17 ‘Online Trading Academy’ Reviews
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.
I attended the 3 day seminar and paid $300. Within those 3 days they provided private coaching sessions to enroll in school. These people are very judgemental. I'm a black, single female and they immediately had me apply for financial assistance. I do admit, I filled in on the questionnaire that I had only 5k in savings and no 401K but who would tell them right off the back how much you really have in savings??? I wanted to learn more about the school and the resources they have to offer. To make a long story short, I completed the loan application they suggested I apply for and I never heard back from them. I had over the tuition amount in savings. I guess their loss. I've been paying one of the students that attended the school to teach me how to trade. It's been going great. I don't want to call the people at the Trading Academy in Cornelius, NC prejudice; however they need to work on the enrollment staff. I don't appreciate the treatment.
Okay...Here is a true review of OTA Toronto and overall in general. I hope it will be helpful for some. If you had some dealings with OTA, you will find that I am writing the truth. My intention is for people to make decisions based on correct information as I see many students who do not even know ABC of computers getting sucked in for 60-80K by OTA. It's a business, not an academy. So, by definition of it, they are in to make profits by sucking in as many students as possible.
Their objective is to suck you into Mastermind eventually. (45K...If you paid more than that, you suck real good...don't worry there are many like that)
1. All 5 star reviews that you see are from OTA students taking the class. They are offered prizes during the class. So, that explains the 5 stars. No institution gets 5 stars from everybody, c'mon be real.
2. Here is how the whole OTA business runs.
2.1) You get sucked into a FREE (don't everybody want it :) ) power trading workshop. When you come in the shop, it's a motivational speech, carefully crafted to get you pumped up to make millions in a year. How do you make millions? Well, they will tell you in next session title "Market Timing". You enrol right there, otherwise the discount they offer will not be available next day. Okay? well, that's their first lie. You can always get the same price. Think about it. It's a business to make money. Market Timing is about 250$. If you paid more than that, well you are a sucker.
2.2) Market Timing - Before you come in for the class, they ask you to fill-up a form to get to know your net worth. This determines how much they will sell the mastermind to you and if you get any discounts.
In the session, they give you snippets of their PATENTED Core strategy (Well, Fancy support/Resistance). It's a 3 day course. They teach (lol! it's a sales pitch instead) you briefly stock, forex, futures and options. Also, how buy and hold doesn't work. In the end, you have sales guy (called Education Counsellor) coming in and share the retail price of the course if you take it same day otherwise price goes to wholesale tomorrow. Retail price is about 50% off. Well, their retail price is the actual price they would sell the courses to biggest sucker. If you are good in negotiations or low net worth, you could get a 25% off.
I observed whites are preferred and get better discounts. So, if you are white, use it your advantage and reap deeper discounts.
2.3) All courses stocks (7days), forex, futures, options have 5 day on-location classes and about 12 XLT online classes.
2.4) Unlimited Retakes - Not really, you only get in if there is no spot left in the classroom training. Generally, that happens for their new instructors, good instructors have their classes filled in pretty quickly. So, you cannot attend those.
2.5) ProPicks - Their winning percentage do not budge even if they have straight 10 losing trades. You only get 1-2 trades per asset class per week.
2.6) Mastermind Supply/Demand Grid - They only tell you levels which do not match their core strategy principles taught in class. Also, they do not share how they came up with levels.
2.7) Market Screener - It only shows symbols, not even levels. So, useless.
Conclusion: If you register for only couple courses, you will notice that your Education Counsellor is always trying to sell you Mastermind every chance they get.
You will also notice that you are missing some parts of core strategy that is only taught to mastermind students, only to realize after you get Mastermind that nah, not worth it.
So, Does their core strategy work? Sure it does. But, not more than any other trading strategies out there. You can learn those from other institues for about 5K. As any trader would know, there are many strategies that works, retracements, breakouts etc. So, core strategy (again fancy support/resistance...you will notice some instructors say that) isn't worth 60K that many students pay for.
If you are still a fan, I would suggest take their pro trader courses (about 8K including XLT) that teaches core strategy and move on. You can learn basic mechanics of Futures, forex from any book and apply core strategy to it. That saves you 50K right there (50K profit, I should say as i am a trader)
Will you be a millionaire by the end of it? Lol..no..but you will start making decent money if you stick to this business for about 2 years.
Know this, it's a business and their profit is based on how much they can sell their courses for. They will make you think about big dreams and that their courses will help you achieve it. But, I would say only about 2% of their students actually do well in about 2 years from start. Generally, you know if you will do well or not. So, if there is any hesitation, walk off, save your retirement money. Deals will always be there if you really crave OTA courses.
