Calling Out Gary Savage – Shame On You Man

Enough is enough.

I seriously cannot let this one slide as….I could care less what this joker has to say about it.You “the reader” can make up your own mind.

This clown just recommended buying “2016 QQQ / SPY  put options” suggesting, and I quote:

“I think 2016 puts on the QQQ or SPY are going to pay off many thousands of percent over the next two years”.

The next two years??? An options trade?? With a 2 year profit horizon?? That’s your advice / suggestion to readers??

Man….just like the last time Gary Savage suggested buying options ( and I suggested to both he and his readship that his options would go directly to ZERO! ) Here he goes again! Unreal!

Gary_Savage_Clown_Forex_Kong

Gary_Savage_Clown_Forex_Kong

What is wrong with you man? The comment section is wide open / ready and waiting for “Mr. Gold Profit” ( who I believe lost literally everything during 2013 no? ) to back it on up…..

Now you’re an options pro?

You tried currencies for a week er two as well……how’d that work out?

This is an open invitation Gary……you’ve got the floor.

Please enlighten us. An options buy with a 2 year profit horizon? Even better a “bearish options buy” (from the guy that doesn’t believe you can make money on the “downside”).

Bunk. Crap. Bullshit.

How many times a day do you climb the same f#%)/king rock Gary?

 

58 Responses

  1. Ed December 22, 2013 / 10:28 pm

    Hey kong. Are you willing to give more detail on why these would be worth zero in the 6/9 months ahead? Especially with such a long time horizon. I was a dumbass that got burned as well

    • Forex Kong December 22, 2013 / 10:36 pm

      Let’s let the “Smart Guy” explain….

      Short of that…I’m confident a number of other “industry pros” aside from myself ( as I’m not of this planet ) can/will contribute.

      You can’t buy and option and “ride out a dip and a spike like that” as….the options are already priced at a premium when you first “think you’re gaming the system” ( as wall street “sells you” the put at the top ).

      A dip over several months has that thing deep, deep, deep in the dirt.

      • Forex Kong December 22, 2013 / 10:39 pm

        Timing is everything with options….even when “you think” you’re buying so far out…..

        It doesn’t matter as – “time decay” erodes all potencial profits….when the timing is off.

        And with a 2 year profit horizon???…Man……..you’ve been had.

  2. JSkogs December 22, 2013 / 10:57 pm

    Could he have been suggesting LEAPS way into the effin money? Not a great strategy anyway. I can explain what LEAPS are but won’t assume people don’t know already. Longer term options basically.

    Savage is a tool man. My brother followed his gig awhile. Not a happy man.

    Good on you for calling it out. Terrible terrible suggestion to make to a reader.

    • JSkogs December 22, 2013 / 11:03 pm

      An sharp cat can use bull call spreads to reduce time decay too but this is generally for very well schooled options traders….not the kinda dude that is reading his site.

      • Forex Kong December 22, 2013 / 11:10 pm

        Even at that….over such a time period? Impossible.

        The pitch has it “you’ll make thousands of %” out til 2016??

        Man……….If we where standing in the same room ?? – You can’t say stuff like that.

    • Forex Kong December 22, 2013 / 11:07 pm

      You can’t do it man…..you can’t make a suggestion like that, as even the leaps will not endure a peak / valley (as suggested in the chart) without the meat/potatoes of the trade shredded.

      It’s completely irresponsible – as most investors / don’t study / understand options trading.

      I’ll take it on the chin for being an ass fine ( normal in my life ) but I’m not sitting idle while this guy misleads good hearted / kind people.

      I’ll take the hit being an ass.

      I WON’T MISLEAD.

      • JSkogs December 22, 2013 / 11:10 pm

        IF the trader managed to pick an option that was well in the money and stayed that way he sure could manage through the volatility but that’s a rather hard pick. Haha to put it lightly!

      • JSkogs December 22, 2013 / 11:12 pm

        When faced with all the investment opportunities out there that is the one he chose! Haha that rocks

        • Forex Kong December 22, 2013 / 11:17 pm

          Seriously……

          Absolutely ridiculous.

  3. Anonymous December 22, 2013 / 11:09 pm

    Guys a joke. He used to publicly track the performance of his “model portfolio” until it went negative so he just removed it! Back when he was riding the gold bull wave up he always said newsletter writers used manipulation as an excuse for their poor performance and now that hes lost money for years he blames manipulation on a daily basis!

  4. Dinno December 22, 2013 / 11:10 pm

    Guys a joke. He used to publicly track the performance of his “model portfolio” until it went negative so he just removed it! Back when he was riding the gold bull wave up he always said newsletter writers used manipulation as an excuse for their poor performance and now that hes lost money for years he blames manipulation on a daily basis!

