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At 08:57 AM 5/15/98 -0700, Kovacs, Ross R wrote:
>I'm not certain what you mean by "mailing list". I still receive
>newsletters from Nirvana occasionally (none in a while) and Nirvana
>Club newsletter (received one two weeks ago). The Nirvana forum that
>Neal Hughes maintained on another BBS seems to have died.
>
>Although I still use the program regularly, I would not recommend it
>for anyone who is beyond the newbie stage. Even the creators admit
>that it should never be used as a mechanical system.
>
>Ross Kovacs
>
Hi Ross,
Some quick comments about Nirvana OmniTrader (should be of
interest to potential/new users), the OmniTrader email list,
and our OmniTrader forum.
Yes, we let the OmniTrader forum fade on our own web pages,
there was insufficient interest there. Ed Downs (CEO of
Nirvana Systems) frequented the forum often and
was very responsive to user requests/questions. He was
very helpful, easy to work with, and approachable. Users
should feel comfortable contacting him for help.
Unfortunately there were not enough user-to-user messages
to give the forum momentum.
There was an email list (similar to this one), but it was
hijacked by a few narrow-minded hate-mongers who felt that
they were ripped off by Nirvana (OmniTrader). They habitually
responded to any posting on that email list with a
"OmniTrader sucks" type message and attempted to make anyone
who asked serious OmniTrader questions appear foolish..
Since that was immature and unproductive, I unsubscribed to
that list. Sorry, I can't remember how to join, so can't
direct you to the list.
My trading style changed too, so I don't use OmniTrader
anymore. It's a very interesting system, but will not
be suitable to some people. Watch the expiry date of your
money-back trial, they do not make refunds if you exceed
that date.
OmniTrader uses optimization of multiple trading systems
(100 or so) to help you find the best mechanical systems for
any particular chart, and to find charts where multiple
mechanical systems (optimized) are firing trading signals
simultaneously. You should not expect to trade these signals
blindly, this is what causes people to feel ripped off, they
buy the system and then find that trading the signals
blindly does not make them rich..
Those who are angry about OmniTrader often complain that
trading signals of the mechanical systems "vanish" after
more bars are added to the chart. I understand how this can
be disconcerting to the naive, especially if you are
trading those signals! However, it is the nature of
optimizing, the system finds the best parameters for each
mechanical system, so as new data is added, the optimized
signals will change. Understand this, and do not use the
software inappropriately. There are also complaints that
the marketing material is too exaggerated. Normal for this
industry!
Aside from the above negative opinions (not mine), the software
is interesting, helped me find good trades, and was an
excellent scanning/ranking/filtering tool for me. It is
very good at scanning large databases and finding good
trade candidates. (Quick example: you can set up a scan to
find all charts where price is bouncing off a long-term
trend line etc.)
Best wishes,
-Neal.
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