You can start with $500, $2,000 or $5,000 ($500 is the minimum) but to avoid the pattern day trader rule you will need to setup an account with an off-shore broker such as SureTrader. When the stock promotion ends and there are no more buyers the music stop and share price collapses.
As everyone knows he eventually turned this small sum of $12,000 into well over $2 million by trading thousands of crappy penny stocks by the time he had finished college at Tulane University. I personally don’t think Timothy Sykes is a scam and anyone who says otherwise is just ignorant or have not joined his alert service.
Another option is to open more than one brokerage accounts and split up your money so you can trade more. It is difficult to grow an account with the PDT rule, which only allows you to trade 3 times a week. Now that more traders have found Tim’s strategy competition has increased and it is alot harder to find shares to short of stocks.
Interactive Brokers has the single worst customer service of any company, financial or otherwise, that I have ever dealt with and if you have any issues with trades, executions or software glitches, expect them to screw you…because they only care about their bigtime hedge fund clients, not about anyone with less than $1 million and certainly not anyone with less than $100,000.
When there’s a great time to short a certain stock there are no shares to short, but when the pump and dump is over there are plenty of shares to short.
Tim gets the best shorts because him and some of his students use a high net worth broker where the minimum is $30,000.
Speedtrader is another online discount broker I use for my long positions as they are competent and their commissions are extremely low. Joking obviously & not encouraging you to lie, but just walk into any bank, most likely easier if you have an account there, and ask them if you can use them as a reference for a new brokerage acct that you are starting.
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