Home > Tools of the Trade > Educational Resources > Nexgen fraudsters

Nexgen fraudsters

  1. http://www.cftc.gov/opa/enf04/opa4977-04.htm

    Saw a link to this on another thread and thought it deserved its own thread.

    I took a trial with these clowns and they tried to pressure sell their software (T-3 Fibs ProTrader) to me for $7000! http://www.nss-t3.com/
    The salesman was on the phone telling me I could expect to make back my money in a few weeks, how after a couple of months I could be trading 10 contracts. This guy was just a commission based salesman- strange how he didn't have the confidence in the software to start trading it himself.

    I watched John Novak trade in real time -via hotcomn - and he would would put marks on the platform saying where he thought a good trade was (and then remove them if the trade didn't work out). He was really pushing how profitable it was- it turns out he was outright lying and a losing trader, not surprised as I could see no viable method at all, just guessing and hoping.
     
  2. Did you take the trial before August 18, 2004 or after.

    :confused:

    Mark
     
  3. It was about two years ago, so probably about the time they were getting busted. Not that I knew anything about it.
     
  4. I am glad you posted that. I unwittingly suggested someone look at it for fib clusters. Honest mistake. :mad: :)
     
  5. I wonder if anyone was ever compensated? I see on the link that you posted a Related Document which looks to be the original complaint. IF you open that complaint document, at the end you will see what the parties were asking for in terms of compensation. Thanks for posting thisi, it amazes me how a company like that can still be in business under the same name! Just shows you how "well protected" we are.
     
  6. You are well protected if you are a fraud "God Bless Corporate America"
     
  7. Another aspect of this that makes the whole thing even more ridiculous is that I'm fairly sure he previously worked for another company that had a similiar complaint. I remember speaking to him a few years back and he was going to offer me a discount since I had used that other product, and he felt bad for those who lost with it. I believe that product was one of the first big hits the CFTC made back a few years ago when they started going after these companies.
     
  8. I remember about a year or so ago I got a call from a company called GoGecko claiming that their software was used by hedge fund managers. He also stated that the software got smarter the more it was used, (like the software had a brain), anyway, I have never seen or heard anything about these people since. I clearly remember him telling me it was $7k but I could pay 50% down and then if the software didn't perform like he said, I didn't have to pay the other 50%, but, if the software did perform, I had to pay the other 50% at the end of the year. I told him I didn't have the money to purchase it and he called back suggesting that I open up a credit card to pay for it, LOL, I guess these guys stay in business cause there is a sucker born everyday!
     
  9. I got this in my email so I took a screen shot of it. Article by John Novak himself for www.Futuresource.com, what a joke.
     
  10. 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.
     
  11. 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.
     
  12. If someone is unhappy with their Nexgen software and is willing to sell, please contact me.
     
  13. 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.
     
  14. Well said.......:cool:
     
  15. 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
     
  16. 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.:mad:
     
  17. 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
     
  18. 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.
     
  19. 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
     
  20. What puzzles me is that their sales staff says they have a trade room on site where Novak's staff trades accts funded by Novak himself... If that's true then I have to wonder if a license holder were to strictly adhere to their trade plan, could he/ she be successful. I am not at all discounting what you all are saying but merely pointing out the fact that trading is not for everyone. In fact, pls keep in mind that two traders may very well profit/ lose differently from the bery same signal or setup. I welcome your thoughts b/c I have indeed thought about buying the software but havent yet largely due to my findings such as these. Pls advise. Thankyou in advance.:)
     
  21. After reading all the posts re: John Novak and Nexgen, I have come to the conclusion that this site is saturated with uninformed and completely clueless people when it comes to evaluating trading success and what it takes to succeed in this business.

    I happen to be a user of Nexgen Software, now for over two years. Yes, it does have a learning curve, and no, it is not what I would call very simplistic. Anyone with the time and dedication can learn this software and do quite well financially, but this same trader also has to manage this new business as a business, as well as learn how to manage his emotions. Anyone not willing to put in the time and effort is not going to be successful with this software, nor with anything else that this person is trying to master.

    What has happened with John Novak and CFTC is completely irrevelant and unimportant to what is happening in the here and now. The support offered by Nexgen is second to none, but each trader has to make himself available to receive this help. This means not trading live with real money until the indicators/software are well understood; it is quite evident to me that anyone losing their life's savings with this software was not doing what they suggested as far as their progression was concerned in learning the software; only trading live with real money makes sense after one has learned the software well, and losses will be expected if the time and effort are not put in to do this. Sure, losses will come with any software, and Nexgen is no exception to that rule, but following the steps that they have lined out for each user will most assuredly lead one onto a successful path, assuming that the trader follows the recommendations of the Nexgen support team.

