Wherchat
April 26, 2009I initially attributed Oscar’s lack of customer service and infrequent trade setups to business “growing pains”. I realized that my experience with Oscar was not unique and I closed my Dorman account a couple weeks ago. My review of LiveWithOscar VIP account is: * Oscar as my broker, never initiated any communication with me in the month he had my account and never answered my emails. * Oscar’s initial telephone explanation of his commission structure for “OMNI trades” was vague and misleading when I opened the account.
I renegotiated — Oscar reduced the rate but then added other fees that we never discussed. * Oscar delivered the Premium Room service, but no more.
* The OMNIAC software was not fully functional without purchasing addons.
* Oscar never provided the service of a “personal coach” as advertised.
* Oscar did not “assess my trading style complete with personal training and mental conditioning” as advertised.
* Even though I paid the equivalent of 5 months of Premium Room membership in a month of commissions, my access to the Premium Room was removed immediately when I withdrew my account from Dorman. I emailed Oscar about the membership and finally received the long awaited response to an email . . . “There is no way to make all of you happy. For every letter I get like this I get dozens and dozens with praise for all we do for them. To those I will continue to work every day and night. All the best, Oscar” Like I said . . . Oscar’s business is booming, but it is not for me!
i like the free-side of oscar. after reading this, i will never buy into oscar. I lost a bunch of money with a similar broker-type named Jay Gallemore, CYF, chartingyourfutures.com , last summer of ’08. he does a nightly blog on the commodities he follows, seemed like he had a good track record prior to the summer, he lost 2/5 of 25k in one month. i stopped the trading after just one month. i felt lucky i got that back, cause he would have blown out the account in another month. after a month, i emailed him saying my account couldnt stand much more drawdown, he emailed back, said yes, it looks grim, not much else you can do but close it.