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The following 'off-list' communication with Matt Nelson of Bressert Group,
is re-posted here with his written consent, for anyone who might be
interested. Also at the bottom I reprint a message I received from Michael
Mermer CTA the developer of the ETS system in regards to my earlier post.
_________________________________________________________________________
This my letter to Matt:
Hi Matt,
For clarification, and the benefit of others, would you mind and may I have
your permission to re-post your last message to me explaining things to me,
to the Omega list? The list also received the original review of the
Futures Truth tracking report documents on ETS.
Thanks in advance for letting me re-post it, and thanks for sending me your
previous explanation.
regards,
___________________________________________________________________________
__________
Date: Mon, 18 May 1998 15:14:41 -0500
To: Michael Paauwe <mpaauwe@xxxxxxxxxx>
From: "Matt Nelson" <mattn@xxxxxxxxxxxxxxxxx>
Subject: Re: the ets trading system
Michael,
It is o.k. to post the information, but if you do, please be aware that I
am not trying to ridicule any backtested performance....
____________________________________________________________________________
_______
At 12:17 PM 5/18/98 -0500, Matt Nelson wrote:
>Dear Michael,
>
>First off, I am not required to be a registered CTA to post the results of
>a CTA who gave me the trades. Secondly, The Bressert Marketring Group is a
>CTA. Thirdly, there are two types of CTA's; 1.) Informational (i.e.
>Michael a. Mermer, Futures Truth, etc.) These are CTA's that provide
>information to the general public (they do not manage money, therefore are
>not required to provide a disclosure document). Now, regardless of whether
>the trading performance/results are actual or hypothetical we are required
>to provide the CFTC disclaimer. I display this on all materials regardless
>of content.
>
>2.) Now the other type of CTA is one that manages money (they must provide
>a detailed disclosure document outlining all fees charged, actual past
>performance, any important background information etc.)
>These CTA's typically do not deal with accounts < 50K.
>
>In the olden days you could sell a system and not be a CTA, but now the
>CFTC and NFA requires registration.
>So, all of the systems developers and newsletter writers out there that
>choose not to be registered as
>Informational CTA's are in direct violation of CFTC and NFA regulation and
>are subject to possible fines.
>
>The last point I would like to make is that before you go off on a tangent
>about a particular system get accurate information. I trade for about 70
>people and about 130 s&p 500 contracts to be precise, so I feel that I am a
>good source of information on the system. My results are real, I would
>not post them on the internet if they were not. I agree that most back
>tested results are not valid and that is why I do not use them. It is
>important that you as a trader find someone who owns and trades the system
>to get accurate information. Futures Truth is fine, but again is
>hypothetical. You must always consisder extreme market conditions,
>commissions, and order execution when rating a particular system. If you
>thing ETS has large drawdowns try some other systems out there.
>
>
>
>Regards,
>
>
>Matt Nelson
>Senior Trader
>The Bressert Investment Group, LLC
>
____________________________________________________________________________
_________
>At 09:45 AM 5/18/98 -0700, Michael Paauwe wrote:
>>May 18, 1998
>>
>>Dear Matt Nelson,
>>
>>First, I don't even know who Sarah Hunting is. I've never spoken to her.
>>You must be referring to posts I made expressing personal opinions to the
>>Omega list.
>>
>>Now that we know you are an 'expert' on the ETS system, and big time trader,
>>why not tell me exactly what 'majority of points' you don't agree with that
>>I made regarding the ets system. Let's have a dialogue about it.
>>
>>Did you look at the Futures Truth report? After you do, come back and tell
>>me it does not cover a separate report on daytrading the ets system. All my
>>comments were based on the published reports of Futures Truth.
>>
>>Futures Truth is a service that many people rely on, that's the main reason
>>I referred to it. So you claim to have a 4 months actual trading to report.
