Optionetics Course - Is it good?

[newman]

Re: Optionetics Course- Is it good?

I went to the freebie - ie. long sales promo for the $4000 course - and got sucked in. I took the pack home and had a look at it. It seemed to me there was just as good material to be got for free or from a few $30 books. I took it back and got my refund. It just didn't seem to be $$$ of value to me. Maybe for others.

 

[Nick Radge]

Re: Optionetics Course- Is it good?

Good words newman.

Read Sheldon Natenberg's book "Option Volatility and Pricing" (and it's an easy read) at least 5 times and read Wayne's posts and blog. All up you'll be out of pocket $50 or so and yet ahead of the pack by a long margin.

If you have any questions PM me or I'm sure Wayne would be more than willing to help out. It'll save you several thousand $$ and I have no doubt that both of us have the knowledge/trading experience of at least those guys.

 

[clancyfish]

optionetics

Hi all,
I went to an optionetics free seminar (2hrs) yesterday for interests sake only and no intention of signing up for their $4,000 course. It was an interesting to see this guy from the States doing an extremely hard sell on their product. He basically spent 2 hours convincing every one that they could make a minimum of $50,000 a year and if you work up to 10 hrs a week on option, you could be looking at making $250,000. He made the statement that because options are a leveraged instrument, the option will increase considerably more in value than the actual movement in the underlying share, so basically with a straddle you just can't lose unless it goes sideway and then you get out with a 15% loss.

What was sad about this whole event was that 60% of the audience would have been in their 70's and a few of them signed up. The guy was really pressurising everyone by saying 'what part didn't you get about making lots of money?' when most of us didn't sign up.

oh well, predators everywhere.

 

[wayneL]

Re: optionetics

Hi all,
I went to an optionetics free seminar (2hrs) yesterday for interests sake only and no intention of signing up for their $4,000 course. It was an interesting to see this guy from the States doing an extremely hard sell on their product. He basically spent 2 hours convincing every one that they could make a minimum of $50,000 a year and if you work up to 10 hrs a week on option, you could be looking at making $250,000. He made the statement that because options are a leveraged instrument, the option will increase considerably more in value than the actual movement in the underlying share, so basically with a straddle you just can't lose unless it goes sideway and then you get out with a 15% loss.

What was sad about this whole event was that 60% of the audience would have been in their 70's and a few of them signed up. The guy was really pressurising everyone by saying 'what part didn't you get about making lots of money?' when most of us didn't sign up.

oh well, predators everywhere.

Thanks for the run down Clancy. As you know I've got an obsession with these types of clowns and the inaccurate bilge they spew forth.

But I'll refrain from an extended rant except to say that the long straddle is perhaps one of the most greeks sensitive strategies there is.

I went along to one of their 2hr seminars for a laugh a couple of years ago and was horrified at what they were suggesting in regards to the straddle.

A good lesson in marketing though, very slick.

 

[DTM]

Yes totally agree that its not worth the money. They sell on the greed factor and "you could be rich too with little or no work at all". Unfortunately I was sucked in to spending thousands when a $30 book would have taught me more.

 

[RichKid]

Yes totally agree that its not worth the money. They sell on the greed factor and "you could be rich too with little or no work at all". Unfortunately I was sucked in to spending thousands when a $30 book would have taught me more.

Hey DTM!

Haven't seen you here for a loooong time! Hope all is well and that your trading education is going well.

I find that worked examples are the best way to learn, Wayne's threads have been one of the best (thanks Wayne!), we've also got Magdoran willing to help people out so maybe more people will migrate from those crooks promising everything. Guy Bower's book has lots of sample questions and answers too. I really do feel sorry for these older people who may not recover from a catastrophic loss, ASIC should be sending observers to these meetings the same way Fair Trading and ACCC send people to check on businesses. Do we have to wait for another financial tragedy before they act? There will be many victims once this bullmarket is over...

 

[Pager]

I attended one of there free intro seminars in Sydney about 10 days ago.

Its all very slick and hard sell, the presenter was very good and by the end Options sounds like a no brainer and the path to untold wealth, then comes the sales pitch which I thought very clever, “How much” well $6K then a 5 min spiel on how much would you pay for learning so much, College Uni etc all mentioned and compared for value at this stage “But wait” sign up tonight for a special only $4K !!, “there’s more” sign up with a friend or your partner and they only pay $1500 !!!.

What do you get, a 2 day intensive seminar with 2 of the Worlds best options traders, 4 manuals that put the encyclopaedia Britannica to shame, 9 DVD’s, 8 Audio Cd’s, about 48 hours worth !, a money back guarantee (conditions apply).

By the end people were climbing over themselves to sign up, guy next to me asked if I wanted to be his partner and we would split the combined cost, I declined but he had no problems finding a taker.

There course may well give you a good idea of Options trading and the different stratagys but so might spending $30 or $40 on a book such as "Getting started in Options" by Michael Thomsett.

