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Wizetrade Complaints
Total Complaints: 7
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1/9/2007 - Ben writes:
I am an economics master's student with a few years of statistical analysis experience in Excel and so on at a big company. Also, my training in market economics is pretty strong. I also have a very good head for trend analysis, mathematical puzzles and, also, market theory. So, while not a professional economist, I soon will be one. Out of pure curiosity I went to check WizeTrade out after seeing it on TV. Sure enough, the man there claimed (direct quote) "Stocks tend to follow their past trading patterns [over the long term and short term]." Sorry, buddy! That's not the case. Random walk theory, actual economists, efficient markets hypothesis... it's the 90MPG carburator all over again being presented to a quite vulnerable, mostly workaday folks who already know a 90MPG carburator is B-S. But most do not know market history, math, or economics as well as I do (and I hoped to be a wolf in sheep's clothing in that respect). The presenter carefully disavowed any technical knowledge on his own part (excellent liability shielding, not to mention any hard questions). After being asked a very sensible question about whether WizeTrade can accurately predict the future, the man could not comment "Due to SEC regulations." Wise move indeed, friend! Just use your head, people. If they had a magic, perpetual motion money machine, they could earn billions of dollars per year. But they don't. Why not? Because they are too busy playing P.T. Barnum, going around America, and later providing "customer service." It doesn't work, people! For the same reason the sun rises and sets every day. Bulletproof science reasons. Ah, but claiming you have an innovation will get our attention. Especially if you cloak your solution in "proprietary algorithms" that even the government probably cannot look at. Who cares? It is probably time to shut them down. It is not OK to claim you have the cure for cancer when you don't. Keeping it a "secret" is the last refuge of a scientific fraud, which is what we are dealing with here. Particularly, we know this isn't happening to hand a jackpot out to the public. They are doing it to sell software for $3000, since they have no idea to make money on the stock market! Neither do the smartest people in the world, with any consistency! The historical performance graphs inside the WizeTrade application seemed to look excessively rosy. They claim the software "would have known" when to buy and sell everything, and make it turn out great, resulting in the "data" shown on this historical graph, which indeed looks (in all cases) like the future is being predicted. You are free to give them any symbol and voila, it goes on the big screen and looks great. Nothing is EVER a loser after WizeTrade works or (would have worked) its magic. Sound fishy yet? WizeTrade has instant recommendations based on "buying pressure" which is a relatively unknown concept in finance. Key issue: buying pressure is visible on old graphs. But we cannot know when it will come in the future! Or the present, for that matter. Therefore, the instant recommendations of WizeTrade are disconnected from the graphs that they are calling "history." It is false history. That is what I believe after looking at some audience generated (hence, unbiased) stock picks. WizeTrade almost never screwed the investor and, quote often, racked up 50% or 100% gains inside months thanks to market timing, according to this fraudulent "history." It could be proven, if you want to get the software and run a few tests of instant vs. the history, which they imply comes from prior instant recommendations. The history did look good. If the history looked bad, this might be an honest product. But the graphs had a "magical" look to them, as in NOT REAL in my opinion. I think they are distorting the prior performance of their product, in a million cases. If not, perhaps they could put actual units on the graphs to allow proper testing? And the "history" it is the central selling feature of the WizeTrade app. The crown jewel of the sales pitch. The SEC should look into that history window. If anything, WizeTrade is a triumph of dream-selling and liability avoidance. They never explicitly guarantee positive results. But they slowly build a math problem in your head, rather than on paper, that is fraudulent to the core. This is the most brazen stock-picking "magic" claim ever; might need some attention from authorities.

10/19/2006 - Lynn writes:
Let's start with a little story regarding infomercials. Do you know who started this waste of TV time? Charles Givens, in the late 80's, with his Wealth Without Risk venture. Where is he now? Well, ole' Chuck bit the dust a few years ago, but not before the SEC closed down his business for a number of violations. Now look at WizeTrade. One of the main investers and speakers for this product is Steve Sitkowski, who was a Givens guru. I can tell you from personal experience that he is one shady character, but he is capable of convincing people that what he says is factual. In addition, his regional seminars are manned by the same people he worked with at Givens, and most are former used car salesmen... Enough said?

9/11/2006 - Daniel writes:
I don't own this but attended one of their seminars ( I thought it would be a good laugh with a fellow finance student over our long boring jobless summer break ). I am a college student studying finance and economics with a minor in mathematics, I've been studying the financial markets since my junior year of high school. This thing is junk lol. technical analysis, which this is based, is psuedoscience to begin with, but helpfull in some stocks in which TAers trade heavily. Hedge funds hire PhD's in Mathematics for literally 1/2 a million a year to just try and develop what this product promises to do. In my opinion, this product is a peice of garbage shit!

7/24/2006 - Johnny writes:
I was very interested in increasing my retirement income so ended up at the Wisetrade show. After high pressure sales I ended up spending three thousand dollars for their so called no lose program. They kept calling, and keeping you on the high of how great the program was that you didn't even have a chance to really see the true picture. Then to top it off you have to spend 29.95 each month just to keep their feed or the entire thing is useless! The entire program is just a scam and I wish someone would do a class action law suit just to show them they can't take peoples hard earned money.

8/17/2005 - Thurman writes:
This is the worst software product a person can buy looking to make money in the stock markets. If it worked Goldman-Sachs would have written such an obscenely large check for use by their specilists leaving the general public never to see it in general use. Too bad hindsight is 20/20, as self-admittedly, I bought into the hype that now pays Mr. Thompson's gas bill for the Lamborghini he drives all around Dallas. I think he just bought his 4th $1M home too... Don't be a sucker too.

8/7/2005 - Mykal writes:
I too was suckered in with the sweet talk and how anyone could do it. Well I retired at the age of 38, so I know I am no dummy. However, I lost close to 40K using this software. Trying to gain back the money I lost just kept getting me deeper and deeper. I wish I could have been involved in the class action lawsuit brought against the company. don't buy this fraud software

Mike writes:
I saw the infomercial for Wizetrade and decided to try it out.  I went to the slick sales pitch at a hotel conference room and was told that I could have a free 14 day trial of it, I just had to pay it on my credit card. I bought it and used it for a week and realized quickly what a worthless POS this was! The program actually uncrosses lines.  They say to buy or sell based on fress crosses and yet it will uncross a line on you if the stock drops after hitting a bottom and moving up.   Talk about using an eraser to fix your mistakes! I would like to inform the SEC to investigate this further. 

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