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A year ago I started seeing Wade Cook commercials on the business TV channel
I watch. These live TV commercials were very well done. Either
a representative or Wade Cook himself would be on. Wade Cook is an
excellent salesman. If you were to only watch the commercials, you
would think he was a very sincere person and his system works well.
Then someone in a chat room mentioned a Wade Cook related site. This
is the direct link to the customer stories on the site:
http://www.garywall.com/wadecook/storyintro.htm
The stories were so interesting, I spent all day reading them.
They cover the different devices/systems Wade offers...and how people say
they don't work. The writers claim the expensive beeper was slow
to give them alerts, Wade's online system didn't work, and how, basically,
they lost their shirts sometimes to the tune of $40K. The writers
also mention the methods used during the introductory seminar. The
former customers claim the salesmen constantly push Wade's expensive seminars.
When they went to the full priced seminars, the attendees say the salesman
were pushing for the NEXT seminar. Some customers paid as much as
$10K for the seminars, beeper, WIN system, etc... AND YET THEY STILL LOST
MONEY TRADING!
This is Yahoo's chart for Wade's company:
http://quote.yahoo.com/q?s=WADE.OB&d=5ym
It was over $5 in Jan/98. Now it's 40¢. WADE was originally
a Nasdaq stock. Now it's a BB stock.
The home page has other pertinent information:
http://www.garywall.com/index.htm
You will find letters from former Cook employees and legal text from
lawsuits brought forth from the A.G.'s in the States of Texas, California,
and 1 individual.
BTW: There are no longer any Wade Cook commercials on the business
TV channel. I found it incredible this business TV channel was airing
Wade's commercials for so long. They must have been aware of the
lawsuits, customer complaints, etc... I guess they only thing they
care about is advertising dollars.
Daniel.
Any opinions expressed above are my own.
Guy Tann wrote:
Robert
Thanks
for being kind.I really know nothing
about this guy other than what George has told me.All
I know is that George has been doing this for over a year now, and is currently
pulling in about 40% a month.Impressed
me but not enough to attend a Wade Cook seminar.I
just might spend a few days with George to see what he’s doing.I
think he’s writing covered puts and calls, but again I’m not sure.When
he writes his options, he has locked in whatever profit he can generate
and just has to wait for the time period to expire.For
most of the time, I think he has been writing covered puts and pocketing
the fees since we’ve been in a pretty bullish market.As
George puts it, he feels he can’t lose.The
worst case is he has to deliver his stock.Best
case is the options expire and he writes some more puts.Granted,
in the worst case, he will lose the paper profits he might have made.Now,
my thought here is, what happens if the market turns to poop?He
gets the fee from the option he wrote but whoever bought it doesn’t want
the stock because the strike price is too high, so he’s lost money on the
stock.
Anyway,
I’ll give him a call next week to have him tell me again, and I’ll take
notes.All I know is that he works
less than 20 hours a month.In November
and December he pulled in $25k a month.
Regards,
Guy
Fax
(630) 604-1589
-----Original
Message-----
From:
owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]On
Behalf Of Robert C. Richmond
Sent:
Tuesday, February 15, 2000 6:39 AM
To:
metastock@xxxxxxxxxxxxx
Subject:
Re: Trading goals & Wade Cook
I
will try to be as fair here as Guy is in regard to Wade Cook. I too
have never attended a Wade Cook stock or options seminar. I did listen
to him years ago when he was peddling real estate strategies. I have
also been innundated in our radio market with his infomercials and I have
listened to the promo's he mails out. The material can indeed excite
one for the riches the market can produce. In my opinion Wade Cook
may be as irresponsible as he is enthusiastic. It is too easy for a listener,
especially an investment "greenie" to think that because Wade has a "system"
that he teaches, that the "system" will work for anyone who trys to follow
it. So many of these "systems" really amount to "buy-low" - "sell high".
And as one who trades almost exclusively in options, I know how easy it
is to show some spectacular short term profits. But most of
us realize the dangers and routinely experience the losses that make us
wonder how the "genius" within us can be so fickle. I
feel the innocent converts of his "systems" may not be sufficiently grounded
in the risks involved. I suspect your's freind's success is shared
by some others who have been awakened by Wade Cook and learned from him.
But I also suspect that most attendees of his relatively expensive seminars
will never recoup their tuition.
I
don't know anything about this Cook chap, other than what
George
told me. I don't know if this system is peculiar to our current
market and
won't work in other markets or not.
Regards,
Guy
Fax (630)
604-1589
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