One of my primary email accounts was bombarded with emails about a new service called 'Options Lock'. The service is run by Lou Russo from TakingProfits.com. TakingProfits has been around for a long while and I have been receiving a number of emails from them, as many as 5 in one day, about joining one of their services.
The 'Options Lock' program particularly interested me because it was right up my alley. It works like this: the service releases a pick for an options trade on ETFs or index, they tell you what price to buy at and send you an email a few hours later with a price to get out at. This sounded seemingly simple and the performance for their last 4 trades since the service's inception did well. They bombarded me with another 10 emails telling me about this feat. Being that the service only costs $19.95 a week and the performance was outstanding I decided to sign up.
It was all downhill from there. I understand that all investors and traders, and services will lose some, I expect it. It's apart of this game. First pick from TakingProfits came on August 12, 2011, it was the August QQQ $53 Puts. Got in $1.20 and received an email a few hours later alerting me that the position would be closed at $0.80. -33% loss, fine, it comes with the territory. Then I received another alert on August 16th to buy the August QQQ $54 Puts. I bought them at $0.87, like instructed. Received an email later that day that we would be holding into tomorrow. The next day I received an alert: sell the QQQ at $0.42. A -51% loss. Now I'm down -84% on two plays. Received another alert on August 17th for the September 17th GDX 62 Calls. The alert said to get in at $2.25, so I did. Received an email later in the day stating that we would be holding until the next day. Almost like clockwork, I receive an alert the following day telling me to sell at $1.85. A -7.5% loss, not bad. But my losses are now at -91% and I could not find a plausible justification for continuing the service. I decided to cancel the service 2 days before the next $19.95 charge would be deducted from my debit card. What happened that Friday? My card was charged $19.95 even after I said to cancel. I sent an email to the service stating that I explicitly said to cancel before next billing. I received an email back shortly after informing me that there was an error and was corrected. I assumed they were overturning the charge. Nope. Still no refund and I called my bank to see if there was anything and they informed that there was no refund in their logs. I sent the service an email indicating that there was no refund made. No response.
This service went from bombarding me with emails advertising their spectacular performance to nothing. Crickets. A few weeks ago when you checked their website they had their gains for the service prominently displayed, there were 4 plays. For some reason the subsequent 3 losses in a row never made it to the website. On top of that they sent me another alert on Friday saying that they were opening a credit spread. This was not advertised in the service. I thought we were sticking with straight puts and calls and then they do this.
I cannot and will not recommend this service. Stay away. You've been warned.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
2 of 3 people have found this review helpful.
Was this review helpful?