your belt, continue to strive to learn all that you can. The more that you know, the better your strategies will be.
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submitted by BrianPoll to RegalAssets [link] [comments]

[Table] IAmA: I am Timothy Sykes: Ask Me Anything

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-04-22
Link to submission (Has self-text)
Questions Answers
So you've managed to be in the green during the years when any idiot could throw darts at a dart board for stock picks and derive gains. What happens when a bear market comes along? LOL I love my haters/doubters, why are u all so inept? I do BETTER IN BEAR MARKETS, I'M A SHORT SELLER YOU MORON! LOLOLOLOLOL.
You also manage less than $4M and only have $1M in your trading accounts right now. I wouldn't trust a lot of the people I know with more than that in their accounts for advice (and neither would they, that's why their money is managed by others). So, what exactly is it that makes you qualified to give advice for long term success for other investors to follow you? I could trade with $20 million and probly make $10-15 mil/year but then i wouldnt be able to teach which i love more.
Do you know the success rate of all of your subscribers as a whole, including the ones that didn't stick through your "program", do you have any stats? Not just the two millionaires? U can see alll my students trades, add up the profits, go fetch, Link to profit.ly
LOL I love my haters/doubters, why are u all so inept? I do BETTER IN BEAR MARKETS, I'M A SHORT SELLER YOU MORON! LOLOLOLOLOL. As a sell-side analyst who has worked on Wall Street for several years and has met analysts and portfolio managers at the largest hedge funds and investment banks in the world, I'd like to ask everyone reading this a question: would you entrust your life savings to a guy who talks like this? Do you think the people at Goldman Sachs or Third Point talk like this? The good thing is i dont manage other people's money, all i do is teach lessons i've learned over 15 years...ignore my rules at your own risk, nobody forces u to learn them...
How did that hedge fund you started work out? I was the #1 ranked short bias hedge fund for 3 years and then tried investing as i got too greedy...overall made 2%/year over 4 years, still #1 ranked in my category, see details Link to tim.ly i accept your apology for your laziness.
I do BETTER IN BEAR MARKETS. Have you traded in a bear market before? Because to me it looks like you started trading shortly after the crash. i could trade with $20 million and probly make $10-15 mil/year. Then why not put more money into your trading account, it's not like holding more than half your in assets in cash is somehow going to improve your awesome performance? but then i wouldnt be able to teach which i love more. If you love it so much, why don't you offer it at a more discounted rate than $1200/year per person? For that much money most people could buy all the best investing books on the shelves. Are yours somehow better than everyone who has come before you? As well, at $1200/year, if you only have 10k in your account, that's 12%/year. For 12% a year you could hire some of the best money managers in the world, or even for a flat rate fee, you could find at least a half-decent financial planner. What advantages do you offer over those people? u can see alll my students trades, add up the profits. After factoring in relative risk, and performance relative to the market, how does this fare? I mean if all your students at so successful why not display that front and center on your page, I'm sure it'd draw in more customers and there would be more faith in your advice. Your own success and the success of a few hand picked students isn't a lot to go on. How do you become a better sprinter, do you ask the world's fastest sprinter, or their coaches? Do you judge these coaches based on the performance of the most skilled students (who likely had an innate ability to begin with), or do you assess them based on the sustained increase in performance across the board, relative to other coaches? Generally the guy with $500k in his bank account is going to have an easier time making 1M than the guy with $5k in his account is. I'm not hating on you, I'm just asking why some of this data hasn't been gathered to show just how successful your students have been, relative to the rest of the people in the markets they've been trading in. go fetch. Are you aware of what selection bias and survivorship bias are? Also have you considered offering a full refund for people who have blown up their account after buying your books? Where do you see your investment future headed with these sizable gains so quick in your short career? Do you think your performance will compare to that of Berkshire Hathaway, or the Medallion Fund in the long term? Yes i've traded bear markets, i made my 2nd million dollars 2000-2002, u have a long comment but u didnt bother researching me so i have no time for lazy people, sorry!
In the wake of Flash Boys, if you could recreate the market to your specs how would you want it? Single exchange? No maketaker? No darks? Trading pauses? Cancel fees? No Internalization? People whine too much, i could care less about HFTs.
Why does google have more scam accusations than success stories when I search your name? Because i expose scams and those scammers spread lies...already sued one penny stock promoter and won, but their skillset is spreading misinformation on the internet so it works well to smear me...but they couldnt stop Link to tim.ly or Link to tim.ly and as i create more millionaires, more people will realize i'm 100% right...until then let the haterade flowww.
