How did he do it?
He's the first to admit that who made money trading a risky strategy. And it's not for everyone.
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He spends the entire trading day in front of a computer screen, in order to buy and sell stocks at the right time. He is sometimes in and out of stocks within minutes, and the longest he ever holds shares is a few days.
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- He told the New York Times: "They make it so easy for people that don't know anything about stocks.
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So why trade penny stocks? Many of these companies are speculative because they are thinly traded, usually over the counter instead of on major exchanges like the New York Stock Exchange.
The Securities and Exchange Commission warns that "investors in penny stocks should be prepared for the possibility that they may lose their whole investment.
Once the stock price is artificially pumped up by all the talk, the scammers sell their stake, leaving unsuspecting investors with big losses. Related: 5 most common financial scams But Grittani has been able to profit because it's such an inefficient market.
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He knows what to look for and recognizes how to make money out of pump-and-dump scams without doing any pumping or dumping himself. When investors short stocks, they borrow shares and sell them with the hope of buying it back later a lower price and pocketing the difference.
By Andrew Beattie Updated Mar 28, The foreign exchange forex market is the largest market in the world: Currency is changing hands whenever goods and services are traded between nations.
Grittani had noticed shares of a company called Nutranomics, which trade over the counter under the symbol NNRX, had shot up due to what he felt was the manipulation of scammers: the stock had tripled in just a month. Last Monday, Grittani detected that the stock was losing momentum, and he felt that at the very least a small pullback was imminent.
For the past five years, Sykes his been teaching his strategies through the sale of instructional newsletters and video lessons. Grittani first learned about Sykes in earlywhen he was a senior finance major at Marquette University in Milwaukee. Earlier on in college, Grittani played poker and made wagers on sports games to make money.
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But he lost all of that over the course of a year and decided he needed to quit gambling. So he took a shot at investing.
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He spent a few months learning about Syke's theories and eventually started trading. The first few months were who made money trading.
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But within six months, Grittani made his first big winning trade. Figuring that it would eventually collapse, he sold his stake within 10 minutes.
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The key is to buy them ahead of the crowd," said Grittani. Related: What does it take to be wealthy?
1) Forex is not a get rick quick opportunity
This is not a strategy for your retirement accounts. With penny stocks, there are patterns that are very predictable.
And, here are eight ordinary people who have accomplished this feat. Alicia Shaffer sold products on Etsy. Image credit: ThreeBirdNest Alicia Shafferyou average mother-of-three, was able to successfully turn her hobby into a million-dollar business.
While there wasn't a particular news catalyst that prompted him to look at the government-sponsored bitcoin how to store breast giant, Grittani spotted increased volume and activity that suggested the stock would tank and then bounce back.
He plans to continue to day trading for at least another two years before taking time off to travel.