Facebook Twitter
Now With Over 21,000 Reviews!
Sign up now and see how you can quickly earn 20 ivBucks.

Day Trading Strategy Club from Manny Backus

Join a daytrading club with a proven track record and you could start making money as early as tomorrow morning.
 
 
 
2 Total Reviews
Overall:
 
5-Star       (0)
4-Star       (0)
3-Star       (0)
2-Star       (0)
1-Star       (2)
   
Top Review
 
 
Show:  
Sort:  
Page:   1
Displaying 1-2 of 2 Total Reviews
Useless
I have taken a 14$ paid trial for a month for Manny backus 's services on wealthpire.com

Well these are total BS , just as the emails look like. Emails are internnet marketed scam. I dont even think the guy even exists.

I just like trying out stuff for fun and to prove to you guys , that there is NO holy grail , Learn how to trade properly . These so called private clubs are a scam and are never private , you can sign up whenever you want.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
1 of 1 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

Overall Rating
Frequency
Accuracy
Value



Complete scam
You probably have seen those ads:

“IN ONE HOUR OF TRADING YOU CAN MAKE MORE MONEY THAN MOST PEOPLE DO SLAVING AT A DEAD END JOB ALL WEEK LONG…

Genius chess player with a certified I.Q. of 157 unveils his ’sneaky’ (and 100% legal) trading system which can…

… secure net profits up to $1250

… not in days or weeks

… but just 59 minutes or less”

I took the free trial to see what it is. The site is run by Manny Backus, who was already shut down once by SEC - https://www.secure.psc.state.pa.us/releases/Members/index.cfm?page=ReleaseDetail&id=725&ReleaseType=&ReleaseDate=&ReleaseYear=&Desc=&Rescind=&CFID=534856&CFTOKEN=782a52f2b7beca0c-1050B98E-2B3A-77E0-826B7D5A848774B9&jsessionid=8030288461280173980046

The system is simple. He trades 1-2 stocks within the first hour of trading and claims for 1% profit per day. Of course having 1% per day would give you about 250% per year non-compounded.

There are few “small” problems with his system. Most of the stocks he picks are smaller and significantly less liquid (market cap of 1-2B, in some cases less than 1B). His normal profit target is 1% (10 cents on $10 stock), and the one-way slippage could be around 0.5%. Imagine Manny buying stock like PNFP, LIHR, HS,CAGC, HANS or MCRL (those are real examples) with average daily volume of few hundred thousand shares. Then all his followers (about 100-200) trying to buy 1,000-2,000 shares each. In many cases, that’s 20-30% of average daily volume. As a result, the stock goes up 1-2% in matter of seconds – but how many got the same fill as Manny? And what do you think would happen when they all try to sell at the same time?

No historic track record is available of course, so I tried to do my own tracking. The goal is 1% per trade. The winning rate is about 70%. The average gain is 0.35% per trade. Assuming allocation of 20k for his system (10k per trade), you would make a whopping $35 per trade before commissions. Assuming $20 for two way commissions (and most people pay more), it will leave you with $15 net profit per trade. If you make 30 trades per month, it gives you ~$450 return. Subtract $297 subscription fee – and you have $150 return on 20k investment (a whopping 0.75% per month). This return assumes that you are able to duplicate his results, which is impossible by definition.

His chat room is run by a moderator and is heavily censored. The moderator only allows positive posts. Private chat room was available but has been blocked to avoid free exchange of information between members. When I tried to post my tracking results (based on official fills) or just some questions regarding his performance, I was censored.

The problem is that the more people who believe the hype and sign up expecting to become millionaires due to the power of compounding 1% a day, the more impossible it actually is as increasingly large numbers chase the same one or two illiquid stocks.

Manny is a talented internet entrepreneur whose business model is clearly will make him rich. The service is a complete scam, like the rest of his services. Be aware.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
6 of 6 people have found this review helpful.
Embed Permalink Report
Was this review helpful?   Yes   No
1 Comment on this Review
Review Updated


This review is the subjective opinion of an Investimonials.com member and not of Investimonials LLC.

Overall Rating
Frequency
Accuracy
Value



Page:   1
Displaying 1-2 of 2 Total Reviews
Recommended For
 
Investimonials Sponsors
 
Similar Products to Review
 
Featured Investing Products