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Wade Cook has been selling money making opportunities for a long time primarily by advertising on the radio. He then gets you to attend a free seminar where they pitch you to attend a major seminar where you learn all the Wade Cook insider Secrets'. That seminar program that Wade Cook was selling costs somewhere around $2,000 to $5,000 depending on which program you bought.
I bought one of his tape sets that sold for $600.00 I believe. He gives all kinds of formulas he says he personally uses. He claims if the market is volatile, there will be a big move in the stock. Therefore, if there is a big move in the stock it will either go up or down. So the solution is to purchase an option on both 'up' and an option on 'down' .
In stock terms this is a 'put' and a 'call'. This seems all well and good... But, stock options are not cheap and 95% of the options purchased are not exercised... which means that they expire valueless... So, the trick is to buy options that are underpriced... otherwise you will be paying more for the option than the move of the stock justifies.
Wades company was a public company. I also bought some of his stock. However they reported fantastic income on their program sales... yet they lost a reported $800,000 on trading stocks and options. Makes you wonder if what there selling is accurate.
Wade Cook makes it sound so easy. Doubling your money in a few months is pretty nice if one can do it with his program. One well known guru says that if Cook could really double his money every three months, he would have 108 billion dollars in exactly five years if he started with $100,000...
If Wade Cook made that kind of money... what's he doing selling expensive seminars ?
What keeps Wade going is that people *love* to trade stocks will pay more for an investment program about the stock market than almost any other money making advice.
My best advice about Wade cook is this: Buy one of his books and read his descriptions of calls, puts and how options work. You will be happy that you did because your using Wade Cook for what he is good for. A teacher about the markets. Come up with your own trading system and style.
In October 2000, the company, which charges $6,295 for its 16-hour "Wall Street Workshop," settled Federal Trade Commission charges that it misrepresented its stock trading success to attract customers. The company disclosed that it lost 89 percent of its stock portfolio's value in 2000 and 60 percent in 2001. In a filing with the bankruptcy court on Jan. 15, the FTC estimated the company still owes $1.5 million to its former customers as part of the settlement.
The company is no longer in business.
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