Nexgen

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

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

wn

Release: 4977-04
For Release: August 18, 2004

U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES COMMODITY TRADING ADVISOR NEXGEN SOFTWARE SYSTEMS, INC., AND OWNER JOHN P. NOVAK WITH COMMODITIES FRAUD

Defendants Allegedly Solicited Customers to Purchase Their Advisory Services Using False Claims; Nexgen and Novak also Failed to Register as Commodity Trading Advisors

WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a federal court action against defendants Nexgen Software Systems, Inc. (Nexgen) and John P. Novak, both of The Woodlands, Texas, alleging that Nexgen, through Novak, used fraudulent and misleading representations to solicit members of the general public to direct the trading in their commodity interest accounts. The complaint further alleges that Nexgen failed to register with the CFTC as a commodity trading advisor (CTA).

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.

The complaint further charges that Nexgen held itself out to the public as a CTA and directed the trading of more than 15 client accounts, and thus should have been registered as a CTA with the CFTC. In addition, Nexgen allegedly failed to provide disclosure documents to clients as required by the Commission’s regulations.
The complaint seeks permanent injunctive relief, restitution, and civil penalties.

The following CFTC Division of Enforcement staff members are responsible for this case: Lael Campbell, Christine Ryall, John Dunfee, Paul Hayeck, and Joan Manley.


http://www.cftc.gov/files/enf/04orders/enfnovak_nexgen-complaint.pdf

This is all anyone needs to know!

(BTW ... the price for their software has gone up from a few grand to $15G in just past few years)

Thanks for the information.

I had already sent them a thread from another discussion board that included a response from Novak himself on that issue

I am interested to see if anyone has tried to replicate their indicators and automatic dynamic fib lines?

wn

This was the outcome: http://www.nfa.futures.org/BasicNet/Case.aspx?entityid=0346720&case=H-04+2947&contrib=CFTC

Case Summary
NEXGEN SOFTWARE SYSTEMS INC CFTC H-04 2947 NFA ID: 0346720

--------------------------------------------------------------------------------

Respondent/Effective Date Summary

NFA ID Respondent Effective Date
0346720 NEXGEN SOFTWARE SYSTEMS INC 07/27/2006
0346719 NOVAK, JOHN P 07/27/2006

Rule Summary

NFA ID Respondent Rule Type
0346720 NEXGEN SOFTWARE SYSTEMS INC • CEA 4m(1) - CTA/CPO REGISTRATION & EXEMPTION
• CFTC4.31 - DISCLOSURE TO PROSPECTIVE CLIENTS
0346719 NOVAK, JOHN P • CEA 4m(1) - CTA/CPO REGISTRATION & EXEMPTION
• CFTC4.31 - DISCLOSURE TO PROSPECTIVE CLIENTS

Action Summary

NFA ID Respondent Action Types
0346720 NEXGEN SOFTWARE SYSTEMS INC • CFTC INJUNCTIVE ACTION
0346719 NOVAK, JOHN P • CFTC INJUNCTIVE ACTION

Penalty/Event Summary

NFA ID Respondent Penalty/Event Event Date
0346720 NEXGEN SOFTWARE SYSTEMS INC • PERMANENT INJUNCTION 07/27/2006
• FINE $20000 07/27/2006
• OTHER (SEE NARRATIVE) 07/27/2006
0346719 NOVAK, JOHN P • PERMANENT INJUNCTION 07/27/2006
• FINE $20000 07/27/2006
• OTHER (SEE NARRATIVE) 07/27/2006

==========

And a simple Googling will provide plenty of additional unsavory encounters with 'em. Hell, for $15G's just buy TEN other $1.5G trading packages to play with ... or get a new car ... or feed Africa for a week etc.

Thanks MM...

Do you know if anyone has recreated these indicators and Fib lines before?

wn

Obviously the Fib extensions/projections/retracements, clustering etc. and the myriad of choices for which Fib numbers to use in calculations have been available ... usually with drawing tools. Don't know about the AUTO drawing of lines. Thing is, you have to choose a variety of fib numbers to input and what magnitude (or time frame) and that's for retracements, extensions and projections. And there's really no guidance about "what works" so that you can trim it down. And if you've got your own trimmed down chosen numbers, you can simply draw 'em in pretty quickly vs. paying $15G's for it. Plus it gives you more of a "feel" for the market and price movement and structure imo. Otherwise, I don't know if there's enough distinctly different colors in the visible spectrum to assign to all the varied scads of fib lines auto painted on the screen. As to the other few indicators ... nothing unique or special there from my experience looking at the software a few years back. I hope this helps wnall! The basic auto fib stuff idea behind the software is not bad ... but for $15G's I don't mind doing a little drawing here and there on my own dime. If you or anyone knows of something scaled down that auto draws fib lines then I'd like to know about it.

My bad ... should've said there are a couple/few software packages (or add-on modules) out there but that I've not used them and are unfamiliar with them. I'm referring to strict, heavy duty auto fib drawing with at least a decent amount of "customizeability." I've just not used them nor seen much about any of them posted by any users etc. out there in etherville. Advanced GET (now with esignal) and Robert Miner's software have been around for a while and may do fib-wise what you'd like.

Thanks again mm for all that great information.. I would much do a little work on my part and come up with a good tool instead of investing 16k.

Doesn't a trader known as The Rumpled One in forums have a dynamic fib indicator for free?

they offered it to me for $9750.00, traing for 4 to 6 months rooms up to yr.

Just to flesh out the incestuous nature of VENDORLAND:

Beyond the scamming that Nexgen has done and the documentation from my prior posts ... Jerry Simmons and the ATW thing-a-ma-jiggy interacted with 'em in the early 2000's and Jerry got miffed with 'em and a potential partnership went up in smoke as he continued his own schtuff until he met Kermit the Frog Marketeer where he had a front man to spew the bilge pump of BS to suck in folks to pay an exponentially increasing exhorbitant training fee for how to get confused by the markets: Introduction To Trading Hell 101 (I apologize for the long sentence, but not the content).

I think that for any fib afficianados out there that this is a decent program ... but not for the price. There's definitely a market for a program that's similar and yet well crafted that could do the same thing for a REASONABLE fee and not try to upsale a trader in the process nor yank his/her balls off with the cost which equals an ES losing trade of 60 points on 5 contracts ... which is a helluva lot to make up to ramp into an ES daytrading career that covers the house payment, car payment, utilities, vet bills and the beer/wine/liquor of your choice.

Just another 2 cents of Monkey insight fwiw.

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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