Wall Street Money Machine: Volume 1

If you are a fan of dollar cost averaging (averaging down) buy and hold (buy and pray) or other outmoded and ineffective techniques, you will be offended by what Wade has to offer.If on the other hand you like makin money and are teachable, you'll love and profit from this book.

Wall Street Money Machine Vol 1 is an excellent book to teach you how to cash flow the market....and from someone who knows---WADE COOK!I noticed that Wade's brokerage account showed a 22% gain this year.Perhaps that explains why the 1 star reviews have suddenly dissappeared.Looks like Wade has shut his detractors up once and for all. Way to go Wade!

Have you ever had one of those "AHA" moments, like being hit with a thunderbolt and you say; "So this is how it's done!"That is exactly what happened to me when I read this fantastic book by Wade Cook. AHA! Violla! Walla! Cha-Cha-Change! Thanks for getting me on the right path to making money Wade. This family will be forever grateful.

Quite frankly, I expected far more bashing and 1 stars than what appears here.Wade takes on the establishment and steps on some Big Toes on Wall Street. Mr Cook tells it like it is and shakes up the industry---and that is GREAT!Buy this book and use the strategies. They work. Forget the naysayers who are trying to use your ignorance for their bliss and don't want Wades methods known.

The pluses of this book have been reviewed elsewhere. If you buy only one book on how to do short-term investing, this should be it. The strategies, in particular rolling stock and covered calls are very sound and if practiced carefully should make money for you 80% of the time. However, you must be careful because he makes it sound easier than it really is. Interpretting charts is much more complicated than simply looking for a "rolling" pattern. Stocks usually drop for a reason, and to think they can't drop any further is a recipe for failure. His strategies on stock splits are not necessarily sound either. In the short term, many stocks that are splitting do drop significantly in price. A split by itself is not sufficient reason to buy unless you are in it for the long term, and is a particularly dangerous reason to buy options which will likely expire before the stock has benefited from the split. He is also wrong that the "premium" for options on low cost stocks is pretty much the same as in more expensive stocks. Don't believe me? Check out the prices of call options on any high priced internet stock. You could easily be paying a 15 -20 dollar premium on options just a month out. Most disappointing on this "revised" edition is that Mr. Cook seems to be living in the past as to how stocks (and options) are bought and sold. On-line trading is hardly talked about - he assumes you will always be "calling your broker" and relying on him/her for prices. Great way to always get into a position late and at a bad price. And, in particular for NASDAQ stocks, why would you buy at market instead of using limit orders? A market order carries huge risks, particularly in fast moving stocks. In the case of NASDAQ, one can almost always buy at the bid and sell at the ask. In those cases that are exceptions - yes - a market order guarantees getting filled, but also will likely guarantee getting filled at the very worst possible price. Wise advice is that if the only way to get into the stock is with a market order, it's not a safe trade.Options, on the other had, are the opposite. Mr. Cook completely fails to discuss the lack of liquidity that exists with most option contracts. Unlike stocks, you are usually stuck with the bid/ask spreads on options and very often, that spread is so wide that it is virtually guaranteed you will lose money. Remember, you have to make back that spread plus all commissions just to break even. Selecting options and placing a proper value on them are complex sciences that Mr. Cook ignores entirely. Just because options are available on a particular stock hardly means it's a good thing to buy or sell. He is wrong to say commissions don't matter - espcially in option trading where, contrary to what he says, commissions are usually MORE than for stocks, often much more. Commissions can be truly exhorbitant when doing spreads, a strategy he lists as his very favorite. Com