Is the Weekly Money Multiplier a scam? Is it worth subscribing to? Will you really be doubling your money in no time?
Let's find out...
I first came across the Weekly Money Multiplier after landing on some promo video with Jeff Bishop boarding his private and talking about how this service he is providing is like nothing else out there... and he will recommend trades week after "week where you have the potential to double your money".
Source: WeeklyMoneyMultiplier.com
During the video there was the movie-track worthy instrumental music playing in the background, and to be honest, it was sounding a bit like the many trading scam promotions I've come across online in the past... which is the reason many people as if it's a scam or not.
In this review I'll be going over what you, and everyone else, should know about WMM before subscribing, including what exactly you get with your subscription, who Jeff Bishop is, complaints and more.
Enjoy...
What Is Weekly Money Multiplier?
- Service: Weekly Money Multiplier
- Type: Options trading recommendations
- Creator: Jeff Bishop
- Price: $1,497
- Recommended?: Ehhh.. not really (more on why)
Overview
Weekly Money Multiplier is a subscription trading service offered by professional trader Jeff Bishop, the founder of RagingBull.com, that is specifically focused on options trading. Members receive exclusive access to live trades made by Jeff himself, trade alerts and more... making it good for beginner traders who don't really know what they are doing and want to follow advice from a professional.
Overall it's a service that definitely has value and potential, although it may not be as good as you were led to believe it is. However, there are some serious concerns/complaints I have which is why I'm not personally recommending it.
Promotions
100% gains, 200% gains... being able double or even triple your money week after week... there is a lot of hype surrounding Weekly Money Multiplier.
Like I said above, during the promotional video I watched there was some pretty heavy orchestra music playing that was a nice finishing touch.
Besides thinking at first that this sounds too good to be true, the second thought going through my mind was that Jeff throws one heck of a sales video... because after watching it I was feeling the urge to buy in right away.
Being able to double your money "week after week" with a system that was created by someone that is a part of MENSA (a high IQ society that he brags about).... it sounds like an opportunity of a lifetime, doesn't it?
Misleading Promotions
There are some people calling Jeff a scammer and I have found that this mostly comes from his over-the-top promotions.
Will you really be able to double your money week after week after week? Well, he claims you will "have the potential" to do so, but this doesn't necessarily mean you are going to be doubling your entire trading account week after week. I'll talk more about what I mean here later in this review.
Most of the complaints I have come across come from people who bought into WMM after falling for the hype, and then ended up disappointed.
Other Promos
There is also another promo video out there that is over 2 hours long...
In this video he shows his method for trading in a bear market, talks about his strategy, what indicators he uses and what he looks for, etc. There are many past trades that he goes over and charts to see, where everything looks so simple... but of course in reality it is much more difficult... which is his reason for promoting WMM.
Free eBook Promo
Jeff also lures people in with his free 51 page ebook called Option Profit Accelerator. It's a good ebook with a lot of valuable information, but the point is to collect leads and later sell them into subscription services like WMM.
In order to download the ebook you have to give your email, and it is via email that Weekly Money Multiplier is promoted to you.
Who Is Jeff Bishop?
Can you actually trust this guy to make good trades and recommendations?
After a quick Google search of his name one of the first results I came across was that of him being a scam...
But much of the reason he is being called a scam here comes from the somewhat misleading marketing tactics that he employs to get people to buy into his subscription service.
The guy definitely does know what he is doing when it comes to trading however. Jeff has around 20 years of experience trading and is a self-made millionaire from it.
That said, there is no telling how much money he is making from simply selling educational services like WMM, so don't expect to be flying around a private jet like he does just from being a WMM subscriber.
Appearances
He has even been featured live from the NYSE floor, which is a privilege that not many people get. So rest assured, he is not just some guy sitting behind a computer selling products he isn't qualified to sell.
MENSA Society
If you watched any of his videos you probably heard him mention that he is a part of the elite IQ society called MENSA, which only about 2% of the population is smart enough to be a part of.
The reason I say you probably heard him mention this is because he mentions it all the time.
