Customer Reviews

Power Trading Power Living

5 star:		(8)
4 star:		(2)
3 star:		(1)
2 star:		(1)
1 star:		(8)

 

 

First of all, this book is (or was) available for free through ads on various financial web sites. However, once Parness and/or the Trendfund people get your personal information, they will hound you with high-pressure phone calls attempting to get you to commit to becoming "a partner". The shtick is similar to tactics used by penny stock mongers and various scamsters who rely on the phone and finely crafted scripts to manipulate others into sending them money.

Michael Parness does have a compelling story. However, you have to ask yourself: If this guy is really that good at "power trading", why does he and/or his associates need to use high-pressure sales tactics to generate income from others?

I have read several books on technical analysis, gap and momentum trading. What bothers me are the logical contradictions. For instance, according to author you can spend one hour daily on trading to meet your daily quota. But in order to do it you have to watch a lot of daily business events, read a lot of web-info and do a lot of other things to accomplish your daily goals. We call it "russian hour". It stretches from 6:00 AM to 4:00 PM, every day. Look also page 77 "Planning The Trade" section: ".. and try approaches that seem to work best for you.". This is the statement I have seen in several books, articles, web sites. The way to read it is "I have no clue how it works so I give you bunch of ideas and if your results are very disappointing, you need to try some other approach that I implied in my book". I do not recommend this book to anybody who is serious about investing personal money in the market. I have several books written in early 90's that are much better then then this fluff.

Once again, the much heralded and much hyped about January Effects list was a bust out! Parness got many lambs to join his service once again, and after all was said and done the list LOST one more time and the lambs were slaughtered again! Way to go WAXMAN! What amazes me is so many people actually fell for the scam once again! Parness claimed he made a fortune, but that is because he bought before he gave his reccomendations out and sold into the buying frenzy he created, while never telling anyone where he sold. I have already alerted the SEC to this, and hopefully he will get what he deserves which is arrested, fined and put in JAIL. Save yourself the money and go buy a book from a real trading teacher like Van Tharp. Another note, all of the positive reviews written here about this book are from clients that he swapped a free month of service with in exchange for writing these reviews. I was in his chat room when he made the offer! He is a phoney and a fraud. Stay away

Once again the best way to get rich is to sell products or services that promise other people will get rich.This guy is the best example of what not to do with the stock market.I know there are many trading methods but the truth is 99 percent of day traders will fail you simply dont have resources to compete .The truth is hard to swallow so regardless who your trading guru is you will not win long term.Invest dont trade.Parness is the worst of these gurus unfortunately many people trusted him.

Do not buy this book. Please. It is poorly thought out, poorly structured, way over priced, not proof read... just an attempt to rush a piece of trash into the market and pick people's pockets.

Another poster stated that you should read Dr Alexander Elder, and several others. She is right. Great books, deep insight, worth 2X their prices, especially the Elder books. This book is not worth the paper it's printed on.

There really is not anything of substance in this book, just like the first. I read his first book and it was very generic in what was included.....this is much like that execept with some examples, not unlike you can see on any other traders website where they generally just show the good stuff(aka tokyo joe)...anyway you are better off just waiting till it comes down to 10$ on ebay if you really want to read it.

A horrible book from a bunco artist. Parness is a rip-off, from the tapes he peddles on TV to this poorly written book. The information in this book is worthless, and can be found on the web for free.

Parness's first book was just atrocious, and reading that wouldn't have helped you back when it was written, nevermind in this market.

I was a member of Parness's website for a very expensive month, and got destroyed. I lost 60% of my portfolio following his "Best Plays" that he gives out weekly. When asked for follow up on his losers he would just brush it aside and point out the 1 out of 10 that actually had a positive return and talk about how that one easily made up for the losers. Yes it did, it made up for 1 loser, but not 9!

I would not have written this review if I didn't see the one he wrote where he calls himself a punching bag. Well, he's a very rich punching bag. He's not rich from trading, I heard through message boards from a woman that worked for him that he blew up his hedge fund to the tune of 5 million dollars. He is rich from the amount of suckers he gets to buy his snake oil. Don't be one of them.

If Mr. Parness can turn $33,000 into more than seven million dollars in less than three years then why would he waste his time selling books at $69.00 each rather than simply keep on day trade using what he claims to be tried and true trading techniques?

All Mr. Parness would need to do is take his seven million dollars and keep trading and according to his claim he should be able to make 212% on his money in three years and have $14,840,000.

Buyer Beware.

I have edited my posting and can't give this book 1 star like I'd like to. I read Rule the Freakin' Markets (OK) and Tiny's Charting book (not good) but this book absolutely sucks, hands down, a piece of stink. They mailed it to me for free, and it still sucks. As a former TrendFund subscriber (foolishly pre-paid for all of 2005 so could get the exalted January Defects list - followed it to the letter, lost $50,000! Great insight Waxie!!! Dude, you so totally suckkkk!!!) I can say with absolute certainty that there is nothing even slightly valuable coming from this bunch of scummy, arrogant rip off artists. People posting positive reviews should be ashamed of themselves...

Having learned to "trade" through years of reading, study and experience, I later went to one of his free seminars. Nothing new for me and as I was leaving I actually saw Mr. Parness outside the conference room asking his staff how was the sells pitch going. I introduced myself and wanted to ask a few questions but was treated rather rudely.

What stuck me was that this man needed to stoop to carnival like strategies. I had already (as a newbie) caught on to the email alerts which would run up a stock while the author took profits... There are many ways to scam the public.

Go to any library - read up and start small.