Profit.ly Review

Profit.ly Review 2024

8 min read

Today, in our Profit.ly review, we’ll cover the basics and give you the low down on Profitly. What it’s about, what it can do, and if it’s for you or not – in simple terms (one of the languages I happened to speak). The creator is Tim Sykes, a veteran penny stock guru who became known for making over a million dollars by age 21, trading his $12,000 bar mitzvah money. That was over 16 years ago.

As a trader, knowing who is behind a product, service, or website can add context and perspective. Hence, this Profit.ly review. It’s undoubtedly the case with Profitly. In the trading industry, you’d be hard-pressed not to have heard the famous name behind this company. I’m referring to the man, the myth, the legend, Timothy Sykes.

Profitly Website Review

Profit.ly, created and owned by Tim Sykes, is an online trading community that leverages the concept of social trading. If you’ve never heard of social trading, consider it: mirror trading meets social media. Many popular and recognizable traders use the Profitly platform and have built big names and brands. Well, it’s a rainy day here, and even if it’s not where you are, it’s a good day to check out this Profit.ly Review. You will encounter renowned traders, products, and services when entering the trading world. It’s just the nature of the world of trading.

This is a reason I like reading reviews. It’s a quick way to get an introduction without the lengthy promotional text featured on the product’s website. In life, they say it’s better to hear it from the horse’s mouth. However, on the web, you can’t always trust the horses! If you do, you may get a mouthful…

What made him more notorious is probably his appearance in the documentary “Wall Street Warriors.” He’s pretty much a household name in the trading world now.

He’s been teaching his trading style via many media channels for years. Sykes is also the brainchild of the StocksToTrade trading software. He’s the kind of guy who keeps busy and always has an iron in the fire, and for that, he deserves a little respect. Tim’s the originator of Investimonials, a website dedicated to reviews of financial products and services, from brokers to newsletters.

He’s also the co-creator of Profit.ly, where individuals can show and document some or all of their trading activities. 

COMPANY
Trade Ideas Logo TrendSpider Premium Partner Benzinga
DESCRIPTION Trade Ideas provides powerful tools like real-time market scanning, AI-driven trade signals, customizable alerts, advanced charting capabilities, and time-saving data visualization TrendSpider is the most robust all-in-one trading platform on the market today. Uncover strategies, pinpoint opportunities, analyze assets, and time trades like never before Benzinga allows traders to profit with actionable stock news, trading signals and alerts, A streaming platform with all the information you need to invest smarter today
HIGHLIGHTS

Profit.ly Review Breakdown

Sykes said that the service was created to establish public track records for successful traders to prove themselves and for other traders to learn from them. In principle, Profit.ly provides transparency to an audience interested in learning from the trading gurus.

For example, the site members can link their online brokerage accounts to track their trading performance. As a result, we’ve done this Profit.ly review and set out to cover the details.

According to Sykes, the original goal (back in 2011) was to create a crowdsourcing platform for other trading gurus like him to emerge and solidify themselves as an expert in their trading style.

Profit.ly became a turnkey marketing platform with a back-end for said gurus to sell their services and products. What Profit.ly does is very similar to what the online marketplace of investment talent Covestor.com was designed to do.

Tim Sykes was a highly-rated trader on Covestor before Interactive Brokers acquired the platform. Check out a list of the top trading companies. Also, here’s a list of the top free stock trading brokers.

Profitly Dashboard

Not a Broker

Profit.ly is not a broker, although the platform can connect with multiple brokers. Hence, it can display the actual trade records. However, what isn’t so great is that it is also possible to be selective in the information being presented. The goal of Profit.ly was to let everyone see the wins and the losses of other traders and to create transparency within the trading world.

Although the platform allows doing that, no guarantee exists that anyone shows all their trades. There is a possibility that some hide their more significant losses to maintain positive results. As a result, they possibly attract or keep followers.

Nonetheless,  since 2011, Profit.ly has launched the careers of famous stock market trading leaders and teachers, often called gurus. Many of them have left to start their trading chat room service. There seems to be no shortage of chat rooms to join these days.

What Makes Profit.ly Different?

In this Profit.ly review, let’s look at what separates it from other companies. A social trading network or platform allows individual investors and traders, regardless of experience, to emulate the transactions and copy/mirror the trades made by one or more professional traders who are members of the same network. What makes Profit.ly different is that the platform is also designed for journaling trades.

As a result, analyzing and measuring trading performance can help determine what strategy gives an edge and an expectation of consistency. You can obtain actionable information to improve your trading.

You can do this anonymously at the right (paid) membership level (watch us do trading live daily in our trading rooms). People find value in seeing what people are trading and understanding why. This is why the Bullish Bears teach the why part of trading so passionately.

Pros

In this Profit.ly review, we discuss what they do. Thanks to the Profit.ly Leaderboard, you can consult stats about the performance and rating of traders, brokers, tools, tickers, trades, etc.

The platform has well over 100,000 members who can contribute this information. Here are some examples of what the Leaderboard can show:

Top Verified Winners, Most Believed Traders, Most Madoffed (lying?) Traders, Most Karma’d (lucky?) Traders, Most Popular Tools, Most Popular Brokers, Top Performing Tickers and Most Popular Trade.

There’s a lot more, but you get the point. It can be interesting to see how your peers are doing with the same stocks you’re trading, for example.

Cons

With Profit.ly, as a trader, you can copy others by looking at their track record of trades and performance or by interacting with them inside the platform.

This approach to trading has been known to create pump-and-dump situations. If a popular, well-watched trader enters a trade, and the horde finds out, they rush in.

People follow, and then the big dogs sell. The stock crashes, leaving you (or someone else) holding the bag or selling for a big loss. Tim Sykes himself has often been criticized for this.

The website also offers multiple trading courses and access to chat rooms, but they are sold separately. It’s not cheap. It is easy to get lured into buying trading sessions and chat room services when you believe you can duplicate the incredible results posted by other members.

However, the disclosing of the success and failure of all trades is a voluntary matter. This means you can choose to show only your winning trades…

Profit.ly Pricing Review

Tim Sykes Millionaire Challenge is a VIP service that gives the secret trading strategies he’s become an expert in. This service costs $197 per month.

Who Is the Ideal Customer?

If you think you have what it takes to be a guru, a membership will permit you to document your skills. After all, it was the original concept of Profit.ly – to leverage those track records to sell memberships and trade alerts. The theory is that mirroring someone else’s trades removes the stress of making trading decisions.

It can also be helpful for new traders using a simulated account (paper trading)—this way, one can learn how to execute trades accurately. And, of course, understand the mechanics and logic behind each trade over time. You’ll learn something as a member.

Final Thoughts: Profit.ly Review

Journaling your trading activities is an important step to becoming a profitable trader. In short, education comes first, then practice. No one can argue with the power of watching live trade planning using technical analysis.

With the Bullish Bear’s honest approach to learning and profiting from the stock market, you, too, can become a trading guru.

We stream several times daily and have live trading, education, and a learning environment. Come and watch our live screen share every morning, sho,rten your learning curve,, and become a profitable trader! Thanks for reading our profile review, and stay green out there!

Frequently Asked Questions

Investors cannot purchase shares of Profit.ly because the company is privately held.

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