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.
Just received in a plain envelope, a page from a fake newspaper, with sticky note attached saying "G, thought you would like this free book". The note "appeared" to be from a friend. Obviously a scam. Please beware.
michael parness, trend trading
I tried , the system for 27 days, the system does not work, i sent an email to cancel service to the trend trading website. i then calledthe number on my credit card after i was charged 67 dollars. they said that they only cancel by phone. would not refund the money.
return email said i got through affilate no refund.
He is legit
It breaks my heart to hear all of this frustration.
"Rule the freakin markets" and some of the educational material is very basic; there is soooo much more to this, its not for the "part time" hope to get rich quick, IT IS A BUSINESS, that you have to manage and do lots of leg work. Putting the trade on is the easy part. Remember, he followed the market on and off for years, before he got back in and only then was he successful. Yes, some one else was handling his money before, but I guarantee you that he was watching enough to learn a little.
CBOE offers the best education I have seen and its totally free-you can even virtual trade. ( and do so for months to a year before you trade)
My advice; read, read, read, listen, listen, listen, practice, practice, practice for months or maybe even a year before you try anything! It's no different than going to college, studying for a degree you really want-put your heart and soul into all of it and you will reap the rewards. Sure, there is downside, losses, but if you run it as a business, you will learn to manage those risk.
Best wishes to all.
Mr. Parness is a con man. He used to own another company and tried to rip me off. I filed a claim with my credit card company. They reviewed the case, found in my favor and returned my money. Mr. Parness is a liar who can make something sound great when it's really not. Don't throw your money away on this hustler.
Anyone who won't supply an address is full of BS! the price,LMFAO, really?? Your little money scam might work some but the price asked is nothing but robbery, taking peoples hard earned money because your to damn lazy to earn yourself is despicable, where's your proof???
don't know him or product but pitch smacks of scam.
for good paid education use td ameritrades investools.
for free education go to sites like stockcharts.com or investopedia or any of the brokerage websites or any library.
or find someone like me who actually makes a living in the market to mentor you.
He is a scam. Beware. He is making money on ignorant investors "greed".
The firms best tech analysis left and whats left is garbage. Better off finding cheaper and more qualified peddlers than these stiffs. Parness is more interested in making bad movies than trading and it shows in his lack of commitment.
Several years ago I bought the basic program and made money with options. The year 2008 was good. Then calls started to go to downhill. I found out that Tiny left and Parness was on his own. Tiny is good, Parness isn't. I did not renew my options subscription. A few years later I tried again. Lost money of every trade. The calls are still terrible. Michael and Scott very terrible at making calls. Stay away from this program.
Hi,I have tried to order Michael's book and DVD as he advertized for only the cost of shipping and handling,$6.95,,,but was rejected,,,I used two credit cards but was not accepted,,,If the offer is not valid let him say so and not keep the offer on his site..
Just be careful when you sign up for the "free" 30 day trial. What you forget is that you're automatically signed up and have to pay the $70 fee if you dont cancel.
They have your voice agreement recorded and played back to remind you of your agreement.
NO REFUND. BEWARE!!!
This is the biggest scam. Watch out they debited my account twice called in KEVIN stated well why should we refund your money if your going to call the attorney general? What nice comment right? Now they will takes 2 days to pull call to see if i authorized monthly $67.00. He was rude. I got him to ten immediately with that comment.. DONT DONT buy into this scam. The book isnt any great revelation you do better on your own. This Kevin
obviously has little or no training on customer service and he is the supervisor! the supervisor!
Micheal where are you now? This is not over yet
I am having this scam investigated Thanks everyone! Have a great day KEVIN!!!!!!!!!!!
I received a marketing gimmick in the mail from this bald-headed douche bag. The approach was cowardly, leaving no physical return address.. and addressing me with a sticky, and signed only with "J" from some outfit near Corona, CA.
Stay away from this maggot.
Hi. I'm posting here to save you time. Should you move forward with Mike? In a word ... NO!
A Wise man (my Dad) said an ordinary man believes half of what he hears ... a smart man knows ... which half to believe!
I read a lot of comments & appreciate everyone taking time to allow all of us to benefit from your comments.
One of the people who has been there ... done that ... and brought back a ... wardrobe of experience is copied here for your convenience (you will see his comment as shown below in this thread if you want to verify) :
" jason florida 2:41pm on June 4th, 2010
Trendfund and Michael said that I made over a 100K on their testimonials, but actually the value of my position was a 100K. I actually have lost money thanks to him, but have since regained it using a much better company. I was at a live event and out of 10 calls 2 were right but 8 were big losers. parness says he made millions.Where is the proof. What he charges is outrageous,
and he never keeps his promise. He is an extremely dangerous, bald man and should be put in jail for the thousands of people he has hurt over the years. His techniques don't work,and I know one individual who lost their retirement because he said invest with me and I guarantee you can make money."
From personal experience, COMFY2NT accounts at iGAMBITS work well as you never take losses & it is never taxed. Those two things are huge in building your nest egg! God Bless You .... Mel
I paid the $5000 several years ago for one of there trading courses. What I learned was not worth $5000. I learned the basics that could be found elsewhere on the internet for free or much much less. I would not recommend paying any money to these guys.