I attended a preview talk done by Clemen Chiang. I am somebody with familiarity in derivatives.There are a few observations:
1. The option course he conducted, is very basic only yet he charged thousands of dollars. You can do this course at a small price at IBF and it is more comprehensive. Option trading due to its versatility offers many ways to make a market judgement instead of just mere direction trading. Basically, my view is that Clemen preys on the ignorance of the general public on the complexity options, and charges tons of fees to make money for himself for something that is regarded as simplistic course and too generalised. Any option pro will tell you this course is too basic.
2. His so-called gapping theory has no comprehensive consistent proof except the constant use of one-time testimonies from his ex-students. Even this theory is so generalised that it is hard to pinpoint the exact circumstances to apply this theory to trading. His constant stress to use it when it is near results release that options will see volatility is not tested to produce the consistent results. Not all results surprise by the way, hence volatility may not see increase, and it could well be opposite. Even the so-called Greeks and volatility, option modelling are not covered in scope to give a good gist how to strategise option trading. In other words, the generalising is done to hide there is no exact strategy.
3. What I am shocked is the extensive use of marketing psychology to keep harping his credentials and sending sublime messages that this will make huge amounts of money throughout the presentation. As a general guideline, the amount one makes is also equivalent to what one risks. For example, options due to the extreme leverage, can make huge amounts however, you must take note the odds are highly skewed to a minimum. The art is how to increase the odds and as gapping is not a proven, in other words, Clemen's claims are unsubstantiated. If he can make so much as claimed in terms of so many shocking multiples like hundreds, you wonder why he wants to conduct a course and shares the secrets.
4. I happened to know a friend of Clemen who was trading together with him before he started out to trade. He told me Clemen lost heavily in option trading. You can take this revelation with a pinch of salt as a hearsay since I cannot prove it. Just solely based on the above observations, I can be certain Clemen's approach is not sure to make money consistently.
5. There is a part when he cited his high fees and he uses psychology marketing to get people to run to the reception counter to sign on, claiming that there are limited places. So I saw people running quickly to sign on. These folks do not realise that there are many intakes which already occur, and there is no way there is such a thing as limited places. The interesting part is when Clemen addresses those folks who want to go for the courses, but could not afford it. He slashed the few thousands, and replace it a few hundreds figure, and said this course is on offer at this fraction, and asked folks to please run to the reception counter as he wanted to make it possible for them to attend, and again only limited places. Many did and thought this was a special discount and soon when those folks reached the counter, he promptly announced that this offer of few hundreds is an installment plan, and in other words, folks still need to pay thousands of dollars.
6. Many folks I heard lost money due to this course, and approached him, and Clemen said that there is another advanced course which they must attend, in other to correct their mistakes. Soon, I heard many also paid fees to attend these courses.
7. The saddest thing about Clemen is his use of Christianity to promote his "integrity" and the course he conducts. When one cites religion so much in a public place, it is time to be wary. The audacity to use religion to cheat suggests this fellow has no conscience.
Eventually, he was charged for using false credentials of his doctorate, which is nothing except something he paid for from an unaccredited university. The claim that his gapping theory is from his doctorate thesis then become false, since there is no doctorate thesis done in the first place. If he had such a great thesis, why did not he submit to a proper university? He was so unaware that his university was not accredited?
In reality, he is nothing but a snake conman. He was great at talking and conning. He made very huge money buying local properties by collecting money from this misguided course, and he was not accountable truly for it.
I am very disgusted by him and wish to see justice done to him over the harm done to many. Over here, this is what I can write to warn others as I am seeing he is not giving up conducting this course in other countries.
