I joined Optionetics in 2004 after attending their infamous 2 hour free workshops. I like many others was intrigued by your professional sellers patter and your guaranteed opportunity to make thousands per month or your money back. How could I lose I told my pregnant wife. I had it there in writing proudly stating that I'd get my money back in full if the course hadn't paid for itself in 6 months!
Day one of dealing with Optionetics they overcharged me for the course, they charged me the same amount in Euros as the course costed in USD and then tried to defend this by saying that it was simply the currency conversion of the day. I faxed the visa slip that I signed that clearly showed the euro amount that I'd signed for, and threatened to take the matter up with visa. They sent me a refund immediately. To think that they actually tried to defend this, this demonstrates the kind of company they are.
I attended three seminars, all mind blowing but graspable stuff, I must say I really enjoyed the events, the traders were credible and entertaining. They would occasionally list trades to try for real or with paper money, I tried them all with paper money (as reccomended by the Optionetics guys, "Don't use your own money for at least 6 months") they all failed.
By my second seminar I'd tried a few real cash trades, I'd read all the materials and was feeling confident, I'd learned enough to know not to place an uncovered call or naked put. So armed with all the techniques taught in the course I lost 700 Euro, even when my trades went the right way I wasn't making any real headway. I spoke with the Optionetics guys, still confident that I was going to master this, and they reccomended that I purchase the Optionetics Platinum product and the advanced Get product. At the time I couldn't afford the Get product but I decided to try the Platinum, as it was on special offer at the seminar. 595 Euro later, I was losing more than I was making, mainly due to Volatility skew trading that was taught in the second seminar - Conflicting advice from Optionetics, never buy an option with an expiry date less than 90 days away - Then in seminar 2, use the volatility skew finder to find options that are due to expire but that have unusual volatility ratings. I lost over 800 dollars using these methods. So Platinum was useless.
In mid during my third seminar and all the prepaid Optionetics materials read I was advised by Optionetics that it was time for me to purchase the Advanced Get software to allow me to make the money described on the course and if I bought it that day from Optionetics at the seminar I could have it for 2300 Euro, otherwise I'd have to pay the full 3k from the original supplier. So foolishly I purchased that software too, plus data feeds.
This was the ultimate waste of money because during the third seminar Optionetics unvealed their own version of Advanced Get, I think it was called Coral or something, from that day on they've not touted Advanced Get and base all their trading strategies on Coral. They even told me that they were not a supplier of Advanced Get and if I wasn't happy with the software I should contact Signal, who are the worlds worst customer service people you'll ever come across. My purchase of the Get software marked the last winning trade that I ever placed. Not one single winning trade since I bought it, and I'd contest anyone to prove that I'm not using it the way Optionetics taught me too. Perhaps signal can reccomend better strategies but it was Optionetics who sold me the software and the strategies to play on it.
Three years later in my trading account is depleted. After completing in excess of 30 trades using Optionetics reccomended strategies, the Platinum software and using Advanced Get Elliot wave analysis as described by Optionetics, My entire trading account is gone and I have spent 5900Euro and lost 2000Euro using the very techiniques that Optionetics guaranteed would pay for this training course.
I tried to complain to Optionetics in 2006 but was sent a note stating that as I was complaining after the agreed 7 months I would not be entitled to a refund. Tell me, given that Optionetics staff warn people to not trade with real cash until they have been practising for at least 6 months after a seminar, how does anyone manage to place those necessary 6 live trades in the given 7 months?
To anyone considering buying Optionetics, save your money, with a little free trading advice from the CBOE you can afford to make a hell of a lot of mistakes for the price of the trading training and the tools that Optionetics WILL sell you.
I am looking for legal representation against Optionetics to try to win a refund of all my costs in this venture. A have a cousin in Canada who is a lawyer who has offered to help, but perhaps there's a lawyer out there who has experience of fighting Optionetics, given the amount of bad press they get I refuse to believe that there isn't a prescedent case out there. I am willing to pay the extra cash to get these lying fraudsters back!
Any third parties out there who are reading this who feel like replying on optionetics behalf, you probably work for Optionetics so I've no interest in hearing your opinion, anyone I know who has purchased the course feels just the same way I do! Optionetics staff have been know to login to chat rooms and forums to address bad press, posing as customers of Optionetics.
Ed
Malahide
Ireland
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