Report: #340680

Complaint Review: Nexgen Software, Nss-t3 Protrader

  • Submitted: Mon, June 16, 2008
  • Updated: Sun, October 17, 2010
  • Reported By: The Woodlands Texas
  • Nexgen Software, Nss-t3 Protrader
    3400 Research Forest Drive Suite B-9
    The Woodlands, Texas

Show customers why they should trust your business over your competitors...

This trading software is advertised as being able to indicate to you when to buy and when to sell stock. However, after we spent $14,000 for it, my husband went through 8 months of classes, both online and in their "conference", which was another $2000! And all he was able to do was lose money.

There are so many different indicators that you can hardly keep up with what they are doing. By the time you figure it all out and decide to jump in and buy it's usually too late and the market has gone the other direction.

We lost well over $50,000 during this time period, almost lost everything. We should have cut our losses a long time sooner, but when my husband would call them and tell them he was having a hard time, they would just encourage him to take another one on one session or something. They put on a great show of offering all this "support", but don't be fooled! We even had one of their own "trainers" come to our house (we lived just down the street from their office) to show him how it works. He proceeded to lose $2000 of our money within about 20 minutes. Of course we never got that back either!

When I asked for even a partial refund, I was flatly refused.

Only after we purchased this stock trading software did I find out that the owner, John Novak, had been in trouble with the SEC previously.

My goal is to prevent others from wasting such a huge sum of money on useless crap software.

The Woodlands, Texas
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This report was posted on Ripoff Report on 06/16/2008 11:43 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 REBUTTAL Individual responds

This is ripoff for the money we pay

AUTHOR: sunny - (United States of America)

I bought this trading software 2 years ago and I am still playing on Simulation. Nexgen t3 is good for plotting the market but it is not worth a penny when it comes to the entry points and entry signals. It is a lagging software means it runs behind the price bars, there are a lot of software in the market which costs any-ware between 195/month to 3490(for the software) who can give actual entry signal 4 bars ahead.This costs 14500 for the software only with no confirmation of entry at all. They do not have set rules either, they changed their all study guide since I bought the software. Basically no build in setup , no build in entry point, no grantee to win a trade, then why they are asking 14500.00 for the software. I think  it should cost only 500-2500 dollars for charting the market. I know a lot of people who emptied their accounts and who are making money are using different other tools behind the scene. Well my concern is to prevent other people getting into it unless Nexgen t3 proves that they have something that will help in entering the market and will plot it ahead of the market , not when the market already rolled. Again Nexgen t3 is a lagging plotting software not an advance software which can provide entry signals.  If somebody want to buy it, check the market first and check the prices for other leading software also. 
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#2 Author of original report

Transferring the License

AUTHOR: Diana - (U.S.A.)

I recently found a buyer for this software and requested to be allowed to transfer the license to this buyer. Nexgen responded in an e-mail that they charge $9,500 to transfer MY license to my buyer!

Obviously the deal fell through since the buyer wasn't going to pay this exhorbitant price to them and also pay me some of the $14,000 purchase price (we agreed on a much lower amount).

So, beware, if you buy this software, you will never be able to sell it if it doesn't work for you. The company (owner) is very un-cooperative and rude.
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#3 Author of original report

Goal: Keeping others from wasting money

AUTHOR: Diana - (U.S.A.)

Thanks for the rebuttal John.

At this point, I'm not caring whether your company survives or not, my goal is to keep other people from wasting a substantial amount of money before they investigate all of the facts. Which I am sorry to say, we did not. Yes, we lost a considerable amount of money AFTER going through your "training". We did not start trading before the fact with your software. As I mentioned, we even had your own "trainer" trading for us, and unsuccessfully, I might add again.

We were not jobless when I asked for a partial refund. Money was tight because of this blunder, yes. However, we were not then, and are not now, desperate. I just felt that your product did not live up to its advertisement or expectations, and because of the exhorbitant price of it, felt I should get at least some money back on it. It just took us a while to recuperate and admit failure, pick up our lives and try to move on, and consider asking for a refund.

However, I never really expected you to stand behind your product.

Good luck. I will still stand behind my campaign to keep people from wasting their money on this software. Sorry!
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#4 REBUTTAL Owner of company

Nexgen Software Not a RipOFF

AUTHOR: John Novak - (U.S.A.)

Re: your posting on Nexgen

However you forgot to state all the facts.

1. You signed a no-refund agreement when you purchased software which was 9 months prior to you even asking for a refund. That is how software vendors protect themselves, legal agreements.

2. You say you lost 50,000 dollars trading ? No one at our firm has ever advocated you trading until your training was complete and you where 100% confident that you had the ability to make money trading. Obviously you have not learned how to use the software properly before trying to day trade the futures market and your results show this lack of judgement on your part.

3. The only reason you asked for a refund is becuase you said you where out of work and your family needed money and you thought that we would give it back to you and you threatened to blackmail us on the internet if we did not pay you back. Well I guess you have started... perhaps if you put as much time and effort into learning to be a trader as you do your internet slander campaign you would not have needed a refund.

4. We have well over 2500 VERY SATISIFIED clients of which many of them have learned to use our software very profitably and while we have others such as yourself that never take the neccessary steps to learn it that do not fair well in the market. Bottom line you bought a tool, the same as if you bought a hammer and nails from Home Depot, do not blame us for your failure in trading. You must be a grown up and accept the responcibilities of your own actions.

I hope this sheds some light to those out there who are interested in trading, it is a risky business and is not to be taken lightly and you should really make sure your doing what is best for your financial situation prior to trading the markets.

John Novak
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