Elliottician.com Review

Richard Swannell apparently left a large unpaid loan, had the cftc chasing him as well as a list of unhappy clients. Here is his story.

Richard created his elliott wave software and the theory behind it seemed like a good idea. It matched previous wave patterns and then calculated a take profit target based upon percentages. ie From the past patterns there is a 80% chance that price will move into this price range within x amount of time. Yes as a new trader back around 2002, I purchased it for $3,000.00 and ran the software. I also know that some sales staff were also using the software for their own trading. (Or at least trying to use it?).

But what happen was that Richard started making claims that his software was about 95% accurate and had that as a sales pitch on his website elliottician.com. Of course people purchased and were not happy and they took legal action and the cftc of USA wanted to close him down because he had no financial service license nor any evidence that his software was 95% accurate. Read here https://www.cftc.gov/sites/default/files/enf/00orders/enfswannell2.htm

That's when I figure before Richard was going to close up shop he wanted to make more sales by saying; "Buy my software (or upgrade to a more expensive module) now because soon I am only going to offer it to large trading firms for $100,000 a seat". That is what I remember at the time. (At that time we were unaware the authorities must have put him under a cease and desist order, requiring him to cease his business by selling trading software to the public?)

I also remember Richard going off to live in Switzerland with his family (he showed a picture of the Alps in the background) at that time but then came back to Perth I believe?

The Perth media has subsequently reported Richard as dying of cancer because he was blogging about his impending death.

As we are all aware of Richards somewhat apparent dishonest sales and marketing techniques (read the rest of the reviews on this page) and he apparently did not repay a large loan from one of his friends / associates whom lent him money to start his elliottician business, can we say for sure he has not got one over us again?

I ask this because if you were being chased by many disgruntled clients and the Commodity Futures Trading Commission of USA and you wanted to escape prosecution and heavy fines and repayment of ill-gotten gains, loss of assets etc would you start blogging about your impending death from cancer?

I obviously am not asserting that Richard is still alive because I don't know but going on his past conduct you never know?

If your still out there Richard, just remember what Abraham Lincoln said;
“You can fool all of the people some of time; you can fool some of the people all of the time, but you can't fool all the people all the time.” 1887.

Summary of http://elliottician-review.blogspot.com/

Detail: http://elliottician-review.blogspot.com/2010/05/elliottician-review-part-i-detail.html

After years of research of Elliott Waves, Elliottician selected a common public domain trade pattern that is used to generate their signals. It is not even essentially an Elliott Wave pattern and can be completely and more thoroughly described by other methods.

Elliott Wave Theory does not stand on its own and should not be used as a primary signal to enter trades.



Elliottician's new product, RET Pro 4 is fundamentally the RET SWOP Scanner updated to a modern interface.. The RET SWOP Scanner did not produce good results over varying market conditions.



In the past Elliottician has promoted their research projects as a profit-making-robust market ready system. The current product is released but is not market proven. It has no track record. It is another research project where the customers will be doing the discovery.

Elliottician does not offer a money back guarantee. In the past, when there was a guarantee, they did not honor it.

If you are not successful with RET Pro 4, they will not disclose that the problem is their software. They will upsell you more training and coaching. This will go on until you finally get the picture and refuse to invest any more money with them. In the end, if it does not work you have zero recourse and will not be able to get a refund.



You are only renting RET 4 Pro. You don't own it.



The compounded cost of leasing RET Pro 4 will compound into a potential lost fortune in just a few years.



Given that the pattern used in the scanner is a publicly known entry point, those with the right background to define the project can hire a software developer to create an algorithm to match or better RET Pro 4 at a fraction of the RET Pro 4 license structure.

There are trading platforms like Ninjatrader and Tradestation that provide a feature rich, tremendously capable base to build on. All that is needed is the algorigthm and these platforms will do the rest.


There are some very good training and software signal vendors who beat the pants off Elliottician for return on investment. You just have to do your research and ask the right questions.


Elliottician failed to enter the Institutional market more than once. They like to use that label in their marketing as it makes it seem their product is being used by professional traders.



They will use misleading and unverifiable marketing claims targeted especially at inexperienced traders. If you look at the fine print you will see that all their claims are hypothetical or in a demo system.. In my 6 years of observing the company they have not once posted audited results from a live account.



If you are after a good performance to price ratio, you'll want to look elsewhere.



Elliottician has lots of competition with much better prices, and who have more integrity in their dealings with their customers than Elliottician.

There are several if not more, good training systems for scalpers at a fraction of the cost of Elliotticians scalp (Tick) training.

For finding scalp setups, there are systems that have market scanners like RET Pro 4 at a fraction of the cost.



Elliottician:

* No track record with real money
* Not Price Competitive
* No Exclusive Edge
* In a constant state of research with products that have been delivered to customers
* Lots of claims yet no verifiable results with past products
* Based on Elliott Waves, a methodology that should not be used stand-alone for signal entry
* Products designed by a software coder, not a trader

