"Is Wizetrade a scam" and "is Wizetrade a rip off" are the two most common questions I receive in my email box about the Wizetrade stock trading system. And when I get questions like these, I can't turn my mind off and get a good night's sleep until I know the real answer.
Good, bad or ugly, I need to expose the truth about Wizetrade and there's only one way I know how to do this and that's to pull an "all nighter" or two, or sometimes three and dig down deep into the bowels of the program and the people behind the curtain.
And of course, I then share my results with you... and you might be a little surprised when you read this entire report so don't skip ahead or you'll miss some critical details, and there are no 'cheat notes' at the bottom anyhow so stick with me.
Wizetrade Background Info
So let's start off with a little background information about the company. George Thompson is the Founder, President and software architect of Wizetrade. Wizetrade is owned by GlobalTec Solutions LLP which is a subsidiary of Dynetech Corporation. GlobalTec offers several lines of software investment tools but their Wizetrade program is considered their 'flagship' product.
You may have already seen one of Wizetrade's infomercials on TV. These infomercials spend a great deal of time explaining how the software works and showing people how easy the software is to use to discover profitable trading opportunities. Wizetrade also promotes their software packages throughout the country with live seminars so you can get a first hand look at how the stock trading system works.
To get a better understanding of the actual 'ins and outs' of the software, Wizetrade offers a free demo version that you can download from their website.
Is Wizetrade Really That Easy?
If you've ever tried trading stocks on your own, or doing any sort of technical analysis of stocks on your own, then you already know just how difficult and time consuming it can be. I mean, who the heck can even spell 'Fibonacci' much less know how it helps make a better stock trading decision?
And that's the challenge that any stock trading software supplier needs to overcome. They need to take a complex set of data and variables and create a system that makes it easy to understand and easy to use... this is no small feat! Yet what I found is that Wizetrade has been able to take this overwhelming problem and simplify it into an easy to use screen that has all the data a person needs in order to make more profitable stock trading decisions.
Through the use of their custom graphical interface, Wizetrade takes a bunch of raw data, that would normally be useless to the average investor, and turns it into a graphical format that 'tells a story' about a stock. Think 'Apple' and the way they were able to make using a PC easier through their use of the 'point and click' graphical interface versus the old DOS system of typing 'commands'... it's really the same concept here.
Wizetrade has also taken their training a giant leap into the realm of simplification by recognizing that only about 1% of the population ever cracks open those phonebook size instruction manuals. Instead, they provide an innovative training system that let's you sit back and watch video on your computer in order to learn how to best use their system and trading strategies used by other successful traders.
Since I don't fall into the '1% bracket', I find this type of training to be more to my liking. I would rather sit back and watch TV in the morning while drinking a hot cup of coffee than spend my nights reading a complex manual.
When Is Wizetrade 'Not Recommended'?
Here is where is gets a little confusing. After all, if the Wizetrade system is so easy to use, why would I say to anyone that Wizetrade is 'Not Recommended'?
This will take a little more explanation but stick with me just a little longer and it'll all make sense. You see, there's a danger to making any system too easy and that danger is that people will begin to think that the 'system' alone will do everything for them. I'll admit that after using the free Wizetrade demo and watching the TV training that even I felt like getting into a little day trading action.
But frankly, I'm really more of a Mutual fund person than a stock trading person... and that's OK, there's nothing wrong with letting others manage your stock investments for you. The key is that you need to recognize what type of investor you are and stick with it.
I accept the fact that I probably make a lower return on my Mutual Funds, and probably pay a lot more in fees than if I were to do it myself, and take control of my investments. And this is where I see most people become dissatisfied with Wizetrade... they're really 'hands off' Mutual Fund people like me and should just accept it rather than trying to make a change.
So here is who I don't recommend Wizetrade to:
- I don't recommend Wizetrade to people that think they're buying a 'Lottery Ticket' instead of a trading system.
- I don't recommend Wizetrade to people that trade stocks as often as I trade out my Christmas decorations.
- I don't recommend Wizetrade to people that think a trading system is a substitute for thinking.
- I don't recommend Wizetrade to people that spend more time planning their nightly TV schedule than their financial future.
- I don't recommend Wizetrade to people that are passive investors like me... just buy a mutual fund and forget it.
- I don't recommend Wizetrade to people that aren't interested in taking control of their investments in a disciplined and deliberate fashion.
- I don't recommend Wizetrade to people that don't plan on learning the full system to understand how it works.
- I don't recommend Wizetrade to people that think the 'green light' and 'red light' alone will turn them into a Warren Buffett level trader.
- And finally... I don't recommend Wizetrade to people that have less money to invest than the system costs or you'll never make your money back in trading gains.
So who should consider Wizetrade?
- People that are current stock traders and are looking for an additional edge in the market.
- Current traders looking to become more active traders in more volatile and potentially more profitable areas i.e. Swing trading, etc.
- People not currently trading but with the true desire and dedication to learn and implement the full benefits of the Wizetrade system.
- People tired of below average returns and above average expenses of mutual funds.
- People willing to put their TV remote down for at least 1-hour a day and dedicate that time to managing their system.
And while there are several free and online training programs included with your Wizetrade system i.e. WizeTV, etc. there's one more thing I highly recommend. If you plan on really maximizing the benefits of the system, invest the extra money for a little one on one training that Wizetrade offers. There's nothing like a little hand holding up front to really jump start your efforts.
Does the personal coaching seem a little pricy? Sure it does... but think about how much additional cash you'll have in your pocket at the end of the year if this coaching investment helps you earn an additional 5%... now does it seem pricy? Now think about the losing trades you've made in the past... how much did those cost you?
Hmmm... now that coaching seems a lot cheaper doesn't it?
So if you're serious about making money in the stock market, and if you're serious about using a system like Wizetrade, make sure you dedicate yourself to success. No system makes the decision for you, the graphics and layout make it easy for you but they're still only aids to help you make the final decision.
If you can take responsibility for your final trading decision then I can recommend Wizetrade to you. Wizetrade is a great tool when combined with that other great tool inside your head... make sure you use both to maximize your stock trading profits.
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