    My suspicion is that the posters on this forum are not successful traders, and will spend their lives looking for the Perfect Holy Grail. While Nexgen, as well as all other software programs out there, is no Holy Grail, it is pretty close to it....it requires time, experience, and the understanding that good things happen to those who want something bad enough.

    So you guys quit bad mouthing John Novak and Nexgen, go on and do something constructive, or better yet, do something for yourself and get educated about Nexgen and get the software. If you do what they tell you to do, success will come.
     
  22. LMAO ... one post shillboy!

    Get the fuck outta here! :mad:

    Take your Spammy posts someplace else, you obviously don't know anything about ET. :eek: :cool:
     
  23. yes you are an idiot, you dont need any formum or such to warn you about such scam. Looks like you were lazy, uninformed, and were unwilling to put in your own work. And looks like you deserved to lose that money. I hope you learned your lesson. This, by the way, applies to anyone else. Unbelievable still to me how people fall for such garbage, I will never ever get it.


     
  24. well, you obviousy dont know anything about ET, either. Still did not occur to you that ET is a forum for trolls, snake oil salesmen, lazy wanna bees and people who have some time to kill and love the entertainment? I count myself to the latter, and urge you to ease up and see what ET really is, 98% total BS, 2% very funny post that make for a great read!!! ;-) Peace...


     
  25. Actually I think you're right ... but your numbers should include 2% for people who actually know hot to trade. :)
     
  26. fair enough, I give you the 2% ;-)


     
  27. I want to say that some months ago I got the T3-Nexgen software as a demo. Since the first day i received many calls about how I felt with the software. In fact the support was great, showing me some trade setups, explaining the documentation, and quick to solve doubts. Moreover I attended some online courses online using Hotcomm. At the first sight, everything sounded nice. However the nightmare started when the trial period expired. I received many calls from the salesperson trying to pressure me to buy the software. Many many calls. Finally I told to that person that my company wouldn't buy the software and we needed a long time of demo before pay the $7,000. His reaction was amazing because he told that he had spent to much time giving me support and the many calls he made me.
    Finally it ended in a fight. For one side he trying to convince me about the purchase and for my side trying to refuse it. I do not know if this kind of HUGE pressure is legal in the States, but in my country is completelly ilegal. So I want to write this statement because I had the worst business experience with this T3-Nexgen company.
    Conclusion: I do not know if this software works. There are many subjetives rule to trade it, so you need a long time of trainig to apply it in your trading. My advice: try it during a long time before pay $7,000 (or the last current price).
     
  28. LOL! Thank you for the story!

    I would love to have talked to a salesman who dares to use such a tactic on me. Because I will tear him a new A hole.

    I rarely give out my real phone number so they can't call me. I knew I can always call them. One time a sales guy sent me e-mail scolding me for not giving him a legit phone number. I e-mailed back to tear him a new A hole. They cut me off the mailing list and trial promptly, and no response back...
     
  29. Check out this site (company R2R):

    http://www.r2rs.com

    John Novak has got together (and he even claims on the Hotcomm training room that he partly owns R2R) to create this new scheme. If you have about 30-40 mins listen/view the vids on the R2R site. Basically the system traded is the Nexgen T3 system. Finally check out the mentorship program towards the end!
     
  30. Post it then
     
  31. NexGen maybe scammers but they did bring us the Macd-BB. We've edited the the source code and have the ultimate indicator. It's magical even on M5.
     
  32. And yes that Yenski showed beautiful Macd-BB divergence on lower t/fs.
     
  33. yeah, I'd not look into an MACD BB personally, highly likely it's random or the divergance signals are not entirely random but infrequent...

    There is one good trade on that first chart, on the 7th about 10am... can anybody tell me what I'm seeing there.. there is a maxpi merit badge in it for the eagle eyed trader that can get it correctly...
     
  34. Obviouslly you can see good trading "singularities" in any indicator . So is MACD-BB a tool or trading method to earn money ? I have tried it for some years in many ways and it has the same pitfalls you can find in any other indicator. The goal is try to backtest any idea with some indicator and try to avoid fixing your vision in some screenshots that show the good trades only. This is the main reason some people lose their money. My advice is, try to analyze the system report of any indicator system you can get.
     
  35. does anyone who took the free 10-days trial received any UserGuide or Trade Rules that you can email to me? I have just turned down the trial offer as the sales person wanted 3hrs/day of my time for a week. i didn't realize the software was "worth" $14K as some mentioned in other thread. what is the 2010 pricing?
     
  36. Don't waste your time with this shit. Trading comes down to support and resistance, thats it. Learn witch level matters and which ones don't. All the top traders that i talk to have a few simple tools and good money management. Thank me later I just saved you 16K and told you about the secret of trading haha!
     
