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Please be careful!
on June 8, 2003
If Wade Cook has a talent (other than that of being a slick talking salesman), it is his ability to take some of the complex methodologies of Wall Street and present them in layman's terms, i.e. he can give you a good, understandable definition of a covered call. The danger is that he often presents these strategies as if the risk is strongly mitigated or even non-existent.
Wade was at his peak at the turn of the century when the Dow and NASDAQ were flying high and novice investors were seeing 100% returns in mere weeks. At the time, he was buying up half hour blocks of radio time to sell his books and seminars. He claimed to be able to double your money in 2 1/2 to 4 months (a claim that the authorities made him recant) and was selling the idea that buying a pre-split stock was a sure way to make money. We all know what has happened to many investors in the last few years, especially those who played fast and loose with risk.
Ask yourself this: If Cook has such a grand understanding of the markets and has strategies that will certainly make you money, then why is his company (as of this writing) in bankruptcy? Why has his company's stock been on the pink sheets for years? Why did he post losses from his trading in his public filings (the same trades that people pay thousands for on his WIN BB)?
Please be careful! Wade may be able to explain options trading, but so can others who aren't selling $4000 seminars.
UPDATE: Since I wrote this, the Cult of Wade has descended upon this page en masse and given negative marks to every critical review of RLGL and Wade's other books. What does that say about the man and his followers? If you don't believe me, then let Wade's website do the talking. Visit [...] and decide for yourself if you should take financial advice from this guy.