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Newsletter Reviews (loved it/hated it): Preston James (aka The Profit Pirate)

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  1.  
    • CommentAuthorasafp
    • CommentTimeJul 29th 2008
     Report Post# 1
    This guy sent me an audio CD. First time I ever got one of those. Toby Smith says he's the real deal and the letter promised a trading secret "An almost Magic, Little-Known Piece of News That Makes a Stock Go Up Over the Next 3-6 Months After It's Release - 86% of the time!"

    The first part of the CD is enough to make a maggot gag. One of those free dinner seminars where people talk about how much money they made real quick using Preston's system. Then he goes on about how useless technical analysis and charts are and fundamental analysis gets the same treatment.

    Finally, he reveals his secret. (I fast forwarded a lot to protect my sanity.) When a company pre-releases a positive earnings surprise is when the 86% rule applies. He recommends waiting for the initial excitement to die down and to then sell around the actual earnings announcement. He also recommends using options since even a modest gain can be multiplied.

    Of course, for all the details you have to send him $1096 $558. He also mentions secrets about splits and a certain SEC filing. He got out of the live seminar business and now sells a video course.
    Thankful People: blind
    • CommentAuthordestry
    • CommentTimeJul 30th 2008
     Report Post# 2
    Over the past years, I've heard most of the "snake-oil" salesmen brag on their investment successes.
    My favorite remains Charles Givens....Ask yourself...Why would a self-proclaimed financial
    mogel, with mansion and Rolls Royce (Both are cheaper to rent for photo shoots than you'd think...If not
    for free), want to share his genius with me, for a mere $500 or $600; Instead of conquering the financial
    galaxy? Because he never did and never could...Selling rumors of their "genius", is their key to success.
    • CommentAuthorasafp
    • CommentTimeJul 30th 2008
     Report Post# 3
    The beauty of an earnings "secret" systems is there is so much volatility around earnings, that you can claim your secret is highly profitable no matter what. If you buy on the exact earnings surprise low and sell on the exact earnings surprise high, you can make a fortune with a hypothetical situation.
    • CommentAuthorcigam
    • CommentTimeFeb 26th 2009
     Report Post# 4
    I just happened to be one of the people in attendance at that "free dinner seminar". It wasn't free... I paid around $3000 to be there and have made plenty to pay for that seminar and more.

    His stuff has worked well for me. The guy's the real deal as far as I'm concerned.

    I don't really care for all his "trash talk" on tech analysis -- I find it pretty useful. But all in all I've made plenty of money using his pre-announcement set-up... so I think it's pretty cool because I'm making money with it. (It's pretty rough right now -- February 2009 -- but he's got some other bearish stuff that I'm doing that is really working.)

    Just my 2 cents.
    • CommentAuthorasafp
    • CommentTimeFeb 27th 2009
     Report Post# 5
    "real deal", huh? Do people really talk like that outside of an infomercial?
  8.  Report Post# 6
    nothing but a Hype.
    I used his advice for 30 days. none of the stocks touted made me any money.
    it's all B.S .
    been looking for the holy grail on wall-street for 15 years, haven't even come close.
    Preston doen't either.

    CoolRap.
    • CommentAuthorcylack
    • CommentTimeFeb 27th 2009
     Report Post# 7
    I also got his CD. Seems like he's peddling common knowledge to anyone who's read a few books on trading Options. As others have pointed out, if it's SO EASY to make money with options why is he touting his system and not sitting on his computer 24/7 and raking in the millions? All these self-proclaimed guru's make their money fleecing newbies. Outrageous to pay $3-$4k for a seminar when reading McMillian's Options As A Strategic Investment - a $30 book on Amazon - will teach you all the tools of the options trade!

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