How I got screwed by Program Trading Solutions
Their warranty vs. the real world...
I purchased the Range Trader system from Program Trading Solutions in Oct. '07. A volatile time in the markets. But they told me the system was set up to only trade on days when it received certain signals, so it could time the market better. I didn't have one winning trade. Not one in the first 2 months. I lost almost $2000 from my account part of which was fees. Still, my account suffered a net loss, so I wanted a refund saying I would gladly send them my statements from the brokerage group they set me up with. While my account suffered hits that cost me 1/3 of its value, Paul Stone told me that I wasn't due a refund. Why? Because over the same period, their Range Trader software had made money...? Not in the real world, but on paper. Despite the fact that my account lost a lot of money, Program Trading Solutions said that the Range Trader system had actually made pretty good money and had winning trades. My losses were due to 'slippage' and the fact that the markets were moving so fast, they couldn't fill their stop orders quickly enough.
I'm still going to have a lawyer look at their 'money-back guarantee', but I wanted to get this up on the web for people to see.
If I can save just one person from doing business with Program Trading Solutions, this is worth it. Read everything you sign carefully, and have someone look at it. One good thing their sales people do is tell you that you have 3 days to cancel once you've signed their forms. If you've found this site in that time period, hopefully it's not too late to get your money back. I wish I had.
If you have a story about this company, please email me and I'll post it here.