Everywhere you look online there are gurus and more gurus telling you how to get rich. Some of them are believable because they will admit that you will not get rich overnight, but others seem to broadcast how many millions you can make if you just follow their lead.
There are some scams out there, and you should be careful before you spend any money on training let alone on the money-making promises you are being offered. But, what about legitimate sites that do offer honest training and give you the potential to put wealth into your own hands?
One such website is an online trading service called Profit.ly. It offers courses in trading, as well as trade analyses, chat rooms, forum and other features. Some people call it a scam while others call it a legitimate place to learn how to trade penny stocks even without any experience in stocks at all. This review is aimed at being truthful so that you can decide if Profit.ly is worth your time.
The site is the brainchild of a well-known penny stock success, Timothy Sykes. He originally had a television show called Wall Street Warriors. There, he honed his teaching abilities. He eventually developed the trading platform, Profit.ly, to share educational videos, actual trading rooms and other services with a view to trading penny stocks.
The site grew to have over 100,000 students taking the courses and trading in real time with professional traders using the leaderboard layout. Users have to be subscribed to view this information. Once subscribed, they can also post their own trade results and link up to their own trading accounts to keep track of their performance.
The website claims to operate on transparency and does not tolerate liars. Anyone that feels any trade is fake is encouraged to click on the aptly-named Madoff button. This sends the information over to investigators. It should also be mentioned that users can access general trade information by signing up without paying for a subscription. Non-paid subscribers cannot view what stocks are actually being traded by the website’s gurus.
The fact that users can try the website out for free points to it not being a scam. However, some people feel that this does not get Mr. Sykes off the hook. He still claims to be a millionaire penny stock trader, but many people have discovered that he does not trade at all. This is disputable.
Those who do not advocate him and his website training claim that he is only getting to be a millionaire because of offering the classes online to his students. He is getting rich from people believing in his training. Critics argue that there is no way anyone can get rich off his training because the scheme he has going will not let anyone earn the amounts of money he claims that they can earn.
The website only has so many stock niches to trade. It also does not have the support to deal with his 2000 students. While the site claims to have hosted hundreds of thousands of sign-ups, it only takes on 2000 at a time for training.
It is also hard to find out how much money any of his students have earned. While the website offers training and does so with the help of seasoned professionals, it may not send every subscriber to the 1 percent of the population. It is hard to find any subscribers who are as wealthy as Mr. Sykes or his sidekicks, Superman, and other big-shot trainers. Still, for the price of the subscription, you can get trained to trade penny stocks.
Click here to read the full Profitly review by Trading Review.