19 ‘Online Trading Academy’ Reviews
Clear Introduction to Trading
The materials presented provides a clear and complete introduction to trading. The step by step approach is easy to follow and provides a discipline that has been missing in my old approach to trading. I expect the quality of the trades I take in the future will far exceed those of my past. No more jumping into trades; if the detailed planning process does not support a trade it will not be taken.
Sales focused sharks/no customer service
The moment you enter the office of the academy in Toronto, the sharks have their eyes on you.
The presenter comes and introduces himself. He will tell you, how he is looking forward to us moving forward.
The three hour presentation is the most boring, memorized presentation ever.
He will tell you that they will teach you to make money in the up, down and sideway market. At the 7 day course of the core strategy, the instructor kept on making excuses that the market is high and etf's and stocks are high.
The instructor will tell you that you can make 200 a day on a 5000 account on forex and futures. This is hogwash and lies. There are so many rules, so many different asset classes, so much information to know. All research shows that most traders do not beat the market.
The presenter will tell you they teach you how to trade like the banks. Another lie. How come they do not trade like the banks and make millions, instead of hustling and working long hours and making two presentations a day.
It is nothing but a sales show to make you register for expensive courses. Even after you register they will call you often to register even more.
The customer service rep, is a master mind student and never returns emails. Do you really want to be a mastermind student and end up working as a CSR.
This is not a academy that is recognized by the ministry of education or by anyone else. It does not give you a designation or anything. The only people making money are those that will get a commission out of it.
here is a job listing for a so called education counselor
Senior Sales Executive
Online Trading Academy, Toronto
Sell financial education, trading services and related products.
Business Development with leads that are provided to you. (Warm leads - no cold calling required)
Will be completing both calls over the phone, and meetings in person.
Will conduct Continuing Education Plan meetings with Students and Graduates.
Hosting events multiple times per week (Daytime)
Experience, Education And Qualifications
At least 2 years experience selling experience, 3-5 years is preferred. Business to Consumer experience preferred but not a must. Excellent verbal and written communication skills required. A relaxed manner and charm in working with prospects and students is required. Pleasant and professional demeanor required.
Basic computer skills and proficiency in Microsoft Office applications (Word, Excel, Outlook, etc.) preferred. Experience selling financial products or education is a bonus High School diploma required; college degree preferred.
Will be required to make calls everyday, even on days off. Will have to work most weekends. Will get 2 days off per week, but may not be Saturday's and Sunday's.
Job Type: Full-time
Job Type: Full-time
experience selling: 4 years
Classic sales scam / Time share sharks
This review is for the Toronto, Canada location which is corporate owned.
There are two reasons for this review. A friend of mine spent $34,000 on tuition and thought it was a joke. I then ran into someone who had applied for a job here thinking it was a 'Sales Executive' position. It turned out it was for a Education Counselor which was purely commission and promised anywhere from 150k to 325k.
I went to the so called three hour seminar which is supposed to be free. The presenter talks about how they will teach us to trade like the banks. This is nothing but a sales pitch to make us register for the next sales pitch.
Banks and institutions hire MBA, CFA and Phd's in mathematics for a reason. Also how come no bank has hired Online Trading Academy to train their traders.
The presenter said that students are making anywhere from 100 to 200 dollars on a 5000 minimum forex account. So, if the presenter who makes 10 presentations a week, and if he had 100k in his account, why is he not making 2000 a day instead of hustling.
The presenter was against RRSP and real estate. He did not like anyone asking questions. You had to listen to his memorized script.
They are looking for traders that are decisive, coachable and disciplined. They are testing if we are decisive by registering right away and pay $299. If we do not, the fee goes to 999.
The education counselor attack you like packs and ask you to register. Someone in front of me is asking a lot of questions and is pulled into another room.
I register and so does the person sitting next to me.
Later on we exchange phone numbers and keep in touch.
I get a call from the education counselor and talking about how they care for me and have no bias to my financial situation. They send me some homework to do and fill out financial information about me.
The other guy that i met, filled out the information. However, he did not have any money, so he is disqualified.
I fill out the information.
At my 'interview' the Education Counselor (EC) asks me lots of questions about my pain and why trading. He tells me all these amazing stories about how the students are making money. He does not give me stats. OTA is not qualified by the Government or the ministry of education for loans. OTA does not have any scholarships.
The EC is very happy that i made a decision to change my life. The fact that i do not know anything about trading makes me an ideal candidate. The fact that i have 20000 in my savings account, 20000 in rrsp, makes me a great candidate for them.
I go to the Market Timing Orientation. There are about 12 of us. The presenter starts talking about real estate, rrsp's and how the government of canada is a total mess.
The presenter says we should cash out of the rrsp's and make trades. A real estate agent challenges him on how real estate has tripled in the last three years and no asset class has done that. Another financial advisor says rrsp has some advantages.
Every day you are meeting with the EC who says it is a coaching session. No. They now present you with their tuition. The tuition is 27,000, 34,000, 41,000 and $59,000. The pressure is on to sell.
The education director comes and gives a sad story about his wife having cancer. We find him smoking downstairs. The presenter talks about all this money he is making, yet he works three weekends a month. Seriously if you are making all this money why work three weekends a month.
The customer service rep, who is a mastermind students, tells his story about owning a restaurant and how he is making all this money trading. So why work as a CSR. Am i missing something.
On the third day, there is only 5 people. The presenter tells us that they were disqualified. I call two of them who did not show up. Both said they were pressurized to buy the education packages. So lies again. I tell the EC this is not for me. He is disappointed.
My friend who paid 34,000 attended two courses, however the presenter said the stock market is high and so cannot make money on ETF's and stocks.
Please do not not register with OTA. This is a scam and you will feel like you are attending a time share meeting.
As a novice trader I had my doubts about these courses. My perception immediately changed once I met the instructor. Kelly was very passionate about this course and making sure we learned each process. He answered all questions without hesitation and allowed us to work on topics individually and in groups. I recommend Core Strategy to anyone interested in creating supplemental income. The concept of Supply and Demand on a Price chart might seem simple but it can be quite complicated. OTA has changed the way I see my financial future in a good way.
I am an employee from OTA. I admit it is a marketing strategy to offer a half-day seminar and get prospect through our doors. But if we don't do so some of the people would never come across our business. The courses are optional. We do not force anyone to sign-up. Personally i have assisted student who sign-up and are either financially unable to pay the course or just find the course too intensive for them self that they want to quit and we had to cancel their enrollment. But that all depends on the location. Some of the offices are corporate owned and some are franchised. So i cant speak for all the offices. We have a great curriculum. It is constantly updated and the fees includes a lifetime retake. If you were to go to a college its the same thing. It is not 100% guarantee that you will be successful or find the desired job at once. The tuition paid its once. So if anything changed in the market you will have to repay for continuing education to keep yourself upto the current standards. The only difference is that you get a paper recognition.