"I think it's mainly for people who are gamblers," said Sykes, who taught himself all about trading. This is not a strategy for your retirement accounts. Related: What does it take to be wealthy? $5 millionīut Grittani and Sykes both go out of their way to point out that trading in penny stocks is not the same as long-term investing. The key is to buy them ahead of the crowd," said Grittani. "That's the kind of volatility penny stocks have when they are promoted. (Amwest Imaging has since changed its name to Intertech Solutions, trading under the symbol ITEC.) But that was enough to book a 70% gain, or $2,000. Figuring that it would eventually collapse, he sold his stake within 10 minutes. But within six months, Grittani made his first big winning trade.Īfter receiving an e-mail about what he felt was a pump-and-dump scheme targeting Amwest Imaging, Grittani plowed $3,000 into the company. He spent a few months learning about Syke's theories and eventually started trading. Grittani scoured the internet and eventually came upon Syke's story. "But within a few weeks I lost half my account and decided I needed some outside help." "I started by opening an account with $500 to see what I could pick up on my own," said Grittani. But he lost all of that over the course of a year and decided he needed to quit gambling. He had some luck, including a $9,000 win from a sports bet.
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Grittani first learned about Sykes in early 2011, when he was a senior finance major at Marquette University in Milwaukee.Įarlier on in college, Grittani played poker and made wagers on sports games to make money.
For the past five years, Sykes his been teaching his strategies through the sale of instructional newsletters and video lessons. Grittani learned about penny stocks from Tim Sykes, who is famous for turning his Bar Mitzvah gift money of about $12,000 into millions by day-trading penny stocks while in college. Though he didn't benefit from the entire plunge, Grittani walked away $8,000 in ten minutes. Sure enough, the stock tumbled almost 60% in the span of 23 minutes. Last Monday, Grittani detected that the stock was losing momentum, and he felt that at the very least a small pullback was imminent. Grittani had noticed shares of a company called Nutranomics, which trade over the counter under the symbol NNRX, had shot up due to what he felt was the manipulation of scammers: the stock had tripled in just a month. When investors short stocks, they borrow shares and sell them with the hope of buying it back later a lower price and pocketing the difference. In fact, the trade that officially pushed the value of his portfolio over $1 million was a short bet against a company that had been the target of a pump-and-dump scheme.
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He knows what to look for and recognizes how to make money out of pump-and-dump scams without doing any pumping or dumping himself. Once the stock price is artificially pumped up by all the talk, the scammers sell their stake, leaving unsuspecting investors with big losses.īut Grittani has been able to profit because it's such an inefficient market. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.Plus, penny stocks are notorious for being part of so-called pump-and-dump schemes, in which scammers buy up shares and then promote it as the next hot stock on blogs, message boards, and e-mails. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund.
FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate.
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