Customer Reviews

Wall Street Money Machine, Volume 1

5 star:		(61)
4 star:		(8)
3 star:		(7)
2 star:		(5)
1 star:		(25)

 

 

Quite frankly, I expected far more bashing and 1 stars than what appears here.

Wade takes on the establishment and steps on some Big Toes on Wall Street. Mr Cook tells it like it is and shakes up the industry---and that is GREAT!

Buy this book and use the strategies. They work. Forget the naysayers who are trying to use your ignorance for their bliss and don't want Wades methods known.

The pluses of this book have been reviewed elsewhere. If you buy only one book on how to do short-term investing, this should be it. The strategies, in particular rolling stock and covered calls are very sound and if practiced carefully should make money for you 80% of the time. However, you must be careful because he makes it sound easier than it really is. Interpretting charts is much more complicated than simply looking for a "rolling" pattern. Stocks usually drop for a reason, and to think they can't drop any further is a recipe for failure. His strategies on stock splits are not necessarily sound either. In the short term, many stocks that are splitting do drop significantly in price. A split by itself is not sufficient reason to buy unless you are in it for the long term, and is a particularly dangerous reason to buy options which will likely expire before the stock has benefited from the split.

He is also wrong that the "premium" for options on low cost stocks is pretty much the same as in more expensive stocks. Don't believe me? Check out the prices of call options on any high priced internet stock. You could easily be paying a 15 -20 dollar premium on options just a month out.

Most disappointing on this "revised" edition is that Mr. Cook seems to be living in the past as to how stocks (and options) are bought and sold. On-line trading is hardly talked about - he assumes you will always be "calling your broker" and relying on him/her for prices. Great way to always get into a position late and at a bad price. And, in particular for NASDAQ stocks, why would you buy at market instead of using limit orders? A market order carries huge risks, particularly in fast moving stocks. In the case of NASDAQ, one can almost always buy at the bid and sell at the ask. In those cases that are exceptions - yes - a market order guarantees getting filled, but also will likely guarantee getting filled at the very worst possible price. Wise advice is that if the only way to get into the stock is with a market order, it's not a safe trade.

Options, on the other had, are the opposite. Mr. Cook completely fails to discuss the lack of liquidity that exists with most option contracts. Unlike stocks, you are usually stuck with the bid/ask spreads on options and very often, that spread is so wide that it is virtually guaranteed you will lose money. Remember, you have to make back that spread plus all commissions just to break even.

Selecting options and placing a proper value on them are complex sciences that Mr. Cook ignores entirely. Just because options are available on a particular stock hardly means it's a good thing to buy or sell.

He is wrong to say commissions don't matter - espcially in option trading where, contrary to what he says, commissions are usually MORE than for stocks, often much more. Commissions can be truly exhorbitant when doing spreads, a strategy he lists as his very favorite. Commissions in reality make it difficult to trade the majority of option contracts, including covered calls, unless you have a substantial position.

I was disappointed that he did not truly update this book to reflect the new internet age. It is also somewhat annoying that he so blatantly advertises his seminars, but then, he also owns the publishing company that puts out this book so it's not surprising. It's also not a reason to avoid the book. Just beware that much of what he says is self-serving.

This is mostly a negative review, but I still give the book 5 stars because it will educate you generally on a variety of strategies not discussed in any other books. For that, I consider the book to be worth its weight in gold. Anyone contemplating an active participation in the stock market should read this book. Just don't follow him blindly.

Wall Street Money Machine Vol 1 is an excellent book to teach you how to cash flow the market....and from someone who knows---WADE COOK!I noticed that Wade's brokerage account showed a 22% gain this year.Perhaps that explains why the 1 star reviews have suddenly dissappeared.Looks like Wade has shut his detractors up once and for all. Way to go Wade!

Have you ever had one of those "AHA" moments, like being hit with a thunderbolt and you say; "So this is how it's done!"That is exactly what happened to me when I read this fantastic book by Wade Cook. AHA! Violla! Walla! Cha-Cha-Change! Thanks for getting me on the right path to making money Wade. This family will be forever grateful.

