What Do They Do?

Sykes himself 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.

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

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 actually a highly rated trader on Covestor prior to the platform being acquired by Interactive Brokers. Check out a list of the top trading companies. Also, here’s a list of the top free stock trading brokers.

What Makes Them Different?

In this Profit.ly review let’s take a 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 to find out what strategy gives an edge and an expectation of consistency. You can obtain actionable information to improve your trading.

At the right (paid) membership level, you can do this anonymously (watch us do trading live each day 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 apparently has well over 100,000 members that can be contributing 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, you as a trader can copy others, either 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) holding the bag, or selling for a big loss. Tim Sykes himself has often been criticized about this.

The website also offers multiple trading courses, and chat rooms access – but sold separately. It’s not cheap. It is easy to get lured into buying trading sessions and chat rooms services when you’re led to believe that 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. Meaning you can choose to only show your winning trades…

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; to create transparency within the trading world.

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

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

Who Is the Ideal Person for This?

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 being that mirroring the trades of someone else 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, over time, understand not only the mechanics but the logic behind each trade. You’ll learn something as a member.

How Much Does Profitly Cost? (Pricing Review)

• Profitly Tim Sykes pricing is $74.95 per month for Tim’s Alerts and $149.95 per month for “PennyStocking Silver”. “Tim’s Challenge” is one to apply for. Paul aka “Superman is $147 per month for Superman Alerts and $247 per month for Superman Pro. The “Analyze Your Trades” pricing is $74.95 per month for “Pro”, $49.95 per month for “Trader” and $29.95 per month for “Novice”. There is a store available to buy products as well.

If you are worried about your stock trading education budget being limited, Profit.ly premium services may not be for you. I’ll let you be the judge – see pricing here. Note: Training is not included. Visit the Profit.ly store to get more pricing info on the training available.

If you’re looking for a trading journal and trades analysis combined with trading chat rooms and trading courses, Profit.ly will deliver. I have personally designed my own journal using Excel. There are free templates all over the web if you ask your buddy Google.

How Much Does Tim Sykes Millionaire Challenge Cost?

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

Journaling

Journaling your trading activities is an important step on the road 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 Bears honest approach to learning and profiting from the stock market, you too can become a trading guru.

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