I too am one of many who got scammed by this thief. Initially paying $5000 for his software and course. What initially got me was the long story about how he formed orphanages around the world with the money he makes and that a certain percentage of profits (like 90%) would continue to go to the orphans. Then, approx. 2005, he claimed the software was so good that he was only going to sell it to institutions for $100,000 (sound familiar). So, for the next 9 mos, or so, there was no support for the regular customers. Then after a year or more, he reappeared with promises to continue support for all prior customers. During all this time we (foolishly) ran a screensaver on our computers which would download data from Swannell's computer and crunch numbers to produce final data for use in the software (similar to what SETI has been doing, only they are legitimate). Then in 2007, Swanell announced that the software would have modules that you would have to buy at $750 each commodities, stocks, futures and forex ($3,000USD). But it didn't stop there. Next, he claimed that the accuracy needed to be updated every year and you could either buy one or all for the same $750 each. Next, in the second half of 2007 he claimed that if you owned the Forex Pack it was not enough. For more accuracy (as they called it) you needed to buy a Forex Power Pack for each individual pair which made the 2007 and 2008 Forex power pack immediately obsolete, if the accuracy was only in the specific pair power packs. What a fraud. I didn't want to believe it until the separation of the Forex power packs. Now, as people have said here, in mid 2008 he once again announced that he was pulling the software from the public and institutionalizing it. The only thing institutionalized should be Mr. Richard Swannell for fraud. This is only the tip of the iceberg with this guy. Read other reviews and follow links. SORRY BUT IT IS ONE BIG FRAUD ! Also, google his name: Richard Swannell and you should find an inditment from the Commodities Association, et al in the past.

Stay away! They are thieves and customer service is their last priority. They took money from all their customers for years, and now they have turned their back on all of them.

Always do your research friends and visit Better Business Bureau.

Elliottician has an unsatisfactory record with the BBB, the lowest rating possible.

Hello there
i just noticed the press release of Elliottician Company and as a cleint in there company i wish them all the bad luck , Why is that because Mr richard noticed that his software is cracked all over the world and lots of 1000s of peolple use his software for free so he decide to make the last move which is stopping the uppdates of his software , a strange solution if it indicate about any thing it will show us that this company full of laiers and try to justfy any greedy action the do , ok fine Mr Richard your reason was to protect your technology from crackers but what is the link between the protection and to stop uppdating the software for your cleints , i think the last lie was not well prepared but keep on , Now 100s of RET cleints and i paied 1000s of dollars to obtain a free software , others have it for free so Mr Richard puts his cleints and the crackers in one side and whome like to pass to Mr Richard side has to pay another 3000 $ a year

Actions like what you did Mr Richard makes me feel like a stupid because i bought your software

I have used RET since the year 2000 and here is what I think of it.

The software is good, the customer service is Draconian. If you want to buy something new, you need to talk to a sales reps and it can take weeks for one of them to get back to you. If you complain on the site's official forum, the moderator "edits" all posts so that only positive posts appear.

Then there is the money issue; after spending close to $15K on the software, they company changes everything:
* Indicators that I paid for were removed from the application.
* Power Packs that we purchased were obsolete and needed to
be bought again at $745 a pop.
* Signal verification tools that I paid for where no longer available.

Now, all of us have been told that if we don't pay $3000 per year we will not get updates and will not get support. Well, the support will not be missed simply because it was never there. No new updates may not be a bad thing since the last update was nothing but a ploy to get us all to spend $5000 on AutoRET.

My advice to all those readers out there is to stay away from this company. Elliotican has no concept of ethical business behavior and no clue as to how to treat customers.

Keep in mind that the customers of RET also helped improve the software by running the RET screen saver on our home computers. All data was sent to Elliottican and used to improve the program.

We helped them, were loyal to them, and gave them ow hard earned money, and we all being told to jump in the lake. Very disappointing.

Hello Friends , i didnot find any word worse than Scam to describe what Elliottician has been done , and i have a story to tell : 1st they claim that there two courses ( 2 years ago) will give us any ting we need to succed in trading so i registred in there courses and guise what happened after i finished all there modules !! they deleted it from there web site
2nd : after i bought the software they claim that they found that every market has its own behaviour and EW shapes so they started the game of specific powerpacks and divided market into forex and stocks and so on and asking for money for each upgrade , then they found that even inside the same market like forex market pairs are so different in there behaviour so they split forex market to smaller markets and each market with its own powerpack which will cost you money , then they start another trick they asked at the begining of this year 2008 for money from the owners of these powerpacks ( if you want to upgrade your powerpack from 2007 Ver to 2008 you have to pay and trust me the price of the upgrade is half of the power pack price but after negotiations some get it for 1/4 and some get it for free :)
3rd : all these upgrade not done by there part it done on 100s of victims ( i mean there cleints ) computers and they collect the data from us to update there powerpacks codes then sell the updates to us :)

4th : this summer they decide to stop updating the software for there cleints without paying 3000 $ every year 3000 dollar every year just to take updates of software we already payed money and time to build!

5th : When we ( there cleints ) whom give that company our money and acces to our computers to collect 1000s of hours of collective data to build there software , when we start to post our ideas that refuse there actions in there forum they start to delete our posts and if the person repeat another post they banned him/her from posting again , and they freez the option to Pm any member in that forum :)

this is why i asked any body here know any words to describe this company better than scam

Regards

http://finance.groups.yahoo.com/group/RET-Users/

Rich can't help institutional or 'little guy' private traders at all because the Refined Elliott Trader is curve fitted and has no predictive value.

It is worthless not that he'll tell you this.

On the 22nd of July 2008 he did it again, Richard, pulling the software for private investors and selling it for 100 000 grand. Just like Jin Riner from Redwood, CA situation then. This just shows me that greed has set in again. If it is a marketing scheme, I would say shame on you Richard, going back on your "word" for trying to help the ordinary trader to succeed. I always got that feeling from his message in the past that he was there to help ordinary traders. Was I wrong or just scammed by his companies message.

I going to rate his company as a scam, the reason, I think greed got hold of Richard and he just saw dollar signs, I just would like to say - I think your message got lost in your greed. But remember this Richard, what you sow is what you reap.

hmmmm....looks like curve fitted c*** to me. The CFTC and ASIC undertakings don't exactly inspire confidence now do they.

Bait for ignorant newbies.