Lawsuit against Wizetrade

Discussion in 'Trading Software' started by traderich, Mar 31, 2007.

  1. Anyone who has looked carefully at Wizetrade software fully understands that the software 'redraws' past curves based on what the stock does in order to paint a perfect picture of the past.

    This is fraud.

    I am going to contact some attorneys to see if they would be interested in pursuing it.

    I am also going to send a letter to the Attorney General's office to see if they will investigate this.

    Wizetrade has carefully side stepped other legal issues by clearly stating "we do NOT give BUY SELL or HOLD recommendations"

    What kind of bullshit statement is that anyways? The software specifically gives green and red lights which are supposed to be used as an easy indicator when and if to buy or sell a stock!

    Now if you really dig into the software, they will say to look for the "3 wizemen" which means that you are suppose to look for 3 things that will clearly give a good indication including a fresh cross, good separation and nice angle on the curve.

    This is all hogwash as well.

    The point is this: The signals Wizetrade gives are useless and if you do make a profitable trade it had nothing to do with the signal you got from wizetrade.

    All the software tells you is that the stock price has moved up or down significantly with a certain volume. Anyone can see that without the software.

    The fraudulent aspect of Wizetrade that many have opted not to hold them accountable for is that in the sales pitches they show you a graph of a stock with their own green and red lines and try to sell you on the fact that Wizetrade will give you a 'signal' to buy or sell the stock. What you won't realize until later is that the graphs they show you were doctored. This means that if for example a stock price starts to move higher and higher such as GOL has in the past week. The software will indicate green lights meaning you should buy it. It will also show the fresh cross and good separation etc. Now say some bad news comes out and GOL drops. Not only will the graphs follow this, they will 'uncross' thus erasing the now bad signal to buy the stock it had given you just a day or 2 earlier!

    This is complete fraud. You cannot sell a software saying that it paints a perfect picture in real time but automatically erases and redraws the graphs to match current pricing of stocks!
  2. lyfegrd


    Dear Sir,

    Don’t waste your time or money with a lawsuit against Wizetrade/Globaltec solutions/Dynetech Corporation. Your attorney will take more money from you than Wizetrade would ever have lost you in the market. I am assuming you purchased the software, and have placed a couple of bad trades, which probably lost you a large sum of money. Boo Hoo. If you lost all of your money you shouldn’t have purchased the software in the first place. Secondly you should have paper traded the system a little more to understand how the lights and charts work before going live. Anyone who has spent anytime with the system understands that each time frame works independently of each other, and that when, and only when, you have a setup of multiple time frames should you move forward with a trade.

    To address your point of the lines “redrawing themselves,” I would say prove it. I would agree that if the market changes direction during the current time frame, then yes you will see a fresh cross go away, but only during the current time frame. For instance, the weekly chart during the week of Feb 26th probably showed “good angle and separation,” but by the end of the week it was probably a fresh cross to the downside. If the market rallied back to where it opened it would have been good angle and separation again. The lines are not permanent until the time frame is over. So, if you are trading as a swing trader, and you see a fresh cross on the day, maybe you should wait for confirmation, and make sure you are trading in the direction of the next larger time frames, three fast wizemen.

    You do not have a case.
  3. I'm going to bet it's some crappy company in some crappy country running it. (which means it'll be practically impossible for you to pursue legal action)

    You'd have to be nuts to run a fraud site from inside the US.
  4. hughb


    Take screen snapshots of the signals and document everything just like you outlined here. Send it to the FTC office nearest you and prepare for nothing to happen.

    You just got a lesson. Nobody's trading software is going to give profitable signals, especially software you buy at 3 AM from an infomercial. Go back to the drawing board and come up with a better method. On your own.
  5. Live and Learn guy.

    Show me one vendor with a consistently profitable statement, month-in and month-out, and I'll recommend'em to you.

    Welcome to the trading world, hell, welcome to the real world.

    Good trading,

    Jimmy Jam
  6. To LYF,

    First I'd like to say go f*** yourself, but let me expain a couple things before I say that even.

    Point 1: I never bought the software, I used it for 2 weeks and saw it was worthless before returning it. I paid zero for it which is more than its worth actually.

    Point 2: The only trade I made based on the software and also from what the experts on the support line said was a good stock with all the 3 wizemen (bullschitt jargon).

    Point 3: The lawsuit would be a class action lawsuit brought against Wizetrade so that anyone who had actually bought the software and not realized the scam until after their 2 week trial period could return the useless software for their money back.

    Point 4: Go f*ck yourself Lyf, and try to make an honest living. I bet your grandfather sold snake oil eh?

    Point 5: F*U and the horse you rode in on LYF.
  7. lyfegrd


    What a mouth on you....... I bet your parents are real proud. The truth hurts, that's why you are pissed off. It would still be a waste of your time, and everyone elses. No trading system is an ATM machine. No trading system is perfect. Wizetrade is supposed to be a trend recognition system, and the market is trending less than half the time.
    If you didn't pay anything, and returned the software, what's the big deal. Oh, I know... you couldn't figure it out! You were too stupid! You should be posting on Again, you would be wasting your time. Hell I am wasting my time, and if anyone has done their homework, this Globaltec is owned by a Fl based company. IDIOTS!
  8. give me a break, anybody who honestly thinks you can trade a stock based on "green light" and "red light" from a purchased program is an idiot.

    If something like that worked, then that algorithm would be secret. (and companies do use trading algorithms, that they deverloped and are NOT FOR SALE!)