So not only are you getting advice from a professional trader, but you are getting advice from a professional trader that is very smart... and loves to brag about it.
But anyways, let's get to the part where I actually talk about what you get as a subscriber.
What You Get
Option Foundation Accelerator Course - Jeff isn't just leading a bunch of sheep here. He wants you to learn how to trade options on your own and the options trading course that you are provided with is said to be a very easy-to-follow and well laid out course for anyone, even those with no experience at all. It will start out with the very basics of options trading and go from there.
Mastermind Video Library - You will have access to a video library that provides training on all sorts of things, from basic information to more advanced strategies.
Trade Alerts - When he is about to make a trade you will be alerted by text and email. Every single trade that he makes in the sample portfolio you will be alerted on.
This is the core of what you are offered as a subscriber. You are basically getting the opportunity to trade like a pro without actually being one... just by following along and copying trades that he makes.
Live Stream Trades - After being alerted to Jeff's trades, you will be able to see them happen in real-time on your laptop or mobile phone. He will live-stream these trades so that you can follow along if you want to.
He will go over when to enter, what exactly he is looking for in the trade, and when to exit.
Live Training Sessions - Throughout the year there will be some live training sessions that are held. There doesn't seem to be any schedule for this, but you will be notified about these and they can be on pretty much anything Jeff feels is important, as far as I know.
Nathan Bear Alerts & Educations - Nathan Bear is part of the Raging Bull team and is also a self-made millionaire trader. You will get trade alerts and video training from him as well.
Is this better than other services?
Jeff makes a big fuss about how there are no other trading services out there like his, but on paper it is pretty much the same as a lot of others.
Trade alerts, training, a live portfolio... Money Map Report, Nova X Report, Oxford Bond Advantage, etc... these are all trading services that provide the same basic things.
But what I guess it all comes down to is how good the recommendations are that Jeff provides here.
Jeff's Strategy
The way he explains it all is pretty simple.
The basics are this:
- When the 13-period SMA crosses over the 30-period SMA then this is a bullish sign
- When the 13-period SMA crosses below the 30-period SMA then this is a bearish sign
This is the same strategy revealed in his Options Profit Accelerator ebook.
So what he'll do is enter a trade when the 13 SMA crosses the 30, but will only begin to enter.
Below is a example of a trade he profited nicely from...
Of course there is a bit more to it than just that. He also looks at the 200 period SMA and studies the different lines' patterns before they cross, but this is the basic summary of his method.
Cost to Join
As I'm writing this the final price to subscribe for 1 year is $1,497. This is supposedly all discounted from the original retail price of $8,549, but who knows how true this actually is.
- Retail Price: $8,549
- Sale Price: $3,997
- Special Price: $1,497
This is more than likely just a clever marketing stunt and the subscription is never over $1,497 per year, but I'm not completely sure on this.
Anyways, $1,497 is still quite a bit of money to spend.
Is it worth the price?
This will completely depend on the person and how much money they are able to make from the advice and recommendations made.
If you end up profiting tens of thousands of dollars from the recommendations made then of course it is worth it.
But how realistic is this? Well, let's find out...
How Much Money Can You Make?
As Jeff Bishop himself tells us, we will be able to double or even triple our money week after week.
A quote from one of his videos is that "you can find trades week after week where you have the potential to double your money".
However, if we dissect this quote it isn't as great as it may seem at first. He is stating that there will be trades recommended that have the potential to double our money... but how many trades have the potential for us to lose money?
Not only that, but saying that something has "potential" and actually realizing that potential are two totally different things.
Track Record
Unfortunately I have not been able to find any track record for Jeff's past recommendations. It would be nice if he would disclose some information about past winners and losers, but in the promotional material of course we only see trades where he made big profits, and the losers are conveniently left out.
There are plenty of examples I've found of past good trades, but without knowing the losing trades we just aren't getting the full picture.
I have read some complaints from people who claim to have joined and say that most of his recommendations are losers, but no good proof or track record is provided here either.
