It looked like Nexgen and Novak settled with CTFC last July with $40,000.00 in fines: http://www.nfa.futures.org/BasicNet/Case.aspx?entityid=0346720&case=H-04+2947&contrib=CFTC according to Novak, he has no relations with 'Ed_A' It is funny that Novak has no interest in going after Ed_A but rather someone who posted a finding to Ampfutures. Go ahead Novak, call Puretick and find out who is Ed_A and who paid for the membership.
Attention. I am Ed_A and I bought the T3 Fib Pro Trader in Jan 2007. I have no direct business or personal relationship to John Novak. I bought the Nexgen software, went through the training, spent months practicing on sim and went live with them in July. Prior to this I traded with other tools and lost more than I won. I also have my own private investment club and I trade the club accounts. I have been trading and investing for about 5 years. I joined Puretick with Alex in an effort to gain more of an edge in my live trading since I was, quite frankly, nervous about going live w/ the new T3 since i was still undiciplined with them. It turned out that I was a man on fire and i made a tremendoius leap forward with my confidence level in the T3 because I got the chance to match the Puretick calls with my T3 signals. Puretick is very good and I highly recommend them for new traders. Unfortunetly, Alex had a problem with my using the T3 Pro indicator tools and with John Novak personally, so he expressed to me, because of John's prior problems with the CTFC. I also have tools from Futres Trading Secrets, Bill, and I recommend his method and tools also. I also use Blue Wave tools, and EOT tools. I have found something valuable in every person and method I have studied. Each one has a unique indicator that has become my favorite. My charts are a compilation of the best of each methods tools but The T3 are still my number 1 tool set. Bottom line is that now I consistently get 3 points pr day trading the eMini S&P, and a few of us T3 traders trade together in private and remain green everyweek. We help each other understand the setups, rate the probability and endure the pressure. So, I don't know how my handle got sucked into this garbage string, but this is my response just so everything is clear.
I can only laugh. As with anything someone may find value in the various indicator packages out there, ultimately you have to study and put in the time on the charts and figure what works for you. I can't imagine paying anything close to what Nexgen wants, but when I was starting I pissed away money left and right trying to find the quick way to riches, including a system that I believe Mr. Novak was a salesman for and they also were slammed by the CFTC. I believe they were one of the first to get hit with big fines and all the rest. If someone is making claims of great fortunes, WALK AWAY! I believe it is realistic to ask if it is so good then why the hell aren't you wealthy beyond anyones imagination? They all have excuses, but it comes done to they never learned how to trade and they are selling repackaged indicators with a new twist. They can see how you could make a fortune after the fact, but have no clue how to do it real time . There is enough material out there for minimal price that will get you on the road in a more functional way and leave you self sustaining.
r-in, Thank you for your words of wisdom. I ablsolutely agree with you in the fact that they just repackage a set of indicators. I also believe that over the years, they have found a great combination of indicators that work. Even more so in the new version that is about to come out. I have been programming dll's, indicators and strategies for the last 3 yrs and I know that I can replicate what they have done to a great extent but, I definitely don't want to spend hundreds of hours doing so. I could also take advantage of their daily online courses with a registered license under my name but, definitely not paying what they are asking for. That's why I was hoping to buy someone else's license and transfering it to my name
I would gladly sell this software. We definitly got suckered into buying it thinking it was the next best thing out there and was going to make us rich because it was so accurate etc. However, it just turned out to be a huge gamble. You gamble on whether it goes up or it goes down, those are your choices. And it is very unpredictable, and most definitly not a sure thing. Be very careful! We lost our life savings in 6 months with this, even after having extensive training and one on one sessions. We even had one of their teachers come to our house and help us and he lost $2000 in nothing flat! We were one of the ultimate stupid ones who paid $14,000 for the program, plus another $2000 for one of their conferences! Do we feel stupid? You bet. I wish there had been more forums like this on the internet to warn us. I never even knew about the other trouble Novak was in, or that might have been a big warning sign!! There is a lot of money being made off people who aren't seeing these warnings. I know there have to be many people like us who have lost everything. I just wish I had one of Novaks two Lamborghinis so I could sell it and make back some of what we lost! Not to mention all the other expensive goodies and million dollar home.
Wow, I am so sorry, This is by far the most concise and comprehensive report I have ever seen regarding Nexgen. Furthermore, I am so sorry you lost your savings and I am thankful at the same time for saving me and many others to come. I was always puzzled as of why it was never developed as a strategy instead of a set of indicators. I can justify it in many ways in my head but, this definitely explain it a lot more clearly. I did invest a lot of my time replicating their indicators. I haven't yet been able to come up with the Fibonacci pivots yet, which I consider to be a good one. I will be converting some of their rules into strategies to see how they perform over time but, based on your experiences, I won't hold my breath. Thanks again for sharing and for helping us. P
We will be okay, and I firmly believe in karma, and "what goes around comes around," so hopefully it will work out in the end. We live in Texas, so we are closer to the action, so to speak, and my husband did make friends with one of the employees there, and a couple of the ex-salesman, so I will let you know of any news we hear.
I'm sorry you guys got defrauded by these scum. FWIW, they were heavily advertised and promoted at many trading websites, and it looked good, so don't be too hard on yourself. But you have to keep going if you want to make it to the real riches that exist in trading. Good trading, JJ