Jack Crooks

This is a discussion on Jack Crooks within the General Trading Chat forums, part of the Reception category; Originally Posted by JTM There is no reference to Jack Crooks in this litigation. On what basis do you say ...

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Old Mar 2, 2009, 6:58pm   #31
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Originally Posted by JTM View Post
There is no reference to Jack Crooks in this litigation. On what basis do you say Crooks is "part of Weiss Group"? Weiss may be marketing the service but that doesn't mean the service is dishonest. Virtually all investment advisory services are over hyped by the marketers, to be sure. Any new service should be paper traded only until you are satisfied that it gives you an edge on the market. There is no "Holy Grail" in trading - any service or system will have losing trades and drawdowns, which is why risk management is vital to your financial health. A good trader takes responsibility for his trades, a poor trader blames his tools.
The account is $750,000 i have all the trades logged on all the weiss subscriptions and they are at 87.5% failure.
All the trades were supposed to be hedged with inverse etfs but these failed plus i traded option on banks, companies etc but wih a fixation on puts,they never saw the rallies. As for blaming my tools whats the point of subscribing and not taking their advice.if you look at their adverts they are still misleading on their claims so as to suck in novice traders especially in a crisis .
jack Crooks is the chief option stategist for weiss their advertising IS dishonest, take a look i have been at the sharp end of it subscibing to 5 different alerts so as to cover my risk, they have lost me money quicker than any bank failure or stock crash.
Iam sorry you think iam whinging over my losses but the advice as been shockingly bad
tossing a coin would have been better.
If i had have gone the exact opposite on ALL the trades i would be in profit by $150,000 on the amounts that I yes me decided to trade.
Its obvious from your response that you are a seasoned trader but what about the novice who cant take the hits trade after trade, please look at the slick advertising its doom and gloom then we can save you just subscibe NOW at $1500.000 and $2500.000work this out last week yet another subscription 50,000 joined the tele cast to be saved, lets say only 5,000 joined at $1500 yes $7,500,000 thats just the last one they have at least 6.
when an alert arrives all that is changed in the different subscriptions is the name of the company they want you to trade, are you telling me the EXACT same fundementals are the same for a timber company and a rail company and a bank?
As it states in the securities case all suscibers back to 006 would have lost money.
Obviously you have not traded with Jack Crooks lately through Weiss.

ALL losing!
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Old Mar 2, 2009, 7:08pm   #32
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Originally Posted by Supermu View Post
Yeap.. There is no holy grail... You lose what you lose, and if you lose too much then tough, you probably took on too much risk. And lets face it Chrisbow, risking such large amounts based on a newsletters advise, wasn't perhaps the cleverest thing to do.
Its just a shame you cant read the the alert put your back teeth your granny your wife kids an all on the euro puts i will garantee this trade will be a winner.
The amount is irelevant as it is money that i could afford to loose and the loses were spread acrosws about 55 trades, but the imformation was garbage.
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Old Mar 5, 2009, 6:02pm   #33
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Originally Posted by Supermu View Post
Yeap.. There is no holy grail... You lose what you lose, and if you lose too much then tough, you probably took on too much risk. And lets face it Chrisbow, risking such large amounts based on a newsletters advise, wasn't perhaps the cleverest thing to do.
check it out MartinWeiss.com
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Old Mar 5, 2009, 6:05pm   #34
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Thumbs down Re: Jack Crooks

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Originally Posted by JTM View Post
I can't comment on Rob Booker as I have no experience or knowledge of him or what he offers. I can only speak to Jack Crook's service, specifically "World Currency Options". (He has other services as well: "The Money Trader" and "Exotic FX Alert". Both of these are FOREX trading services.)

I suggest the World Currency Options ("WCO") as a way to get started in Foreign Exchange Trading. This service trades foreign exchange options (puts and calls on currency pairs) on the Philadelphia Stock Exchange.

First, let me clarify something. Jack doesn't sell "systems", he sells trade recommendations. He tells you what to buy and, most importantly, when to take your profit (or loss). Of course you are free to make the trade or not, determine the appropriate position size, close the position at any time, etc.

There are several advantages to the options approach for beginners. First, it does not require a FOREX account. These options can be traded in any brokerage account approved for equity options.

Secondly, unlike FOREX trading, the risk is clearly defined. You can not lose more than the price of the option plus commission. In the last five months about a third of my trades have resulted in a loss, averaging about 48% of the investment. In other words, I recovered on average 525 of the premium paid.