Who Weekly Money Multiplier Is For
This is without a doubt more geared towards the beginner who doesn't really know much about options trading.
The ability to follow along with Jeff's trades is perfect for the complete newbie. It gives new traders a sense of security knowing that they are making the same trades as a professional, and you get to learn the methods behind his madness and what is going on in his mind as he trades.
For those with experience there may not be quite as much value provided if you subscribe, but you will still undoubtedly be able to learn a lot by watching Jeff do what he does... and the mastermind videos cover some more advanced topics/techniques that you will hopefully be able to learn from.
Weekly Money Multiplier is for anyone who wants to learn how to trade options and minimize risk by following along with a pro trader. While it may be a little more geared for beginners, experienced traders who are down on their luck may find some good value in it as well.
But... It's Still Risky
While trading while following Jeff's recommendations will likely be a lot less risky than if you are trading on your own with no experience, there is still definitely risk involved.
Jeff likes to go for trades that have potential to bring in big profits, profits of 100% and higher, and this can be risky at times.
Concerns/Complaints
#1 - Disclaimer
When it comes to something like this I always recommend reading the disclaimer, which can usually be found somewhere at the bottom of the webpage. If you read WMM's disclaimer you may be shocked to see that they "are neither licensed nor qualified to provide investment advice" and that "the information contained... should be viewed as commercial advertisement and is not intended to be investment advice"...
So wait a minute here... they are telling us that this isn't investment advice???
It seems to me that what Weekly Money Multiplier provides is ENTIRELY investment advice. So what the heck is going on here?
Well, this is basically a way for them to legally cover their a**es if the advice they provide goes south... to avoid lawsuits and what not.
This is pretty normal and just about every investment subscription service of this kind has a disclaimer like this. So, while it may be worrisome, it isn't as unusual and shady as you may think (well, I guess it still is pretty shady).
#2 - Refund Policy
The refund policy for Weekly Money Multiplier is a complaint I have as well. As you can see below they "do not give refunds".
There are no refunds... period. Not partial refunds, no refunds of any kind.
Now I can understand a no-refund policy if there was some large physical product being shipped out to you that would be hard to return... but what is provided here is nothing more than an electronic subscription service. Providing refunds for something like this could not be more simple... yet they do not provide refunds.
Disappointing... but this is the way it is. So you have to be darn sure you want to spend the $1,497 that it costs to join.
On a positive note... the fact that you can't get a refund forces you to stick around and give Jeff's trading method a fighting chance, which could work to your advantage.
#3 - Horrible BBB Rating
The company behind WMM, which is Raging Bull LLC, has an F rating with the BBB and is not accredited.
Now I know that the BBB's ratings aren't necessarily the best way to find out if a company has a good reputation or not, but there are quite a bit of complaints filed about Raging Bull here and they speak for themselves.
Most of the complaints with the BBB, as expected, come from people who feel they have been mislead into subscribing to the different trading services offered through deceptive marketing tactics.
*Note: These are not complaints specifically about Weekly Money Multiplier, but rather the company in general.
#4 - Lack of Transparency
Lastly, a complaint I have along with others is the lack of transparency behind the marketing of this product, which goes hand-in-hand with the complains mentioned above.
The reason people are calling Jeff Bishop and Jason Bond scammers is because of how they market their services in deceptive fashion... showing a bunch of big profit winning trades and leading people to believe they are going to strike it rich.
It would be nice to see some sort of track record for past trades.
#5 - Shady Charges
Throughout my research I came across several people complaining about being charged for things they didn't know they would be charged for.
For example, a person commented on Quora about being charged a yearly maintenance fee that they had no idea about...
This is just one example.
Pros v Cons
Pros
- Opportunity to copy professional trades
- No experience needed
- Training & education provided so you can learn to trade on your own
- Learn from a self-made millionaire trader
Cons
- Misleading promotions
- Expensive
- Not transparent with trades
- Risky (as is all investing, but options trading in particular is more risky)
- Doesn't seem like the most trustworthy company
Is Weekly Money Multiplier a Scam?
No Weekly Money Multiplier is not a scam. There is definitely some real value provided here.
