Today, in our Profit.ly review we'll cover the basics. What it’s about, what it can do, and if it’s for you or not – in simple terms (which is one of the languages I happened to speak).
As a trader, knowing who is behind a product, service or website can add some context and perspective. Hence this Profit.ly review. It's undoubtedly the case with Profit.ly. Because in the trading industry you’d be hard-pressed not to have heard the famous name behind this company. I'm referring to Timothy Sykes.
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. When entering the world of trading, you're bound to come across renowned traders, products, and services.
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…
Tim Sykes is a veteran penny stock guru who became known for making over a million dollar by age 21; trading his $12,000 bar mitzvah money. That was over 16 years ago. What made him more notorious however, is probably his appearance in the documentary “Wall Street Warriors.”
He's been teaching his style of trading for many years via a multitude of media channels. In fact, Sykes is also the brainchild of the StocksToTrade trading software.
He’s the originator of Investimonials, a website dedicated to reviews or 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. Check out our stock market tools page.
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.
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.
In this Profit.ly review let's take a look at what separates it from other companies. Profit.ly is leveraging the concept of social trading. If you’ve never heard of social trading, think of it as mirror trading meets social media.
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).
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.
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. 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.
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.
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.
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.
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. Come and watch our live screen share every morning and shorten your learning curve and become a profitable trader!
Best stock page I've been on. Full of free info and always there to help. Can't thank them enough.Bill W.
So much useful information! I look at it every day.Shirley C.
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