    • Forex Kong December 22, 2013 / 11:15 pm

      I won’t participate in any “bashing” as…I’m pretty sure my post suggests how I feel.

      I just can’t let this kind of thing go as – it’s more about the people affected.

  5. JSkogs December 22, 2013 / 11:18 pm

    Kong you celebrating Christmas or what is your scene over the week? Happy Holidays Merry Christmas whatever people are into. Always love the blog. Best of 2014 to you and your biz!

    • Forex Kong December 22, 2013 / 11:23 pm

      I can’t get into it this year. My tree is fake, and there’s sand all over the place.

      Frankly – a tough year being away from family. The hardest I’ve had in a long , long while so…..

      Not as I’d choose for it to be but…….another year gone by.

      Thanks JSkogs…all the best to you.

  6. Anonymous December 22, 2013 / 11:42 pm

    Kong, you still bullish on EUR/USD if it fails to break out of 1.38s resistance? Cheers!

    Don

    • Forex Kong December 23, 2013 / 12:00 am

      Im lookin at further USD weakness yes….

      Bullish “anything”? – not really.

      • Anonymous December 23, 2013 / 12:08 am

        I called him out as well. He then closed my account and sent me $50 to shut my trap. Class act Savage.

  7. Michael December 23, 2013 / 12:08 am

    Hi Kong, Merry Xmas from Germany, I am a big fan of your site and look first for your posts every day in my inbox 🙂 There are possibly 3 items where people get totally emotional, that`s Apple stocks, Gold and the USD strength/weakness. Since dropping every newsletter prediction and simply looking at monthly/weekly and then daily charts and TRADE WHAT I SEE, my profits are quite effortless. Even a beginner could pull up a weekly Bollinger Band standard chart in XAUUSD and ask his 12 year daughter : would you buy or sell ? Or remember the hickhack in AUDUSD before it finally fell : people couldn`t wait and got burned by the sideways action and were extremely angry in forums such as Forex Factory. Always the same ! Please continue with your wonderful comments, very generous and honest down-to-earth.

    • Forex Kong December 23, 2013 / 8:20 am

      Hi Micheal.

      I wanted to get back to you specifically and thank you for your support and comments.

      It’s fantastic having you, and now knowing you are in Germany – I encourage you to get in here more often, and share what you see / hear / know with your “boots on the ground”.

      It’s invaluable having connections / insight from people “within” a given economy / culture / etc as you can truly see things “for what they are” – not just some headline / news story so……

      We’ve got a man in Germany now! Love it!

  8. schmederling December 23, 2013 / 2:34 am

    Options are not for the timid to say the least…. If I can recall Gary’s SLV leaps they were 2014 Jan calls with strikes in the 32-34 range……. then moved to 2015 SLV LEAPS…… the 2014 are baked long ago & the 2015 are almost there with decay unless SLV moves to the mid-high 30s over the next 12 months which is not likely….. I believe these were however dumped in Sept or so…… as the bubble phase in the PM sector did not pan out as expected which was estimated to be this fall just past – mark was missed here….. again as for option I would suggest every reader do some serious homework & start off slow & small – never jump head first in un-known waters – usually a good rule!

    I personally LOVE options but if your timing is wrong even with LEAPS your toast!!! As for the rest – I have learned to follow my own decisions usually the best & easier to live with @ the end of the day…… Feedback is good or bouncing ideas around but personally I prefer to make my own decisions….. lesson learned on the cheap but a good one for everyone to experience!

    Merry Christmas & NY”s

    Cheers Schmed,

  9. karim ghaidan December 23, 2013 / 3:46 am

    Kong, relax the man is an idiot but not alone.There are many like him writing utter nonsense. Another one is Clive Maund. Who writes gibberish then disappears for a couple of months only to reappear with more of the same

  10. The Seeker December 23, 2013 / 4:02 am

    I’m with you Kong. I wouldn’t take that trade. Who knows, he might get it right because the odds are with him. You can’t be wrong all the time.

  11. Gary December 23, 2013 / 6:02 am

    LOL is this the same Kong that told readers to short tech on Nov. 8? https://forexkong.com/2013/11/08/trade-alert-tech-signals-short/

    Or to buy gold on Nov. 16? https://forexkong.com/2013/11/16/silver-and-gold-is-now-the-time-to-buy/

    It all comes down to cycles. One doesn’t hold the puts all the way through (although one could). You sell them once the market gets in the timing band for each intermediate cycle low, and then buy them back close to the next top. http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=2&mn=6&dy=0&id=p55169640326&a=328790806&listNum=1

    I have to say this is rather classless behavior, even for you. But you are young and still full of testosterone. Ahh testosterone. The root of all evil in the world. Unfortunately necessary for the propagation of the species….

