(opening a new thread under the proper subject line)
Hi Marty:
Let me "recycle" my response to a private email which basically asked the same thing. If you did backtest his strategy, you would see for yourself what makes it cash and burn, and you would be way ahead of the pack.
Yes, Terry sure does put on a friendly front. But his service is a candy-covered hand grenade in my experience.
What goes wrong? Well, much as I've tried to "forget" this unpleasant memory, basically every time the market takes a drop in the crapper it upsets his house of cards. All his customers go bust, and he sends out an email update, something along the lines of: "OK, gosh, well we sure learned some good lessons last week! For the future, what we'll do is..."
I.M.O. his current customer base are guinea pigs in an ongoing trial and error test.
You may know the EliteTrader website. It's got an extensive "review" section of brokers, newsletter and services. Here's a 5 page thread on Terry's: http://www.elitetrader.com/vb/showthread.php?threadid=55017
So be careful out there,
or NOT. It's only money! ~greg
a sample quote from that link: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 ?--end quote
On Wed, Jul 21, 2010 at 4:07 PM, Marty Dirks - ISA <mdirks@isacm.com > wrote:
I had looked at "Terry's Tips" at one point, but never really spent the time to backtest it to really examine risk.
Is there just too much leverage/risk or does he have some personal profit scheme going on?
He seemed to have a credible background, but them so did Madoff.
Thanks for any insight you can share.
Marty
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