The only "scammy" thing about it is how it is marketed in a way that makes it almost seem like anyone who joins is guaranteed to strike it rich, which simply is not true... and the lack of transparency + the unannounced charges some people have been having.
Final Thoughts - Worth Joining or Not?
I'm not going to tell you whether or not you should join. This is a decision you will have to make on your own. And I won't personally be recommending it. There just isn't enough transparency and there are too many people complaining about it for me to do so.
How can I recommend a service where some people claim most of the recommended trades are losers? I just can't without any transparent track record.
That said, if you do plan on subscribing, remember that this service would be most beneficial if you are a beginners. Just don't fall for the marketing hype and expect to have some massive trading account by next week!
I hope you enjoyed this review and found it helpful. Please leave any comments or questions down below and I'll get back to you soon 🙂
Before You Leave: If you are looking for a recommendation, then Motley Fool's Stock Advisor is a good choice. They are a reputable company, have a proven track record, and the advisory is good for beginners as well as veteran investors.
Alternatively, feel free to check out my top recommendations for making money from home, which have nothing to do with investing, by the way.
Take care.
OK, but tell us what is your experience with this service? I think it’s fair to know?
It does not sound like you joined the service. On paper, they seem to be very transparent with their trades once you join. So you should be able to tell whether they are losing most of their trades or if they are making money with their trades every month. It would be nice to hear from your experience using the service.
Thanks a lot Kyle, excellent review. I have been getting so many emails from Jeff Bishop lately that I finally decided to join one of his webinars and see what the hype was about.
Overall I gotta admit it was good, he sounded very convincing and came across as genuine and knowledgeable (the last however, comes from someone who doesn’t know anything about option trading) …and you are right, he did show the SMA crosses over you mentioned as his secret weapon.
At the end of the webinar of course he introduced the product, he was giving a 45% discount for his “Portfolio Accelerator” program at just $997 dollars, instead of the “regular” $1.799, talk about price elasticity.
He provided two 15 minutes blocks for people to sign up while he kept on talking about how life changing it would be to take advantage of this Covid-19 stock market and his knowledge, also how people who joined were going to have access to the long term stock he was going to be picking…anyways he sounded trustworthy ( I figure Victor Lustig, the man who twice sold the Eiffel tower, must have been very smooth, charming and trustworthy….not saying Jeff is necessarily in that category, but it is good to be mindful how important it is to separate charm and persuasiveness from the actual product).
Anyways I didn’t join then, since I have been getting emails from them for the last 3 days offering his “Portfolio Accelerator”, the last one was titled “It’s Effing Stupid NOT to do this” an email with a lot of bold text, capital letter highlighted and also a graph showing how he recently did an option trade with Apple and made a huge gain.
Anyways I guess I am “Effing stupid” for not joining, perhaps quite the opposite, time will tell. My rationale is the following: first how much option trading and how long will it take me to make back that $1000 dollars (yearly subscription), second I am not sure I understand option trading enough to get into it, also whether it is something I really want to do enough to justify the expense and get good at it. Also why somebody who makes sooo much money in the market wants to help so many people, if he was really altruistic he could make it less expensive or have a return policy in place, I figure with about 1300+ people on that webinar just half of the joined the program that’s about $648,050 more than half a million dollars in one evening…not bad for an evening gig.
Side note, I have been reading about value investing from investors who have made a fortune (other than Warren Buffett) and it seems to be the only sensible approach to investing, the only one that doesn’t come across as gambling and speculating.
Thanks again for the great review, it is the best one could possibly hope for from a non member, but thorough and balanced nonetheless. Would be ideal to hear from somebody who actually joined the program to complement this review.
Thanks again Kyle.
Hi Marco.
I really appreciate the comment. As you said, only time will tell if you really are “effing stupid”, haha. That said, the performance stats that he mentions aren’t the best to go by. A lot of people have trouble getting into and out of trades at the right prices, so you can’t always expect the best results.
I agree with you, a value investing approach like that which Warren Buffet uses is always a solid bet.