Diffdiffer

I guess I should do a big review here, but I am sorry to say that I cant be bothered.

All I have to day is that if anyone thinks that Oscar is a nice guy, he/she should have him yell at you and hang the phone up on you just because you decide to go to another broker.

$25 RT (with fees it was about $28) seemed a little too much to me. And at $12.50 I would have to pay the $400 VIP room price.

No, he screamed and yelled at me through the phone and hung up. Next thing I knew my IP was blocked, and while I was still technically a customer of his, he shut me out of the implied service.

I could write more, but why bother. Oscar Carboni is indeed the snake-oil salesman you fear he is. What a waste of time.

Wherchat

I initially attributed Oscar’s lack of customer service and infrequent trade setups to business “growing pains”. I realized that my experience with Oscar was not unique and I closed my Dorman account a couple weeks ago.

My review of LiveWithOscar VIP account is:
* Oscar as my broker, never initiated any communication with me in the month he had my account and never answered my emails.
* Oscar’s initial telephone explanation of his commission structure for “OMNI trades” was vague and misleading when I opened the account. I renegotiated — Oscar reduced the rate but then added other fees that we never discussed.
* Oscar delivered the Premium Room service, but no more.
* The OMNIAC software was not fully functional without purchasing addons.
* Oscar never provided the service of a “personal coach” as advertised.
* Oscar did not “assess my trading style complete with personal training and mental conditioning” as advertised.
* Even though I paid the equivalent of 5 months of Premium Room membership in a month of commissions, my access to the Premium Room was removed immediately when I withdrew my account from Dorman.

I emailed Oscar about the membership and finally received the long awaited response to an email . . .

“There is no way to make all of you happy. For every letter I get like this I get dozens and dozens with praise for all we do for them.

To those I will continue to work every day and night.

All the best,

Oscar”

Like I said . . . Oscar’s business is booming, but it is not for me!

Good video!

Oscar papertrading?

We already had some evidence like the glance screenshot.


















Now we found more evidence, in his is own fucking video!
http://www.youtube.com/watch?v=qaebVzqBSyw

Anotherpremiumember

I wanted to add couple more points. I was thinking all weekend/

1 False advertisement of Premium Room, There is no worthy lessons, Why we are entering, why we are exiting why we are selling or buying….

2 False advertisement of Afternoon Delight AD Trade. The flashes are updated with winning ones while the losing ones are never advertised.

3 Vip Membership fees are not advertised anywhere. While a pour soul is paying 50$ per trade, the other is paying 20$. I can understand for 20 cars someone will pay less than the other but 50.02 is complete RIP-OFF.

4 Not providing written agreement to Lindasue

5 Breaking his rules by entering at said Chop Time, entering before a Fed Announcement, averaging down trades.

6 Lessons are only to show over and over old trades that were right and how he got it right again this time. Just to make small points but nothing that teaches really something that I can use if something happened to his Academy.

7 He keeps saying OMNI fed me for 27 years, how he owns this and that. Then what happened in New York… Why all the creditors with court orders.

Additional to all of these points he is beyond rude, disrespects the members, acts like God. I still can not believe that we missed a 3 week rally while OMNI/Oscar was flip flopping and tried to get long on top just to be stopped.

I have also seen the Glance Screen shot and I can NOT believe that he is PAPER TRADING…. The biggest selling point to me was, he puts his money where his mouth is. Too bad, as I have canceled my membership, out 400$ and quite a little more. I will never ever recommend his services under these conditions.

And the worst is I am disappointed with myself that after watching him for 3 months, after seeing his disrespect in the open room and after brushing off his Bankruptcy, I still got sucked in and signed up.

What I learned from it: Invest in yourself, buy good books, draw charts all day and night, paper trade and learn from your mistakes.

Happyhappy

My Experience With OMNI by happyhappy,

When I joined OMNI as a copper around July of last year, I new nothing about futures. I learned some basic stuff, moved up to silver and started trading. Small account, shouldn’t have been trading. Made some nice easy money with no real work involved. Heck I was doing this part time. Figured it was time to move up to gold find how the heck a was making money. Did that for a month, made more money, moved to premium, mainly to get the prized AD trade.