One more observation, generally their target is oldies as they have retirement money. But, these students are the ones who do not do well. Why? First off, they don't know computers. Second, they have hard time learning the platform. Third, OTA doesn't help set you up with trading accounts even with their business partners.
I hope this review would be helpful and gives some insight to prospective students that they don't receive from OTA. Existing students, well you paid what you paid, can't do much about it now. It was a business transaction.
I worked at OTA - yes it's a 100% Scam. Their trading system does not work at all.
OTA is a con, a scam. I used to work there, so I know all about it.
The "educational counselors" are all commission sales people making $150,000 to $350,000. The "instructors" are also entirely on commission, making more than the "educational salespersons". No one at Online Trading Academy is a real trader and no one uses the system to make money. Because the system does not work.
OTA is a hard core sales operation. You'll be asked a series of "pain questions" like, "What is the cost of doing nothing?" "How do you feel about it?" They get you feeling terrible so you'll buy.
But the trading system does not work. It uses simple fibonacci and support and resistance to get lucky once out of eight times - so you lose seven times, but win once. This makes you think it might work if you could learn it better.
Since you will always be losing money with their trading method, this gives them the opportunity to up-sell you on more markets, at about $12,000 each. They say, "More markets, more opportunity" and "You're not making money because you need more training!"
But that's the secret lie - it is the trading system that doesn't work, not you. A study by Univ of California, Berkeley, Haas Business School found that 98% of day traders lose All their money.
They say that you lose small and win big - just another lie to cover up the many many losses for one small win. Your account slowly goes down and you blame yourself for not making the system work - but it's a losing system, not you! You may even fall for buying more education for thousands more dollars.
Note that OTA's trading method supposedly uses supply and demand levels that they identify - some from many years ago! But big traders and institutions never leave pending trades lying around, never. Not even overnight or over the weekend because a news event could cause a huge loss. In fact, most institutional trades are high frequency trades in and out of the market in less than a second! But OTA will try to tell you supply and demand levels last for years. Don't believe a word they say. It's all a scam and like all cons, the lies really sound good!
No you can't trade like the institutions (who often lose big, by the way) - you don't have the money like they do and you can't push the market around like they can.
Before you come in to a seminar the salespeople take half the chairs out of the room - so it looks like lots of people are showing up, more than expected, then they bring back the chairs. Smart, right?
There will be one or two OTA employees acting like students in the room. They buy and everyone else thinks, if they bought, I should too. OTA calls this "social proof". They have about a hundred more tricks up their sleeve - you won't have a chance.
They'll take you for $12,000 to $60,000. No money, no problem, you can finance it at 17%. The back of the contract says you can't sue them and also you can't join a class action lawsuit.
Online Trading Academy is exactly like Trump University and Corinthian Colleges, all scams selling a product that does not work to hopeful people ripe for it. Note: they illegally record all telephone calls with "Tape-a-Call".
The salespeople are trained extensively to act sympathetic and listen to your woes about not making enough money and needing retirement, then they tell you your salvation is to pay $12,000 to $60,000 to solve the problem. "All you need is self-discipline and commitment," they tell you. "Earn while you learn!" But no one ever makes money with their "patented" system. Patented does not means it works!
I know all about it. Don't believe the positive reviews. They wrote them. Heck, when I worked there, I wrote some of them!
Everything they do is totally designed to take your money, leaving you dry. When you figure out the trading method does not work they'll try to sell you further training on more markets. See how it works? They tell you that you just need more training for thousands more. It's your fault!
Here's a good trick: The instructor is going on about how you can make lots of money. And then he shows you a live trade he made during the break. It's now up $2000 in one hour!
And think how much you can make doing this. He tells you, trade for one hour a day and make $2000/day times five days a week gives you $10,000/week, easy! You just need to sign up for the training.
The trick is he made Ten random trades, half long buys and half short sells. He chose the one lucky trade that made the best profit to show the class and ignores all the others that are losing. He only shows the profit trade!!
Isn't that a great trick?
The instructors do not trade themselves, they just say they do. Everything is fake. If you see a statement or a testimonial, it's fake. The instructors make much more money from you than they could from trading a losing system.
Online Trading Academy is a brilliant, exceptionally well designed scam.
Don't Do It!
Are you thinking that trading would give you a flexible life style...working from anywhere with an internet connection? Are you thinking that FOREX or Futures may add $$ to your monthly salary?
Are you thinking that the OTA patented supply & demand strategy is the formula to succeed in the stock market? Friend, there is no free lunch in the market. Don't do it please. I have learned the hard way. Total of $23k in tuition, plus $10k to open a Futures account. I have been trading for 18 months and have not yet made a penny! Don't do it.