Wizetrade

If you're reading this review then you probably saw the Wizetrade infomercial on television or you attended a free Wizetrade seminar in your local area. Before you spend the $2500 to $6500 I suggest you read this.

Having been fascinated by the stock market for many years. I've made it my business to review stock market and business programs and evaluate them. I recently did this with the Wizetrade system.

It's a fact that the people who are looking at Wizetrade are beginner to intermediate traders that want to work from home and supplement their income. Wizetrade has targeted this group with simplified stock-picking software. The company is run by President George Thompson who is also the host on the infomercial.

The idea that your computer will beep buy and sell signals without providing proper information and rules is called "black box trading." Black box trading has a long history of implosion.

One of the most troubling things about Wizetrade is it has no documented track record. For this reason I contacted the company and asked for one. I was told that Wizetrade is only a tool, an educational product to help with the decision-making process. "Why then are they demonstrating this system as a way for people to create financial freedom, I asked. That's when the sales rep went very quiet. "What about the people who are depending on this system to quit their jobs or supplement their retirement income?" Again there was silence...

To be fair, the Wizetrade system is based on sound technical indicators that have been used for many years. Moving averages, converging lines and indicators are common place. The only difference is that systems like this must be used with other indicators and even then, a strict risk management or arbitrage regimen must be followed.

My sources report that many seasoned traders are up in arms about Wizetrade because not enough has been said about the most important rule of trading stocks, funds or commodities. That rule is Risk Management. Risk Management is where you have the training to know when to cut your loses before they get bigger, as well, not to cut your gains too short. In other words know when to pull the plug and when to let it run!

Wizetrade is shown as an oversimplified piece of software that magically tells its user when to buy and when to sell. It claims to do this with "Proprietary Algorithm Lines" (these are two converging or crossing moving average lines) I canvassed all the popular stock-picking forums to see if I could find someone that was having good results with this Wizetrade system.

Out of twenty replies, nine seemed valid. Of the nine, four had sold their package at auction, three had never loaded the program, one was waiting for a reply from customer service and one had made $1400 on a trade but lost on two others. He felt Wizetrade was educational because he was learning a lot from it.

Wizetrade is an educational tool and not a business opportunity. 
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After examining and testing hundreds of money-making opportunities and work at home programs, ONLY ONE brought in a paycheck that covered all my monthly expenses.
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