I agree with Joab, this is pure curve fitting. But these guys' clients would'nt know what curve fitting is. Until Felton trading and the new currency brokers came along to the New York Traders Expo last year, these guys (Best Choice) got my vote for the cheesiest outfit there. Real snakeoil. I stopped by their booth a few times just for the entertainment of watching mostly retirees getting sucked in by the sales pitch. They were doing then what this Hoyt guy is doing here, i.e. making claims about winning 10x your money on a trade using options. Options are leveraged instruments and far out of the money options are highly leveraged so yes you have a small chance of a 10 bagger and and even bigger chance of a 100% loss on that type of trade. Signal or no signal. It's a completely unethical claim to make. Seasonality is a well known anomaly along with dozens of others but it's not a sufficient edge on it's own IMO. An excel spreadsheet and a decent price database (free from Yahoo) and a rudimentary understanding of statistics is what is needed to measure it (and much else beyond) not some overpriced black box-software.
Old Post I made this post over a year ago concerning Best Choice Software www.elitetrader.com/vb/showthread.php?s=&postid=1419567#post1419567 Most people will never be able to make money trading no matter what tools they have. But, in the right hands, Best Choice is a great tool. Read my post at the link above. NUTSNEAL
NutsNeal, Thanks for your comments from 04-01-07. They were made long before this current tread started. I guess the beginning thread message on 02-24-08 was not able to find your original comments. As you say, "I can tell you first hand that Best Choice Software (Program developer Pete and Salesman Sunny, I mention this to make sure we are talking about the same Best Choice) is a great program for equity traders. I have been a managed equity trader for Paine Webber. Owned controlling interest in an NASD member broker dealer. My son is a market maker at the Chicago MERC. My daughter is with Goldman Sachs in New York. My family and I have been involved in the markets since 1979. Some people may give a bad review to a piece of software they don't understand or had a bad experience with. Or maybe just because they aren't qualified to give the review in the first place. That is the reason I mention my background. I have had a lot of experience in the markets and with trading software. I have had a number of custom programs written back in the old days (early 80's) and used a number of others (some good and some BADDDDD!!!!) But if a trader believes, as I do, that $5,000 is a small price to pay for something that has the potential to make them many times that, then I would strongly suggest they take a serious look at Best Choice Software. As a very experienced investor, trader and user of investment software, I will say I personally believe Best Choice is a GREAT piece of software."
Invest Tools are constatnly having "free seminars" at various hotels. There are probably hundreds attending there too, each hoping for the Holy Grail, which does not exist. Number in attendance means nothing. There are more people who just want money, and not put in the hard work. Different pitch, same thing. They want your money. And lots of it.
Pete Hoyt keeps posting vague statements raher than specific proveable facts. I too have a bridge for sale. Richard and Arronsales have voiced specific concerns and software deficencies. Pete H. has choosen to ignore them and rather gone with the ra ra posting genuine and unbiased though it may be. He would serve his purpose if he posted the trading statistics of his software for all to see ,discuss and comment on.
Pitch this crap to your retirees in Florida. It doesn't belong here. If you aren't prepared to post gains AND losses of trades generated by your software, then take a hike. Put up or shut up.
Why not sell your software to Goldman ? IF it is good , they will offer you millions, no need to peddle it to the "little guy" OR is it not good enough for Goldie that you need to "help" the retail guy with your software ? P.S. My brother is with Morgan Stanley in Miami, if you need an introduction , just PM me
In my 5 years on this site, it has never failed once. Ask a software vendor or the promoter of a signal service to produce a record of results... ...and they vanish like a flash. :eek:
Ya with my $900 lol It really wasn't the $ no big deal - it was the way they lied and said they would never charge my card without my authorization. The president of the company himself. Not to mention all the hassles it cost me with Bank of America.
Yes that is quite common. From what I have seen of Best Choice I would not call it a signal, but I think the way Hoyt sells it that is the way it comes across. To go from what their software provides to a profitable trading system is a big gap which is what I assumed when I got the "trial". To me so far the software is a set of tools. To really make money you have add some more tools, skills, knowledge that you can't get from their software. If Hoyt were to produce a record of results he would have to also show a trading system of some kind if it were to be credible it all. THere is no way you can make money running blind with his software nor many others I would guess.