Consumer reviews and reports on scam companies, bad products and services
Chuck Hughes Inner Circle Non disclosure of true trade performance distorts the service Internet
19th of Oct, 2011 by User412556
Seven times Robbins world trading champion sell his option advisory service via a third party. First I do not doubt Chuck Hughes trading history or his character. My issue is with the information presented on the web about the service known as "Chuck Hughes Inner Circle". Especially the performance percentages results and the information I gathered via the marketing staff. REF: http://chuckhughesic.com
Goto Trade Results The calculation of Sept 2011 22.9% return is made of several strategies: Option Spreads, Stock trades, option trade, etc. That's fine multiple systems operating. Disclosed, Good ! However, let’s review the closed trades closed for the month of Sept 2011 showing an overall profit returning 22.9%. Very good return. The question you ask yourself, can you get the same?
The more interesting inner statistics of the reported monthly closed trades is this: 24 closed trades (made of multiple systems, that's fine)
- 12 Winners
- 12 losers
- Two big winners opened in 2009 that helped pay for the 12 losers (24+ months holding)
- One big winner from 2010 (18+ months holding)
- Majority of losers where opened in 2011 (…Ouch for new members) Many of the closed trades’ month percentage returns are much the same statistical reporting theme. Sure there are a many open position showing good profits ready to be closed if new opened position loses build up. Therefore if the monthly portfolio performance is to show a profit (on a closed basis), it is a simple decision to close a long term profitable trade that will quickly produce a winning month. What’s wrong with this, you say, its seams to be making money. Is this not normal portfolio management techniques options stocks or otherwise. This is what is wrong: Non disclosure before you sign up. 1) The marketing team (via phone) and the website (at the time of writing this) did NOT disclose the expected trade holding time of a trade when asked. I was told positions would be closed 3 or 4 months for profits. A 12, 18 or 24 month trading holding time was never mentioned. Sure it is not uncommon to hold positions for long periods of time, but this is not the issue, I asked and the above was the response and this fact was important to me. If it was disclosed correctly to me that position holding periods could 12 plus months I would never have subscribed. 2) Nor would they disclose a detailed trade by trade performance sheet for review. (yip should have run for the hills then). I asked and I was turned down as it was stated that members get to view all the information. This means for new members it is possible to lose up to 50% if not all your account, even when Chuck Hughes Inner circle post a monthly closed trade result profit (as he can close winners over 12 months old, that you do not have). And this Mr Hughes is my point non disclosure of trade by trade results when asked allows the marketing spin around your service to be distorted. Hence the saying Truth, Damn truth and then there is statistics. To join the Chuck Hughes Inner Circle you are asked you to sign a "service can not be cancelled" contract. My issue is with the word service, and 'what type of' and 'nature of' service I signed up for. What was in my mind the day I signed up for was shattered when I reviewed the monthly closed trading performance! Hence I believe the service I signed up for was not the same as was portrayed, thus making the agreement being unable to cancel the service should be null and void. No matter the promise of full refund if Chuck Hughes Inner circle service said they would refund my monies if they didn't double my account (well this agreement has more holes than Swiss cheese). I asked for my monies back they refused. If Chuck Hughes reads this he should change his sales presentation immediately to allow future members to see all the trade by trade results (no matter if folks ask for them or not). Even better put the detail on the web (even if you allow folks to register an email first). I still want my monies back (only been a member for two weeks, no trades executed). I was just blown over by how the statistics have been used to portray the service to the SELLER's (of the service) advantage. Seriously Chuck why do that? I though I signed up for a gold service, once in it was in it was copper plastered with gold. Just not the same Chuck, Darn! For several thousand bucks you think they allow FULL DISCLOSURE of the true results. It’s easier to get subscribers if the performance results are shown only to be large fat positive numbers. The detail would scare off many folk, and hence less sign up nice a tight by a “can not cancel contract”. For the record, I know a lot about the markets, I just had a moment of weakness and failed to push and push for true trade by trade results. Expect this type of rebuttal from the Chuck Hughes management team
1) It is his word versus ours: I guess it is, but then why the complaint.
2) He signed the contract: The statistical magic show got me.
3) We have a performance guarantee that no one else has: Yes that’s the smoke that be dazzled my thinking.
4) Well what did he expect: Trades held for 3 to 4 (or 6) months.
5) He could of asked for the information: I did and I was told that it was for members only. Conclusion: Do not subscribe unless you get full disclosure of trade by trade results. So you can pull back the statistical spin and see the ebb and flow of trading data for your self. Then you will see the true nature of the service offered. And in my case it was NOT what was portrayed to me via the website or convey to me on the phone. NOTE:
1) I am not debating the overall trade success claimed the “Chuck Hughes Inner Circle”, this may or may not be so. Once again statistics can be spun in many ways, the reader will have to prove that statistic for themselves after a full analysis of the data (if they get it). Of course if Mr Hughes reads this he can make the data available to all for their own inspection, before they subscribe. But I will mention that Chuck disclosed in an interview with Jon Thomas (madhedgefundtrader.com) that performance was 60% to 70%.
2) Nor am I challenging the testimonials. As I have never met any of these folks. On the website, I noticed in very small print under the results percentage performance you will see this statement: .. “No representation is being made that any account will or is likely to achieve profit or losses similar to those shown”… I agree with that.

Post your Comment

Complaint Details


Get new code


 

Recently Updated Reports

1
1250 days ago by thestoryofdianegerrish
goldendoodle world - goldendoodle world lake ridge kennels Vulgar,...
I just came across this page a few minutes ago. I am Sandra Johnson and although this page was...
2
1475 days ago by freeinfofraud
Bitky.io - Unable to withdraw funds
Bitky be Aware! Unable to withdraw money! Bitky idoes not allow you to withdraw your funds, do...
4
1479 days ago by ned l.
Bi Polar Bullies - Bi Polar Bullies Kennel Karen Wolfe BUYERS BEWERE OF THIS...
thank you for bringing this to my attention...my name is Karen Wolfe, i'm the owner of...
7
1480 days ago by ned l.
ServiceMagic ServiceMagic scams and cheats contractors...
Jason - I'm sorry to hear about your experiences with your leads recently. The leads that...
     

User Registration

Already a ScamExposure.com member? Log in now.
Username
E-mail address
Password
 
Get new code

User Registration

A confirmation email was sent to "".
To confirm your account, please click the link in the message.

If you don't see the email in your Inbox, please check your Spam box.

User Login

Not a member of ScamExposure.com? Register now.
E-mail address
Password
Forgot your password?
E-mail address
Back
Loading, please wait...
Your password has been sent to the specified email address. Log in