I began learning trading and using the reputable IBD paper to check stocks. Chuck Hughes had a full page ad for his "MVP Secrets" trading program for options. It was inexpensive and supposedly a step by step on option stradegies.
I purchased it and tried the program down to the letter of explanation. Within two months, I was down $32,000, NOT because the options I traded were a poor choice by his program stradegy, BUT because his stradegy materials failed to explain a few VERY important details like: when you do a covered call, wait to short the trade until your long option or stock is up... This could take two weeks or more, and it isn't clear when to exit. The way it is explained is enough to complete a trade but not to succeed.
I didn't learn this little trick until I opted to buy the more expensive "Fail Safe Financial Program" later on. I only did this because I could see from the initial material and what I had already learned on my own that his stradegies were valid and would work... However, you don't get the full picture until you keep buying more stuff until eventually you find out from some rep who keeps calling you weekly that for only $10,000 you can "join the Chuck Hughes Inner Circle"... That is if you have $25,000 to invest. When I frustratedly told the sales rep who kept calling that the MVP information was incomplete, he commented "I know, that is why you need to be in the Inner Circle".
Another example is the Fail Safe Program that discusses how investing in IPO's of small banks is "the closest thing to printing money" but it doesn't tell you how to find them, it just gives you his failsafenow.com website to go to where he gives "subscribers" the information on these banks. It is all a taste without a bite or any chewing.
The short version of this story is that Chuck Hughes is undoubtedly a great investor and has won awards and made money BUT he is upselling programs in parts in a way that is underhanded. He isn't a liar or fraud but if he is so wealthy from investing, why does he need to trick people into going deeper and deeper with his program to get the whole pie? Here he is a successful trader multimillionaire, then more millions with his publishing stuff and even more with his Inner Circle fees... If his intention was really to "help others"... Why does he use upselling stradegies that look cheap and greedy?
It wouldn't bother me so much if I hadn't used his MVP option plan and lost a lot of money... I'm sure he'd explain that all trade involves risk.in this case I believed his reputation and took what I had as complete and made "incomplete" decisions as a result, it cost me a lot!!! That feels like a rip-off!!
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