Opvest sells losing options regardless of market conditions, Internet

www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3232

This should be a must-read for anyone considering Opvest.

The National Futures Association has FINED Opvest for allowing their traders to engage in trading that maximizes their commissions while failing to act on accepted principles reflecting the best interest of their clients.  In other words, there has been enough complaints that after review, the NFA has validated the rip-off complaints against Opvest and the lack of integrity in the trading practices there.  Read the report from March 28, 2012.  They " Skillfully Will Play You" ( see my comment under another 'Opvest Cheats' complaint.) 

I started trading with OpVest about a year ago and I lost a total of $1200.  OpVest offers some goodies like video tutorials and broker-assisted trade recommendations, but they aren't helping if I am not making any money.  

In the past 12 months (from September 2010 to August 2011), the Dow Jones Industrial Average has gone from 10468 to a peak of 12505 in April, and back down to the 11000 level today.  What I don't understand is that OpVest managed to lose me money regardless of whether the market is up or down.  I begin to realize that OpVest tends to sell options that are against the odds, and the way OpVest pitches it to you is that you will win big with little money, but what OpVest doesn't tell you is that it will only happen *if* the market goes so far in that particular direction.  An example would be longing an OTM call when the market is relatively flat.

What I particularly don't like about OpVest is the emails it sends to us "investors".  They are absolutely bullshit.  For example, I got one in February 2011 talking about Wheat hoarding, and how global wheat production will continue to drop as demand continues to rise.  OpVest's recommendation was to long Wheat Futures, and it was clearly a stupid idea if you look back at how Wheat actually performed in the past couple months.  [http://www.cmegroup.com/popup/mdq2.html?code=WU1&title=September_2011_Wheat&type=p#link=weekly]

If the world is hoarding Wheat, that means people are artificially driving its price up as they fear supply is not enough to meet demand.  It actually makes more sense to short it.  I am not necessarily saying that OpVest is a scam, but its brokers are either offloading obvious losing positions to its investors or just plain stupid.  I had to cover what OpVest lost me with good decisions I made from my self-directed Scottrade account, and that's when I realized I should be pulling out.  I hope this honest review helps you as a prudent investor.