Tim Bohen is a day trader and Lead Trainer at StocksToTrade.com with a net worth of $1.5 million. The dedicated family man is well-known within the penny stock community due to his success as a part-time trader.
Like most traders, Bohen developed an interest in the stock market at an early age. In an interview with Benzinga.com, he remembers being in fourth grade and waiting for his father to bring home the newspaper so he could check stock prices. Once he was bitten by the trading bug, he never let it go.
His first experience in the business world came via working for an IT startup from 1996 through to the early 2000s. Gruelling 18 hour days were tough but he was able to save up a nice chunk of money and started investing on the side. Back then he traded stocks with strong fundamentals but had limited success.
Finding Tim Sykes
Bohen is an avid reader and in the mid-2000s was trying to read every trading book he could find. In 2007 he stumbled across Tim Sykes’ book – “An American Hedge Fund”. The book really opened his eyes to the profit potential of penny stocks and strategies he could implement. Before reading the book he didn’t even realise there were stocks under $2.
With his new found knowledge he was eager to put it into action and started trading in 2007/2008. These years are known as the glory days of shorting over-hyped penny stocks and he certainly took advantage of the good times. Around this period very few people were short selling penny stocks. Now the space is over crowded, everyone and their mother is looking for shares to short of pumps.
While Bohen hasn’t had any huge three figure winning trades, he has built up some impressive profits through a lot of small wins. Bohen likes to take the working man’s approach to stock trading, he views it as a skilled trade not a get rich quick scheme.
Although he likes to trade volatile stocks, he’s not looking to get rich overnight. Day trading is a part-time venture, a means to supplement his income. Maybe pay for a family holiday or simply put the profits into a savings account, rinse and repeat.
Becoming a consistently profitable trader is about banking those small gains and avoiding large losses caused by your ego. This trading style is perfect for traders with a full-time job, when you’re trying to hit big home runs it will be difficult to focus on your job or school work.
Why Traders Fail
While it sounds simple, the biggest reason why traders lose money is not having a plan. Traders are focusing on too many asset classes – Bitcoin, ETFs and forex etc. Bohen recommends picking a niche, creating a trading journal and focusing on setups that make sense.
In the beginning traders should start off with minimal capital, conduct periodic reviews and track performance data. You might prefer to buy stocks but the underlying statistics could reveal you’re a much better short seller.
Currently Bohen works as the head trainer at StocksToTrade – a stock screener found by Tim Sykes which helps day traders find new trading opportunities. The subscription-based service costs $179.95 per month or $1899.50 annually. In July 2020, Scanz Technologies filed a lawsuit against StocksToTrade naming Bohen as a defendant, this case is still pending.
The family man continues to trade as a side hustle, using Center Securities as a broker and remains passionate about teaching. You can get in contact with him on Twitter and Instagram @tbohen, as well as tbohen.com.