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Rich Lanno wrote:
>
>
> Anyone out there using Omnitrader 3.5?
>
> It's claims for automating the trade selection process
> seem too fantasic to believe.
>
>
I too tried it on the 60 day trial and ended up keeping it.. just to
have in the toolkit.. for $350 it's not expensive. Thats the good
news.
I tried very hard to get ahold of the people (via internet) who gave the
fabulous testimonials in the OT promotional literature. Only really
contacted two: ONe was now very disillusioned with OT. The other was
positive, but advised using it just to find stocks for further
investigation. He would then do very extensive further analysis &
testing.
I tried to find others on these boards that would comment on OT. The
silence was deafening... even on the OT board. All I really heard was
several complaints.
Even Nirvana themselves suggests that OT is not to be used for picking
stocks to actually trade, rather that it should be used to find stocks
for further investigation. To me this is doubletalk... Their system
picks stocks that fit the various TA indicators for buying and selling
.. then Nirvana says that you should not rely on their picks! Either TA
works or it does not!!
Furthermore I had some problems getting the software to work. The
Nirvana customer service was awful. I could not get through, except to
leave a message and then, they simply did not return my calls!!!
It made me very, very mad at them and made me question their real
motives.
The biggest caution (and a user questioned Ed Downs about this on one of
the OT boards, and Ed neatly avoided the question), is that the fabulous
returns are achieved because the results you see are backfitted!! In
other words, if you make notes of the indicators that are triggered on a
given day, and then look at the same stock, same parameters, a few days
later, those EARLIER indicators often will change to give the CURRENT
best results!! Therefore the OT "results" are wrong, erroneous,
deceptive.
Having said all this, I kept the software thinking that maybe I could
someday experiment with tweaking the parameters to get better results.
Maybe this was a bad decision on my part.
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