After joining prem room, I would take the occasional OMNI trade but I would always take the AD. The AD was HOT. It wasn’t always called but when it was, you would get 6+ and it was quick. sometimes stopped out but I was making good money.

Of course some of the trades I took got stopped out. Chris and I got wirebrushed one day, traded on an FMOC day with Oscar and got stopped, the day chris blew up his account….those are the ones that stand out in my head. Their were others but I was making good money.

I was training for a marathon at the time wasn’t taking all the trades, well after the Philly marathon(Sunday before Thanksgiving). Decided my account had grown big enough to trade 2-3 contracts seriously. Took alot of time off at Christmas and New Years…

Jan was a so-so mouth, but the AD really wasn’t working IMHO. Feb rolled around, I was up and down in Feb didn’t make anything close to Chris but made some.

The thing that I was really get sick of was the SUAT comments, people freaking out when we would shoot the bull, and the AD not working like I was used to. Stops are in, Emotions out, then why are you freaking out on the room. Its one thing to say that joking, but another to say it and mean it. That made happyhappy pissed… Finally decided to leave premium and go back to copper and see how I do….

I’ve come to realize that I was lucky to join when I did. If I was a single lot trader with a small account I probably would have blown it up. Risking 15 points and taking 7-10 point profit will not work.. As I recall Oscar at one time told single lot traders to exit when multi-lot take off half.

So three weeks ago I decided to leave prem.

I think I have written enough for now, will fill in blanks and such, as we go along, and keep in touch at this site.

happyhappy

Ex-Omniac

Danny, I appreciate your review as it will warn other traders who are interested in joining Oscars “trading academy”. I have met Chris999 and he is a very nice person but I am definitely suspect of him. He is so completely enamored with Oscar (and its pretty evident in the fact that he is constantly praising and cheerleading O) that I have actually toyed with the idea that Oscar has him on the payroll. Haha, this is more than likely not true but still I wouldn’t be surprised. As for Oscars trading style it is definitely unique. After talking to many traders, visited many websites, and read many books, it seems as if a rule that everyone agrees on is not to add to a losing position; however, Oscar will frequently “defend” or “average down” on positions that are moving against his trade by adding to them. On top of this Oscars risk/reward characteristics are completely off. When trading Oscar will generally put stops around 10-12 pts away from his suggested entry level and will give a profit objective of 30 pts. It sounds great but it very very rarely ever plays out this way. If the market moves 7 points in your favor he will say “never too late to take a profit while day trading!” or tell multilot traders to exit “50% of their position”. Unfortunately if the market was moving against you he wouldn’t say to get out early or tell multilot traders to take off 50% of their trades off the table. Thus you are risking more than you are willing to make. If the above scenario transpired and the trade was initially in the green but then goes sour then he would typically say that the traders who didnt get out were greedy and place the blame on them. If he does manage/decide to exit the trade at breakeven then he will exclaim to the general chat that it was a winning day and traders were able to get out +7 pts. From what I saw most winning trades were around 8-10 point profits while most trades that got stopped out were around 13-14 point losses (the extra points i added to the stops are due to the way he exercises stops. If he has you buy at 750 then he would say “put stops BELOW 739″ meaning he wants you to actually set your true stop at 736.50 to 735.5) with more of the trades losing than winning. The afternoon delight trades O promised were extremely alluring as he said they were about 80% effective I think and that their target was a 6 point profit. From what I saw these AD trades were good about 60% of the time; however, most times the AD would only yield around 3-4 pts profits while the losing AD trades would stop out to ding you for around -6 points. After my 1 month gold and 1 month premium stay with Oscar I was down 35% not to mention the $500 I payed to be a member. During my stay I also learned very little because he only had maybe 2 classes a week and they were always very basic. On top of that you couldn’t truly exchange trade ideas with other traders in the chat because if you had any idea that was contrary to Oscars opinion then he would get upset with you. My advice for anyone looking to join Oscars crew is to save your money and visit free websites and forums where you will learn immensely more about trading than by blindly taking his trades.