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  #1  
Old 04-12-2007, 05:08 AM
FEast FEast is offline
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Invest Tools?

I just Googled Invest Tools, and came up with this thread. However, I was wondering whether anyone has more up-to-date information?

A close friend of mine went to some of their classes, and now he wants to plunk down $2,000 to get their program. Since he tends to be very gullible, has been scammed repeatedly (never learns, unfortunately), and knows nothing about investing, I was wondering whether anyone here could write about the drawbacks of this program in terms he might easily understand.

I found this forum when I was researching another scam in which he wanted to get involved, and I'm very thankful for it. Thank you to those who keep it going.~Fuchsia


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  #2  
Old 04-12-2007, 05:10 AM
FEast FEast is offline
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Re: Invest Tools?

Um, I don't know why the word "terms" is coming out as a red x, but I'm going to spell it out now, so you'll know what the red x actually is. It's t-e-r-m-s, without the hyphens.



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  #3  
Old 04-12-2007, 05:55 AM
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borisf96 borisf96 is offline
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Re: Invest Tools?

Detailed arguments from both sides.
http://www.scam.com/showthread.php?t...ght=investools

I liked argument of one of those guys that when computer is making buy/sell decision, it is pretty good on buy side but horrible on sell side.

Also, if you see something on infomercial that promises to get you money really easy, it is always a scam.

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  #4  
Old 04-12-2007, 09:26 AM
FEast FEast is offline
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Re: Invest Tools?

Quote:
Originally Posted by borisf96
Detailed arguments from both sides.
http://www.scam.com/showthread.php?t...ght=investools

I liked argument of one of those guys that when computer is making buy/sell decision, it is pretty good on buy side but horrible on sell side.

Also, if you see something on infomercial that promises to get you money really easy, it is always a scam.
Thank you, Boris. However, I already read what's in that thread (see the link I included in my post), as well as another one. As I said, this man knows nothing about investing, and I was looking for something that would give him the downside of this plan in terms he might be able to comprehend. I was also looking for something possible a little more current.

Am I not correct that, unless a person understands the basics of investing, he definitely won't know what he's doing? This man has little money to spare, and is always chasing the elusive get-rich-quick, easy way to make money. He's the typical Ralph Kramden who walks around with his head in the clouds, and I'm constantly having to bail him out of all the messes he gets into. He had two strokes in the last five years, so I'm now handling his finances for him, and he has to come to me when he wants money. In these cases, I insist he send me a link to the programs in which he's interested, and then I check them out. I have yet to find one that was above board.

Thanks for taking the time to reply, Boris; it's much appreciated!
__________________
Fool me once, shame on you. Fool me twice, shame on me.




Last edited by FEast : 04-12-2007 at 09:32 AM.
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  #5  
Old 04-13-2007, 01:58 AM
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borisf96 borisf96 is offline
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Re: Invest Tools?

Quote:
Am I not correct that, unless a person understands the basics of investing, he definitely won't know what he's doing?
Definitely yes. If you have no knowledge, you will have to do what you are told. But if you want to copy someone, you have to know how that someone performed historically. Especially during downtimes. And according to Wikipedia (en.wikipedia.org/wiki/Investools), Investools did really bad during market crush.


Last edited by borisf96 : 04-13-2007 at 02:45 AM.
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  #6  
Old 05-03-2007, 01:06 AM
skys skys is offline
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Re: Invest Tools?

I went to an invest tools seminar, i paid the fees I selected a future day workshop on their contract and canceled before my future day seminarr like it says on the contract, If you could ever get to speak to a real person about canceling, they ripped me off
I never used the service they told me tough luck we are keeping your money anyway, and my credit card company capital one is not on my side. I told my card company, if i did not use their service why should i paid the whole $1,999....Justice...right ....So stay away this company knows how to get you and you will be sorry.

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  #7  
Old 09-16-2008, 12:09 PM
pella205 pella205 is offline
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Re: Invest Tools?

I got ripped off too.

To hook people for Invest Tools, they said that we could come for two days of the seminar for free before we purchased the program for $995.00 For sure there was no charge and we could still opt out if we didn't want to get involved.

Fine, I went the first day and got sick half way through. But before I left, I went to the facilitators at the back of the room to say a) I'm sick and going home, b) have I purchased the program by being here, or do I have to sign something saying that I don't want this?

I was told, NO, it has not been purchased and thank you for coming.

Right. Then surprise, surprise when I saw the charge on my credit card. I called the company and was told that my refund would be issued. Well, it wasn't. I called again and got a nice convoluted email from the people at Get Motivated Seminars, who put on the seminar (not Invest Tools). How was I to know that there was a middle man involved, called Get Motivated Seminars? Invest Tools did not get my money, I didn't get the course and I also didn't get my money back.

