Re: Omnitrader 3.5

["Rich Lanno" <rlanno@xxxxxxxxxxxxxxxx>]

Richard,

Appreciate the extensive answer.
Since I've already ordered the darn thing (probably
a mistake) I guess I'll take a "looksee" and hope 
their 60-day $$back guarantee is better than their 
extravagant claims.

Thanks, Rich



-----Original Message-----
From: Richard Wells <richwells@xxxxxxxxxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Monday, May 25, 1998 10:42 AM
Subject: Re: Omnitrader 3.5


>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.
>
>