Thirdly, Jack does an excellent job of explaining his reasoning for the trade and provides charts etc. This is very helpful in developing an understanding of foreign exchange markets, and will be really helpful if you decide to open a FOREX account at a later time.

WCO provides a way to experience foreign exchange trading at relatively low risk. It will give you the opportunity to get some experience and make some money. The majority of new traders on FOREX fail. There is no system that will work over time because the markets change. There is no substitute for knowledge and experience, and in the FOREX market, that can take years and more money than you think to develop.

Happy trading!
what about these results? [url]www.martinweiss.com

Last edited by chrisbow; Mar 5, 2009 at 6:10pm.
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Old Mar 5, 2009, 6:07pm   #35
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[QUOTE=chrisbow;685288]what about these results? [url]www.martinweiss.com/publications/performancehistory.asp
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Old Mar 5, 2009, 6:08pm   #36
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Originally Posted by chrisbow View Post
MartinWeiss.com
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Old Mar 5, 2009, 6:12pm   #37
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Originally Posted by janieg View Post
Has anyone used Jack Crooks System? I've read about his credentials and he sounds legitimate, but his service is $2500. 00 I'm a newbie and maybe a bit gullible, but I don't want to spend a ton of time researching. I'm reading about a lot of people on here losing money. I haven't read about those who are doing well or how long and how much money they went through before they started making a good return on their investment. Any insight or experiences with Jack Crooks program would be appreciated!
thanks,
Janie
check this out www.martinweiss.com
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Old Mar 6, 2009, 12:20am   #38
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Originally Posted by chrisbow View Post
check this out www.martinweiss.com
OK, I did. I can find no refernces to Jack Crooks, FOREX or foreign exchange at the supplied url. If there is a connection between Jack Crooks and Martin Weiss here please point me to it.

I'm still interested to know what your risk management plan was, and can't figure why you would need permission from your "legals" to explain it.
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Old Mar 6, 2009, 9:58am   #39
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Originally Posted by JTM View Post
OK, I did. I can find no refernces to Jack Crooks, FOREX or foreign exchange at the supplied url. If there is a connection between Jack Crooks and Martin Weiss here please point me to it.

I'm still interested to know what your risk management plan was, and can't figure why you would need permission from your "legals" to explain it.
Sorry this is the link MartinWeiss.com
JACK CROOKS is the chief currency options adviser for weiss, please look on world currency option alerts for the history .
The risk management was supposed to be through inverse etfs look at the track record.
I know it looks like iam winging over my loses and i definetly know there is no holly grail,but i admit i have been
suckered in by ther slick advertising and put too much faith in them. They have gone into over drive on the claims keeping their real results tucked away from potential subscribers, believe me jack crooks is part of the weiss group.
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Old Mar 6, 2009, 6:14pm   #40
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I found the history for World Currency Option Alerts you referenced. The trades listed are definitely consistent with the Jack Crook's WCO trades I received through another publisher (Sovereign Society). I also found how to subscribe to this service though Weiss. It seems to be somewhat different than the service I subscribe to - it is more expensive and lists a co-editor, Bryan Rich, whom I had never heard of.

So, I accept that there is a connection between Crooks and Weiss, but I still don't buy the guilt by association thing. Just because Weiss had a run-in with the Feds doesn't make anyone he publisher a crook.

The track record is accurate but may be misleading because the amount in any one trade varied because of price and recommended lot size. From my first trade in July 2008 through 12/31/08 my position cost (including commission) varied from $615 to $4107, with an average investment of $1999. Gains for this period totaled $24,845.70, losses $11,423.35, for a net gain of $13,422.35.
I have a small gain on closed trade this year; open trades are currently showing a loss. I expect to end 2009 with a profit.

I have read that you can give 100 people the same trading signals and each will achieve a different result. This is clearly true.

crisbow, I also agree with you that [U]all[U] of these services are over hyped. Who would buy any of these if they told the truth: 90 per cent of new traders fail, and even professional succesful traders rarely make over a 200 per cent annual return. Turning a small stake into a fortune in a few months is a pipe dream.

At the risk of once more being called a shill, I highly reccomment that any aspiring trader read "The Subtle Trap of Trading" (subtitle: "Why So Many Smart People Don't Make Money Trading and How To Get On The Right Track In Two Hours Or Less") by Brian McAboy.

Good luck with your future trades, but please don't make another trade until you have developed a RISK MANAGEMENT PLAN.
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