Nexgen

Has anyone out there used Nexgen? Very expensive @ 15k.

Thanks for any information on these guys. Their web address is nexgent3.com.

wn

MonkeyMeat on 9/13/09 referenced this scam:
http://www.cftc.gov/opa/enf04/opa4977-04.htm
...According to the complaint, Novak fraudulently solicited customers by falsely representing that both he and his customers were trading profitably using the Nexgen service. In reality, the complaint alleges, neither Novak nor any of his customers ever profited using the service...

I find it an insufferable outrage that Novak paid only $20,000 and was allowed to settle without admitting the charges. Does anyone know how he can still be in business duping the gullible with software (whether the same code as before the CFTC action or a new version) which may well be a deliberate fraud?

I know of someone who has been studying for many months and still can't make money. Each time he thinks he is ready, things don't work out and his "counselors" tell him to study more or to complete a checklist, etc. They tell him that it is working in test mode but fails in active mode because “his emotions are interfering.” He is impervious to reason and I fear that he will stop only when he has nothing left with which to trade.

This reminds me of quack cancer healers who claim 100% success but when you check, no one can be found who has been healed. When the healer is confronted by a loved one of the cancer victim, he/she tells them that the prescribed regimen was not followed to the letter (a regimen, by the way, that is impossible to keep 100%; one whiff of toxic car exhaust or a few molecules of pesticide on an apple and you’re a goner).

I have reason to believe that the software's test mode is providing tricked-up numbers because the success rate when not trading real time is so high that anyone who could do that well would acquire all of the world's riches in short order; it would be like compounding on steroids!

As far as “technical analysis,” Wikipedia has some interesting info on this. My understanding of attempts to beat the market is that no one has ever done it in the long term. Sure, some mutual funds, for example, can point to a five-year string of successes but that is to be expected of a very small number out of the hundreds of funds in existence (the few lucky enough to be on the right side tail of the bell curve). The problem is that each year the list of funds with that level of success shifts to a new set. Occasionally, one might even see a rare fund with significantly more than five years of beating the market. The problem is that no one knows who that will be and counting on a fund that did well in the past may be as foolhardy as a gambler putting his money on Red after several Roulette Blacks because he believes “Red is due.”

Index funds are my choice.

Just my 2 cents.

Can anyone comment more on this? I was going to call the CFTC until I noticed the date....I doubt they any longer have any recollection.

What does it mean that they "directed other peoples accounts"?

They are called an "advisory" service. Does this mean that ANYONE who gives advice that more than 15 people follow can be charged as well for not being licensed or registered?

If so BruceM, Koolblue, AK1, MonkeyMeat etc.. you guys are in some deep ****! lol rofl lmao lmfao

No seriously, I want to know if these guys actually traded other peoples accounts or if they got nailed for "directing" others peoples accounts just because they had advisory software that detailed entry and exit points.

Originally posted by PabloAK
My understanding of attempts to beat the market is that no one has ever done it in the long term. Sure, some mutual funds, for example, can point to a five-year string of successes but that is to be expected of a very small number out of the hundreds of funds in existence (the few lucky enough to be on the right side tail of the bell curve)...

I think that you're looking at it from the wrong angle. Consider that the analysts and traders working for the mutual funds turn out to be really good at what they're doing and are able to achieve 50% returns. How long will they continue to work-for-someone instead of trading their own money and work-for-themselves? In my opinion not very long. As a result the good traders and analysts will quickly move away from the mutual funds to either setup their own boutique hedge funds or trade for themselves.

So what happens is that you always have a B-class of trader/analyst managing your money at a mutual fund while the A-class go off and work for themselves. Remember that trading money for yourself has zero barriers to entry.

Originally posted by myptofvu

If so BruceM, Koolblue, AK1, MonkeyMeat etc.. you guys are in some deep ****! lol rofl lmao lmfao

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