I love how so many of the people asking questions here are ~5 hour old accounts...Got a bunch of your students pumping and dumping your AMA too? I just sent the link out to everyone we dont give a crap about reddit, stupid hater.
My question keeps disappearing for some reason. ??? On a $15,000 account, what position size ($) would you risk, max, and what % gain target would you shoot for to minimize risk in partial fills/no-fills? I know this depends greatly on volume. I answered it in long before, no time for double questions.
You are quite the heartless prick. You publicly laugh at all the traders when your short brigade tanks a stock price. Has anyone recognized you in public, walked up and threatened you? Nah actually everyone who meets me is very thankful for my tireless work and EDUCATION...anyone who hates on education deserves to be poor.
Do you want to eventually settle down with a wife and have kids and get out of the spotlight?? And do you ever get tired of the fame? Of course but i never get tired of trading/teaching.
What indicators do you use to find earnings/contract winners? What news sources do you read through? How do you find them? Go watch Link to timothysykes.com
2pac or biggie? Eminem.
If you're so fucking rich why do you need to sell shit? Why did you make this AMA? To get more customers. Those who can't do, teach. Link to www.timothysykes.com
You're a typical lazy, inept hater, u accuse before u do research, sad.
Tim, big fan, love the instagram photos. Quick question, why not use options to position for trades (assuming they are availalbe in a particular name at all), rather than long/short? I've had problems getting margin approval (long story) even though i make six figures a year, so buying calls and puts is where im at right now. thoughts? Less serious question, "on a scale of Moses to Hitler" (Andy Samburg quote), how Jewish do you consider yourself? Favorite brand of coffee? Favorite toy? My stocks arent usually optionable, oh how i wish they were :) i dont drink coffee and no time for toys.
TIM SYKES. If you had a son or daughter, which majors would you want them to study? STEM field? Liberal arts? Other. Pic related: Link to i.imgur.com. College is useless, I'd want them to live and learn in the real world.
How was the conversation with Wolf when you guys ended the little Twitter war? What caused that whole mess? It was me probing whether he was a stock promoter or not and i'm confident that he's just a naive newbie.
Are you familiar with BullsOnWallstreet? What do you think of their trading education, chatroom, and hedgefund? Yah, nice guys but i dont know their teachings/track record, try to get them to post publicly on profitly.
What % of your income is from trading, what % from subscribers/dvds/marketing etc.? Link to mixergy.com
Hi Tim, what advice would you give a new trader with a very small account ~$500. on the best way to grow the account over time? Focus on volatile stocks and realize my top student started with just $1500 and turned it into $1.71 million in 3 years...anything is possible if u study and work ahrd.
Tim, what is the tech analysis software you use in all of your video lessons. Is it thinkorswim? Its Etrade PRO but I don't recommend them -- I only use them as I'm superstitious and have made too many millions of dollars with them over 15 years...Otherwise I'd recommend Link to stockstotrade.co as it has great scanning/screening tools too.
Tim, as happy as I've been with my Silver sub so far, I was a day trader for four years in forex and am a bit burned out on it. But I do love swing and positional trading and have really fallen in love with options over the last six months. Right now I am thisclose to buying Tim Longterm. Do you get a lot of optional stocks in the TL program? Cool yes timlongterm has more optional stocks.
How did you become interested in the stock market? Read Link to timothysykes.com
How has your self-made wealth changed your lifestyle? Yes i live very well now :)
Where do you see yourself in five years? Depends how many millionaire students i can create.
Was trading stocks your first career choice? I never thought about careers, i just made a ton of $ when i was young and liked doing that so i wanted to do it more.
Tim, I've been a silver sub for about three weeks now and have made some nice trades and done well so far, including a sweet +13% on ARTX (would have made more if I'd waited for it to break support). But I haven't seen any of the big-spike penny pumps happening so far. How often do you see them happening? Cool, big spike penny pumps were every day in dec, jan, feb...they'll be back but u just missed the busiest season in 15 years.
How would you invest / what would you buy for $100 ? I'd buy a good sushi lunch for that amount, it's too low for stocks.
How much does it cost to become one of your students? Go look Link to timothysykes.com prices rising soon too so i'd lock in current prices for life if i were u.
I should've clarified, how much is it to become one of your millionaire challenge students? Depends, we offer different options, gotta apply and be accepted first anyway.
