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What is Profitly?
Profit.ly is a popular social day trading community that combines performance tracking, trader and guru leaderboards, networking, transparency, and crowdsourcing into one user-friendly platform. While a Profitly subscription doesn’t give you access to Tim Sykes’ trading courses, video lessons, chat room, and other educational resources (see our review of Pennystocking Silver if that’s what you’re looking for), it can still be an extremely helpful tool for training — it’s a different type of learning platform that allows you to keep close tabs on your own performance and learn from other members.
For those who are interested in buying a Timothy Sykes DVD, the site also serves as a home base for his numerous trading courses and newsletters.
In this Profitly review, we’ll take a look at what’s included with a membership, how Profitly can improve your trading, the pros and cons, subscription costs, and who it’s ideal for.
|Included||Trade tracking and verification, leaderboards, trader networking, trade analysis, ability to follow other traders’ activity|
|Coupon Code||No discount code currently available
Profit.ly is the brain-child of Tim Sykes, the world’s most well-known penny stock trader who rose to notoriety after turning $12,415 of his Bar Mitzvah gift money into more than two million dollars. Over the years, Sykes has run a hedge fund, founded multiple charitable organizations, written books, and built a trading education empire, mentoring students from all of the world.
It’s no secret that the world of penny stock trading is filled with scam artists, and Sykes’ vision was to bring some desperately needed transparency to the industry. Profit.ly puts the performance of its users out there for all to see, giving you the ability to vet the performance of a trader or guru before you choose to learn from them.
What's Included in a Membership
There are a number of useful tools included with a Profit.ly account and in this section of our review, we’ll take a look at each of these features. For the most part, the website is very straightforward and you’ll quickly learn your way around the platform after logging in for the first time.
One of the most important things that a profitable trader does each day is tracking their performance. Keeping detailed stats of your trades gives you valuable insights into your strengths and weaknesses, and Profit.ly has a robust tracking system that takes care of everything for you.
Profit.ly provides in-depth analytics for all long and short trades and gives you an organized, easy-to-read summary of the following statistics:
- Total net profit
- Gross profit
- Gross loss
- Profit factor
- Total trades
- Percent profitable
- Winning trades
- Losing trades
- Average trade net profit
- Average winning trade
- Average % gain
- Average losing trade
- Average % loss
- Ratio average win to average loss
- Largest winning trade
- Largest losing trade
- Largest winner as % gross profit
- Largest loser as % gross loss
- Maximum consecutive winning trades
- Max consecutive losing trades
Having all of this data available at your fingertips is a valuable asset and reviewing it regularly can help you realize your full trading potential. Are you taking on too much risk? Struggling with a losing streak and need to make some tweaks to your trading system? The trading intel provided by Profit.ly’s account statistics tracker can provide the answers you’re looking for.
It goes without saying that a trading community’s “transparency” is only worthwhile if the trades are verified. While Profit.ly doesn’t require trading activity to be verified, it’s an important thing to do if you want to have credibility within the community. Members who choose not to verify their trading activity can be “Madoffed” by other users who question their legitimacy. Profit.ly even has a “Most Madoffed Traders” leaderboard that ranks the members with the most negative votes.
Verifying your trades on the website is easy and the platform can simply be connected to your brokerage account for automatic verification. Simply choose from the list of supported brokerage accounts and enter your login details — the software takes care of the rest.
How To Verify Trades On Profit.ly [VIDEO]
Each Profitly member can share blog posts, watch lists, and videos with the community. Reading and watching market commentary from other traders can be a helpful thing, but it’s also beneficial to the poster as keeping a detailed journal allows you to review your mistakes and improve weak areas.
Another popular feature of the website is the Leaderboards page which ranks traders in the community based on several factors. This area is a tremendous resource, particularly for beginners who are searching for the best traders to follow (and who not to follow).
