Recurrence Trading System - Mr. Smith
I purchased the Recurrence II Trading System from Avco Financial Corp for $2,500. What I got was a loose-leaf notebook of 50-100 pages and an IBM disk containing a small program to calculate retracement numbers.
After I received the system, I was told by Avco I would have to lease software from Aspen Graphics and sign up with a real-time quote service to operate the system at a cost of between $400 and $500 per month. Nowhere in their advertising do they specifically say this.
The retracement calculator program runs in a few seconds and produces a half-page printout. I mention this because their advertising emphasizes the software as being a major part of the system, which led me to believe I was buying a sophisticated software package which would give me trading signals. (I have been told retracement calculator programs can be purchased from several sources for just a few dollars). For all practical purposes, there is no software.
The trading system requires the user to note trends in the ADX and stochastics, consider the effects of previous oscillator values, apply one or more of several filters, and determine if one or more rule exceptions are present in order to make a trading decision. All of this must be done mentally in real-time, working with 5-minute quote bars.
As a 58-year old novice who has never made a commodity trade, I found these mental exercises overwhelming and beyond my capability.
What all this leads to is that after about 45-days, I came to the conclusion I could not cope with this system and started making attempts to return it to Avco. I shipped it to them twice via UPS insured and they refused delivery both times. I spoke to Anthony of Avco by phone and he stated he would not take the system back (no reason given) but the call.
The word "Guaranteed" appears in boldface type several places in their advertising. To me that means the product is guaranteed to be satisfactory for use by me as an individual. In this instance, it appears not the case.
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