I started investing with covered calls after attending their workshop a couple of years ago and have NEVER made 5%-6% IN ANY MONTH! When stocks go down my account has actually gone down despite selling calls - but Joe Hooper says don't worry it will go up! What is the use if you get 3-4% call premium and the stock drops 30%, 40% 50%?
Stocks have gone down a lot last year and ALL my stocks are way below cost basis and I cannot sell calls now as premiums are so small. Joe says just wait and the stocks will go up. I have no income now - No Job - and my stock account is down 70% and I have a family to feed.
There is no help or support when your stock drops you get treated like a MORON when you ask questions and are told "Be Patient"
When you ask other people at the seminar most of them were losing money as their account values are down - but are embarrassed to say anything or are worried they will not get any more support. If your account value drops 20% you cannot make money with 4% call premiums. You have LOST Cash - Period! Most people were told by them its only paper losses - You have not lost anything till you sell.in the meantime account values continued to drop.
No one explained the risk of the STOCK DROPPING IN PRICE - The risk is very large that the stock will drop more than the call premium received. It is NOT a SAFE system for your funds.
At every seminar Joseph Hooper and Aaron Zalewski claimed they are making 5%-6% and MORE EVERY MONTH! - they "practice what they preach" they say. No one else in the seminar made anywhere near this amount!
I decided I should check their figures to see where I was going wrong and asked for two months trading records to compare with my results." Don't you believe us"? Was the response! You need to spend time to learn the system instead of complaining all the time - Follow the rules and be patient was the standard response.
I wrote to them asking for proof again - like their broker statements for the CSE Fund or another account that showed the monthly profits they claimed, and verify the compounding effect as I did not believe them any more as I was losing money as stocks tanked even more.
If they were making the money like they claimed - why are they so reluctant to show the world! They can respond to this report and file them on line for everyone to see - It will be great for business!
They ignored my requests. They also told me I was a trouble maker because I had lost money! I cannot afford lawyers to file a complaint and fight the case
If their claims are true their CSE Fund should be over $20 Million and TAXES SHOULD BE FILED for the income every year since 2001. I could not find anything - Someone somewhere should be able to check this and get the answers from the IRS - If they made the profits taxes must have been filed some where - I could not find anything - but I am not an accountant or a lawyer and do not know where to look!
My opinion is that the FTC, SEC or the Attorney Generals Office should investigate the income claims made and if they are misrepresented someone should go to jail as a lot of people have lost their life savings - Is it just another Financial Scam? - You check them out and do your research before parting with any money for the seminar fees and ask for CURRENT PROOF OF THE PROFITS MADE IN THEIR CSE FUND BEFORE YOU PAY ANYTHING.
Like they say "If it sounds too good to be true - it probably is"
I lost a lot of money - But sadly I also lost faith in the people involved in the American Financial Markets due to the recent financial scams and the Ponzi Schemes exposed.
Learn to Manage Your Own Money - You Cannot Trust Wall Street
God Bless
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