Differences between the Tim Sykes Challenge and the silver membership? See Link to timothysykes.com
Do you regularly give talks/seminars at colleges and universities. Would you ever consider coming to a smaller university to give a lecture on stock trading and smart investing? Yes hit up Link to timothysykes.com
What do you think about forex? I just started larning about forex, because here in méxico there is not much information about penny stocks; and As i said before I want to make the amount to take you challenge. Too low odds of success for me to care.
How backed up are your email responses for trader challenge requests? And what is the difference between silver and being accepted into the challenge. And by differences i'm referring to benefits. 75,000 emails or so.
Thoughts on fspm? Below technical resistance so its irrelevant.
When you were growing up Tim, in your teens, did you look into the future and want to be wealthy? Was it a dream of yours to be where you are today or did you decide so much later on? Always wanted to be wealthy, thought i needed to go to a good school & get job on wall street to make it happen.
When you first started out.. How did you handle the stress when you weren't trading? I'm having some crazy up days $12k+ and then when I make a shitty trade and lose $3k I wanna throw something... No stress if u stick to rules...i didnt have rules at first and that was stressful...i didnt have a mentor either...luckily for u with me in the picture u now have both :)
Dear Tim, I have a dream of making an automated trading machine out of your system, I have experience and the trading floor access. In your opinion, why shouldn't it work ? (I can automate: market research, stock picks, technical indicators, risk management, money management etc.) Do it up, i'm sure it would work I just havent had the time and I'm more interested in teaching people to be self-sufficient.
When did you start trading? Go read Link to timothysykes.com and stop being so lazy.
Would you accept a deal to start being your student? I sent an email but i'd like to know what do you think, if the answer is not, it's ok; but i want to know what do you think; No time for deals, only looking for dedicated students.
Any plans to expand the conference / speaking opportunities for you and your other gurus? I loved the Vegas event and think there is a large opportunity for smaller, regional Saturday events. Thoughts? Ha nah in person events are a biatch, focus on online teaching is better.
I have to ask how often do you check twitter for hot news/tips? Also have you heard of Mark Gomes he is more like long term investor. I can't do margin on my ira so lose out on a lot of opportunities when trading. Gotta let the funds settle. I could care less about news/tips, I'm ALWAYS searching for good patterns though.
Amazing call on artx I'm now number 1 in my finance class stock game Nice!
I'm 23 years old, looking for stock investment options. What type of stocks should I be looking at with about $500 to spend? Nothing, forget about investing with $500 and learn trading, watch these free videos Link to tim.ly
On a $15,000 account, what position size ($) would you risk, max, and what % gain target would you shoot for to minimize risk in partial fills/no-fills? I know this depends greatly on volume. I am more aggressive in my trading when my account is small, I'd use 30-50% per play but watch the play like a hawk...for example I shorted ARTX yesterday at 4.50, today it dropped to 3.90...if i had $15k I would've shorted 1,500 at 4.50 and tried to cover at 4ish today to lock in $750 profit...then rinse and repeat and gradually grow the account.
How much money do you have in your checking account right now? I dunno exactly, a few million last time I checked.
How often do you take money out of your trading account to spend? monthly, quarterly, annually or as needed? Annually.
Hey Tim I am a big follower of yours on twitter and am considering purchasing your news letter. I got lucky and got in some marijuana stock in November and pretty much didn't look at it until February when I sold. I quickly found out how lucky I was afterwards by not taking profits on other stocks I had purchased. I was looking for another 10 bagger and quickly realized how rare it is for that to happen. My question for you is what type of percentage gains do you look for before securing profit? Nice, normally i go for 10-30% gains, watch Link to tim.ly
What is the best product on your site to strictly see your stock picks? The best bang for my buck? My newsletters at Link to timothysykes.com but picks do little good without knowledge/education behind WHY I am trading them.
Last one from me. I know you say to not be long before ERs but what do you think about Facebook with their upcoming ER ? Last time they jumped $10 but with the WhatsApp acquisition their stock has fallen back to where it was before last ER. Don't guess on earnings.
You say college is useless, and I agree. What do you think should change in the education system to make it more relevant? I'm doing EXACTLY what i think more teachers and their students should be doing.
What's the douchiest thing you've ever seen? Too many characters needed, basically any Wall Street/Murray Hill party/event.
