BR - I didn't see any listed under Options but found this one under Hot Hands ... http://www.collective2.com/cgi-perl...ssion=87285180048441638759102794515578527&f=1
Theta636
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Terry's Tips - A Cautionary Tale
- Thread starter Choad
- Start date
BR - I didn't see any listed under Options but found this one under Hot Hands ... http://www.collective2.com/cgi-perl...ssion=87285180048441638759102794515578527&f=1
Theta636
I guess you could do worse than TT's. This one went from $100K to $180K to $350 (no K) in a few weeks.
http://www.collective2.com/cgi-perl...2&session=87285180048441638759102794515578527
http://www.collective2.com/cgi-perl...2&session=87285180048441638759102794515578527
Those of you who were skeptical of this program were right once again. Terrys Tips has suspended several auto-trade programs after massive losses in 2008. Everytime his programs do this he claims to have "learned a lesson" and comes up with yet another version of the program. Stay clear of Terry as he has proven to be a hazard to your money!
Been on these boards for some time, but never bothered to post. Terry's Tips is worth a post. I strongly advise staying away from Terry's Tips. Some of his strategies utilize Leaps as the underlying for selling short calls. This strategy can work in a stable/low vol environment. He pays no attention to volatility. He buys leaps when the VIX is north of 25. When vols move down so do your positions and your account - rapidly. If you want to see a grown man cry watch leaps premiums dissolve as IV moves down. Stupid strategy.
The strategies he employs are so flawed that only those who don't understand options/greeks would subscibe. Then again that's the point I suppose...
The strategies he employs are so flawed that only those who don't understand options/greeks would subscibe. Then again that's the point I suppose...
Does anyone know why the SEC filing against Terry's Tips ( http://www.sec.gov/litigation/complaints/comp19291.pdf ), and Weiss Research ( http://www.sec.gov/litigation/admin/2006/ia-2525.pdf ) even mention autotrading? In Weiss Research paragraph 22 it says
"[Weiss Research] effectively had investment discretion to purchase and sell securities on behalf of its auto-trading subscribers"
But that's not true. The broker's autotrading department has limited power of attorney over autotrading clients, not the newsletter publishers. These days there are tons of newsletters that advertise that their newsletter can be autotraded with this and that broker... why isn't the SEC filing against them?
"[Weiss Research] effectively had investment discretion to purchase and sell securities on behalf of its auto-trading subscribers"
But that's not true. The broker's autotrading department has limited power of attorney over autotrading clients, not the newsletter publishers. These days there are tons of newsletters that advertise that their newsletter can be autotraded with this and that broker... why isn't the SEC filing against them?
1) 1200 subscribers x $ 20 starting price = $ 24.000 a month see ? Terry knows exactly what he is doing.
2) Funny to see happy subscribers who didn't even brake even " I made a lot of money and I lost a lot of money "...How about going to Las Vegas, you can do the same and it is more entertaining.
3) Terry had the SEC on his back and he is still in business.
4) If you knew for a fact that IBM is going up ( say you cut the CEO hair and he tells you ) If you have a strategy and it works to make money what would you do ? Tell the rest of the world about IBM or quitely placing your trades ? Ask Terry. His strategies are as good as flipping a coin, yet for a modest fee he will be happy to tell you how to make a fortune.
5) If you don't have the money or the time to trade stay out, is that simple ! There is no autotrading good enough to make money for you while you go to the beach.
6) On a personal note I admire Terry, because HE KNOWS that doesn't matter what the harsh and true reality is, there will always be some gullible gamblers who will buy his or other newsletters.
7) Terry loves gullible gamblers and so do I, it is thank to them that self proclaimed financial gurus and real traders can make a living.
8) Just want to say Thank You to the OP for writing a very interesting thread, ironically enough it will probably bring more subscribers to Terry. I already saw some very positive testimonials. Where do I sign up ?
2) Funny to see happy subscribers who didn't even brake even " I made a lot of money and I lost a lot of money "...How about going to Las Vegas, you can do the same and it is more entertaining.
3) Terry had the SEC on his back and he is still in business.
4) If you knew for a fact that IBM is going up ( say you cut the CEO hair and he tells you ) If you have a strategy and it works to make money what would you do ? Tell the rest of the world about IBM or quitely placing your trades ? Ask Terry. His strategies are as good as flipping a coin, yet for a modest fee he will be happy to tell you how to make a fortune.
5) If you don't have the money or the time to trade stay out, is that simple ! There is no autotrading good enough to make money for you while you go to the beach.
6) On a personal note I admire Terry, because HE KNOWS that doesn't matter what the harsh and true reality is, there will always be some gullible gamblers who will buy his or other newsletters.
7) Terry loves gullible gamblers and so do I, it is thank to them that self proclaimed financial gurus and real traders can make a living.
8) Just want to say Thank You to the OP for writing a very interesting thread, ironically enough it will probably bring more subscribers to Terry. I already saw some very positive testimonials. Where do I sign up ?
Just got his revised book Making 36% in the mail. (free)
"Duffers guide to breaking par in the market every year in good years and bad."
It is so slick... he could teach those infomercial guys something.
He slips in his two month vacations to europe. how he gave his wife and unlimited budget for landscaping.
It is great marketing... but all you have to do is type in terrys tip and you see very quickly he has slaughtered accounts in the past.
"Duffers guide to breaking par in the market every year in good years and bad."
It is so slick... he could teach those infomercial guys something.
He slips in his two month vacations to europe. how he gave his wife and unlimited budget for landscaping.
It is great marketing... but all you have to do is type in terrys tip and you see very quickly he has slaughtered accounts in the past.
I am a former (circa 2003-04) Terry Tips subscriber.
I can pretty much assure you he had at least a mini blowup late July into early Aug and would be willing to bet the October vertical run was no picnic for the subscribers either.
The strategies aren't complex, or bad for that matter, mainly positive theta, short gamma calendar spreads. His problem, as several have stated, is over-leverage. He'll take a 10k account and put it all-in on calendar spreads then make adjustments as the markets move, churning through commission $. Even as the account makes money due to time decay, he will re-invest those additional profits in extra spreads. In sideways chop or gentle trends he cleans up, in multi-sigma moves he gets killed. The problem is of course, when ur always all-in, the inevitable few big moves each year can wipe out many months of gains.
My advice: stay away!
I can pretty much assure you he had at least a mini blowup late July into early Aug and would be willing to bet the October vertical run was no picnic for the subscribers either.
The strategies aren't complex, or bad for that matter, mainly positive theta, short gamma calendar spreads. His problem, as several have stated, is over-leverage. He'll take a 10k account and put it all-in on calendar spreads then make adjustments as the markets move, churning through commission $. Even as the account makes money due to time decay, he will re-invest those additional profits in extra spreads. In sideways chop or gentle trends he cleans up, in multi-sigma moves he gets killed. The problem is of course, when ur always all-in, the inevitable few big moves each year can wipe out many months of gains.
My advice: stay away!
And then it's time to roll out a new "XXX-10k" strategy!Quote from bh_prop:
In sideways chop or gentle trends he cleans up, in multi-sigma moves he gets killed. The problem is of course, when ur always all-in, the inevitable few big moves each year can wipe out many months of gains.
My advice: stay away!
I read his book as well and I'd second your advice.