Tim Lento’s Million-Dollar Milestone: Key Takeaways
- The chance cable TV encounter that started Tim Lento on the road to million-dollar profits*…
- How he spotted a social media pump that made him over $432K on a single trade*…
- Key lessons from a short seller on passing a BIG trading milestone…
I’m excited to announce a new millionaire Trading Challenge student named Tim!
To tell you the truth, having two millionaire students named Jack (Jack Kellogg and Jack Schwarze aka Jack #2) was making me nervous.
I’m kinda happy that there are more millionaires in the Tim camp of the Trading Challenge community now — myself, Tim Grittani, and most recently, Tim Lento.
Joking aside, this milestone announcement is extra special. Lento, who you may know as a Challenge chat moderator, was actually one of my earliest students. He discovered me before I even created the Challenge!
Now, he’s passed $1 million in trading profits.* Keep reading to learn how this longtime short seller did it.
Please retweet & congratulate one of my oldest students turned masters and chat moderators @TimLento on his awesome $400,000+ profit on $SNTG here https://t.co/uKsaQXqpUd putting him at nearly $1.4 million in total trading profits & pushing him over the big $1 million milestone!
— Timothy Sykes (@timothysykes) July 26, 2021
Tim Lento: An Early Adopter of the Trading Challenge
Lento discovered me in 2006 — before the Trading Challenge even existed.
He’d just started pursuing his MBA. He happened to see me on the TV show “Wall Street Warriors” while hanging out with friends who had cable.
That’s when he started following my blog and my trades. (I post ALL my trades publicly.) When he saw my results, he started to get extremely interested in stock pumps.
He followed me the entire time he was in school. Then, when he graduated in 2009, he decided to pursue trading full time.
Bag-Holding, Mistakes, & Exploding Accounts
Lento, who focuses on short selling, had saved up $25,000 so he could start his day trading career over the PDT.
It wasn’t as easy as he thought.
He admits that he did “everything wrong,” including one of the biggest newbie mistakes — holding and hoping.
Lento made it about a year as a full-time trader. But ultimately, a catastrophic loss all but drained his account. Left with about $3,000, he had to get a day job.
A Necessary Attitude Adjustment
It was a blow to have to get a “real” job. But the big loss and lifestyle change forced Lento to shift his mindset about trading.
He joined my Trading Challenge and started studying while working full time.
Because his schedule was limited, he narrowed his focus to a single strategy: OTC pumps. He started trading again with a smaller account — about $12,000.
He got in trouble for trading while working. His employer told him to stop. He didn’t and ended up getting fired!
Luckily, his account was beginning to move in the right direction.*
He still experienced a few big losses, but overall his trading had changed in a profound way.
Lento now had better focus and understood what worked for him. He was finding consistency by sticking to one strategy and not diverting.*
Tim Lento’s Favorite Trading Resources
Lento’s a huge fan of the DVDs “PennyStocking Part Deux” and Tim Grittani’s “Trading Tickers.” He says he rewatches them every few years.
It’s easy for traders to lose sight of their goals. And for him, rewatching these DVDs helps bring things back into focus.
Hosting Trading Challenge webinars also helps him continue to learn. It forces him to study past trades and stay on top of what’s going on in the market.
He’s also inspired by the Trading Challenge community.
Lento believes that the ever-expanding body of educational resources and mentors involved in the Trading Challenge seems to be helping students find success faster.
For example? Jack Kellogg, who exploded in 2020. Jack’s now up over $8 million in trading profits*…
Tim Lento’s Trading Strategy
From the beginning, Lento has mainly been a short seller. He mainly focuses on OTC pumps. But pumps have shape-shifted over the years, so he’s had to adapt.
Years ago, pumps started with emails or mail flyers. But things are different now.
Most pumps are born on social media or in chat rooms these days.
In fact, Lento’s last two big trades were the result of outsmarting a social media scam.
The scam involved attractive women contacting traders through a messaging app. They’d flirt and make suggestions that they had insider knowledge about particular stocks that were about to explode.
They were probably fake accounts and probably chatting with hundreds of traders. But enough people fell for it…
The stocks would go up for a short period then inevitably crash.
Recognizing these as pumps, Lento would take the difference between the high of the day and the crashes.
It resulted in some insane wins, like his $432,242 profit on Sentage Holdings Inc. (NASDAQ: SNTG).*
These sorts of scams are few and far between, but he’s ready when the opportunities come along…
Regardless of how a pump plays out, Lento looks for stocks that have gone parabolic. He uses the moving average as a guide. If a stock gets too far from it, he knows it’ll likely pull back in the next few days.
If the pattern doesn’t work out, he gets out of the trade. He’s not right all of the time, but as you can see from his Profit.ly stats, he’s got a roughly 80% winning average*…
Parting Words
If there’s one thing Lento wants to pass on to new traders, it’s the importance of discipline and focus.
“You have to get over that feeling of ‘I have to trade all the time.’ You have to be disciplined, stick to your strategy, and know in the back of your mind that trades will come when the time is right,” he says.
He suggests using spreadsheets and tracking your trades to figure out what strategy works best for you. Then, have the discipline to stick to it and CUT LOSSES QUICKLY quickly when needed.
Remember, trading is a marathon — not a sprint. Tim Lento’s journey has been long, and it’s had its ups and downs. But he’s stayed focused and stayed true to his process throughout the years. Now, he’s got an incredible milestone to celebrate. Congratulations to another Tim millionaire!*
Will you follow Lento’s lead and find a strategy that works for you and stick to it? Leave a comment below … and be sure to congratulate him on his milestone!
Disclaimers
*Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed are exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
It takes years of dedication, hard work, and discipline to learn how to trade. Individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose. I’ve also hired Tim Lento and Jack Kellogg to assist in my education business.
The post Discipline, Perseverance, and Crazy Pumps: Tim Lento’s $1 Million Trading Milestone appeared first on Timothy Sykes.
Original source: https://www.timothysykes.com/blog/tim-lentos-1-million-trading-milestone/
