Optionetics Course - Is it good?

[Trembling Hand]

Am i being sucked in??? Please let me know know. They also claimed that if you don't make 300% profit in 6 month you will get your money back, in my case i would have to make $9000 on top of $3000 (package cost). I also briefly asked the guy on the phone, what's a good amount to if i was to follow their strategies and start trading which he said $2000 with $200 max per trade and spread out to 10 trades.

Get that in writing so when you blow up after a couple of trades you can ask them for your money back.

10% of a tiny account in an options trade!!
I want to be a market maker:dance:

 

[sails]

Get that in writing so when you blow up after a couple of trades you can ask them for your money back.

10% of a tiny account in an options trade!!
I want to be a market maker:dance:

I don't think it's that's simple. There used to be a number of trades that had to be completed in that time to qualify for a refund. And then a trade was not just a trade. I have heard that optionetics may consider a multi-legged strategy one trade in order to qualify for the refund - which is treated differently to broker statements.

Found this on the ripoffreport site which explains about the refund policy in the past: http://www.ripoffreport.com/reports/0/118/RipOff0118527.htm. If it has changed now, it would pay to read the fine print very carefully and get them to clarify in writing what they mean by one trade.

In any case, 36 trades in 26 weeks is a lot of trading for a total newbie and, to my knowledge, Optionetics don't offer to refund one's losses during this refund period - only the education cost. This risk of large losses would be extremely high for new traders who have only completed the basic 2 day course. Yes, it is only the starter course...

IMHO, 300% in 6 months is somewhat optimistic :headshake

I have done the 2 day and then went to a local group of Optionetic students. I only know of one that was making consistent money after 6 months and he was an ex bank trader of many years. And he didn't use the Optionetic strategies we had been taught - he was purely a directional trader and just bought puts and calls

 

[Grinder]

Sec61,

I have'nt done the course so I won't comment on whether your being suckered in, but what I can say is options is'nt for everyone. You will soon find out if it's for you, as it takes time and commitment, much more than a short course. IMO if you find you are passionate about the learning process this will go along way.

 

[kam75]

I attended their free seminar about 3 years ago in Brisbane. The presenter was the worst used car salesman I've ever seen. My god, was he terrible. There was over sign up for their course that night. No one put their hand up! I stayed behind and heavily questioned the salesmen regarding trading tactics, buy and sell signals etc. These guys didn't even know what an in the money option is. So I walked out, last.

Look, I keep saying this to everyone I meet - Stay away from mobs that sell these courses. There are no shortcuts to trading profitably. No magic potions or indicators. Its and art that you learn over time. Go out and read a handful of books by reputable authors. Start with 'Reminiscences of a Stock Operator', by Edwin Le Fevre, and 'How I made 2 Million Dollars in the Stockmarket' by the master himself, Nicolas Darvas.

Alternatively visit Google.com for sharesmadeeasy. A free trader's blog that may just show you what others charge 1000's of dollars for.

 

[wayneL]

I attended their free seminar about 3 years ago in Brisbane. The presenter was the worst used car salesman I've ever seen. My god, was he terrible. There was over sign up for their course that night. No one put their hand up! I stayed behind and heavily questioned the salesmen regarding trading tactics, buy and sell signals etc. These guys didn't even know what an in the money option is. So I walked out, last.

Look, I keep saying this to everyone I meet - Stay away from mobs that sell these courses. There are no shortcuts to trading profitably. No magic potions or indicators. Its and art that you learn over time. Go out and read a handful of books by reputable authors. Start with 'Reminiscences of a Stock Operator', by Edwin Le Fevre, and 'How I made 2 Million Dollars in the Stockmarket' by the master himself, Nicolas Darvas.

Alternatively visit Google.com for sharesmadeeasy. A free trader's blog that may just show you what others charge 1000's of dollars for.

What does Darvas trading (basically bog standard trend trading) have to do with options?

 

[kam75]

What does Darvas trading (basically bog standard trend trading) have to do with options?

I use Darvas to time my trade entries and profit exits.

 

[wayneL]

I use Darvas to time my trade entries and profit exits.

So how are you meshing Darvas trading and options. Obviously going long delta, but how do options enhance your Darvas method over straight shares?

 

[DennisTheTrader]

I dont recommend Optionetics, but if you're really really interested in this course and dont want to fork out over $5K for it, 1 word ......ebay

 

[korrupt_1]

I keep getting junk mail from them.

They send out these really important looking 'tickets' that have bar codes and numbers that makes them look really professional. ADMIT ONE... blah blah

Sent by OFF-PEAK MAIL - with URGENT(*) written on the front of the envelope.

These guys are no better than Reader Digest's Sweepstakes.... bunch of w@nker$...

Anyone doing a hard sell... telling you how easy it is to be rich... run in the oposite direction as fast as you can!!!


(*) Anyone sending an urgent mail... would not be sending it by off-peak... how dumb do these people think we are?

 

[paulchow2k]

Get that in writing so when you blow up after a couple of trades you can ask them for your money back.

10% of a tiny account in an options trade!!
I want to be a market maker:dance:

Hey mate,
I also want to be a market maker. Spend about 3 months @ CBOE learning about options from the market maker and you should see the time decay value on their books! I hung with a very small time market maker and he makes US$30k per day and that's over the weekend while the market is close.

I'm back in australia so no longer interested in options in Oz. Gone back to equities....

