Nexgen T3 Software
For nearly 20 years, John Novak and his Nexgen T3 trading software have been ripping off aspiring traders all over the world. Convicted of fraud by the CFTC and the NFA, he continues to spread lies, broken promises, broken dreams, and busted trading accounts. The CFTC has already proven the he does not trade profitably, fined him nearly $200,000 for fraud, and yet he continue to peddle his $16,500 magic trading indicators as a financial utopia. A shameful, vile, disgusting human being that has now deployed his own children in the continued propagation of his fraudulent venture. Avoid.
Thanks for reading today’s review of NexGen T3 Software
What is Nexgen T3 software? The software is a set of indicators that accompany Ninja trader. The cost of the indicators are $3,500 every 90 days, or a one a time fee $16,500. The software was developed by John Novak, and the business is run as a family affair that include Christopher Novak and Melinda Novak.
Before I jump into the meat and potatoes of this review, I think that it is important to note that I receive at least 20 inquiries each month about Nexgen trading software. The questions are typically, “I am thinking about buying this software and I need your opinion”, or “This software looks crazy good and they promise me huge returns”, and sometimes I get a message that say’s, “I bought this software for $16,000 and it really is a terrible piece of trading software”.
To everyone that sends me these monthly messages, and if you are seriously considering purchasing the Nexgen software package for $16,500 or $3,500 every 90 days, then please have a look at the following Federal Court document:enfnovak_nexgen-complaint
If you spent a moment and read this document in its entirity, then it should be plainly obvious that John Novak is a complete and total fraud. An indicator hustler peddling a bunch of snake oil magic indicators. And please, don’t take my word for it. The investigator for the CFTC, Mr. Lael Campbell proved in court that John Novak has never earned a dollar at trading. And recorded John Novak making outrageously false claims about his personal trading record, and how he was going to retire in a few years from his trading, and how he had the “SP500 trading licked”, and he was making so much money from his software that he was going to retire in a few years. All a person needed to do was give John Novak $16,500 for his magic indicators and they too could be rich!
Normally, when I read these documents issued by the CFTC, they all tend to be pretty vanilla flavor in tone and tenor. But this document is a doozy. The investigator flat nails this little hustler and hits him with a fine for $120,000. Normally, these fines are $25k to $50k but it appears that the CFTC really wanted to make an example of Mr. Novak.
Even the National Futures Association Fined John Novak
Its one thing for the CFTC or the Commodities Futures Trading Commission to levy a fat fine of $120,000, but it’s another thing when the NFA or the National Futures Association to jump on board and nail this guy with an additional $40,000 in fines. Its very rare for the NFA to take an enforcement action, but when they do…it is a sign that they really, really needed to take additional actions against this con artist. Have a look at the document below:
A Closer Look At John Novak
John Novak is a long time con artist. In fact, he has made a career out of ripping of people with his magic trading indicators. I have reviewed quite a shady characters since I started this blog, but John Novak has been around, scamming people since the dawn of the internet. The following is a picture of one of his prior trading scams named NSS-T3.com, this picture was taken using Archive.Org. Please notice that back in the year 2000, John Novak claims to have earned over $269,900 in “real trading profits”. Have a look:
NON Stop Complaints
Take a moment and Google search any permutation of Nexgen software, and or John Novak. You will find years of complaints. Complaints stacking up over complaints. In fact, I have never witnessed such a horrible online reputation. Have a look at the shit storm that this guy has created… RipOff Report, Elite Trader, and have a look at Complaints Board. I especially like the Complaints Board thread because it describes victims from 2007 all the way through to 2014. Even Forex Peace Army got a thread full of angry people that John Novak ripped off.
John Novak is one of the biggest douche bags in the trading educational industry. He has made a career at scamming people with his slippery talking sales pitch and BS claims of trading success. And what could make matters worse? Now he has trained his kids to carry on the family tradition of ripping off a whole new generation of traders looking to learn. What in the hell is wrong with this guy? Bringing your own children into this fraud and teaching them how to be leaches and frauds? What a family tradition!
I can only imagine the Novak family get together’s at Thanksgiving. As the kids arrive, both Chris Novak and Melinda Novak hand their coats over to their father. When the kids walk over to say hello to Mrs. Novak, their father then quickly searches the pockets of their coats…”there must be a little money in here someplace”. After John Novak puts the coats down, he notices that his son Chris is nowhere to be seen. He gets worried and runs back to the bedroom, where he finds Chris cleaning out his wallet. John is mad at his son for ripping him off, but he also a little proud that John is a “chip of the old block”. As father and son are bonding over this incident, little did they know that Melinda Novak took her mom’s credit cards right out of her purse and is shopping like crazy on Amazon. A wonderful family!
Lets Get Serious
Ok, so we don’t need to beat a dead horse. Its plainly obvious that John Novak is a convicted fraudster, indicator hustler, and conman extraordinaire. The court documents and the overwhelming majority of negative reviews clearly prove this. But the big question is how in the heck does John Novak keep scamming people, year after year, and how do people get caught up in his hustle?
Its all clever advertising and sales. If you pick a up copy of Stocks and Commodities magazine, Futures Magazine, or Active Trader, then you are going to probably run into a copy of one of John Novak’s NexgenT3 advertisements. In addition to the magazine advertising, you will also find that John Novak is a regular at the Trader Expo events. Perhaps you have been to one of these events? They are typically in Los Angeles, Las Vegas or New York. These events typically draw in the fresh faced newbies that are looking for a second career, or a business that they can run from home. And that is exactly how John pitches his little scam…as a home based business. A perfect business that requires no inventory and a person can travel the world and earn easy money…all they need to do is follow the magic dots on the computer screen. The dots and lines that the magic software plots on the screen is the pathway to financial freedom!