Talk about a rip-off. My credit company couldn't do anything for me either as they never provided a cancellation number. Grrr. Let's just say that it was a very expensive lesson for me to never trust these fast talking salesmen/saleswomen because it was a Women's Conference that the initial pitch was made. Stupid me.

I console myself with the thought that while I lost $995.00 it could have been much worse had I actually invested in the stock market and lost.

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  #8  
Old 09-15-2009, 03:41 PM
taxguy taxguy is offline
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I have no sympathy for you

Re: Investools and other high priced software

Anyone who bought into Investools hype is dumber than a Rock!!

I spoke with one a wall street executive. Here is a summary of his conversation with me and what he said:

" If I developed a great sofware package that can accurately predict top buys and market trends, do you think I would tell anyone about it.... let alone sell it?! I would hoard it.

Moreover, If it really worked, I could sell it to the top wall street firms for BILLIONS and get capital gains on the sale,which means little tax too. In fact, the interest I would make on the money would exceed all the revenue that I would make trying to hawk the products at these venues.

The problem is that these guys are very smart salesmen. They show their big house, their nice cars, show potential trades ( that didn't necessarily occur by Investools folks) and claim big bucks using a lot of emotional hype. These programs should NEVER be purchased! "

You can get many of the same tools with online trading academy and other programs for about $50 per month. Yes, that little. The same can be said for purchasing of fourex trading software, commodities trading software etc. Yes, you will find folks who made money especially in the short term. However, long term the VAST majority of folks that he personally knows didn't make money with the software, which is why you won't see Investools sold anywhere but at seminars where they can hype you.

He also noted, "Moreover, don't you think that folks who sponsored these big seminars make a huge piece of the sale, not to mention the commission to folks like Phil Towne, which is why the price is so high? These seminar folks look for the highest price products they can find so they can maximize their revenues. Generally, no software should EVER be purchased at these seminars."
My friend concluded as follows: " PT Barnum said their is a sucker born every minute. These seminar folks realize he was wrong. The suckers are born every second!"

"This is why when you go to their "training," you are primarly getting a very well planned pitch for more expensive products. Hey, you were a sucker once. Why not try it again?"

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  #9  
Old 09-17-2009, 10:50 PM
investment066 investment066 is offline
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Re: Invest Tools?

I dont have much idea about the program, but I can suggest you to get in touch with other investors who can definitely help you and give you much more detailed information on the particular issue.

Thanks!

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  #10  
Old 09-18-2009, 08:54 PM
Darkbob Darkbob is offline
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Re: Invest Tools?

We saw Bill Clinton in Saskatchewan Canada recently. And Invest Tools was up there with the pitch. The wife signed up and we tried the web site for a few days.

They opened a trial account for us. I read the on-line course. They give you $100,000 in play money to practice the "system" with. Nice touch. You can practice without risking your own cash. Kinda reminds me of those on-line Poker sites.

Anyway, turns out I had to go out of town so I couldn't make the full training seminar and the wife didn't want to go alone. It was past the 3 day deadline but we never did step foot inside the training seminar... I expected the worst. But they did say you could cancel at the end of the first day of training if you were not satisfied. I called in and asked to cancel. Told them we would give it a try some other time and thanked them for the trial account. They gave me a cancellation code and said good bye.

They closed the trial account that day and so far they haven't charged my card (just checked on line) and it's been a week... so I think I'm in the clear.

The web site looks great - lots and lots of info on every company, index funds, etc. Great tools. From what I can see, they are tied in with ThinkOrSwim for making the actual investments and I have a feeling that's where they make the big bucks.

There's a decent community where you can actually send messages to other users of the system. Looks like lots of people like the system and are quick to defend it if anyone says anything negative... actually a bit "cult like" in a way... kinda creepy now that I think about it.

So... yes it's legit. Yes they do give your money back (at least for me). Yes they have great tools and even a fairly decent on-line investing course.

But NO you will NOT get rich quick.

Read my lips: Nobody is going to sell you a map to a gold mine. If it was real they would just drive up there and scoop up all the gold themselves and never tell you where it came from.

But if you want some good tools to invest in the market and one of the better on-line discount investing services they have the goods. But be prepared to get nailed. Day traders all make money when the market is going up and they all lose it when the market goes down.

Hope that helps.

--DB


Last edited by Darkbob : 09-18-2009 at 09:03 PM.
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  #11  
Old 09-21-2009, 01:06 PM
taxguy taxguy is offline
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Re: Invest Tools?

Here is a post that I found on Ripoff report by a guy named Scott.I haven't been able to verify the authenticity of his claims, so take it as you will. Read what this guy said:
_______________________________
I wasn't going to say anything about my INVESTools experience at first out of respect for their coaches, but now I am so frustrated with their customer service and cancellation department, that I felt it very important to post a complaint on this site. I hope that this message will reach other students that have experienced similar problems with the company as I have, and that they also post their experience with the company. Consumers need to be informed about INVESTools before they invest thousands of dollars into their education like I did. I have had so many problems with INVESTools that it is hard to know where to start.

