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.