Cheers

Pager

 

[TraderPro]

Hey DTM!

Haven't seen you here for a loooong time! Hope all is well and that your trading education is going well.

I find that worked examples are the best way to learn, Wayne's threads have been one of the best (thanks Wayne!), we've also got Magdoran willing to help people out so maybe more people will migrate from those crooks promising everything. Guy Bower's book has lots of sample questions and answers too. I really do feel sorry for these older people who may not recover from a catastrophic loss, ASIC should be sending observers to these meetings the same way Fair Trading and ACCC send people to check on businesses. Do we have to wait for another financial tragedy before they act? There will be many victims once this bullmarket is over...

In my opinion - if you're really driven and determined to succeed and like to experiment and explore - you'll pick it up anyway. So I think the course is a rip off.

But I understand how others can use the course, people who don't have enough time to experiment - or are too scared... etc...

I also dislike the hard sell in these types of "free seminars" - but its simply the art of selling - they have been doing it for years - and it must work for drumming up business.

This company is an international one... here was one of the rip off sites I found:
http://www.ripoffreport.com/reports/ripoff118527.htm

 

[sails]

With all these courses, I feel that what they teach is generally OK. Optionetics does teach the basics in their 2 day seminar, but what they don't tell you at their introductory night is that the 2 day is only the beginning. If you want to learn seriously about options, there are many, many more courses - all several thousand each.

It's the price tag that is overdone - something like paying $100 for an icecream - nothing wrong with the icecream itself - just overpriced.

 

[Fugazi]

I've almost finished listening to the (borrowed) optionetics cd's, and I've found them really good. But I have my reasons. There's a few important lessons I've learnt.

1. How to separate the marketing bull from the actual information (I think). I was a pretty reasonable salesman in a former life, and these guys can sell!!
2. An understanding of the terminology and some of the theory of options trading (I am a complete novice)
3. If it sounds too easy, it probably is (a phrase I find I'm repeating very often to friends who are keeping up with my learning curve)
4. To do a search on ASF before I shell out for anything trading related.

My summation of the CD's: if you know absolutely nothing about options, it's a real convenient way to learn something. 2 weeks worth of commutes without dodgy DJ's telling me about the traffic & weather that I can't avoid anyway.

I reckon I will have a crack at options sooner or later, but it will be after a couple of $30-$50 books and lot of searches on this forum, not $4000 minimum spend with Optionetics

 

[Pager]

Recived this Email from Optionetics today

Wow ive been offered a sure thing here




This holiday season, give yourself a gift that could pay you dividends for years to come – wealth-building strategies from Optionetics.

Regardless of your trading skill level or risk tolerance, our comprehensive curriculum can help you learn how to profit in the markets – and achieve a higher level of financial security than you have ever thought possible.
It all starts with the 2-day Optionetics Seminar!
(read below for an incredible time-sensitive tuition discount!)
This acclaimed educational event demystifies the world of options trading by breaking down key concepts into easily digestible pieces.
Avoiding overly theoretical or technically complicated material, our 2-day seminar reveals the core building blocks for making money in the markets, along with:
more than two dozen high-profit, low-risk, low-stress trading strategies
insider tactics that professional traders use to find high-probability trades
tried-and-true secrets for entering and exiting trades
trading techniques for up, down and sideways markets
keys to creating a fail-safe master trading plan
… and so much more!

 

[Hopeful]

Oh, you got the same mail I did , something like "claim your free gift now!" only to waste my time opening it to find that I have to pay them thousands of dollars to recieve my free gift. What is this wonderful gift you ask? It's a "discount", well gee thanks a lot.

I've got Fontanills' book already which I'm sure covers everything the seminar does, so why would anyone spend $ooo for something you can get for less than $100? Not to mention the many good free webinars out there. Why pay so much for it? Me no understand.

 

[wayneL]

Oh, you got the same mail I did , something like "claim your free gift now!" only to waste my time opening it to find that I have to pay them thousands of dollars to recieve my free gift. What is this wonderful gift you ask? It's a "discount", well gee thanks a lot.

I've got Fontanills' book already which I'm sure covers everything the seminar does, so why would anyone spend $ooo for something you can get for less than $100? Not to mention the many good free webinars out there. Why pay so much for it? Me no understand.

Eggs Ackley!

I am quite sure you have already done so, but I would look further afield than Georgie Peorgie's book.

 

[Jacobite]

I attended the free seminar in Hong Kong last night. It was a good sell, thankfully, with hindsight (and research), I am glad that the available training dates did not work for me

Scott Lam was good, no doubt about it. The story about his graddaughter though was OTT.

In the end about 3 people put their hands up to sign-up straight-away (i wondered if they were plants). I felt uneasy that it was such a hard-sell to sign-up straight away - if it was such a good concept, then why sell so hard to sign-up there and then?