Profit.ly currently publishes the following leaderboards:
- Most Madoffed Traders
- Biggest $ Winners
- Biggest % Winners
- Most Popular Traders
- Most Believed Traders
- Most Madoffed Traders
- Most Followed Traders
- Most Active Chatters
- Most Karma’d Traders
- Top Performing Tools
- Most Popular Tools
- Top Performing Brokers
- Most Popular Brokers
- Most Popular Trade
- Most Believed Trade
- Most Madoffed Trade
- Most Karma’d Posts
- Most Popular Videos
The most widely viewed leaderboard is the “Top $ Winners” list, which ranks the following traders in the top 10 at the time of this review:
With an active community of more than 100,000 traders, Profit.ly provides you with a great opportunity to network with other people. There are traders of all experience levels on the website, and the platform’s transparency gives you a huge advantage as it allows you to know a lot about the other traders you’re communicating with. You can contact other members on the network by posting a comment to their wall or sending them a private message.
Profit.ly also gives you the ability to sort, filter, and analyze your trades. Analyzing your trading history will show you what you’re best at and where your weaknesses lie.
When visiting a user’s profile page, simply click the “Follow” button to receive regular updates of your favorite traders’ activity. This feature allows you to procure a high-quality list of members to learn from and network with, and it makes it easy to stay on top of their track records and any content they post.
Last but not least, for members who don’t want their information being shared publicly, Profit.ly gives you the option of privatizing your profile. While most won’t find any value in this option as Profit.ly is designed to be a transparent social networking platform for traders, it will still be useful for a select few.
A transparent trading community that’s…
A transparent trading community that’s especially useful for generating trade ideas, networking, and performance tracking.
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In addition to monthly and annual memberships, there are three different levels to choose from:
View Others' Stats
View Others' Stats
In our opinion, this membership is a worthwhile investment for active traders who are primarily interested in trading penny stocks. Beginners will find value in being able to investigate the performance of the traders they're learning from and those who are looking to build a following have the perfect platform to do so.
Profitly offers three subscription plans, ranging in price from $29.95 per month to $74.95 per month. For an even better deal, you can opt for an annual subscription which will give you an additional discount of up to 22% off.
Opening an account is quick and easy. All that's required for a free account is your desired username, email address, and password. Then, you'll need to click the link in the confirmation email. The registration process for premium subscriptions is slightly different as you'll need to select a membership plan from the sales page and then submit your payment details through the secure online order form.
You can import your trading activity into Profit.ly by connecting your membership with your online brokerage account. Just choose your brokerage firm from the dropdown menu and enter your login credentials.
Many question Sykes' legitimacy due to his over-the-top marketing and brash personality, but he's a legit trader who has achieved a high level of success through hard work.
While Tim Sykes' net worth is not publicly known, it is estimated to be in excess of $15 million. In addition to being a successful day trader, Sykes has also built a massive publishing company that sells premium newsletter subscriptions, DVD courses, and more.
Pros and Cons
- Community's outstanding transparency gives you an edge in knowing who to follow
- Earnings tracker gives you an updated tally of your trading income to date
- Automatically manages trading data and account stats, providing you with an easy-to-read report
- Browser-based platform can be accessed from any computer, tablet, or mobile device
- Integrates easily with a large number of brokerage accounts
- Community posts provide valuable market intelligence from other members
- Publishing options make it easy to share trading tips, a stock watchlist, and videos
- Gives a new trader the ability to vet gurus' trading performance
- Easy for trading gurus to attract followers
- Affordable pricing options for a range of budgets
- Doesn't include chatroom access
- DVDs, newsletter subscriptions, and email/SMS text trade alerts must be purchased separately
This platform is suitable for traders of all experience levels who are primarily interested in penny stocks. New traders will love how transparent the website is and can be more confident in who they choose to follow. The advanced trader has an opportunity to document their success, rise to the top of the leaderboard rankings, and build a following. Lastly, with a variety of subscription options available, there’s a plan that’s right for any budget.