Taking Profits Review
Taking Profits
has several different subscription services relating to stock
portfolios, options and forex trading. Most of the services are
available for autotrade, and the website gives clear details of the
types and frequency of trade, the logic and technical analysis behind
each trade type, and the exepcted profit. If you choose not to
autotrade, the trades are sent out by email.
Performance
The Taking Profits website has no posted data on trades or performance, although there are some statements in the description of particular trading services that give the percentage of winning trades. Performance data are available upon request by email.
Cost
Here is a list of services provided by Taking Profits, and the prices:
- 5 Star Swing Trader - buying and selling calls and puts on hot SPY stocks. 1 open position at a time: $2,495 per year
- Spread Trader for Income. Selling Credit Spreads on ETF weeklies such as SPY, VXX and EEM: $1,995 per year
- Power Options. 5-8 call and put options per week. $2,495 per year
- Naked Options. Selling naked puts: $5,995 per year
- E-mini Futures trading: $19,995 per year
- ETF Options Trading: $5,995 per year
- Covered Call Portfolio - a stock portfolio, with recommended covered call trades: $5,995 per year
- Forex Trading with the EUR/USD: $2,495 per year
- President's Club Stock Portfolio: $2,495 per year
- Taking Profits Stock Portfolio: $2,495 per year
Autotrading
The service is autotraded on ThinkorSwim, Trade Monster, Global AutoTrading, E-Options and Investrade. Email notifications are sent out for each trade.
Conclusion
These are expensive services, and the website is a pretty scrappy affair (although this may be a good sign - all the effort apparently goes into option trading, not marketing). Be sure to obtain performance data by email before committing to a service, and take note of the comments below.
You could rely on a service, or you could learn how to do it for yourself. Get an overview of Credit Spread Trading. Invest in a trading course that covers Iron Condors and Calendar Spreads, and practise your skill with the Iron Condor Simulator.
User Comments
Average Rating: 
Anonymous Feb 5, 2013
Rating:
Taking Profits, Making Lies
Lie: updated daily when positions are open.
Lie: Limit Orders used
Lie: Low drawdown
After I realized that I had been tricked into signing up for the 5 star
Swingtrader, and was down nearly 60% the first day of the first trade,
I realized that the "Low drawdown" advertised was a lie. There was no
limit order, and daily updates were not every day. I no longer trusted
Lou, and pointed out to him that I was tricked into signing up. His
customer service response was very short: "grow some balls". I gathered
evidence and sent it to my credit card company who reversed the
charges. Apparently Lou needs the money, because he took time out from
managing other people's money to get his, and disputed the charge,
threatening the credit card company, and got the charge put back on.
Don't ever even think about sending money to this guy.
Anonymous Feb 5, 2013
Rating:
Dishonesty
Not safe at all, I recently joined spread trader hoping it is
conservative with low drawdowns as Lou states. Guess what? Last week he
took a VXX bull put spread trade and with VXX plunging this week it
realized a 50% loss. Another SPY trade he entered last week is also in
danger. This service totally is not worth its price tag, and I no
longer can trust Lou.
Anonymous Aug 14, 2012
Rating:
Started off like a ball of fire
I thought I had finally found a service that was the answer to my
financial dreams. Solid weekly returns using credit spreads. After just
five months, my account had more than doubled. Then starting in July, I
was brought back to reality after successive weeks of large losses and
now the account is back where it started. Either their model has failed
or they have lost their touch, but for a service that costs $2500, it
really has been depressing.
James Mar 19, 2012
Rating:
Excellent and a Real Money Maker
I'm in the Spread Trader which is credit spreads on ETF's, mostly SPY.
I'm making money each and every week and got to say this is the BEST
thing that has ever happened to me. $500.00 profit every week and I'm
taking out a little over $2,000.00 every month from my brokerage accout
and still have my orignal balance. Definately a 5 star rating for this
one.
Paul Feb 10, 2012
Rating:
Excellent
Joined the Power Options and extremely happy. Excellent spread options
and well thought out. Definately recommend to option traders. I'm up
about 67% in a few weeks.
Daniel Barnett Dec 8, 2011
Rating:
Spread Trader
Excellent. Making money every week with these spreads. Highly recommend
and worth the $3000.00 cost.
Anonymous Jul 1, 2011
Rating:
Spread Trader
I tried Spread Trader for three months. I stopped at -13%. They sent
out weekly spam showing how great they were doing by collecting weekly
income selling the short side of a spread. Stay away! Beware
Greg Seymour Jan 31, 2011
Rating:
Taking Profits
Hi - I think your summary is out of date on this one as every trade is
now clearly there to be seen and the record is easy to understand. I am
a subscriber (equities and spread trader) - system is blindingly
profitable so is worthy of a review update here if you can - thanks for
a great website, Greg
Anonymous Dec 27, 2010
Rating:
If you want to lose money!!!!
Beware taking profits: I have subscribed to many taking profits
services. ie.taking profits, swing trader,QQQQ,and most recently spread
trader where in over one month I was down $6000.00. He is constantly on
the wrong side of the market. He will recommend a sell on his stock
picks when it's up 30 cents and claim if you annualize it's a great
return. Most cases he wouldn't cover commisions. DO NOT USE AUTO
TRADES.
Greg Oct 15, 2010
Rating:
Has worked for me
Was surprised to read the negative reviews. Have been autotrading with
GlobalAutotrading for 4 months. Has been the only consistently
profitable service. I have matched the trade results shown on their
performance pages. Spread Trader particularly profitable. Love this
service! Greg
Dan Jano Sep 19, 2010
Rating:
Sure and consistent profits
I'm using two of the Taking Profits subscriptions, Taking Profits Stock
Trader and the Spread Trader. I'm extremely happy with the both of them
and the profits on their pages are the same I am getting. The stock
trader is easily the most profitable I've used and throughout the years
I have tried just about every subscription on the market. I'm up about
60% in the stocks and 72% with the spreads all through auto trade.
Have you used this Service?
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