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Why didn't the long sales pitch put me off?

Normally when I see a long sales pitch I run for the hills. PSP (as they call themselves) make it look as if you can make over a million in a month. However once I signed up for the free newsletter (so they can spam you with adverts for the paid service) I noticed that they are getting paid to promote these stocks and this is what artificially makes the price go up. I am sure that the reviews on their website are true as some of the smart people get out quick after making some quick cash, while the rest sadly loose their money, as in the end this is just a disguised ponzi scheme that is not particularly well done. If you even look at there affiliate scheme you will notice that they claim earnings of many thousands while they contradict themselves elsewhere saying that they only have 500 members to keep the information useful, and stop any harm on the companies they promote.

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20 July 2010
View Adam92's Profile

Highly speculative. Not worth the risk.

In the search for the Holy Grail I tried this paid service when I first started trading. Typical rookie mistake looking for the fast track to millions. I tracked his picks for a while before actually shadowing him. I was surprised at first to see that some of his picks actually sky rocketed - that was before I understood the nature of pump and dumps.

My recommendation - stay away. If you won't listen to me at least take this advice: if you are going to shadow trade this guy, get in quick and early, sell the minute you can turn a profit and DO NOT CHASE THESE STOCKS. Most of the time his picks will jump at the market open, but that is it. They will fade the rest of the day aonce his followers start the selloff. This is a scalper's game. Take what you can get, and get the hell out because if you don't you will lose a lot of money. Almost every pick this guy has made collapses within a few days.

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05 July 2010
View Mike_ESO's Profile

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