Starting from the Bottom Tim Grittani Interview
The Tim Sykes interview started by looking at the past six months of the year. It was a great start for 2019 for Tim Grittani who took time off for a new family member. He took off April and some of May from his daily trading and still made $1 million. He back to full time back in June. Coming back was a little difficult as he forced some trades at times but it did not lead to any large losses in June. He called the June loses “Paper Cuts”, $40,000.
He was able to finish off June in the green (profitable). He updated the site Profit.ly at $8.4 Million overall gains. His best period was a $160,000 week in July. Now his total lifetime overall profit is at $8.5 to $8.6 million.
Grittani discussed dealing with emotion as a life long battle regardless of the amount of time or money earned. It has become easier because the huge losses no longer happen, he added. After his last big loss he sized down and had to earn the right from himself to size up again. Sykes loved this process. He also utilizes a mistakes journal. He would log anytime he got stubborn or played too large or broke some key rule. He would look at the totals for the month in the journal.
Sykes likes to also log his successes so he can find mistakes there also. Like getting out too early or being too aggressive. He likes to look at the progress and the long term outcome. Grittani turns off his profit and loss column while he trades which is something Sykes is unable to do. He focuses on the long-term plan and not the daily results. He thinks in weeks or months. And is able to notice mistakes easier.
After a bunch of wins or losses, he doesn't think about the number of days/trades in a row he is green. ”Don't worry about getting back to break-even on a trade.” Grittani said. "It's a marathon and not a sprint." Sykes added, They both agreed to trust the process, think longer term. In summary, to make life changing money its going to take 2 years. You have to wait for trades to come to you.
with a successful trade like TTCM there was some room for improvement.
Perfect trading setup:
Grittani likes Really low float, on a listed stock, that is having a break out. They both agree that the biggest trend in 2019 is Low float runners that get crushed right back down. BPTH is an example. Does not happen very often. And the valuation does not matter when there's a giant short squeeze. Some traders try to rationalize and stay in but that’s a mistake. You never know how far a stock is going to go.
Grittani admits that he is into boxing a trade which leads Sykes to blow up. Sykes brings up DRYS which went from 5 to 119.
Grittani then reveals that there is No outline for Trading Tickers 2. And that It might happen sometime but nothing planned right now. Sykes points out that There are 40+ archived webinars available of Grittani. And the webinars are still relevant as he still trades the same patterns/setups. The breakout of a squeeze looks the same, they are just running longer now.
Bitcoin trades like OTC.
Grittani won’t trade Bitcoin as He doesn't want to trade something that trades 24 hours a day. But the trading patterns are the same as stocks. And the volatility is attractive to Sykes. But he warns to Be really careful because of scams, regulation, dying brokers.
Getting started: paper trade before you trade.
Grittani suggests paper trading before you start to trade a real account. For him it was choppy at first. He overtraded. Wanted to trade every day. Sykes says to never follow an alert. The alerts that are sent out are for study purposes and not trade suggestions.
Grittani got caught trying to do too much but was still learning and watching videos. He lost his whole account when he first started. But he looked at his trade data and discovered that he was buying breakouts well and buying promotions. So he started back up with another $1500. Waited for his 2 good setups and started to do well. Sykes added that most people that have losses want to quit.
Grittani says that he just focused on those two setups. He felt like he had the answers to his bad trades so he could keep going. One tip is to not be in a stock that might get halted by the SEC, also known as a halt risk. But he had a string of 6 figure losses even after having success. The losses kept getting smaller but the pain was bad. That's when he sized down.
You need to do more than three trades before you come to any conclusion on a setup, both men reveal. Try 20 times Grittani suggests.Track the data on a trade and discover what needs to change for the setup to work. An example was the time Grittani was limiting his risk too much on breakouts but when he widened his risk then he was still in the stock when it ramped up. You have to adapt he said, you have to collect the data, you have to look at the data, and then you have to adapt. It's never ending.
Starting From the Bottom - Tim Grittani Interview