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Robert Cummings wrote:
<<A wake up call for the system vendors and indicator sellers. With the
Internet and new raw talent coming from our universities todays trading will
be obsolete five years fron now.>>
There are a couple problems with your logic. First of all, 99 out of 100
vendors who are selling to the public are selling things that don't work
NOW, much less 5 years from now. Obsolescence hasn't put them out of
business yet. Second problem: Current methods are already history. Want
to know what people ask me about? They ask about the best length for RSI.
Want to know when RSI was introduced? 20 years ago in Welles Wilder's "New
Concepts in Technical Trading Systems" (1978). People are still using it
extensively. The public is so far behind the state-of-the-art they
wouldn't even understand the terminology.
<<Omega will be gone because they can't compete and the release of TS5 will
be their last hooray at selling
products over price in todays market.>>
Maybe. Here's another option: TS 5.0 will integrate completely and
seamlessly with the web. The path will be Signal/DBC to TS 5.0 to Zap
Futures to electronic execution system (pits will be gone) back to TS 5.0.
Without human intervention the whole way. Omega will be a player in this
game.
<<The CFTC is going to make the less than average Vendors disappear when
they start and continue moving to protect the public.>>
Big problems for the regulators here. It will be an issue but the
regulators are going to lose. Three reasons: First, constitutional issues.
If the Astrologer down the street is allowed to give out investment advice
(she is and does) then how can you stop anyone else (free speech)? Second
problem: all reputable vendors are now trading real money accounts with
their systems. Fact is, many work *if* you diversify enough and *if* you
trade with discipline. CFTC can't stop you from saying that your real money
account is doing great. Third problem: There are going to be so many
people selling stuff to investors that the CFTC won't come close to being
able to keep up. They start harassing you, you shut down and reopen
elsewhere. I can incorporate a company in almost any state in a matter of
days.
<<The Internet is the best thing that has happened to the public since
sliced bread...>>
I agree. And part of that public is system and indicator vendors. We love
the 'net.
All the best,
The Omega Man
-----Original Message-----
From: Robert W Cummings <robertwc@xxxxxxxxxxxxxxxxxx>
To: Omega-list@xxxxxxxxxx <Omega-list@xxxxxxxxxx>
Date: Sunday, October 11, 1998 12:13 AM
Subject: Internet and Systems (off subject)
A wake up call for the system vendors and indicator sellers. With the
Internet and new raw talent coming from our universities todays trading
will be obsolete five years fron now. Omega will be gone because they can't
compete and the release of TS5 will be their last hooray at selling
products over price in todays market. Computers will be 100 times faster
maybe a 1000 and more user friendly than today's computers. I predict only
a handful of the present vendors will be around then only the ones who
continue to learn new methods and work hard and invest in R&D will remain.
The CFTC is going to make the less than average Vendors disappear when they
start and continue moving to protect the public. People like the hype
master Larry Williams included but maybe not his daughter. The Internet is
the best thing that has happened to the public since sliced bread and I
think Yahoo is under priced at current values.
Just a thought about the future nothing to do with trading sorry.
Robert
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