Jim Rickards` Impact SystemIs anyone familiar with this new pitch from Jim Rickards? He says it is a new way to make money that does not involve forex or stock trading!
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I will let you know in 3 months. Trying it out. I selectively follow his recommendations based on my own evaluation and thought.
Against my better judgement, I subscribed to Currency Wars Alert. Yes, I admit, it was the hype that drew me in. I mean, the “snake oil” letter mentioning huuuuuge gains. Rickards’ letter implies early on that we can make gains of: 530%, 848%, 2196%, and 1657%. Then comes the caveat. He tells us: “Of course, these are all examples of past trades. There’s no way I’m going to promise you’ll make 1,000%-plus returns on each and every trade or that you’ll never see a loser. And there’s no guaranteeing you’d be able to catch all of these trades.” Wow, thanks Jim. Gosh, such an honest guy. OK, I have some investing know-how and I’m a realist. Not looking for promises here, yada yada. But then the implied big rewards starts right back up again: “Because using my proprietary IMPACT trading strategy, you could have made 1,276% … in less than 30 days.” Then we learn about a gain of 1657%. And then an even bigger one on GLD: “But consider this: If you had used my IMPACT strategy, you could have made an incredible 9,194% return … in the same three-month period. 2196% in just 10 days. Then we hear about returns of 1628%. And then these: “173% in less than four months from moves related to the Brazilian real. 356% in less than three months from moves related to the Swiss franc. 364% in less than 30 days from moves related to the Russian ruble. 393% in four months from moves related to the Argentine peso. 615% in five months from moves related to the Canadian dollar. 955% in six months from moves related to the U.S. dollar. An incredible 9,781% in three months from moves related to the Mexican peso.” OK … ENOUGH. Folks, I think I’ve made my point that he IMPLIES that your gains would be (or as he says, “could be”) astronomical by using his system. He says “could have made” a zillion times in this letter, and I’ve gone only 1/4 of the way through it. Well, if only the reality were a whole lot closer to the gains that he suggests you could make. Because I went to his closed portfolio — not available until AFTER you subscribe of course — to see how things stacked up. I added up the gains and then the losses. The gains (by percentage) came to 274%. The losses (by percentage) added up to 727%. These were closed positions (15 to be exact) covering the period from the first entry on Jan. 6, 2015 to the final close on Nov. 5, 2015. Where were the 1000-plus percentage gainers, I wondered, feeling a little like the guy who asked, “Where are the customer’s yachts?” But I digress. Turns out the biggest gainer by percentage was 110%. The largest loser was 96%, with several others in the minus 90s and minus 80s. Was my methodology the most scientific? Hell, I don’t know. But what I know for sure is there was a lot more red ink than green ink in the closed trades — 10 losses to 5 wins. You may wonder what instruments he uses, the underlying equities, etc. but I really don’t give a crap about all that. The bottom line is that he paints a pretty picture but in the end, it’s all illusion. I’m not out much. I’ll cancel and get my subscription fee returned less 10%. No big deal. I consider it my fool tax for allowing Agora to sucker me in.
Update for you people: here is the dismal performance of this totally awful so-called-advisory letter. IMHO, though I like the historical works (books) by Jim Rickards , he has now totally sold his soul to the marketing machine called Agora. Yet (again) he turns out to be in for the money, not for the truthfulness of things.
Too bad.
Here are the closed positions as of today 23/3 (please follow the link to Postimg.org) :
http://s9.postimg.org/owdwxegn3/2016_03_23_closed.jpg
And here are the past positions:
http://s7.postimg.org/5ufhlhykb/2016_03_23_open.jpg
Now go figure what THAT would have done to your portfolio…. Utter devastation, I would argue.
I’m pretty sure, that you could not even spare a dime to buy Mr. R a coffee on the street, if you were to bump into him. And neither would he buy you one, as that would be “bad investment, since it won’t produce ME money”. Pun intended 🙂
So let’s pay the guy thousands over and over again?
I don’t think so….
I took a trial with the IMPACT system and it didn’t take me long to figure out the portfolio held loser after loser. I pretty quickly asked for my money back (fortunately there was no problem with that, at least). Since then I’ve come to see Rickards as one of the sleazier members of the financial advisory tribe. Case in point: the rash of emails I recently got, headlined, “Don’t miss this video of Jim Rickards at the White House!” (or some such). Start the video and he is standing out on the street with the White House in the distant background — on the other side of the fence. Now that’s class!
Personally I’m totally sick of the media fear porn, financial and otherwise. I believe it’s one true purpose is to move more power and wealth to those that need and deserve it the least. If you’re not prepared for ugly market moves at any moment (as most fund managers aren’t, apparently) then you should not be trading. “Expect the best, prepare for the worst.”
frankgr, Well said!
As I mentioned in another post today: I see Agora as the problem for agora promotes all of their clients the same… IMO, Rickards did not serve himself well by joining Agora and I hope he leaves them… or I amy be mistaken and it is both him and agora!
By the way, when I see a recommendation with a “symbol” I look it up first. If the chart does not pass my filters I pass!
Charts Family are my only Trusted Friends and Equalizers.