What would happen if too many people caught on to your short sale strategy? What strategy would you then adopt? I was hoping that would happen when I first got into teaching so I could get more sleep! Sadly only a few people take the time to learn...I also buy and am up 100% in 4 months in 2014 mostly buying too.
Where can I find more information about the event in Harvard? Just moved to Boston. U cant it sold out within minutes but we'll have it recorded for ya!
Thank you for the AMA and your reply. I bought your DVDs recently, but haven't finished. What ratio would you say your income is based on, trading vs. teaching? I ask because I think I would prefer teaching, but I need to learn first. So should I be learning to teach, or learning to just invest personally? Teaching vs trading is something like 10-1...the cool thing is EVERYONE wants to be rich, the sad part is not many are willing to study hard to get there.
Hey TIM, I am a Pennystocking Silver member for about 2 months now and have been trying to figure out what is the maximum size position you can take when long on a stock? How do you know when to buy 100 shares or 100,000 shares? I have been making sure not to buy more than 2% of a stocks daily trading volume, I think I heard that in one of your DVDs, is that accurate? There is no set maximum or minimum, every play is different...just gotta be comfortable and understand your risk/reward BEFORE making the trade and then stick to the rules during the trade.
Any recommendation to control overtrading? Btw I am flying all the way from Miami to Boston to be at Harvard on saturday, someday not too far I will be one of your top students :) As I say in my Link to timothysykes.com DVDs, I try to think of myself as a retired trader who only comes out of retirement for the perfect setups when I know I'll feel guilty missing...otherwise I'm retired ALL the time, understand?
In An American Hedge Fund you mention that you met a trading coach at a large hedge fund you were interviewing for. Later you said you bought all his books. Would reccommend his books/ mind sharing his name? It was Dr. Ari Kiev, sadly he died, but he's written some great books, use Google.
Besides your book that I enjoyed, do you have a few other books you would recommend? Yes go read Link to investimonials.com
How did you know to short it since it gapped down right at open? I shorted yesterday, see my video lesson I sent out mid-day yesterday too.
How long do you think BIOF will stay up before it will start going down? and what is holding it so far? Irrelevant chart pattern, gotta focus on Link to tim.ly patterns if you want better odds.
Tim! Which actress do you think is the hottest? I like Scarlett Johansson a lot! (and thanks for changing my life!) Nobody can compete with my girlfriend :)
Make sure she reads that post ;) I will :)
Who would win in a fight you or superman(supertrades)? Superman, he's strong and fit, I'm overworked and out of shape.
Here's my question: What is your favourite stock? Also you should come into this chat: Link to webchat.freenode.net. It is the official unofficial chat for /wallstreetbets -- a sub which adores your trading style. Thanks for taking the time. Link to tim.ly
Hey Tim, huge fan, ive watched ALL of your DvD's expect for the how to read SEC filings. And i've been following your exact strategy for finding stock picks that you showed in your TIMfundamentals part deux DvD but i never find the same one's that you trade, for example ARTX did not come up on my watchlist. Did you change your strategy on finding stock picks? If so, what's new? Link to profit.ly
Have you ever considered world domination? Nah thats boring, my focus is world education.
I haven't read all about the challenge information yet, but how much is the amount I have to bring in ? Different for everyone first u need to apply and get accepted Link to tim.ly
Can you make a gif animation of you flying to da moon and post it every time you tell us your stock picks? Sure I'll put it on my to do list.
Tim I am I college student and I started trading this year mostly because of your story. I have bought into the company TWD (tweed marijuana inc.) Do you have any suggestions for me? Ps, they're all just haters. Cool, the companies don't matter and TWD's chart is a mess, focus on Link to tim.ly patterns.
Right on, is the Vegas conference going to be a DVD also this year or is that the video you are talking about? BTW can't wait for the conference this year hopefully its the best one yet. Nah brand new DVD going over all the basics.
I'm low on funds so more newsletters or getting equity feed? About the same price so just pick one Data is cheap, good information from newsletters is more useful, use Link to tim.ly sale while its still on.
Hey Tim, I was accepted to your challenge but was unaware about needing $7500 to begin. Any way around that? I think what you do and how you help people is great. I'm guessing you have someone answering your emails so I thought this was the best way. Thanks. Gotta invest in your financial education, my program is a steal given the value of what u learn...skimp out on everything in life, but not education.
To start off, you are my biggest inspiration for trading stocks. That being said, in the future I would love to trade with you like Tim G and your other students in the Maldives or other crazy places you go. I currently trade my own strategies and am making pretty good money. Do I need to become one of your challenge students to hang out/trade with you? Yup Link to tim.ly students get first dibs on everything.
