Shorting spikes – this pattern is slightly riskier than the first two patterns so it requires more experience.Otherwise, it’s like catching a falling knife. When dip buying panics you should prepare to cut losses short if the trade goes against you. If a stock drops significantly in the morning and is oversold, it could bounce back strongly so you can capture a quick 20-30% gain. Dip buying huge morning panics – whether it’s an overall market or sector panic, there are always great opportunities to dip buy intraday panics.This is a significant shift in momentum where those who are long will exit their position causing the price to drop.
You wait until the stock’s momentum slows down and short sell the company on the first day it turns red.
Boring repetition is the best way to learn patterns. Steven has notes and drawings of charts on the wall to drill these charts into his brain. From the picture above of his trading desk, the attention to detail is immaculate. Basing trading decisions on data allows him to stack the odds in favor. This gives him the ability to discover which patterns work the best in a specific time frame. Similarly to Grittani, Dux is very analytical and claims to have thousands of excel spreadsheets tracking dozens of chart patterns. In particular Dux followed Tim Grittani and cites the Trading Tickers DVD as a huge inspiration. Although he started off studying with Sykes, he later learned a great deal from Michael Goode, Mark Croock and Tim Grittani, all mentors within the Millionaire Challenge. The main reason for Steven’s rapid progression is the extreme dedication and willingness to invest in himself. Since bursting onto the scene, young aspiring traders have been bombarding Dux with messages hoping to discover the secrets to success. Sykes has also interviewed Dux multiple times to share his story and inspire new traders. Sykes likes to promote him because he’s a prime example of someone who has implemented his strategies to become a millionaire.
His ability to handle pressure must be off the charts!ĭux is now one of Tim Sykes’ most successful students along with Jack Kellogg and Tim Grittani. It’s crazy how he managed to finish his degree and find enough time to day trade volatile penny stocks. After a few months, he took the plunge and paid $5500 to join the Millionaire Challenge program. At first he was skeptical of Sykes because of his flashy trader lifestyle on Instagram but decided to sign up for Pennystocking Silver. In search of a mentor he discovered Tim Sykes online and went on to become one of his top students. During his studies he opened a trading account and quickly became obsessed with the stock market, reading all the best books he could buy at a nearby bookstore. Born in China, Dux moved to America as an exchange student to study environmental engineering. Steven Dux (Xiuxian Du) is a day trader with a net worth of $5 million, infamous for turning $27,000 in $9.3 million in four years with penny stocks.