  37. i see many people had paid several thousands $14.5K to $16K over the years for their software and they are still in business. just curious about their indicators and trade setups.

    support/resistance, easy for you to say. can you trade?
     
  38. All I have to say, I trade for a living. Can you trade? I'm just trying to help you out. Go ahead and keep looking for the great indicator to make you profitable. I use no indicators. Have fun on your search.
     
  39. Where is Trader Zones when we need him.....:confused:

    "Plenty of good trades every day right at the turn of the retrace...'

    Give us an example of this...if there are 'plenty' why be too concerned with patience?

    I smell SHILL...

    We will know it is a genuine product when Mirus Commodities recommends it in the education section of their site:D :D :D ...just as they do for the charlatan,phantom trader Schoolof Trade...where the principal is the DUNCE...

    Got caught red handed pretending to be a satisfied customer to his own site:D ....a fraud and a little desperate..
     
  40. I am not a shill. I am a customer. I bought the software in October '09 and it is very good tool for trading. Anyone who hasn't taken the free trial that Nexgen offers has no business posting any comments. You cannot critisize what you don't understand. Regardless of the tool or system, trading is not easy; very few make it regardless of what system they use. We all know the statistics on that. It takes a lot of work. With this software, only those who put in that work are rewarded. Those who think it will be easy will find out different. Any professional trader who takes the free trial will surely see merrit in their product and their training. Try to keep an open mind. Take the trial, then post your comments. While you are in the chat room watching them follow the live market teaching how to read the indicators, you will see for yourself that it is a valid trading tool in the right hands.
     
  41. A professional trader...is just that...professional.

    The trader will not be interested in alternative highly expensive offers without substantiated results...

    5 posts all related to and supporting Nexgen ...and I asked you provide an example as referred to your ealier postings...where is it?



    NiN

    An honest person was barred from this site because he made a genuine attempt to alert traders to a charlatan...Schooloftrade..with unrefutable evidence.

    If Nex gen is as good as you say it is ...provide proof...otherwise you should be barred....unless you are up Barons arse
    :D
     
  42. Some times people have to shake the tree to find the good apples.

    In this case, I have just been advised that Mirus Commodities are no longer associated with SchoolofTrade due to threads allowed on other sites other than ET, which provided irrefutable evidence that Joseph James , SchoolofTrade, is a fraud .

    In fact, I also know first hand, that Mirus provide a very good service and good commission rates.

    It is a pity some have to learn through the back door that not all vendors are what they appear to be....Nexgen next?

    NiN
     
  43. so if someone saw the thread and has something good to say about the vendor service, he/she must post on other unrelated threads to reach a certain message count, before he can post on this thread? and if he hasn't participated in discussions before, he/she is not allowed to say positive feedback just because he has zero posts?
     
  44. No, but doesn't it strike you as odd that the individual speaks of the vendor in glowing terms ,but never provides any information to support their statement when challenged?


    From a lot of peoples' experiences on forums it generally means the contributor is a shill.


    NiN
     
  45. All you have to do is go to their websit (nexgent3.com) and watch the vidoe 4 or 6 on the Educations link. The trade set ups are shown in broad daylight. Nothing is hidden. You see all the indicators, not like some softwares that just say buy here, sell there with no supporting indicators. You see everything in plain sight. JUST GO LOOK. Unless you are such a negative person that all you want to is have your anonimity and post negative blogs about things you know nothing about. I sent you a private message giving you my e-mail so you could contact me. I told you I would send you charts, but havn't heard from you. Do that or just go to the site; it is all there. That is, unless all you want to do is Bla, bla, bla....you are very good at that.
     
  46. Not sure if the guy who started it is still there, but ask him about R&W Technical where he was a sales guy many years ago. I had hoped the system vendors would hav been beaten into submission long ago, but they still call me at least once a week with their b.s. stories. A guy called me last week and you can make 5 times your money trading their system. Why the heck would you waste your time with anyone else when they will auto trade ir for you and you don't even need to know what an index is. LOL Figure it out, learn to trade, or get a job doing what you all ready know!
     
  47. at least the "shill" with 5 posts know the subject and contributed information, unlike you with 1381 posts who knows nothing about the firm/indicator but just want to show your authority over who can post or who can say good things about the vendor service.

    i have exchanged email with fc1486, and i'm asking certain things about Nexgen's indicator system. i am not buying the $16K price, but just wanted to know how MACD/BB and their fibonacci levels work. i am not going to buy anything, so hopefully that will save me some attacks.
     
