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Sure goes to illustrate that theory and practice are in different
universes...like calling the market right, but not being able to trade it.
Bernie's new book, "The Option advisor", is a good read for beginners to
intermediate option traders, maybe even experienced losing traders would
find a gem of wisdom in it. McMillan on Options is of course in a
different class.
BobR
At 10:35 PM 11/25/97 -0700, JW wrote:
>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
>
>----------
>> 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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