    • Gary December 23, 2013 / 6:10 am

      Let me stress that one should never risk more than 5-10% on a position like this. 5% being much better. If we do go into another bear market then 5% is all you need to make great money.

      • Forex Kong December 23, 2013 / 7:53 am

        By way of you chart, there is no possible way in hell that any option purchased today “will survive” the first dip, and return to new highs without going to zero.

        If you’d of suggested “a shot at it now” with idea in mind to “sell at the first turn” – you’d at least be in the ballpark. You’re just gambling again as you’ve allowed emotions to “once again” get the better of you.

        You’re reckless.You’ve cost people money. “Trusting people”.

        • Forex Kong December 23, 2013 / 8:04 am

          We’ve got a responsibility here, as people look to learn from us and “hopefully” better themselves and their financial situation.

          I take that responsibility seriously – very seriously.

          You’ve been “guessing” and “hoping” and “believing” and “thinking” too long – and somebody needs to say it.

          Someone now has.

          Take the responsibility!

    • Forex Kong December 23, 2013 / 7:48 am

      You know man……

      You’ve think you’ve got an answer for eveything don’t you?

      Let’s get back to “buying options” with a 2 year profit horizon and the promise of “thousand % gains”. What kind of “sound investment advice” is that? You might as well just ask everyone to meet you down at the casino, and watch you spin the wheel. It’s 100% completely irresposible, and with suggestion of ” 1000 % gains ” an obvious attempt to “lure” those looking for a “get rich quick” scheme.

      Talk about classless.

      My short was “signaled” Nov 8 – and not picked up. Obviously you read here – you know how I trade / small increments around the horn. The short entry / level still stands.

      I’ve suggested buying Gold several times Gary – as an investment NOT A TRADE.

  12. crackor December 23, 2013 / 7:38 am

    So for the record Mr. Savage says he responded to you here but I am not seeing that response.
    Would be interesting for you to release his comment to you if it is locked in moderation.

  13. When The Leveee Breaks.... December 23, 2013 / 8:55 am

    Forex….your ego gets the best of you. You have made many bad calls…but you always position it as if it wasn’t or you didn’t take the trade etc. You need to man up as much as Gary Savage…..

    • Forex Kong December 23, 2013 / 9:03 am

      I don’t encourage people to gamble, and I always position “under or over” current price and let momentum / the market come to me.

      And I’m not justifying shit.

      If Gary had a “trade plan” or a “trade strategy” we wouldn’t be having this conversation. Post a chart sure, suggest a level sure….I think readers / investors expect more these days.

      Perhaps Gary should stick with charting / speculation as opposed to making ridiculous investment suggestions no?

    • Forex Kong December 23, 2013 / 9:12 am

      Just fired up Zepplin IV.

      Thanks for the reminder…it’s been a while.

      Love it.

  14. Gary December 23, 2013 / 9:11 am

    Kong,
    This is a position trade based on the odds that the cyclical bull market is going to end sometime next year. Probably early next year. It is also based on the principle of regression to the mean. The further something stretches away from the mean the more violently it tends to revert. We saw this in spades in 2008/09. Well this time the Fed has stretched the market even further above the mean so I expect the next bear market to be even more damaging than the last one.

    Based on average cycle counts the next bear market bottom should probably correspond roughly with the next three year cycle top in the dollar. That top will be due sometime around early to mid 2016.

    2016 puts should give one plenty of time to catch the majority of the move, and one can certainly roll into 2017 at one of the intermediate lows along the way.

    I’m only advocating a 5-10% position and 2016 only as timing a top in a parabolic move is tough. One needs to make sure they have plenty of time in case this lasts longer than expected.

    I don’t mind debating markets with you but I would appreciate it if you would keep your arguments civil and lets leave out cursing please.

    • Forex Kong December 23, 2013 / 9:23 am

      There is no debate.

      It’s not about markets…..it’s not about “cycles”. It’s about the responsibility we have to readers.

      I feel for you Gary, as obviously being touted a “gold trader guru” over the past year has been a tough role to fill. I understand that.

      But what is your angle then? Gold washes up and now you’re an options trader?

      I don’t see / know of any “options related information” at your site etc….which brings me back to the point at hand.

      It’s flat out irresponsible.

      You suggest “rolling into 2017 etc….” and “assume” your readers have an inkling what that really means?