So I employed number 3 of the recommended investment skills that Scott advocated himself - RESEARCH! I am glad I did, it seems that the 300% return or money back guarantee is not as straight as it seems. It also seems like the investment required to get payback is beyond what I am currently willing to risk.

As a beginner, I still feel that Options as a concept is worth exploring more and could give some good return, so I will turn to the recommended books now and not to Optionetrics.

 

[Mofra]

As a beginner, I still feel that Options as a concept is worth exploring more and could give some good return, so I will turn to the recommended books now and not to Optionetrics.

Howdy Jacobite,

Nick Radge's post #22 is as true today as when he wrote it.

As a part timer (concentrating on net credit spreads) I would probably be smack bang in their target market; however with a few books, WayneL's homepage & a fairly comprehensive trading diary, I doubt there is anything a slick course could offer you that would be worth either the dollars or time.

 

[arthuryeo]

I've almost finished listening to the (borrowed) optionetics cd's, and I've found them really good. But I have my reasons. There's a few important lessons I've learnt.

1. How to separate the marketing bull from the actual information (I think). I was a pretty reasonable salesman in a former life, and these guys can sell!!
2. An understanding of the terminology and some of the theory of options trading (I am a complete novice)
3. If it sounds too easy, it probably is (a phrase I find I'm repeating very often to friends who are keeping up with my learning curve)
4. To do a search on ASF before I shell out for anything trading related.

My summation of the CD's: if you know absolutely nothing about options, it's a real convenient way to learn something. 2 weeks worth of commutes without dodgy DJ's telling me about the traffic & weather that I can't avoid anyway.

I reckon I will have a crack at options sooner or later, but it will be after a couple of $30-$50 books and lot of searches on this forum, not $4000 minimum spend with Optionetics

I am new here. I have reading all the threads on Optionetics and Platium Pursuits and agree that the cost is too steep.

Is there anyone kind enough to lend me the course cds and notes. I would be happy to pass him my copy of Rick Ottons Wrap Course, and The Trust Magic Book and a couple of options trading ebooks. I will pay for all the couriers charges.

Thanks for your kind considerations.

Arthur
Melbourne.

 

[Timmy]

Ca va!

I am offering a course in learning to speak French (or another language if you prefer). It is a weekend course and costs only $4,000. I'll even chuck in some books and CDs.

Sounds ludicrous? Yep. But I think this is a good analogy, you wouldn't expect to learn a new language in a weekend, would you? Maybe you can...but wouldn't you think you would more likely learn it over the course of months or a year?

OK, so you know my position on the weekend options course, now for a serious point.

A few years ago I went along to class for adults (they let me in anyway) to learn to speak French. Once a week, for about 3 months (I think), plenty of homework, cost a few hundred dollars (I think, might have been less than$150). I was going on holiday and wanted enough French just to get by. I achieved my goal and have subsequently forgotten it all, but thats not the point.

The point is that not everyone is going to learn from books and CDs, so spending $100 on some options texts is probably not going to be a successful strategy for many people. There is a need for a middle ground, someone with good knowledge of options offering a course stretched over a few months, once a week, offered through a reputable learning organisation (I took my French course through WEA), costs maybe $150 - $200. I don't see the person running the course making a lucrative career out of it, but the sort of person who wants a lucrative career selling options education is not the sort of person you would want running the course.

Anyway, just a thought. And no, I wont be teaching it, my knowledge of options, while better than my knowledge of French, wouldn't cut it.

Au revoir (I still got it!)

 

[wayneL]

Come' ca va Timmy, great analogy.

If I can add a little bit too it; imagine taking a weekend course in French and then going to Paris to close a business deal with some snaky Parisian merchant.

Yer gonna get shafted, because you won't know nearly enough.

So a weekend course is useless. A book(s) is/are better, but the only real way is through immersion. Get around option traders who know what they are doing (via internet if not in possible in person). Ask dumb questions on forums such as this (but remember the only really dumb question is the one that isn't asked). The CBOE runs free online seminars. Do some paper trading and/orsmall scale real time trading. (I don't recommend paper trading on options)

Learn those bloody greeks like the back of your hand, contrary to what all the snake oil merchant will tell you, they really are the key to long term success; because whether you realize it or not, you are trading them.

It is often said that options profesionals are the meanest, nastiest and sneaky traders on the planet. I don't think that's true, they just know what they are doing and trade opportunities as they present themselves.

Salute! (I'm learning frog language at the moment too. So far I know how to order two baguettes from the baker )

 

[Timmy]

If I can add a little bit too it; imagine taking a weekend course in French and then going to Paris to close a business deal with some snaky Parisian merchant.

Thank-you wayneL - that idea sounds ideal for the Advanced Course #1, conducted the following weekend. Another $4,000 (plus airfares, accommodation and meals of course).

 

[wayneL]

Thank-you wayneL - that idea sounds ideal for the Advanced Course #1, conducted the following weekend. Another $4,000 (plus airfares, accommodation and meals of course).

...and don't forget the $4,000 software!