Wizetrade (www.wizetrade.com) - The Truth is in the Testimonials

If you thought that this would be a glowing review of Wizetrade, then you thought wrong.

It's funny, I've been trading for almost ten years now, and I lost count of the number of times that someone said to me "Oh, you must use Wizetrade."

I'm like, are you kidding me? People see the product being advertised on late night television and they figure that it must work.

What is Wizetrade? Based on the people that I know that have bought the product, it is basically a chart-based product based on moving averages that will flash either a buy or sell signal. Green means buy, red means don't buy.

First off, you can set up your own charts and create your own buy/sell signals after about a week of research. Most brokerages provide real-time charting services free of charge. Go onto any financial chat board and ask around and you will have someone educating you for free as to what to look for when it comes to charting. Volume, break-outs, bases, etc.

The funny thing about the Wizetrade product is that apparently the company charges $3000-$4000 for the product (non-refundable after 30 days) plus some sort of additional monthly fee of $99 for the live feed, "if you really want to be successful."

I have many problems with Wizetrade:

1. Why are you charging so much for this product? I mean $3k? Come on.

2. How do you deal with the many disgruntled customers that you obviously have? (just go to the Elitetrader.com testimonial section.)

3. Why don't you have any kind of a real-time profit / loss for a bundle of trades over say, a three month period? If someone posted their results over the course of a year, would you post them on your site, without editing?

4. Would you say that your average customer has benefited financially from their decision to purchase Wizetrade?

5. What kind of refund rate do you have?

6. How hard is it to obtain a refund?

7. How much upselling can I expect if I attend one of your free seminars?

8. What kind of results have you seen from using Wizetrade? Will George Thompson, the President and founder of your company, post his trading records from the last three years on the site for everyone to see?

Obviously this is just my own opinion, but after 10 years of trading, I can tell you one thing with absolute certainty: everything you need to become a successful trader is available for free. You certainly don't need to shell out $3k for a program that will flash green and red at you. If you are thinking of buying the Wizetrade product, then do some research of your own first.

Filed under: Company Reviews

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COMMENTS

Comment by Chris Dunn on May 15, 2009 @ 10:06 am

With about 10 minutes of reading up on moving averages and downloading a free charting platform, you can copy that program exactly. It's the biggest load of BS...

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Comment by rob on May 09, 2009 @ 8:00 pm

I attended a couple of their seminars a while back and decided to give it a shot. After all it's only money! I made a fair bit of cash the first year I used it but then found I was spending way too much time at it. With 4 kids and a very busy time table I decided to shelve it until I had more time to spend at it. It's but one more tool at your disposal but certainly not fool proof like the red and green would have you believe. To each his/her own.

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Comment by dan on January 03, 2009 @ 5:34 pm

Wizetrade has recently changed from purchasing the software model ($3000) to a subscription model where you pay about $100/month instead of having to shell out thousands upfront. You can go to wizetradetv.com and sign up for free without purchasing the subscription. You can watch hours of programming to get a better understanding of what Wizetrade is all about. As far as i'm concerned, i've purchased it years ago for $3000 and have yet to make a dollar with it. I know others who swear by it. I guess it's up to the trader but thinking that you just look at a green light and red light and make $1000/day is wishful thinking.

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Comment by mcdtrendline@gmail.com on December 26, 2008 @ 2:38 pm

Ivan,The seminar wanted $3k,but a flyer I received by mail advertised only a $99 monthly fee for tutoring and daily tv show.I appreciate your comments,as I want to learn to trade curriencies. Cameron

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Comment by Ivan Cruz on October 30, 2008 @ 2:40 pm

Thanks for your insights, newbie here, starting in Forex

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