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Alan,
I am an attorney (in practice for 20 years in mergers, acquisitions and
finance) and a futures trader.
Were it not for the pioneering efforts of Omega Research to provide
tools for technical analysis and trading, I would still be merely an
attorney.
Alan Savant wrote:
>
> Dear Mr. Bill Brower , Mr. Murray A. Ruggerio Jr., Mr. BillCruz, Futures
> Magazine please make a note of the following statements concerning your
> recent magazine article.
>
> I read your article on “The Bouncing Tick” problem in futures magazine.
> I deciphered from the article that lesson to learn is that that trailing
> stops are to not be used if someone wants face reality. If this is the
> case then I wonder why you didn’t just say so, outright. Can you
> honestly condone the use of the built in trailing stops for any reason?
> Would you make a clear yes or no statement on this for the record? I
> also wonder if you who are supposedly not under employment by Omega
> Research could determine that the bouncing tick setting in TradeStation
> needed to be set at 50%. Then why I wonder didn’t Omega make the
> factory setting default 50% instead of 10% like it is? I would like to
> quote your statement on this you made in the article. “ These
> assumptions are resonable but not reprensitive of reality. If we want
> to better emulate reality, we want to use a “bouncing tick” of as much
> as 50% or, better yet, never test both entering and exiting a stop on
> daily bars” end quote. In the above quote you state that the
> assumption is reasonable, how can the assumption be reasonable if the
> assumption is wrong and has caused people to loose money? You go on to
> state “reasonable but not representative of reality” come on which is
> it. Please quit the double talk and tell it like it is. The trailing
> stops are a scam that has been used by vendors such as you and others to
> falsify system results into looking better that can be replicated in
> real life trading. This whole article is a cover up to explain away the
> misleading software bug that has plagued many of Omegas users and even
> some vendors for years. It is a shame that no one will step up and take
> responsibility for this wrongdoing. No! instead you and Omega would
> have the general public believe its all their fault and that we are all
> some disgruntled, inexperienced users that have caused
> somehow by our on doing this disaster that has fallen upon us! I say
> even to you that you yourself didn’t buy the product and read the
> manuals and then set out upon a perfect system building path of trading
> glory, else you would not be peddling goods to the general public.
> Which BTW some of your early works which I am in possesion of
> use the percent trailing stops, so it is evident to me at least that you
> didn’t always know of this problem yourself. The fact remains that
> Omega Research has allowed the continiued use of the trailing stops by
> keeping it in the software, has purposely left the default settings at a
> level even your self have condemned, and has never made a public
> announcement or an attempt to stop the misuse of this bug in the
> software. What a disgrace that the best Omega can do is to get you and
> Futures magazine and Reggiero Jr. to come running to their defense
> claming operator error. I am even embarrassed for you myself.
>
> Copies to the CFTC, NFA, Omega, Futures magazine, Ralph Stone attorney
> suing Omega.
>
> mailto:enforcement@xxxxxxxx <<<C.F.T.C.
>
> mailto:public_affairs@xxxxxxxxxxxxxxx <<< N.F.A.
>
> mailto:Tenbfive@xxxxxxx <<< Ralph M. Stone attorney suing Omega
>
> mailto:OfficeOfThePresident@xxxxxxxxxxxxxxxxx <<<Bill Cruz
>
> I would urge anyone who has been damaged by this bug in Omega's software
> and feels that Omega has purposely withheld this information from the
> public for its own profitable reasons to contact the proper entities
> above by just clicking on the mailing link above. Also if you believe
> that Omega research should be made to register as a C.T.A. so that they
> may be held accountable for the misrepresentations that they continue to
> allow in their software then please write the N.F.A. a letter of
> concern. Most recently in a magazine advertisement Omega displayed a
> system that showed system results using the trailing stops set at 10%,
> this is evidence of their blatant misleading the public. Some must step
> forward and make them stop taking advantage of the unassuming public.
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