>>You guys have been trading that system for longer than that based on the
>>info I have, so why not post ALL of your realtime results. In think I'll
>>just refer your memo and talk to the CFTC and the NFA and maybe they can
>>arrange for a proper CFTC disclosure document on all of your trading
>>results. Then the public can all make a proper judgement about how good a
>>system ets actually is.
>>
>>By the way Matt, can you tell me if you and the Bressert Group are
>>registered as CTA's with the CFTC and whether or not you have a disclosure
>>document on your track record, which I assume you do have now that I am
>>informed by you that you are trading 100 lots on the S&P 500 and publishing
>>the results on the internet?
>>
>>Thanks for contacting me. I look forward to following up throughly to see
>>how good this ets system really is and what the actual trading record
>>actually is. Thanks so much for contacting me and I look forward to your
>>further reply.
____________________________________________________________________
>>At 10:41 AM 5/18/98 -0500, Matt Nelson wrote:
>>>
>>>
>>>I read over an e-mail that was sent to Sarah Huntting at the Bressert
>>>Marketing Group on May 15, 1998. I agree with some of your points , but
>>>disagree with the majority of your points (and or the points made in the
>>>posting regarding the ets system). First off, the daytrading portion of the
>>>program is not rated by futures truth, it never was rated, and probably
>>>never will be. This program is covered in the real-time ets fax advisory
>>>written by Michael A. Mermer, CTA.
>>>The trades are based on the software, but has not been rated by futures
>>>truth.
>>>
>>>As you may know, we are systems/solutions proividers for Omega, so that
>>>would probably make us "authorities" on software. I can assure you, I am
>>>not a firm believer in any system performance that is hypothetical, or
>>>backtested. That is why my results are posted on the internet at;
>>>http://www.traderssoftware.com/pl1.htm if you go here you will see the
>>>trading results since 12/97 which are real.
>>>
>>>Before, you go and listen to semoeone who probably cannot produce any
>>>"real" historical data on ETS call me first. I trade over 100 contracts at
>>>a time on the ETS daytrading system in the S&P 500, so i thing that would
>>>definitely qualify me as a reliable and accurate source for information.
>>>
>>>Please refer to the webapge in the paragraph above or call me at
>>>1-800-474-1630.
>>>
>>>Best of luck,
>>>
>>>
>>>Matt Nelson
>>>Senior Trader
>>>Bressert Invesment Group, LLC
>>>
________________________________________________________________________________
Michael Mermer wrote in his reply to me today:
Michael:
As you know, Futures Truth tracks systems hypothetically on the same data
and for the same time periods. They offer an excellent service by which
one can evaluate a product.
It is by no means intended to be an exhaustive review of the system,
particularly ours which can be run on any market and time frame.
You have obviously expressed interest and looked into our system. Are you
a potential client, competitor or just a critic? What is it in particular
are you looking for?
We have audited records for real-time systems we run on other markets and
time frames not being tracked by Futures Truth. Some of these results are
on the web site. I am not trying to sell you anything nor solicit your
business. We do however wish to point out misstatements about our products
and services.
If you have any questions about what we do or the record of actual trades
we have for our Advisory, you are welcome to call us anytime. We do not
manage money and are an informational CTA as disclosed in all our literature.
The Internet can be a very impersonal place and we seek to answer any
inquiries by phone at 561 451 4497.
Regards,
MM
---------------------------------------------X
Michael A. Mermer, CTA, Pres. & CEO of TSCI
"Developers of the ETS Trading System for TradeStation & SuperCharts and
the ETS Fax/Online Broadcast Advisory" Sales: 800.637.6529
Advisory Support: 561.451.4497
ETS System Support/Upgrades: 561.451.8899
Fax: 561.451.0034
URL: http://www.traderssoftware.com
E-mail: tsci@xxxxxxxxxxxxxx
---------------------------------------------X
____________________________________________________________________________
_______
Michael Paauwe
mpaauwe@xxxxxxxxxx
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