Trade-In: Wade Cook Posts $1.7 Million in Trading Losses
Before you plunk down $2,500 for Wade Cook's November Hula Moola stock-trading seminar in Hawaii or $4,900 for his Wall Street Workshop, there's one thing you should know.
The folks at Wade Cook Financial (WADE) aren't very good traders.
According to a 10-K filed Monday with the Securities and Exchange Commission, Seattle-based Wade Cook Financial lost $1.7 million trading securities during the quarter ended June 30, reversing $700,000 in trading revenue in the year-earlier period.
Cook rose to popularity in the mid-1990s writing books, producing tapes and hosting seminars on investing. Since then, he has made a living recommending trading practices to individuals. Among his favorites are buying stocks just after split announcements, using covered call-option trading (simultaneously buying stock and selling call options, using the call premium to offset the cost of the stock purchase), and setting what he calls rolling stock positions, in which investors try to time highs and lows.
| Spoiling the Broth
Wade Cook's downtrend
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