      Scrap gold then, as options are a “beast” unto themselves.

      • Gary December 23, 2013 / 9:55 am

        Put options are a much better way to trade market tops. Your risk is defined by the purchase price of the option. Whereas selling short has unlimited risk. Or multiple whipsaw risk. With puts you decide how much you are willing to risk and then buy enough time value for the trade to work. You don’t risk whipsawing in and out trying to time the top. Just enter and let it work. If the Fed can manage to hold the market together for two more years then you lose 5-10%. Not the end of the world. If the fundamentals destroy the Fed’s house of cards and we do get a bear market then your options will return between 500-1000% or more depending on strike price and whether or not you sell at intermediate bottoms and re-enter at intermediate tops or just hold the position.

        You are of course correct if traders are stupid enough to go all in on options then yes they are going to blow out their account. They will do so even if they get the direction right because they won’t be able to hang onto the trade during normal market gyrations. They will end up buying high and selling low or vice versa for the bear side.

        • Forex Kong December 23, 2013 / 10:03 am

          OK ok…….I assume we’re done here as – you can go “explain it all” on your own time / site.

          I’m “positive” no one here cares.

          Good luck with it all.

    • JSkogs December 23, 2013 / 9:29 am

      Gary, don’t you think there are more sound/likely moves out there for a trader or investor? If a guy or girl was looking for a reasonably high return that was somewhat safe? Yes a strong market correction is likely..even crash at some point. Go long gold then in 2014 or when the “feel good” stage starts to get shaky.

      Index puts miles out? Even with 5 or 10 percent of a portfolio…..in options? That is a bit loco, no? In the face of major money printing.

      I think the criticism here comes from the fact that this is a “recommendation” to readers. That is a crazy high risk trade.

      • Forex Kong December 23, 2013 / 9:41 am

        Don’t water it down!

        It’s not “Forex Pussy (Cat)” here is it?

        It’s flat out 100% completly irresponsible.

        Geees…..I’m all about markets correcting here, and for the most part “agree”! Let alone that Gary and I also share a similar view of the U.S Dollar.

        HOWEVER!

        I don’t advocate “reckless abandon” or gambling.

        It’s simple. I’m looking at the “responsibility” we have – as people grow to trust us…….

  15. JSkogs December 23, 2013 / 9:31 am

    I use options often….only with the trend…..short time frame….well in the money

  16. pimaCanyon December 23, 2013 / 9:58 am

    My two cents: I think Kong is suggesting that holding LEAPS thru bear market rallies that bear markets always have would destroy them. I believe Gary’s original post does not say anything about selling the LEAPS at each low and then buying them back near the tops of the bear market rallies. That strategy would work –IF– you can time your entries and exits well.

    Because Gary’s original post implied that you’d just buy the LEAPS and hang on till THE bottom, Kong felt compelled to point out how the LEAPS would get destroyed during the bear rallies.

    I would suggest to Gary that you admit that you did NOT make it clear that this would be a trading strategy and that your original post carried the implication that you’d just buy the LEAPS and hang on. If you’ve changed your mind about that, then I’d also suggest you clarify that with your subs and admit that Kong has a point.

    • Forex Kong December 23, 2013 / 10:06 am

      The point exactly.

      Outline the trade then……as “buy n hold” leaps with a 2 year profit horizon is nuts.

      That’s it.

      It’s completley irresponsible.

    • Gary December 23, 2013 / 10:48 am

      One can either trade or hold. If one holds and we do get a bear market with a bottom around 2016 then puts should be deep in the money by that time despite some gyrations in 2014.

      • karim ghaidan December 23, 2013 / 12:38 pm

        Any news on that model portfolio of yours you trumpeted so loudly until a few weeks ago? Sincerely hope your ‘option strategy’ did not blow it up. Do let us know.

  17. Mm721 December 23, 2013 / 7:37 pm

    Savage is an utter clown… Stay away from him and his trading service!

  18. JSkogs December 23, 2013 / 9:11 pm

    16000! USDJPY looks to be forming a top over the past 30 days or so. I’m only in CADJPY (offside today)and NZDJPY (flat). Would like to add to CADJPY first week of Jan and add AUDJPY. The fundies for the NZD position aren’t really there unless we get a decent risk off move I realize so I probably won’t get stubborn with it.

    • Forex Kong December 23, 2013 / 9:16 pm

      Ya NZD is an animal these days…very strong in general.

      I like AUD/JPY short here and feel it’s suggestive of “things to come”.

      Flat thru the holidays….boring, and not worth getting involved.

