Couldn't be any worse- DO NOT use this service !
I agree with Dschneid2010 who reviewed in Nov. '13 !!
I had a very similar experience & also lost a fortune w/ Doug- About $7K !
I was also following Doug for a while, & assume all trades are portrayed & truthful- If so, then how do you loose money, when Doug supposedly doesn't, you ask ?
When I started in approximately July- At the time, there was NO WAY to mimic Doug's trades by % of shares, meaning that if he wants 500 shares, & I choose 100% I get 500, 200% 1K, etc. The only choices were guessing by share size, % of $ in portfolio, or a couple others-
Not being able to mimic Doug's shares size meant, we would either get WAY too many shares (compared to him), or too few, or other issues- A huge problem-
This means I often had far to large of a position size, since I had to guess what Doug would do (all trades are different share size & different price per share obviously)- This combined w/ the fact that Lincoln would OFTEN baghold bad trades, and be down SEVERAL dollars per share !, meant that I may also miss some good trades, since my portfolio would have no room left-
Until Lincoln & Ditto actually started the ability to match % of share size, several months later (Oct 1st), this resulted in such large unrealized losses & also missed trades, I actually had to cut some positions myself-
One could say, why 'trade' myself, though if you saw several thousand dollars down in your account, after waiting weeks on end, smoking hopium that the stock would recover, you have to do something ! Also, WHY weren't losses cut quickly (good traders always do this !), & why ADD to a loosing position, attempting to average down ?? Also, not something a great trader should do-
After only about 4 months, I was down over 6K ! PLUS the very high $1700 annual fee for trading an IRA & a margin account !
So, wouldn't you think, after complaining on SEVERAL occasions to Lincoln about the service, my massive losses, & the share size fiasco, that Lincoln would rebate me unused fees or better yet ALL my fees because of the HUGE problems ???
No ! The thief Doug, wouldn't do it... he thinks he deserves to do a huge dis-service + steal from you on top of that !
Like Dschneid2010, I STRONGLY recommend you run, not walk away from this poor service-
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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