One of the great things about running the TradingSchools.Org blog is the random email and phone calls that I receive from people that have been scammed by con artists like Mr. Novak. Thus far, I have been able to interview 5 people that had collectively spent over $50,000 on the software and had lost nearly (claim to have lost) $200,000 by taking the advice of Mr. Novak and his magic trading software. Their stories are remarkably congruent.
The victims had either attended the Active Trader Expo where John Novak had rented a booth, or had read one of his advertisements in the popular trading magazines. After they found John Novak, they were then given a free trial of the magic trading software. Which consists of a download of Ninja trader and is pre-configured to display the Nexgen T3 trading indicators. None of these folks had any experience in setting up trading software, but they were enticed into a screen sharing demo with one of John Novak’s slick talking sales hustlers. The sales hustlers then begin filling the mind of the victim with visions of amazing profits that will soon be theirs. And that they themselves also use the trading software every day and they are making money, and they used to be a customer of Nexgen but because its so amazing that they had to join the company, blah blah blah. etc.
The salesman then directs the victim to a YouTube page that supposedly shows John Novak pulling in fats profits everyday. Its all so wonderful and dreamy.
Next, the victim is instructed to attend the “LIVE TRADING” seminar that John Novak broadcasts daily on Hotcomm. This is supposedly where the magic happens.
Inside the Nexgen T3 Live Trading Room
The Nexgen live trading room is broadcast daily from 3AM to 6AM Pacific Standard Time. The victim is then funneled into basically an online infomercial where John Novak pontificates. Now keep in mind that this is pre market, and so nothing is actually happening in the markets, at this time. You will just find John blabbering about how much money he is making and all the while….these mysterious screen shots begin randomly appearing from supposed customers. Someone named “DK” posts a screen shot claiming he just make $500 and a big thanks to John and his magic trading indicators. Next, another person named “Jerry” posts a screen shot claiming he just picked up $2,000 with Johns magic trading indicators.
Its a smoke and mirror shit show of BS meant to lure the newbie into thinking that everyone is making boat loads of easy money and that they are missing out on this fantastic opportunity. Not once will you ever witness a person posting a losing trade. This is an exhibit of complete nonsense, tailor made Kabuki theater with the intent of luring the newbie into justifying the spending of $16,500 on the magic indicators.
As all of this magic is happening…your phone is going to ring and one of John Novak’s sales hustlers is going to “answer any of your questions” and talk about the big cash that people are making everyday with the magic indicators. The newbie is an easy target. His dreams of financial freedom have never been so close, so attainable.
Every single one of the victims describe how they were quickly taken in by the perceived easy money that was being made and that their own greed washed away their worry. How they knew that they should of done a little bit of research online before plunking down $16,500 but the salesman gave them a one time, one day coupon that dropped the price down to an amazing $12,500. But they had to commit today because the special deal was expiring shortly. You get the picture.
What You Will Never See
There are certain things in life that you will PROBABLY never see. Things like, Bigfoot, a UFO, a Chupacabra, or Elvis Presley.
And then there are things in life that you ABSOLUTELY, will never ever see….and that would be an account statement from John Novak. Over the past 60 days, nobody on the planet has made more of an effort to get this douche bag to give me an account statement that proves he is actually trading. Heck, I even offered to pay twice the fee for his magic trading indicators, I just needed to see proof that this moron has ever turned a profit at trading. At every turn, John Novak has a wonderful excuse as to way he cannot show an account statement, until finally he runs out of excuses and he just ignores you. And then wanders off looking for another easy money sucker.
Now, I am sure that there are a lot of poor folks out there that have spent their money on these magic trading indicators, and they are going to run to John Novak’s defense. Protection of the cult figure is nothing new. Everyone’s hopes and dreams are tied up in the cult leaders supposed magic abilities. But I would implore that these folks simply ask John Novak to prove that he is actually trading. Sure, John likes to say that nobody can exactly replicate his trading, but this is not the point. What people need to do is get right into the face of this ass clown and challenge him, make him show his trading statements.
In speaking with the victims, most of them usually came to the ugly conclusion that the magic indicators are not very magical after about 6 months of using the magic software. All of them had blown up their trading accounts. They were left disappointed and in a state of shock at how things did not work out as they were promised. The one thing they all had in common is that they never took the time to research the reputation of John Novak. Just a few google searches would of revealed his nearly 20 year career as a highly committed con man.
Wrapping Things Up
Another review of yet another scammer in the trading education community. What makes this review depressing is how people continue to fall for this guy. Year after year, the evidence that this guy is a fraud could not be anymore clear. Yet people continue to fall for this fraud. Just the most simple and basic google search turns up a sewer of rotten information. And in spite of this, I am sure that in the next few days, yet another person is going to want my opinion of John Novak and Nexgen T3 software. Depressing.
Well that’s it for now. Sorry about my nasty tone on this review. I personally find this John Novak character a real jerk. Its should be easy to put thieves like this out of business, but its not. He preys on human weakness. He is like a simple venereal disease, easy to combat and easy to prevent, and yet it persists because its strength is exploiting human frailty.