About Michael Parness
Michael Parness is a stock market trader who has developed some very popular trading courses and products. He is known as the "rags to riches millionaire" because at one point he was actually living on the streets.
With no formal education Michael Parness was able to turn a few thousand dollars into a couple million, making him one of the greatest stock market success stories. He has used that story and others to promote his growing list of financial training materials.
Currently, Michael Parness's products include "Trend Trading to Win," " Rule the Freaking Markets," and "How I Turned $33,000 into $7 million in Fifteen Months – and Here’s How You Can, Too.”
His website, www.Trendfund.com, offers customers additional resources for trading information and guidance. Members have access to chatrooms, professional advice, news, and discursions of the latest economic trends.
96 ‘Michael Parness’ Reviews
The art of trend trading
Great information. Tried the 10:00 rule for a breakout. It works about 20% of the time. so far. Definitely not a money maker. I used trends of the overall market as well as going with the trend of the stocks.
The rule says that at 10:00 the stock breaks away from the maximum or minimum. It should keep going. You use the opposite 10:00 position as a stop loss. I chose to use $50 as a high that would give me a neutral (no profit) if it reversed. Anything before that I would use the opposite 10:00 stop loss. I chose 50, 100, 125, 150, ect. as profit points. I picked stocks that moved the best and searched for a possible 2:1 win ratio.
Results were: Rarely have I made it past $50. Rarely have I broke even. 80% of the time I lost $100+ as it hit my opposite end stop loss.
I have only tried this in a bear market in the beginning of November for 20 trades. So my trades have been %80 short trades on bear trending charts.
I would be happy if I could win 50% of the time, even if I lost money. At least there might be hope of improvement. Right now this is a losing strategy. Good thing I am paper trading. Been doing this for a year. I have better luck with a system I dreamed up, but still losing on paper. Have $20,000 to invest, but not until I have a working strategy that proves good for 6 months on paper.
Most of these "book writers" and "online gurus" and expensive courses are just alternative ways to make money for these guys.
I need a working plan. I won't go real time until I do. I am getting better at this, but still a loser. I go on a wining strategy, but I believe I get excited and over trade. This could take me another year or two if day trading and swing trading for profit is actually possible.
They should invent negative stars for this clown
A complete and total rip off. His free book and DVD are worth less than the cost to print them, which by the quality is likely less than a $1.
When you get his book and DVD they give you number to a bunch of scum that call and hound you into buying mentoring with them for thousands and thousands of dollars. I think they told me 12,000 but some one here said 6500?
What the cost, it;s still a gigantic scam, because Michael Parness is a complete liar. He can't make money trading and he was reprimanded by the NFA just a few months ago for defrauding investors with false claims about performance. You can read about it on the NFA website, but Michael Parness will never mention it himself.
Stay far away from this clown if you want to keep your money.
Bought The Tapes ... 12 Years Ago
It is sad to see all the negative reviews. I found the tapes and subsequent course to valuable (although overpriced) information that, at that time was not readily available (to me) elsewhere. I took the course, but I had no portfolio to trade with, could not give up my "day" job, and never could get my head around the concepts of options, calls, puts, etc.
Last week, I read something that "clicked" for me ... and much of what Waxie & Tiny had taught on the psychology of trading/other traders kicked in for me. Sure, that's a long time apart, but in my case I had suffered a traumatic brain injury that has been years in recovery.
Two days ago, I decided to "paper trade" options for the first time. I vaguely remembered some of what had been taught. In my first day, I traded some from a Waxie & Tiny perspective and some from a more traditional perspective. I intentionally allowed some of my trades to "transition" from their style to conventional style ... all in the realm of testing and trial by observation.
Well, the results were overall positive, and beyond what I had expected ... until I transitioned and gave a large portion of it back. Applying and not applying what they had taught me, I realized a bit more about how the psychology of my own trading and that of the market could play to my favor and against me.
Sure, it has been a long time since I took the course, and I've never put it into practice in real life yet. I've been reviewing CBOE and other sites now and can see how much has changed. Much of the technical information that was learned in the course ... YUP, it is now available elsewhere. But, the psychological aspect that is included in what Waxie & Tiny were trying to get across to people is something that I've not found elsewhere ... and it took me till this week for it to "sink in" along with something else that triggered a bit of an "Ah-ha" moment.
Again ... it sounds like some things may have gone awry over the years, which is sad to hear, but even after all these years and a traumatic brain injury, the taught me something that ... FINALLY ... is beginning to resonate with me. More paper trading, CBOE studies, strategy development, practice and discipline to follow. But despite the bad press and seemingly poor business practices people have mentioned ... the read into the psychology of trading is likely something you won't hear presented the way Waxie presented it.
It can sound like a "whack job" to those of us who think straightforward, analytically and objectively ... I get that. Yet, I still would recommend finding an old book or two of his for the psychological aspect of trading insight.
My guess is that he became a victim of his own "failure to heed" what he had written and got himself on the other side of the greed equation to his own demise and is now in a very different place than when I got the tapes/course many years ago.
I'm glad I took the course (albeit overpriced) "back in the day" ... and will incorporate aspects of it as I look to re-enter the market (brain injury recovery continuing to progress). I know longer have the course materials, but will try to find an old copy (i.e. cheap) to revisit it after all these years and my recent "Ah-ha" moment.
Again, sad to hear what would seem to be such a demise (Tiny left) into "Shysterville" (based on many of these reviews), but there may be some nuggets from the remnants of old.
HTH & GL to all ...
Michael Parness drained my account of $800 after I purchased a book he was selling 2 years ago. I happened to be out of town when he continued to use my credit card. Do not do business with him. I have the banking information. I called the company and they refused to refund the money. I had to put a stop payment on my account and had to change my bank account.