Penny Stock Prophet Review – First Impressions

As I mentioned in my first Penny Stock Prophet Review Post, I hate long sales letters and products that are reviewed by masses of paid affiliates using cut and paste sales text. The goal of this Penny Stock Prophet review series I am creating will be to cut through the crap and tell you how the Prophet’s system works and let you know if it can make you money. If his system is good, I’ll let you know, and if it stinks, you’ll get the truth.

As promised, few days ago I signed up with the Penny Stock Prophet.  The sign up process was very quick and easy and I immediately received a welcome letter explaining that his tip list would come out each night and not to expect new picks every day.  He stated 3 to 4 new picks per week are the average. He also said that his system requires some patience.

My first nightly tip sheet had 4 previous picks and no new picks.  He gives the optimum entry point and a target exit range.  This is nice because if it works you don’t have to think.  Using Ameritrade I buy the stock picks in his “buy” range, then set up conditional sell orders ( a stop loss and a limit sell ) and now I only need to peak at my stocks a time or two a day.  The theory is then the stock will sell in his target price range and you can make a nice profit.  It is clear that this is not day trading, you buy, hold and wait for your gain, which is less stressful then watching every tick of a stock on a chart all day.  Of his 4 picks I purchased  $500 in shares of two.

The next day, the tip sheet had the same picks.  I am about even on one stock and up about 5 cents on another but not near the sell for a loss or profit point.  After dealing with Tim Sykes, James Connelly (the Prophet) seems like a real nice guy.  He explains his trades in a simple manner and tells you exactly what to do without making you feel like an idiot.  However, whether his picks are good remain to be seen.  I’ll happily be treated like a dog if a guy gives me great stock picks.

If you like long sales pages, you can view the Penny Stock Prophet’s website here.

 

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