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I got suckered into two of his services last year ($2800 total). Each service has a
catchy name like All-American, Options Express, etc. Typically they cost $1000 and up
for one year and you get 2 recommendations per month. I've been through 5 or 6 of them
which typically tout 300% profit targets (kept complaining that they were generating
losses instead of profits and they let me switch). Of course, the marketing people say
this one or that is up some large % for the past year but when I switch in to it, results
mysteriously turn negative (maybe it's all my fault <g>).
Usually he winds up closing out the majority of the recommendations for a loss. Few ever
hit the 300% target (surprise <g>). He sends a fax detailing the recommendation and also
has tie-ins to some brokerages which will auto-trade the recommendation for you (which is
a nice feature if you are a regular working person).
They must have at hundreds of different "services", all supposedly limited to somewhere
between 100-250 participants and the material sent out for each one is typically the
same. Given the large number of services, I could never get a clear explanation of how
they didn't overlap recommendations (which would invalidate the limited participation and
high subscription prices, wouldn't it?). When a recommendation is made, the ask price
jumps and the bid price falls almost immediately indicating that a lot of people are
auto-trading them through their brokers.
Also, Bernie Schaeffer appears to have little if any input into each services
recommendations. Each service has a manager and some "analysts" attached (may overlap),
like a mutual fund model. When I was trying to get some satisfaction from them, I asked
to talk to him and was refused. I tried a few tricks to get around the gate keepers but
without success.
IMO, this is a marketing organization and I'd stay away.
JW
abprosys@xxxxxxx
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> From: Steve Schnake <schnake1@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Options Strategies-Bernie Schaeffer
> Date: Tuesday, November 25, 1997 8:58 PM
>
> Ruth,
>
> I traded the Option Advisor faithfully from 12/95 thru 07/96. I traded the
> Agressive Portfolio pretty much by the book, and whittled a $42,000 account
> down to about $27,000 before I quit trading it, ( must have been a drawdown
> period). I don't mean to totally put it down. Obviously the guy enjoys some
> success; it must have some merits, but it didn't do much for me during that
> time frame. My 2-year subscription has not yet expired, and I do somewhat
> enjoy his monthly market commentary.
>
> One observation: So many SuperTraders sure seem to make a lot of money
> from their advice, as opposed to their trades!!!!
>
> Steve
> ----------
> > From: Ruth S. Alexander <harlequin.stone@xxxxxxxxxxxxxxxx>
> > To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> > Subject: Options Strategies-Bernie Schaeffer
> > Date: Tuesday, November 25, 1997 8:47 PM
> >
> > Am curious to know if anyone subscribes to one of Bernie Schaeffer's
> > Options Services, and if so, what success rate you've had,
> > recommendation you'd give, etc.
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