Financial educator and penny stock trader Timothy Sykes discusses John McAfee and MGT Capital with host Nathan Latka.
Assertion Not checkable as stated
Sykes: Made $20M teaching in 2015, but only $100K from trading
“Roughly twenty million and trading profits were the same, roughly a 100,000 dollars because I trade with such a small account.”
Opinion
Sykes: Early 2000s Penny Stock Trading Strategies Still Work Today
“Yeah, they still work. You know, I trade penny stocks. They're very volatile. They're very scary. You know, not as much as in 1999 and 2000 when I got started in the right time at the right place, you know, during the bubble, but there's still a lot of volatil…”
Assertion Not checkable as stated
Sykes: Multiple Students Turned Thousands Into Millions
“Now I have actually a few millionaire students who have turned a few thousand into a few million already too.”
Assertion Not checkable as stated
Sykes: I Have Received Death Threats From Penny Stock Promoters
“I attack promoters. I've gotten death threats.”
Assertion Not checkable as stated
Sykes: Turned $12,000 Bar Mitzvah money into nearly $2 million
“And I screwed up all their plans by turning the 12,000 into nearly two million in my first four years.”
Insight
Sykes: Penny stock scams are built to pump for insiders to cash out
“Shorting, even if you're betting against a total scam, is very scary, because scams, you know, are meant to go higher, so that the insiders can profit either by selling insider shares, or by doing a financing at inflated prices, and then paying themselves ridi…”