In September responding to a radio ad, I attended a free introductory seminaron the "Optionetics limited risk system of options trading and based on a "performance guarantee with no loopholes" signed up for a $2995 seminar.
Optionetics video tapes and verbal "spiel" implied that very little money (a few hundred to a couple of thousand dollars) was needed to make money using their strategies and if after 6 months of placing an average of 6 Optionetics style trades a month I had not made THREE times my money, my $2995 would be refunded. What could be better than that!
BTW - I also spent another $1495 to purchase their recommended software to research trades and two of their publications which recommend trades.
I invested $8,000 and placed over 40 trades using ONLY Optionetics publications' recommendations. I lost $6500. I sent all documentation to Optionetics.
They have refused to refund my money, claiming that I did not follow their strategies (I did) and did not make enough trades (I did). Optionetics specializes in "spread trades", which are really two trades linked together to form a spread. Brokers charge you commission for 2 trades, however when I tried to get my money back Optionetics told me that a spread is counted as one trade and therefore I had only 27 of the required 36 trades.
In order to get the 36 required trades the way Optionetics defines it - 72 actual trades are required - and the cost of that is very high - particularly considering that many of their trade strategies take 3- 6 months to play out and while you're waiting for the first trades to play out, you still have to be entering other trades in order to to get to the required quota for their "guarantee".
Also, they tell you you can just buy 1 or 2 options contracts - however when you do that any profit you make is eaten up by the commissions (2 commissions when you buy the spread and 2 when you sell). The truth is you need to buy a minimum of 4-6 contracts on any given trade to make any money at all. Also unless you have money to follow all their trades, you have to pick and choose just a few. Most of the ones I chose were losers.
I disputed the seminar fee with my credit card company and got credited for that. However, I am still out the extra $1495 I spent and the $6500 I lost.
You should be aware that
1. To trade this system will require far more money than Optionetics sales people tell you.
2.in order to get 36 spreads (72 actual trades during the 6 months it will probably cost upward of $10000.
3. Their "success ratings" are based on a lot of trading, of which they may make money on only 30 or 50 % of their trades (which means the other 50-70% are losers). If you can't afford to follow all their recommendations and just pick a few, it's very likely that you could wind up with mostly losers (like I did).
4. Optionetics will do every thing they can to avoid refunding your money. They made me send them 100's of pages of paperwork (all my trades) twice and then claimed I wasn't eligible for the refund on false premises.
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