      Can we just get on with it?? 2014 common!

      • JSkogs December 23, 2013 / 9:33 pm

        Ya its kind of annoying. Also trading a correction is kind of hard compared to trading an oversold uptrend as you know. I’d just like the easy trade to come soon.

        • Forex Kong December 23, 2013 / 9:49 pm

          It’s a tough time here in low volume / holiday time…coupled with the ridiculous “reach” beyond the fundamentals.

          A fundamental trader “can’t” buy this…..yet it continue to grind at highs.

          Its a classic example / time where……patience is essential.

  19. Oh, you know who... December 23, 2013 / 10:18 pm

    If you write the lowest put, the 60 strike, you will more than likely make money.

  20. schmederling December 23, 2013 / 10:35 pm

    Kong – seems 2 posts did not make the cut – your site which is cool …….. seems silly cheers buddy……

    • Forex Kong December 23, 2013 / 10:40 pm

      Nothing in the cue Schmed…..I see all posts “posted” etc….

      I replied to one of yours last half hour….

      Nothing new in the cue so……

  21. Anonymous December 24, 2013 / 12:05 am

    You deserve to lose all your money if you’re still a sub of that G fellow.
    EOM

  22. charlie December 30, 2013 / 11:54 am

    Gary is a one trick pony, and precious metals are in a nasty bear market. FED, ECB, blah, blah, blah. Price is the only thing that pays the bills. Why try to catch a falling when there are plenty of other actionable ideas out there? Some day a new cyclical PM bull will emerge and Gary will be relevant again for timing swing entries, till then SMT is on the back burner.

    • Forex Kong December 30, 2013 / 12:06 pm

      Well….it’s certainly not a “new concept” suggesting that people buy gold. In fact it’s pretty much the safest, simplest, “fundamentally obvious” investment idea out there.

      If gorilla’s “could” actually speak – I’m sure they as well would suggesat buying gold.

      A monkey would suggest buying gold.

      Goldfish I’m sure……..would also suggest buying gold.

      Single celled creatures ( given the gift of communication ) would equally suggest buying gold.

      Resting on the laurels of an investment idea so “idiot proof” in the “long run”…all the while screwing it up ( go figure ) with “ridiculous short term investement advice” looks more like an internet scam than anything else.

      There are piles of actionable ideas out there exactly.

  23. eagleeye January 25, 2014 / 10:43 pm

    I have been tracking Gary for quite some time and I can say that he is no better or worse that 90% of the self proclaimed market gurus. Take Peter Schiff for example, he made a right call back in 2006 about the coming housing crash and he hasn’t hit a home run since. Marc Faber has been yapping about a market collapse for the past two years while the market goes on to make one new high after another.
    Sorry Kong, but your track record leaves a lot to be desired with multiple bad calls. One year ago, Jan 31, 2013, you were bearish on the stock market and stated “I continue to caution you – this is a top – not a bottom.” Dead wrong , as we all know what the market did for the rest of 2013. In a March you were calling for a correction in the Nikkei when it was 12,490.00. Dead wrong, as the Nikkei rocketed up to 15,942,.60 by the end of May before a correction finally took place that ultimately bottomed at 12,415,85. Please don’t insult our intelligence by saying you made money on that those shit calls. I could easily nail you on other bad calls but won’t embarrass you further.
    You have no right to criticize another’s bad calls when when your credibility isn’t a whole lot better. I would imagine you moderate your comments section so I am probably wasting my time writing this comment. Right?

    • Forex Kong January 26, 2014 / 9:46 am

      Eagle eye!

      I hope you understand that the issue isn’t about “making bad calls” as yes of course – we all make mistakes. As well I hope you understand that “cautioning readers of a top” isn’t suggesting anything more than exactly that – caution. Did I suggest “all in on shorts!” or “here’s your chance to make a 1000%!”..or “I’ve sold everything I own and am buying some long dated puts?” Of course not.

      Again in reading your comments suggesting that I may be “insulting your intelligence” suggesting I made money on “those calls” – I may not even of taken a trade! As again….I don’t recall “telling anyone” to “do anything” short of yes of course….seeing weakness, as with any trade – you wanna giver a shot, stay small, be safe etc..

      Looking at the larger picture as I tend to do – 2013 in it’s entirety was a top no?! I can site soooo many examples via the charts I posted , the text etc.

      In any case….I appreciate your post, and see that you are passionate about it – and I respect that.

      I just think you might need to follow along a little closer here and put the “market analysis” in better context as…..I don’t really “make calls” as much as I roll with what’s there in front of me.

      Feel free to comment here to your heart’s content.

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