No Institutional money manager would ever sign up for this!!
I'm writing this on behalf of a family member, he found this service through this site which is why I am posting the opinion piece here as well. I'm all for entrepreneurial spirit in the quest to make the almighty buck and I happen to work for a mid size investment bank/hedge fund in irvine/ Newport Beach, that being said it should not make a bit of difference to anyone here, I only share that to give you some back ground as to why I feel I can speak on this service. I generally avoid giving any type of investment advice to friends or family; anyone who has tried to explain to non traders or investors how the market works can certainly understand why. Well a relative had signed up for this subscription and had lost quite a bit of money, he assured me he followed the blog posts, alerts and spent time auditing the free material before dropping his cash. So he asked the only person he knew that he could trust to give him an honest opinion on 1 Option. I started reading through his subscription material on the weekends as I work insane hours, at first I found it entertaining, the narrator reads off what almost appears to be a daily market recap from Yahoo Finance(not that theres anything wrong with Yahoo Finance) I had no problem with that, if someone does not want to take the time to read a few books, and study the fundamentals of market movements or the auction process and would rather pay someone to read it too them, then more power to you, its your money, if you don't care no one else will. Now we get to the trade alerts the examples I was looking through in his webinar presentations were obviously historical by nature, Im not sure what moving average crossover, volume and reversal candlestick settings he is using to fire off buy and sell signals, but it really doesn't matter if you learn to read price and volume and identify the basic trend on a chart you could keep your $400 a month and put that towards your investment account. And that brings me to the most irksome thing I heard during his presentation. He stated that it was a bargain at $399 per month and that he planned on offering a monthly subscription somewhere around $5000 a month in the future as he was certain Institutions and hedge funds were going to pay him this to use his platform and get his alerts(so get in now while its a steal) Sucker born every minute. Even by professional trader standards I was thinking $5K a month wow this guy must be brilliant. I can tell all of you here right now with 100% certainty, no reputable investment firm will ever subscribe to an option alert service like this.
It just will not happen, the only services we subscribe to at my firm and my friends who work at other firms might be a Bloomberg Terminal($900-1500 per month per terminal), Real Time News service($150.00 per month discounted for our institutional feed) that is it. We pay analysts myself included to research trading opportunities based on much larger timeframes were looking out months in advance. It takes us several days and sometimes weeks to establish positions or unwind them, this options service would never even be a consideration at any firm. Trading options is a zero sum game, my boss tells me all the time, we do trade them but mainly as a hedging instrument to offset very large portfolio positions. So please save your hard earned money, if you really want to trade options then go learn options trading with a company like Think or Swim a very robust platform for retail traders I believe its even free to practice on. You will get the best options education on the planet at no charge(not $100 or 399 or 5,000 a month) Tom Sosnoff is a brilliant trader and he teaches retail traders how to navigate the markets using options(FOR FREE and the guys practically a billionaire so if that doesn't convince you of his expertise then your lost!), although I do not use them I have followed them closely and No I do not work for TD Ameritrade or Mr Sosnoff. I have met him on various occasions on a professional level.
If this service can convince anyone to pay $399 for a monthly service then you deserve to be parted from your capital. I have since sent my relative to read a few excellent books before signing up for any other software or trading service and I will share those titles with you. Reminiscence of a Stock Operator(was required reading for me), Mind over Markets, Trading in the Zone-Mark Douglas probably his best work, and lastly but most importantly Technical Analysis of the Financial Markets by John Murphy. Folks these three books alone will put you on the right path and it will save you a lot of capital in the process.
This type of service is a disservice to most of you, as the reason you are here is more than likely because you do not know how to trade in the first place. If it was being offered for a nominal fee(say $25 to $50 per month) knowing most of his subscribers are blind sheep with trading accounts they don't know what to do with I would have probably been far less critical because I would consider it an education cost that he is providing. But the way it was presented and the ridiculous monthly charge he is pushing as a really good deal is simply infuriating to someone like myself that has seen many inexperienced people lose their money on hope and wishing.
I apologize for the long rant but this will be the first and last time I post so I thought I would lay it all out now. As for the other services on this site, they are probably all in the same league but I cannot speak to them as I have not reviewed any of their materials nor do I intend to as I have neither the time nor the inclination to waste another minute on this. I hope some of you will have found this helpful on your path to not losing money.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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