Is Wizetrade a Scam?

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During my tenure as a Wizetrade coach I had a few students express their concern about what they read on the Internet about the Wizetrade product they just purchased.  They read that Wizetrade was a scam and the software was useless.

That got me thinking.  For virtually every product out there, there seems to be somebody crying scam.  What is a scam?  Is it something that magically does what it says it will without you doing anything?  If you buy a physics book, do you expect to know everything there is to know without reading?  Is the book a scam if you don’t pass your test?  That may seem silly, but that is the rationale many people own.

Wizetrade is simply a piece of software that uses proprietary algorithms similar to moving averages.  The purpose of the software, in my opinion, is to help in identifying the trend.  If you wanted a MA to match a Wizetrade chart just use a SMA 1.  Set one to open and the other to close.  The open one should be red and the close should be green and you will have a crude example of the Wizetrade chart.  Of course there is more built into it than that.  The point is that if Wizetrade is a scam then so are all indicators.  

The company recently stopped charging thousands for the software and now charges for the feed.  Wizetrade also puts on WizetradeTV (WTV) which educates traders of FOREX, Stocks, Options, and Commodities both in the Wizetrade software and in the markets.  You could learn just about all you need to learn to trade using the software just by watching WizetradeTV.

For those that purchased the software Wizetrade initiated a loyalty offer which allows those that paid for the software some extra benefits like another program free.  There are many things the company is trying to do in order to help traders make money.

Wizetrade coaching is another program available to traders to further enhance their trading abilities.  The coaches, which I was one of, all trade live in the markets and have to trade profitably or they will not be allowed to coach.  With all the tools available to assist traders how can it be called a scam?

If Wizetrade was a scam, they would no longer be in business.  The software works only if you are willing to diligently learn to use it.  If you buy it and never make an effort to use it properly it cannot be called a scam if you are the one at fault.  Take responsibility for your actions as you expect businesses to take responsibility for theirs.  Should Wizetrade file a lawsuit against all customers that don’t learn to use the software correctly?

1 comment so far ↓

#1 former wizetrade subscriber on 10.24.09 at 2:50 am

Simply put, you are correct. Wizetrade is a trading indicator. Might not be a total scam like many have expressed. However, it’s just a moving average indicator. Nothing more. And it comes with a subscription fee. I’m a programmer and have found Meta Trader a much better trading tool. Not only is it programmable , it’s Free. Thus, on the matter of comparison, wizetrade is a ripoff.

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