Thanks to all for the good information. How long do you think it will take for the tank to lower nitrates if I put a filter media from an existing tank. I have heard it will cycle it rather quickly like a few days? Is this true?
If you read the articles that Hholly linked, you will notice that it takes weeks to months for the Nitrogen Cycle to establish itself in an aquarium. Those additives that claim to have active bacteria are supposed to help kick start cycling but a continuous source of ammonia is needed to feed the Ammonia oxidizing bacteria (Nitrosomonas), which generate Nitrites. The nitrites are then oxidized by another type of bacteria (Nitrobacter) into Nitrates. Quite a lengthy process but quite rewarding once it is over. As for seeded media, adding media from a cycled tank will definitely help speed up the cycle by providing colonies of BB.
FYI, never change out your filter media as this will cause a mini cycle to occur because the beneficial bacteria lives inside your filter media. You just need to rinse your filter media in tank water or conditioned water (never in tap water as the chlorine will kill your BB). This goes for your substrate as well. I recommend buying an API liquid test kit as these are much more accurate. Also, it is recommended that your filter be able to turn over your water volume from 6 - 10 times per hour so you good there (a 40 gal needs a flow rate of 240 - 400 gal/hr). Your AquaTech 30-60 and 10-20 have flow rates of 330 and 120 gal/hr, respectively.
For 1 Oscar in a 40gal, you need all the filtration possible since an Oscar creates a large bioload, i.e lots of ammonia.
Hope this helps.
Should I test my water source ? I heard my water source can do it. If it my water source will adding more dechlorinator ( excuse my bad spelling. ) reduce the nitrates?