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-   -   Optionetics: Good or Bad ? (http://www.elitetrader.com/vb/showthread.php?t=46294)

AlexJ Mar 8th, 2005 03:06 AM

Optionetics: Good or Bad ?
 
Have there been any recent discussions concerning Optionetics courses and/or George Fontanillis ??

In 2002 there were some venomous posts
http://www.elitetrader.com/vb/printt...?threadid=7859

Have they cleaned up their act? Is the course worth $3,000 ?

Any info would be appreciated - am a real newbie and their info sounded interesting, but trying to do my due diligence.

Thanks. :confused:

Lefty62151 Mar 8th, 2005 03:24 AM

Alex:

There are no (none, zero, 0) weekend courses that are worth $3,000.

Learning about options is demanding. You need to have a basic background and then work at it gradually. Retail traders especially new participants have very little chance of making money unless they take time to get their act together.

Do not waste your money. Instead, go to the bookstore and buy the latest edition of Larry McMillan's book "Options as a Strategic Investment". Take a few months and really learn the basics. You will never regret it. If you do this, you will eventually get to the place where you can make intelligent choices as to where to go next. Otherwise you are at the mercy of every BS artist in the business (and there are many).

No matter what, do not trade options until you have some basis for getting into the market.

Good luck,
Lefty

AlexJ Mar 8th, 2005 03:38 AM

Lefty - appreciate your advise. Sounded like an awfully complicated subject to cover in just 2 days. Not cheap either.

Thanks. :)

AlexJ Mar 8th, 2005 03:41 AM

Just ran across this letter at www.complaints.com AJ


Optionetics. I am seeking a refund of my money paid and i am seeking an order prohibiting Optionetics from practicing business in the United States.


Jeanette Patton
Refund Manager
255 Shoreline Drive #100
Redwood City, CA 94065

George@optionetics.com

Dear Ms. Patton:

I am writing to seek a refund of my tuititon that I paid to attend the Optionetics seminar. I attended a preview meeting on June 23, 2004 and the lecturer was Mr. Bolinder. He gave his presentation at when I expressed concerns to the representative who took my order that the material seemed very difficult to understand, that individual said that during the two day seminar the material is presented very slowly and that shouldn’t be a concern. I paid my tuition and I was planning on attending the July 6 and 7 workshop in Los Angeles.

I called optionetics a few days later to clarify my understanding that after attending the two day seminar I would be proficient in your strategies to begin my new career as an options investor and begin earning very good rates of return on my money invested. I explained that I have $600000 to invest and the representative I spoke to said that I should do very well since there is a triple guarantee on the monies traded. I was looking forward to attending the seminar and beginning my new career.

On July 6, the first day of the seminar, the presenters spent the first hour welcoming old members and people under the age of eighteen. He then used the same analogy that was used during the preview presentation on June 23 where he said that it “isn’t necessary to understand how the car is able to run as long as you know how to drive the car.” At the break time, I expressed my frustration to one of the representatives that I was having a difficult time understanding the material being presented. The representative implored me not to seek a refund, telling me that I can attend the workshops as frequently as I wanted and that I should give the workshop more time and that I would get a better understanding of what was being taught.

Later that afternoon, I was still very confused as to what was being taught and I expressed my frustration that if I don’t understand what is being taught, I am falling farther and farther behind. My inability to understand subsequent concepts was further impaired since the concepts previously taught built upon one another.

On the second day of the workshop, my concerns were the same and the representatives I spoke with echoed the same comments that I heard the previous day. At the end of the two day conference, I don’t think that I understood more than 10% of what had been presented.

I listened to the cd, hoping that concepts would be explained in greater detail since the time constraints weren’t in place that were in effect at the two day seminar. I still had a difficult time understanding the material. I then attended the workshop again on August 1 and 2 in Los Angeles, but again, I had a difficult time understanding the material being taught.

The seminars proceed at a very quick pace and the written materials and cds don’t adequately explain the concepts and the materials would be better had more detailed examples been provided.

After the second seminar, I called Optionetics and I was told that I needed to write a letter seeking a refund. The person told me that I should not have signed up for the course since the refund policy says that I need to complete a certain number of trades without success before being eligible for a refund. Since I am very confused on a lot of the concepts, I don’t want to expend a tremendous amount of money investing in options since I don’t have an understanding of the material.

Had I known that the material being presented wouldn’t be explained in great detail, I never would have signed up for the course. Perhaps, it was unintended, but I felt that a “bait and switch” was in effect when the representatives were saying one thing about the material being presented slowly and with numerous examples and with what I received; a course that was advanced and not clearly taught.

I am seeking a refund of the $2995.00. Please send my refund to me.

Sincerely,

Michael B





:(

hcour Mar 8th, 2005 05:08 AM

I know very little about options and nothing about Optionetics but Lefty is right on the money. Most seminars are worthless, but 3K for a 2-day seminar is beyond outrageous. Man oh man, there oughta be a law. These kinds of people are just scum, the dregs of the earth, the definition of snakeoil salesmen, preying on the naive and hopeful. They deserve nothing but the deepest contempt. They should just be taken out and shot.

Harold

Equalizer Mar 8th, 2005 05:42 AM

Quote:

Quote from Lefty62151:

Alex:

There are no (none, zero, 0) weekend courses that are worth $3,000.


Correct !

From what I read above they still have those "free" preview-sessions with the high-pressure sell tactics to push the course. If you get a chance I suggest you attend one, only for the comedic value and for you to realise what a bunch of jokers these guys really are :D

Save your money.


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