Hi Tim, TimAlerts subscriber here, When you started out with $12,500 what was the lowest your account went to in the beginning, did your ever drop below $10,000 ? Go and look at the first 1,000 blog posts on Link to timothysykes.co i tracked EVERY trade.
Hello Tim, Big fan here & Silver Subscriber! Been watching a lot of your videos and I've read your book. I live in Denmark, so a lot of brokers won't accept me as a customer. Only broker I can find is SureTrader. What do you think? Cool i use suretrader they have shorts every now and then.
Do you lift? I used to, no time now.
Tim! I've been following you now for a while and have learned a great deal from you! I live in Boston and would love to come see your talk! Is there ANY WAY I can get a ticket?? Cool, sorry my Harvard talk sold out within minutes, but it'll be recorded.
What trading platform do you use? Read Link to tim.ly multiple brokers.
What is the best path i should take if i want to be sitting beside you on your next yacht adventure? Apply at Link to tim.ly then study your butt off!
Do you watch game of thrones? If not you should get on it. Yes its great, wish I had more time to watch them all a second time.
What do you think about the wild west of cannabis stock trading and do you think that it stands apart from the internet .com boom since it is ACTUAL product as opposed to a dozen guys in an office? Are they good for long term investments aside from possible law retractions being an obvious danger? Just the latest stock market sector craze, little different from nanotechs, 3d printing oil, gold, ethanol, alternative energy...pump and dump, NOT longterm holds.
How long will your 60% off newsletter be on? I want to buy it but my money is locked up in the market and will take about a week for me to have enough to get it. tia Just a few days more we cant have Link to tim.ly sale last forever!
Thanks for doing your AMA Tim! I currently am a TimAlerts subscriber and saving money to start trading some day as a (succesfull) European student of yours. I saw you are going to speak at Harvard in a few days, will there be a video of it afterwards? Cool yes my Harvard speech will be recorded!
Why are they not longterm holds? because its the early stages of the industries development? Theyre mostly scams and pump and dumps, development my ass LOL.
Any plans on doing a seminar anywhere on the West Coast some time soon? Yes hit up Link to timothysykes.com to be added to the earlybird list.
Question - how did you manage to post losses of almost 40% in '06/07 when the market was doing so incredibly well? I'm a short seller for one and second read Link to tim.ly I detail my losses in depth.
Timothy. My mentor. Why your loosing trades show profit in your page ? 4/10 MDBX $23.25 $22.1 $4365. Tell me how you enter at 23.25 and exit at 22.1 making $4365 in profit please. You have to teach me this magic !! It's called short selling you incredible nitwit.
How much money do you make in a year from your DVDs, trading challenge, and subscriber alerts? Link to mixergy.com
I lost 70% on SPLI, 40% on ERBB, and, 40% on MYEC, and 30% on MINE, should i hold? Sorry to hear, they can always come back, but I wouldn't bet on it...gotta learn my Link to tim.ly rule #1 cut losses quickly.
I'm a college senior. Would you recommend me working at an investment bank or tech startup? Do both, make connections everywhere.
What characteristics do you look for when people apply to your "Tim Challenge?" Dedication, ability to follow instructions, hunger for immense wealth.
How many cars do you have? I have 2, a Lamborghini and Porsche.
Is e-gear hard to drive? I have a automatic setup on my cayman s. Nah its easy.
Can you annotate a chart of any instrument with price action or indicators? Yes.
Tim, you have mentioned you have students from outside the US. Have you recommended them any brokers in particular or do you happen to know witch they use? Trading the OTC seems to be a common problem for us folks outside the US. Any input on this would be appreciated. My preferred Link to tim.ly all accept international customers.
Hi Tim, NEWBIE. What brokerage account do you recommend? Thanks Read Link to tim.ly
Actually didn't know that. Thank you for your time Tim. YES!
Can my girlfriend borrow $500 to adopt her dog? Nope.
Hey Tim, I am a Pennystocking Silver subscriber and newbie to trading, and have been studying your teachings for about a month. Thank you for doing this AMA. In your book you say that the most valuable classes you took in college were micro and macro economics. I am an econ major and am curious as to how you apply econ theory to trading. Why do you value those classes so much, and what is the most important economic concept you apply to trading? Cool always important to know supply/demand, that basically sums up all of penny stocks.
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