OEX Street - Absolute Day Trader
No real time, verifiable trading results from actual subscribers. Propero Trading system is built on solid trading logic and probably a decent system. NUTUS 2.0 has OK logic, but simply cannot be executed using limit order entry. Highly skeptical of reported results.
Today’s review is OEX Street and Absolute Day Trader
OEX Street and Absolute Day Trader is a futures day trading signal service. There are three systems available for lease. The logic for each system is not disclosed, nor is the logic available for purchase. The owner of the company is Shea Pruitt and or, Joseph Ford. The following are the current offerings and prices:
- Propero at $397 per month.
- ES-CTS at $297 per month
- NUTUS 2.0 at $250 per month
Although there are two websites affiliated with the same ownership, offering identical trading signals, neither website does a particularly good job of communicating exactly what is for sale. In particular, the OEX Street website is cluttered with way too much information and no real direction. I found it confusing, directionless, and unprofessional looking. A quick look at Archive.Org shows that the website was originally built in 1999. In the past 15 years, you can browse from year to year, and observe how the developer has consistently added new content on top of older content.
The current website has the look, feel, and functionality of a very old kitchen. Where the cabinets have been painted over far too many times. the floor is a well worn linoleum, the stove is ugly and banged up, the refrigerator is ancient and smells bad. The bottom line is that at one time OEX Street and Absolute Day Trader were pretty hip webdesigns with interesting functionality. But currently, they are a mess of old code and jumbled information.
Is the look, appearance, and functionality of a website really that important? Shouldn’t we just focus on the product? On the performance of the product? In my opinion, the appearance of a website gives us a glimpse into the mind of the developer. If the developer has a messy and confusing website, then we are likely to find a messy and confusing trading experience. When a young man shows up to take one of my daughters out on a date, I always walk out to the car and take a look. Is there a sense of pride in the car? Is it clean, free of trash and clutter, are there a lot of dents and scratches? This is a clue as to how my daughter is going to be treated. I am not looking for a new car, rather I am looking for a sense of pride, cleanliness, organization, etc. I feel the same way about trading vendors…I want to see a sense of pride, discipline, organization, and investment in appearance.
Of course, some vendors are new and not very good at building a website, nor do they have the resources to invest in a website. And this is OK. However, with OEX Street and Absolute Day Trader, these are sites have been around since the beginning of the internet, they charge hundreds of dollars each month for their trading systems, they have the resources to maintain a positive user experience. However, they have chosen to remain sloppy and disorganized. Enough ranting about the websites…lets look at the products.
The Propero and ES-CTS Trading Systems
The Propero trading system has been around a very long time. In fact, the system is ranked as one of top ranked trading systems of all time at Futures Truth magazine. What is Futures Truth magazine? Futures Truth is a website where traders can deposit the master code of their trading systems and Futures Truth will provide a monthly update of performance results, the developer has no input as to what is being reported. It is an independent and mostly reliable method of checking performance of trading systems. However, during the past several years, Futures Truth magazine has mostly faded into irrelevancy as most traders and consumers of trading products are no longer reading old fashioned magazines, nor are they willing to pay $14 dollar per issue. With that being said, Futures Truth is reporting that Propero ES has an annual percentage return of 42% based upon 5 times margin requirement. What does this mean? Not much. Its confusing and deceptive because margin requirements can be as low as $500 with Broker A, and as high as $5500 with Broker B. Want more specific information from Futures Truth? Like how they calculate margin requirements? Or worst case draw down for Propero? Or monthly distribution of profits for Propero? Well, that is going to cost you a one time fee of $57 for a report on Propero.
So what information do we really have for Propero and ES-CTS? Not much. We have a snippet of teasing information from Futures Truth magazine, and we have the information provided by the developer. But the information provided by the developer is like asking the Fox (who’s job is to guard the hen house), how the hens are doing today? What we really need is for actual subscribers of the trading system, using TradeStation to come forward and let us know the actual results.
