Here is an unsolicited email I received pertaining to WizeTrade.
Concerning a company called Wizetrade(TM), marketed/ owned by Globaltec Solutions out of Texas. You've seen the TV infomercials for a couple of years now, late night fodder for insomniacs. This is nothing more than a high priced piece of software that you can get for free from most brokerage houses...maybe not the same exact "looking" software, but close enough for your trading needs.
This is how it works (and believe me because I took the bait!)...my own personal experience or nightmare, if you will!
You know, you're up late on Saturday night and you see the same infomercial over and over again like you have for countless other weekend nights. One person touts,"I made $8,000.00 on my first trade and another exclaims, "I made $3,000.00 in 15 minutes" or "it's so simple even my kid can do it!" Then you say to yourself, "shoot, if a ten year old kid can do it and make alot of money, then I sure the heck can too!"
That is the bait, the hook, and the mousetrap! They're waiting somewhere at Wizetrade for you grab the cheese and stick (in this case) your wallet in the trap and grab the bait. The next thing you hear is the sound of your savings dwindling away in the stock market and alot lighter in the wallet for the ridiculously overpriced Wizetrade software...thud!
So, I decided to go a seminar that they hold weekly in an area hotel meeting rooms, just to see if it was possible to make money in the stock market with they're revolutionary software and their red and green simplicity!
I walk up to the table just outside the room and I'm greeted by a friendly Wizetrade(TM) employee, he scribbles out a nametag and I walk in the conference room, sit down and wait for the presentation to begin. There is a big projection screen and surround sound and there are the red and green lights I 've heard so much about, like a glowing huge Christmas tree staring me in the face.
The presentation takes about an hour and a half, where the presenter takes us stock market novices through the pitfalls of the stock market, as we search for only winning stocks. "You see?", exclaims the short balding former stock broker, "You see how simple it is to pick winning stocks?" If you see that these lights are green and the chart looks good, I would consider buying this stock." Wow!!! that was fast! he found a winning stock in less than five minutes!!!
A ten year old CAN do this! Now, I'm really interested and MY greed button is pushed. Let's find another I think to myself, this is E-A-S-Y!!!. This went on for most of the hour and a half, an overview of the system, picking stocks, and taking questions from audience attendees.
"How much you want to make is up to you. A hundred a day, a thousand a day, or a hundred thousand a year, it's all up to you, with the help of Wizetrade and the simple red and green lights, which take the guesswork out of trading."
I believed it all hook, line, and sinker! The presenter tries to be charming and he almost suceeds with his little jokes and funny faces. He talks about his family, "heck, I'm going to teach my teen age kid to do this," he says. He makes you feel relaxed, like he's one of you, just a poor bastard trying to supplement his income and put food on the table. I bought it all and I wish I never had!
So, at the end of the seminar or presentation they offer you a package. "Normally Wizetrade sells for $3,999.00, but if you get it now we'll take $1,000.00 off the price and include a seven DVD traing course valued at over $1,500.00. "Wow! what a deal, a fifty five hundred dollar course for only $2,999.00!
So, at the end of this seminar I, like ten others in the audience(which I now feel were "ringers") walked up to the table in the back where the nice employees stood and forked out a ridicoulous $2,999.00 for the course. With the understanding that I had fifteen days to return the course if I didn't like it. Sounds good, who cares anyway!, I'm going to make millions or at the very least, a hundred bucks a day.
Later, when I asked for the DVD traing material that was included in the package price, I was told that I would have to attend another one day seminar and I would be able to pick up the DVD's there. So, I went.
Now, if you think the first presentator got your juices flowing , this new guy was even better. The same stuff, but a lot more in depth and focused. He was slick in retrospect, they always are. The first seminar I went to touted the "ease" and "simplcity" of the system(red light/green light),but at the second seminar you find out how risky and how complicated the Wizetrade system really is!
The red light/green light theory is literally thrown out the door. Green-buy, red-sell sales pitch from the seminar and TV just don't apply. The guy sitting at the cafe by the beach (like on TV) who just told you that he made seven hundred dollars while he sipped his latte and made a trade, doesn't tell you that he now lives in his 1995 Oldsmobile in back of the Seven Eleven because he lost his house playing the stock market!
You have to read charts and graphs and it's very, very involved AND very risky, especially for the novice like me. Remeber, MOST individual investors lose in the market no matter what anybody tells you...even with the "simplicity" of Wizetrade.
Whatever you do, don't sign ANYTHING until you are DAMNED SURE you want this product or you're out $2999.00...fifteen days or not! They will not refund your money!!!!!
When I asked for the DVD set I was promised in the package that I paid for initially, I was told to sign a paper, so I did. BIG MISTAKE! I thought that I was signing a form to acknowlege that I had received the DVD course, but was I wrong. After looking at the form, it stated that I was unable to return the course and agreed to keep it (note: always carry your reading glasses). I went back to the table to question the nice looking lady with the Texas accent. "I made a mistake and signed this," I declared. She told me she was sorry, but there was nothing she could do about it. "Please step aside sir, they're are others waiting."
I suddenly felt the trap closing. I could almost taste the cheese! I asked how they could make me promise not to return the product, without ever viewing the other half of it(the DVD's)? I should have already gotten the DVD course in the first place! I was told, "that is our policy."
Scammed...I felt like an idiot and still do. It really stings when you get burned. So, to this day, I try to tell people to stay away from Wizetrade and the whole Globaltec, solutions company. They'll just take your money and run!
To make a long story short folks...it doesn't really work any better than the free software you can get from any brokerage house. No one can predict the stock market, if it will go up or down, sideways, or in the toilet (where it is most of the time anyway). You'll lose no matter what software you use. It's the nature of the beast. Wizetrade and George Thompson want you to think that Wizetrade will get you around those risks better than anyone else and it's simply not true!
I also found out that there is a class action lawsuit pending against Globaltec Solutions, the parent company of Wizetrade.
The suit has THOUSANDS of plaintiffs and sites deceptive trade practices!!!
Please pass this on to others...
I have tried and tested countless opportunities and ONLY ONE still provides a ROCK SOLID income. To see Click Here
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