Joe Burns Quick-Hit TraderJoe Burns is an options trader who claims a high success rate for short term trades. I am interested but this trading is high risk. His teaser sounds good and I have found no independent reviews. Has anyone any experience of Quick-Hit Trader that you might like to share?
Nick
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I have been a member with quick hit for about 4 weeks now. Mr. Burn has some good profit at the beginning, but my profit was wiped out after we closed BIDU, and IBM for a lost. Mr. Burns has no money management skills. Last week he opened many PUTS betting Europe was going to drag the market lower. I believe he panic, because he open PUTS on Wednesday when the market tumbled. I believe tomorrow he will close his recent PUTSs for a lost. He does have some calls open in AZO, and MA and some stocks. . I was dumb enough to open all these PUTS but the market has been holding. Many of his PUTS are at support level, but his insists the PUTS will go lower. Give it a try but don’t purchase everything that he mentions. I did request a win/loss average. They reply saying they could not provide that information because they do not keep track of profit and losses and it is too difficult. I might consider dropping the service soon and requesting a refund.
Many thanks for your helpful comments. I am grateful for this website. A failure to have a record of wins and losses is a red flag for me.
Actually, Quick-Hit Trader shows all the past winning and losing trades. They have a link on their website titled, “Closed Positions”. When one clicks on it, a page opens with all the past trades, including date entered, price, profit/loss, etc.
The open and closed positions are on the website – you can cut and pasted into Excel.
Overall results are down about 10%.
Excel is right. I am down 12% as of today. Not including some gains I might have tomorrow. Maybe others have better luck, but now I need to work harder or just wait till next year to regain my losses. I will drop his service this month. Its best not to follow other people advice. What has worked for me is Investor Business Daily Electronic Edition.
UPDATE: I have not dropped his service. I was able to recover some of my losses thanks to some PUT’s recommended by Mr. Burns. I finished the month of November with a gain of 1.42%.
What I learned is, it is best to make your own decisions. Time the market. I was able to close most of my PUTS for a gain of 20% to 50%. I had the feeling the market had bottom out. I did hold Two PUTS against two different stocks, just in case. The following Monday after thanks giving the market rebounded. I cut my losses at 25% on the two remaining Put’s. Cut your losses between 20%-50%. Do not let your winners become losers and cut your losers before you lose all your cash.
According to Mr. Burns, he likes to have a balance portfolio. Which means you have PUTS and CALLS. You cant because if the market rebounds your PUTS become losses and your CALLS become gains, but the loses are bigger than your gains.
Its best to use him as a picking service but do not follow his advice. Don’t wait for an exit signal from Mr. Burns, as when he does exit your PUT or CALLS are almost worthless. When he does have a gain, sometimes he hesitates to close out a position.
Cut your losses; use your chart to determine your exits. I take profit at 50%-60% and I cut my losses below 50%. Don’t wait for his exits, otherwise you will have more looses than gains. Use the direction of the market to determine which direction you should buy calls or puts. I understand it has been difficult month trading because of Europe, but for now its best to wait. I do have one call on FFIV per his recommendation, but that’s the only call I have. Most of my portfolio is in cash and waiting for a breakout from the market. Good Luck.
Update: I recently dropped Quick HITS service. Mr. Burns has some good picks but his timing is off. In the month of December I only bought one call and one put. His call was a loss of 90%. I did cash out my PUT for a nice gain of 30% but please understand he has not giving the sell signal on this PUT. He has more losses than wins. I did not play all his calls or puts otherwise I would be down over 12% for the month. This month, I managed to gain my money back with some swing and day trading. If you do decide to sign up for his service just use your own money management rules.
When I canceled the service I explained to the gentleman that Mr. Burns has no money management skills. My money has been refunded.
I was going to try this service but now am backing away.. anyone know of a good
service that provides just simple calls and puts
I’ve heard both “BIG MONEY OPTIONS” and “SLING SHOT TRADER” are two excellent options trading newsletter services. I’m deciding now which one to go with.
He used to be an IBD portfolio manager – I spent $1000 in 1999 to listen to him speak. He left IBD for some reason… Now he runs his own advisory service, and he is awful! He posts his own recommendations and results on his site – I downloaded them into excel and added them up. in the beginning of 2011, you lost a total of 600% in option trades the first 3 months. I just signed up for a 2-week trial – his 6-month option trades had a “gain” of 60% – but if you include 5% for each option for commission and slippage, you would realistically have lost $. His stock picks averaged only a 4% gain per position… you would have done much better with buy and hold. It’s really disgraceful how poorly he’s doing. It makes me wonder if IBD kicked him out.
If you want to make money, search for “Lee Tanner” and CANSLIM Quickstart. Follow his methodology – it’s a slimmed down version of IBD.
You need to be serious and do what we all should and that is paper trade every so often to keep fresh and don’t get into a repeat day to day don’t look around system. Top Gun Options is excellent but you need to be up to speed with options and of coarse they give you all you need to get prepared. Whiz is his go by name and he is sharp as they get, look at his references etc. he is a no bull put it on the table Pro. He is constantly giving presentations to big time clients that he is not afraid to tell you who etc. He will let you in for 195.00 a month to try and limits his members. No matter your level you will be impressed, excellent webinars, Q/A’s, you get a lot for your buck and even just doing 1/10 of his contracts on one trade and your month is paid plus more. No one wins every time but when he doesn’t you can bet he gets you out with minimal damage if you don’t second guess but like anything else it is your call. I have no doubt that Travis would be impressed and would be curious if he did just for verification what he said. Gumshoe is great service bar none as good and Top Gun is equally impressive in there sector so to say. Good Luck.Stay with the GUMSHOE but if want Options I think you will be happy if you give it a try.
Sling Shot trader is the worste service I have ever used. I lost $10,000 in 3 months using the service. I would have done better randomly picking stocks out of the newspapper with a dart.