I have reached out to the developer and asked for account statements to verify performance, but as of yet, I have not been given anything to substantiate performance. The developer did mention to me that he would reach out to current subscribers and ask if they could help me to verify trading performance. Nothing yet, but I am hopeful that this article will bring some people forward.
What is my personal opinion? Although I do not have much verifiable information, on the surface I would tend to believe the developer. The developer describes the system as an afternoon trend following system for the stock indices. The system only enters in the direction of a significant move. These types of systems are very well known, and very robust performers for the stock indices. However, we do not have any real time information about yearly returns, draw down, etc. Again, I hope the developer gets off his butt and gets us more verifiable information. Would love to write a follow up article. Now lets talk about NUTUS and the live day trading room.
NUTUS 2.0 Day Trading System
What is the NUTUS 2.0 day trading system? The Nutus 2.0 day trading system is a system that looks to capture volatility associated with the opening bell of the stock market. The developer describes the system as a pattern recognition system that does not use any technical indicators. The logic of the system is not revealed. However, the system is accompanied with a live, day trading room where the signals are called in real time. As most of you reading this know, my specialty is recording live day trading rooms and then reporting exactly what is happening inside of the trading room. Too often, what a developer claims on his website is not what is actually happening inside of the trading room. In particular, a developer will claim that trading signals are called in real time, where the viewer can easily copy the signal, and then profit. Before I get into exactly what I found inside of trading room, I would first like to report what the vendor is showing on his website, under the “Real Results” page.
As you can see, these results are highly impressive looking. The equity curve looks nearly perfect…almost too perfect. Lets dive deeper.
Inside Of NUTUS 2.0 Trading Room
Using several different email addresses, and several different identities, I was able to access the live trading room for a total of 21 complete trading sessions. In total, I captured about 21 hours of live trading footage. Why only 21 hours? NUTUS is designed as a system that takes one trade in the emini SP500 and one trade in the emini Russell 2000 index futures. The trade is entered a few minutes before the opening bell, and then is usually exited within 30 minutes of the entry time. The system attempts to pick the direction of the very early, pre-market opening price trend and quickly capture profits. On some days, we were out of our trade within moments, on other days would linger in a trade for what seemed an eternity. Overall, the trading action was brief and done quickly.
For the 21 trading sessions, I used a trading simulator issued from Trade Navigator. Most readers are not familiar with the simulator at Trade Navigator, however the Trade Navigator simulator is absolutely the best on the market. The data is the cleanest and the signal feed is highly accurate and very fast. And most importantly, the simulator requires “pass through” on a limit order. What does this mean? Suppose the price of the ES is currently sitting at 1200 even. If I use the Trade Navigator simulator to enter a limit order to buy at 1200, then the Trade Navigator simulator will require that the price “pass through” 1200 in order to recognize that the simulated trade is valid. I cannot stress this enough to aspiring traders, if you use a simulator, you must use a simulator that actually emulates real time market action. Far to often, many brokers will issue a simulator that aggressively fills a limit order, which gives the impression that trading is easy. However, once the client opens his account and begins trading, he or she quickly discovers that getting filled on a limit order is very unlikely and this can be very frustrating.
Why am I talking so much about limit orders? Because NUTUS 2.0 uses limit orders on all entries, as well as profit targets. This is a huge problem because the trading room moderator would quickly call out a limit order price entry. He always got his fill. However, using my Trade Navigator simulator, I was rarely able to immediately get my price fill. The moderator would post his price on the chart as a valid fill, but far too often the price would simply kiss and run from the order price. In other words, the moderator would say, “OK, now long at 1200”. But the price never passed through 1200, it simply touched and kissed. Touching and kissing is not the same as full entry (that sounds crude) With my simulator, I was able to replicate the entry price about half the time. This is a huge problem and I found it extremely frustrating. Why? Because as I am attempting to get my entry price, the price has already moved away and then touched and kissed the exit price for a profit. And of course, the exit price is also at a limit order!
Sometimes I would get the limit order entry price and then ride the trade with the moderator. But the moment the price reached the profit target, then the moderator would proclaim price victory. However, I was still stuck in my trade and never got my fill to exit at a profit. I would just sit there and wait and wait, and far too often the price would reverse and stop me out for a loss.