Okay, I read the original edition in 1996 or 1997 and it started me down the trail of options trading. Thank you Wade! I prefer to write covered calls, although I do all types of options. The covered calls are a money machine. If you have just a little capital and grasp the concept you can retire in 5 years or less doing covered calls on a stock that splits often and appreciates. My personal favorite is CMGI. Covered calls are SAFER THAN JUST OWNING THE STOCK BY ITSELF! It will generate you monthly income for the rest of your life.

Consider this book a motivational guide and not the last word on option trading. I was so fired up after reading his book that I couldn't wait to start accumulating stock to write covered calls.

If this book interests you then try "Options as a Strategic Investment" by Larry McMillan for the more technical aspects of option trading. This is the bible for options traders.

Some of these negative reviewers have never read the book or traded a single option I suspect. The book is not designed to teach you how to "pick stocks" or to never have a losing trade. People lose money in options because they are greedy. That is always the case when I lose.

I took the time to write a review just because I appreciate Wade introducing me to options trading that was easy to understand and will make me rich in a few years. Anyway, read the book. It will change your investing life.

I strongly disagree with the reviewer who posted the review titled; "Working without a strategy" and went on to say that Wade Cooks strategies only work in a rampaging bull market.

The techniques work in any market, if you really read the book instead of just the sample pages here on the internet you would know that.

Also if you were a actual trader, you would know that as well.

Did you even look at this book?

That is, this is a book and formercial is short for informational. Wall Street Money Machine is a great book and is very informational. So on on that I will agree with the reviewer from Houston.

Do Wades strategies work? I have been following Wade since 1999 and I have done incredibly well. Just today, I made a nice 43% profit on Jet Blue as a post split play and on news.

I've had 4000% days too. I like rolling stocks, stock splits, options on stocks splits and covered calls.

Have I lost money? Yes. That said, I blame myself. In every case it was b ecause I didn't use the formulas that Wade teaches.

Are Wades workshops expensive? It all depends on how you evaluate price and cost. Price is what you pay for something. Cost is what you end up spending. I went to the workshop and made enough to pay for the workshop, all travel expences and lodging during the workshop. In my opinion Wades workshops are not expensive, in fact, for me it was free plus I made a profit.

Can you make money with the book alone? Yes. That is how I started. The only caveat is that you follow what Wade teaches.

1) Use only money you can lose
2) Use only a small amount of money at first
3) Paper trade before using real money
4) Know your exit
5) Use limit orders
6) Use stop losses
7) Don't get greedy

In addition to Wall Street Money Machine Volume 1, I recommend Rolling Stocks, Stock Split secrets then move on to Wall Street Money Machine Vol. 2 and Vol 4.

If a workshop is close to you, I strongly encourage you to go. It's worth it.

DISCLAIMER: I am not now npr ever have been an employee for Wade Cook. Just someone who appreciates someone like Wade Cook for sharing insider secrets on how to cash flow the stock market.

Oh, reader from Houston, you obviously have personal issues with Wade. Nothing you wrote even remotely corresponded with the facts about Wade Cook, this book, any of Wades books or the workshop. You sound like a very bitter individual that has probably lost a lot of money in the stock market and looking for a place to release your pain.

Suggestion: Try someplace else!

This book is all about cash flow. I made $40,000 in one month.It worked for me. Try it and ignore the naysayers.

Some people say that what Wade teaches is just common sense, unfortunately, common sense is not necessarily common knowledge.

This is the best book to earn money in the stock market. Covered calls will give you a continous stream of income and can be done right in your IRA. Imagine all of that money compounding in a Roth IRA and then withdrawn TAX FREE!!

Options on stock splits is the best growth strategy. The individual that wrote that you would have lost money playing splits either didn't read this book or the material went right over their head.

There are five times to buy a stock on a split; five times to profit.

If you are investing in options and not setting stop losses and using limit orders, shame on you!

I've read the rest, this is the best. Looking forward to other books by Wade Cook.

By the way, I also highly recommend Wall Street MM#5-FREE STOCKS.

If you are a fan of dollar cost averaging (averaging down) buy and hold (buy and pray) or other outmoded and ineffective techniques, you will be offended by what Wade has to offer.If on the other hand you like makin money and are teachable, you'll love and profit from this book.