  48. Grow up
     
  49. Before you pay for NexGen, give these two webinars a look and see if this style of manual fibonacci trading is suitable for you. It's priced reasonably without having to install any indicator. Just standard fibonacci tools on any charting platforms.

    http://www.compassfx.com/kevin/replay/saturday.html
    http://www.compassfx.com/kevin/replay/wednesday.html
     
  50. Beware of Nexgen sales people. They use high pressure tactics to sell to you after the trial.... If you are not interested .... be strong!!
     
  51. Geez. It gets worse and worse.
     
  52. Many of them are. I was surprised how aggressive a Multicharts salesman was. That put me off. But I can imagine that some (probably many) people cave in under pressure.
     
  53. I am a MC user and am generally satisfied with their product.

    Can you please recount what kind of pressure tactics were applied on you? I being a satisfied user would be very interested to hear on this facet of the company. Not to say it is wrong - but I do definitely want to know about it.
     
  54. I kinda liked MC too, so I did not mean to say anything negative about it, but after the trial I got a bit too many emails from them and they were a bit too aggressive for my taste, so I did not buy it.

    I cannot recall anything specific, that was over 2 years ago.
     
  55. Today's (05/29/2013) Nexgen News!
    ----------------------------------------------------------------------

    Nexgen Traders,
    I have been asked enough times I am sending this out to better explain our upcoming trading roomconcept for those who participate in the upcoming seminar.
    By the way there are only 14 spots left for the June 22-23 seminar so if you wish to attend please let us know ASAP!
    The live trading room will be a live video of our charts as we place trades in Hotcomm. Perhaps two live video feeds into the room so you can see different traders trades. One from John Novakand one from Jeremy Shafer.
    I have not anticipated a cost for the room yet nor wish to think about it , I may just leaveit for those who attend the seminars exclusively but just don't know yet , We are just focusing ontrading for now as we wish to transition out of software sales and full time trading and education only in the near future at Nexgen and are working towards such.
    With the seminar you will get two months free in the trading room. With the knowledge fromthe seminar , which will be exactly what we are going to trade live in our room in front of everyone , you should be knocking it dead. By the end of the two months I will have figured out my strategy for our live trading room costs and participation.
    Our goal for the room trading is to have 300-700 per contract in winners most days in the room. The markets will vary depending on what is moving.. Crude Oil and Russell futures willbe the mainstay but depending on market conditions , we will adjust accordingly.
    The room is going to be Educational AFTER Trades are complete .. meaning , there will be no voice , no education , just trading so we don't get distracted from making money. Participants get to watch us trade and post their own trades live if they wish for later review.
    Once complete we will go through our trades and what we could have done better or did perfectly and also anyone else who wishes to post the trades so that will be educational daily with "real " trading .
    If you would like to sign up for the seminar in June just call me directly anytime.
    Here is a link to the seminar. http://www.nexgent3.com/templates/subscribe_seminar.html
    John Novak - CEO
    Nexgen Software Services Inc.
    281-886-0750 ( direct )
    www.nexgent3.com
    SKYPE - johnnovak
     
  56. I bought the Nexgen Software and paid sticker price. I am happy with my purchase. Many methods work, some have more nuance than others. Sure, some of the Nexgen indicators are standard formulas, but some are original Nexgen ideas. Novak was the 1st to put them all together in this combination with trading signals that really work! His signals make other moving average systems look primitive to me. The truth is in the charts. You can see his trade set ups every day working over and over. I have not seen another set of indicators that suit my fancy as well. Other may like something else. But trust me, many Nexgen client do very, very well. Many do not. The same is true in sports. A good bat helps, but ya gotta train yourself how to use it. I know some home run hitters that use the Nexgen bat. I know a lot that strike out too. But you can't blame the tool. It is a good tool.
     
  57. fc - I do understand what you're saying and generally I would agree with your statements but they seem to change their methods periodically. Previously they supported Tradestation but now seem to have given up on that platform so that they can support a new type of bar on Ninjatrader called spectrum bars. These are basically smoothed tick bars and I've looked into these and its very difficult to make money from these.
    What timeframe/s or chart type do you use?
     
  58. The proof is in the free trial. I don't owe you any proof. Any method that offers a free trial is giving the proof up front. People like you who do not look into things and then complain about them, get no respect from those of us who put in the work and do our own investigation. I took the trial and the truth was in the charts. If you are too lazy to do the same, I can't help you.
     
  59. http://www.tradingschools.org/reviews/nexgen-software/
    Enjoy:)
    FIXED INCOME baby, you better recognize... once again, fixed income, always the safest way to earn money and avoid trading. 99.99% of the rooms and newsletters are worthless.
    I think there's a problem with people, how can anyone be so stupid to sign up for any room, dig webinars (=pre-sale), and finally pay for laughable indicators (like Steven Primos 3000$ indicator which is an MA cross:p).. FOOLISH PEOPLE DESERVE IT:rolleyes:
    Noone else can do the trading job for you.