Most annoying was that the moderator would proclaim trading victory, then shut down the trading room and just leave. I was just sitting there with my position hoping things would work out. Of course, when you are using hope as part of your trading strategy, then you are just kidding yourself. In short, I was not able to come anywhere near the results posted by the moderator. In my frustration, I sent the developer a request that he show me a brokerage statement that verifies that these winning trades were ever happening. He refused. In fact, he pretty much ignored me until I revealed that I was from Trading Schools.Org and writing a review. This got him motivated and he called me quickly to have a conversation.
Speaking With The Nutus 2.0 Developer
Truth be told, I am not sure if Shea Pruitt and Joseph Ford are actually the same person. But I have to give the developer credit for picking up the phone and calling me directly. It takes a lot of courage to call me. I can ask some pretty rough and tough questions, and my reviews can be pretty trashy. The developer addressed my concerns and admitted that the use of limit orders can be tough to replicate, and that he was simply calling out signals and not actually taking the trades. And so, I have to give him credit for being honest about these issues. My overall impression is that the developer is more than likely attempting to fill the demand in that most traders are looking for a day trading system that is quick and profitable. It appears that NUTUS 2.0 is filling that demand, and I have to give the developer credit for simply delivering what people want. Unfortunately, the trade reporting is pure fantasy. It is all a best case scenario where your results are not going to look anywhere near this good.
I attempted to corner the developer into a giving me an accurate and realistic expectation of performance. However, he simply could not because he is not actually trading the system. He did mention that subscribers were paying the monthly fee to auto trade the NUTUS 2.0 trading system using Trade Station brokerage. I asked that he contact a subscriber and have them contact me about real time results. Nothing yet. I am hoping to get something. Maybe this review will get him motivated.
NUTUS and PROPERO at Striker.com
An interesting side note, both the NUTUS and PROPERO trading systems were at one time available for auto trading and authenticated trade reporting at Striker.com. I spent approximately 30 minutes on the telephone with Striker in hopes of getting accurate and real time performance information on both the systems. Both NUTUS and PROPERO were available from August 2007 though January 2008. There is performance reporting on NUTUS which shows a positive return 1%, after fees and commissions from Striker. PROPERO showed a loss of 24%. However, with only 6 months of reporting that occurred so many years ago…not sure we can apply much meaning to the Striker report.
The only opinion that I can really give would be about NUTUS 2.0. I sat through the trading room for a month of live trading. Obviously the trading results are not real and achievable. However, I can say that the underlying logic is valid. The developer does appear to have some sort of an edge. The real issue is whether it can be executed in real time, with real money. Once we figure out if the system is even executable with a real account, then we need to figure out if the system is even worth the annual fee of $3,000 in subscription costs and commissions that will be paid to the broker.
At the end of the day, I would recommend that you pass on this. Until the developer shows me real account statements, then we have to assume that the system is not profitable. Another option for the developer would be start reporting results where the price actually passes thought the limit order entry and exit price.
One Final Note
Many of you reading this are complete newbies, and do not have a deep understanding or are well experienced in executing different order entry types. In particular, a limit order. Central to my argument on why you should be avoid the NUTUS 2.0 trading system can best be described by watching following video that I created inside of the NUTUS 2.0 trading room. It is a perfect description of what I too often encountered.
The video is also a excellent primer on how far too many trading rooms conduct business…by using a limit order. Yes, its about 10 minutes, and you probably wont like my choice of background music, but if you can grasp the understanding of this video, then you will save yourself a massive amount of future frustration and losses.
Thanks for taking the time to read today’s review. I know it could of been much quicker. However, its important that I walk the newbies through each detail so that they can avoid these types of trading landmines.
Don’t forget to leave your comments below. Even the haters, fakers, and trolls will find that their voice is being heard. And a final note to the developer to the developer of OEX Street and Absolute Day Trader…I would love to come back and write a new review. But I need to see some actual, real time results.