A bunch of years ago I bought a book called the Wall Street Money Machine by Wade Cook. I read through the book. It had some interesting ideas. I believe there was a card in the book, or something to contact them for a free tape. I contacted them, and got my free tape. But the free stuff continued coming. I got more tapes, and books (including Stock Market Miracles: Even More Miraculous Strategies for Cash Flow and Wealth Enhancement), and a video. I like free stuff! I even got a duplicate copy of one of the books, and sent that off to my father-in-law. He read the book, and smartly dismissed it. I read the books, listened to the tapes, and watched the video. Wade Cook talked about many interesting strategies such as covered calls, and rolling stocks.
I opened a new brokerage account. I closed my first brokerage after losing money on Borland International and ICOS which is a biotech company. I decided to try rolling a stock. I found a moive theater chain whose stock was selling for about a dollar and a half per share, and was rolling up and down about half a point. When it went down I bought a couple hundred shares. When it went up, I sold and made a small profit. When it went down again, I repeated the process. I rolled the stock a few times, until the company did a reverse split, and I found the stock selling for about $13 a share. Too costly for me roll.
I got a couple free tickets for a Wade Cook seminar. I talked to a buddy of mine from work, and we headed off to the seminar. Wade Cook wasn’t there, but a few of his employees were. They showed slides, and graphs and charts. They really put on the hard sell for other seminars with Wade Cook. Those seminars cost thousands of dollars. Neither my buddy or I bought into those expensive Wade Cook seminars.
My venture into the stock market ended (at least for a while) when I bought Marvel Entertainment, Jumbo Sports, and Swiss Ray Medical.
Marvel Entertainment went backrupt, were bought out by another company which issued me stock options in the new Marvel company that expired before ever being worth anythin
Jumbo Sports closed it’s local store, and went out of business. The stock was worthless.
Swiss Ray Medical just sort of disappeared. I am not sure what happened to it. I owned stock in it, then I didn’t.
I got out of the stock market for several years. When I got back in, I started investing in solid companies.
Last I read Wade Cook was out of business, and being sued, and was in all kinds of legal hot water.