It is more than likely, if you are a stock trader and visit many investing websites, forums or blogs; you have probably run into the many advertisements and Google ads regarding the Stock Trading “Robot” found on www.DoublingStocks.com. This website purports two computer geeks named Michael and Carl have developed a computer software (robot) that can pick stocks using technical analysis.
They claim that the average returns have been over 105.28% within hours of the market opening after the picks have been sent to the subscribers. Investors will have to pay a $47 subscription to receive the picks that this “robot” comes up with. The stocks are usually penny stocks found on the OTC. This is not un-common when you have a service like this that has thousands of subscribers.
The OTC is very volatile and when a few thousand people all places a buy order after the market opens, you will see a very quick rise in the stock price. The volume will also increase on a penny stock that normally does not see much action. As reported by many subscribers, after this quick rise, it is usually followed with a quick drop in share price. Those that bought at the high will often lose money if the stock itself was not fundamentally sound in the first place.
This is the classic “pump and dump” scheme, which is highly illegal. The online marketer behind this service and all their affiliates should be ashamed of themselves. I would not be surprised if the SEC is currently scrutinizing this service at this time. There is nothing worse than online marketers promoting a product or service in an arena that they know nothing about and skirting the laws.
Understand that if the marketer is lining his pockets by buying the stocks before he issues the picks to his subscribers, he is breaking the law. It is my opinion that this service can not be trusted and may be headed for trouble with securities regulators. This is not the only “robot” that this marketer is promoting.
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