Paul

 

[wayneL]

Hey mate,
I also want to be a market maker. Spend about 3 months @ CBOE learning about options from the market maker and you should see the time decay value on their books! I hung with a very small time market maker and he makes US$30k per day and that's over the weekend while the market is close.

So lets all go long gamma over the weekend and close out Monday morning then.

Easy money?

You should have noticed that weekend theta is largely priced in by Friday close.

 

[kam75]

So how are you meshing Darvas trading and options. Obviously going long delta, but how do options enhance your Darvas method over straight shares?

For liquid stocks that show a large potential to the upside and form a Darvas Box, I will at place an order to purchase at or slightly in the money call options on the breakout of the Box. Will exit the position if my premium doubles or when my timestop is reached.

Regards
kam75
_____________________________
http://www.sharesmadeeasy.com

 

[viviennet]

Hi there - I went to the Optionetics 'Free Seminar' today in Perth. I'm glad I went but did not sign up to spend $4k on some CD's, DVD's and books. Options really interest me so I came home and did some research. Heaps is available - the ASX site is excellent and have learned a lot just this arvo. If you are keen enough you will find the info you need. There was no way I was going to sign up for the 2 day workshop and after reading these threads I am so glad I didn't. Wow "Mr Muffin Top" has a $36,000 watch that he wanted us to know about, and his 100 properties! yes its sad that his grandaughter has CF but making us say how beautiful she was TWICE was wierd, I wanted to show him a photo of my grandaughter then he would know what beautiful was! How come his wife was not up there for all of us to see, are they still together??Getting the people to stand up who were going to do the course and leaving us inferior people left to sit must be a way of feeding the fat boys ego and it left me cold so I just walked out! Typical American style crapiola!!

 

[mazzatelli1000]

Hi there - I went to the Optionetics 'Free Seminar' today in Perth. I'm glad I went but did not sign up to spend $4k on some CD's, DVD's and books. Options really interest me so I came home and did some research. Heaps is available - the ASX site is excellent and have learned a lot just this arvo. If you are keen enough you will find the info you need. There was no way I was going to sign up for the 2 day workshop and after reading these threads I am so glad I didn't. Wow "Mr Muffin Top" has a $36,000 watch that he wanted us to know about, and his 100 properties! yes its sad that his grandaughter has CF but making us say how beautiful she was TWICE was wierd, I wanted to show him a photo of my grandaughter then he would know what beautiful was! How come his wife was not up there for all of us to see, are they still together??Getting the people to stand up who were going to do the course and leaving us inferior people left to sit must be a way of feeding the fat boys ego and it left me cold so I just walked out! Typical American style crapiola!!

Alas --- ASF has saved a potential victim!!!!

I wish you well on your journey of options education

 

[wayneL]

and his 100 properties!

Poor bastard! :

 

[kam75]

Hi there - I went to the Optionetics 'Free Seminar' today in Perth. I'm glad I went but did not sign up to spend $4k on some CD's, DVD's and books. Options really interest me so I came home and did some research. Heaps is available - the ASX site is excellent and have learned a lot just this arvo. If you are keen enough you will find the info you need. There was no way I was going to sign up for the 2 day workshop and after reading these threads I am so glad I didn't. Wow "Mr Muffin Top" has a $36,000 watch that he wanted us to know about, and his 100 properties! yes its sad that his grandaughter has CF but making us say how beautiful she was TWICE was wierd, I wanted to show him a photo of my grandaughter then he would know what beautiful was! How come his wife was not up there for all of us to see, are they still together??Getting the people to stand up who were going to do the course and leaving us inferior people left to sit must be a way of feeding the fat boys ego and it left me cold so I just walked out! Typical American style crapiola!!

These salesmen use all sorts of emotional tactics to make you buy. Good to hear you did not get conned in!

Regards
kam75
_____________________________
http://www.sharesmadeeasy.com

 

[Aussiest]

Hi there - I went to the Optionetics 'Free Seminar' today in Perth. I'm glad I went but did not sign up to spend $4k on some CD's, DVD's and books. Options really interest me so I came home and did some research. Heaps is available - the ASX site is excellent and have learned a lot just this arvo. If you are keen enough you will find the info you need. There was no way I was going to sign up for the 2 day workshop and after reading these threads I am so glad I didn't. Wow "Mr Muffin Top" has a $36,000 watch that he wanted us to know about, and his 100 properties! yes its sad that his grandaughter has CF but making us say how beautiful she was TWICE was wierd, I wanted to show him a photo of my grandaughter then he would know what beautiful was! How come his wife was not up there for all of us to see, are they still together??Getting the people to stand up who were going to do the course and leaving us inferior people left to sit must be a way of feeding the fat boys ego and it left me cold so I just walked out! Typical American style crapiola!!

Wow, it sounds like the Landmark Forum. And, like a sales guy i recently encountered. They try to make you think there is something 'wrong' with you for not joining in.

I haven't been to an Optionetics seminar, but seeing it's adds on tv put me off.

 

[DORA]

I was at the same seminar.. I do not understand why are people so upset by this salesman? Do you have to like a salesperson to by the product? What if he was different and fit all your expectations? Would the product be any different? Would you by it?

 

[wayneL]

I was at the same seminar.. I do not understand why are people so upset by this salesman? Do you have to like a salesperson to by the product? What if he was different and fit all your expectations? Would the product be any different? Would you by it?

Perhaps there was a suspicion that he wasn't being completely honest.

 

[DORA]

Honest salesman?!