All consumers beware because INVESTools has two faces. When you attend the free seminar, you will meet their smiley-faced saleman with such a good sense of humor that you might actually believe all he says. He will share photos of his family and tell stories about dear ones, etc. He'll tell you how he started with $5,000 and turned it into millions trading with INVESTools. These guys are some of the best salesmen in the world, and you won't even realize it until you have already dumped $20,000 into their program and 2 years later have lost half of your retirement trying to trade options using your new investor education. How do I know this? You see, I am a consumer, just like you, seeking that financial security and well-being, and I am a gullible consumer that fell for their sale's pitch.

Here's what I was told. I was told that I could never learn to trade options from a book, just as a doctor would never learn to operate from reading a book either. I was told that I would make my tuition back within 6 months, and I was encouraged to charge the $20,000 on my credit card.(I even explained to the saleman that I was already in debt financially, and he insisted that this would change my life for the better.) I was told at the seminar that if I was not making money by the end of the program that he would personally work with me until I was successful. I was told by my sales rep that I would be given a very special deal if I agreed to be another success story for the company. (This was an especially good sales tactic making me believe even more in their program.) I was also told that the average PHD student was making 30% a month trading options. I was basically told everything I really wanted to hear, especially since I was having financial problems at the time.

Well, it's now been 2 years, and guess what, I am not the next INVESTools success story. Actually, I have lost nearly half of my savings trading the INVESTools method. I certainly never made my tuition back. I am now farther in debt than ever and my credit cards now exceed $50,000. The interest rates are so high that I can't keep up, and debt collecting agencies are calling me, harrassing me, and I am really in a serious financial state now. I can't say I owe it all to INVESTools, but I can honestly say about $30,000 of it has been lost going after the dreams that they sold me.

What has really pushed me over the edge recently was that I tried to communicate to the company that the education was not working out for me, and I wanted some of my tuition refunded because I felt they lied to me, and I also wanted my yearly subscription of $600 to their website back because I had no intention of using it anymore. I requested the website cancellation before my yearly subscription even started. But what they did was very sneaky. They renewed my website access 3 months before the subscription fee was actually due. So now my payment date on my credit card bill does not match my subscription renewal date. I had to file a dispute with my credit card company because they never responded to my requests, but now it looks like I had access for 3 months already, but the truth is that I had not even started my next year's subscription yet. I now know the reason INVESTools bills early. They do this is because when you file a dispute as I did, they say you have already used the site for 3 months and you do not qualify for a refund. The credit card company does not know all the facts, so they side with INVESTools on the dispute. So now that the credit card company has awarded INVESTools the $600, here's what INVESTools replied to me by email:

"You are not eligible for a full refund. You disputed this charge and the outcome of the dispute was in INVESTools favor. You can either accept a prorated refund or you can accept no refund at all. Those are your options."

Pretty nice hah? I couldn't believe that INVESTools actually threatened to rip me off $600 more! They closed my online access to the website and also kept the $600! They did not even offer me a partial refund until I contacted them. If I didn't say anything, they would have closed my account and kept all the money too. And I am a PHD student. I have already paid them over $20,000. To this day I still have not received any refund. I am checking my statement each day, but no credits show. I know this is totally illegal but not sure what I can do. If anyone reading this knows who I should contact, please post. I think I will start with the Attorney General, but INVESTools is in Utah, so I don't think they will do anything.

So that is some of my bad experience with INVESTools. I would also like to add that their hotline is very mixed. Sometimes you will get a good coach, sometimes you'll get a newbie who knows less than you, and sometimes you'll get a condescending a-hole. They know nothing about double diagonals, condors or calendars, so if you want to trade methods that actually work, don't bother with the hotline or INVESTools at all.

Before I leave, I would like to say a few good things about INVESTools. The good side is that they have many coaches that are pretty decent people. The only problem is that their website is really not for trading options. It's a pretty good site for trading stocks only. I have since been furthering my education in Options and finding some success finally. My advice is check out some free videos on CBOE.com. I wish I found that site before I found INVESTools. I really do regret ever paying INVESTools so much money now that I see what kind of people they really are.

So let's here it. What other students have been ripped off? I have met a lot of alumni, and I have still not found one INVESTools student who makes money month after month, year after year. Their option strategies do not work, and their site is not near as good as using software created specifically for options. Well enough said. Good luck on your trades and be sure to research INVESTools before you invest your hard-earned money into them. I for one am not happy with my investment.

Scott
New York, New York
U.S.A.


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