Education, but no profits
Peter, a software engineer and CHOICE member, attended a free Optionetics seminar and subsequently paid for the two-day seminar, software and a further three-day advanced course.
We asked Peter if he’d profited from the training and software. “In a financial sense, no. I don’t want to trade the US market [where the company strongly recommends you play] and I did not strictly follow the rules. However, from an education and avoiding financial destruction viewpoint, I have benefited. I truly understand how options, contracts for difference, warrants and shares work. Many people just don’t understand the risks; Optionetics drummed home again and again the very real risk of trading derivatives.”
Peter is generally impressed with Optionetics’ presenters and materials. However, he’s critical of the “shocking” software costs and what he terms “high pressure, no-nonsense sales techniques” and “constant upselling”. “I think the knowledge they dispense is of an exceptional quality, but overpriced.”
Peter has spent close to $10,000 on education and materials. He‘s lost further money trading options, but stresses the unsuccessful trades didn’t follow Optionetics’ strategies. He applied his own strategies and learnt the hard way how difficult it is to make profits.
Peter’s advice to others considering attending an options seminar or training course is to “be calm and critical – you are not obliged to buy or do anything just because it’s a free introductory seminar. Think further about the offer, search the web for the knowledge Optionetics claims to teach you, check out bookshops and the much cheaper material available, take an active interest in learning yourself, then go back to the next free seminar a little better armed to make a judgment call. And most important of all: this is not some magic bullet that will save your financial mess, or some quick-fix solution.
"Don’t give up your day job, and don’t go into debt to buy any of this stuff or to trade options. Be patient and save if you really want to attend these seminars.”