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. 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. 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. 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.
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