5 ‘Online Trading Academy’ Reviews
SAVE YOUR MONEY!
I only hope I can save someone from this awful experience! 15k later and 3 yrs. Don't even step into one of their education...I Mean " SALES OFFICES".
Online Trading Academy SCAM
SCAM! Although not new, Online Trading Academy based out of Irvine, Ca pretends to offer investment/trading education across multiple asset categories like stocks, options, futures, commodities, forex and real estate.
The cost is salty beginning at $5,000 for their basic course and up to $10,000 per mentoring class and $65,000 for their passport programs.
They have been running informercials on late night tv much like the now defunct Teach Me To Trade. More recently they are using apparently bogus testimonials on the internet posted by apparently paid shills and OTA employees.
They even have their own website which implies that it is a 3rd party review site. An obvious clue is the raving five star reviews which all look like they were written by the same person and that other accurate, but not so positive reviews are blocked and deleted.
OTA will lure you to their facility to attend a Power Trading Workshop, ostensibly a 1/2 day workshop which really only lasts about 3 hours, time for lunch and registration included.
Calling it a workshop is quite a stretch. It is a blatant sales pitch much worse than any time share presentation.
The course includes primarily basic t/a which can be found in any inexpensive book or even free on the internet.
They claim to offer a one time $2,000 schlorship discount for that day only. This is a lie.
They also promise lifetime retakes. But their class room only seats about 20 people and they are constantly pushing for more clients. Where will they put everyone? FACT: Most clients quit in frustration and even though classes and workshops are listed as "sold out", there are more often less than half full and cancelled.
And they also promise tuition reimbursement. (Don't you love the way they throw around those educational terms to make them sound like a real school?) Here again, read the fine print and really check them out. You know what they say about when things sound too good to be true.
On some websites where complaints have not been deleted, supposed company officials post rebuttals and challenge anyone to contact them at their corporate offices in California. The number is a toll number, not toll free and those who have called find it links to a voice mail and after leaving multiple messages, no one returns the calls. So much for help from corporate.
OTA also seems very upset about the increasing number of complaints appearing about them on the internet and are now charging complaintants as being people who work for the competition, frustrated, lazy students who wouldn't take the time to follow their courses, deadbeat clients who defaulted on their loans (18% interest, t hey may be right on this one!) people whose credit cards were denied and disgruntled former employees.
Before it was called Online Trading Academy, it was called bloc securties, then momentum securities, then Newport Beach securities. In Orlando, the local office ownership has changed hands five times in a few years and has had massive employee turnover.
Many of OTA's offices are located in right to work states which means that employees were probably treated unfairly so there probably are a lot of unhappy ex employees out there for sure.
However, one thing that Online Trading Academy doesn't want to admit is that they have a lot of unhappy clients and whatever is showing on the internet pales compared to what goes on in the local offices where clients are many times screaming at Online Trading Academy staff for their wrong doings and high pressure sales tactics.
Stay away from these guys
Ever been to a used car dealership? Yeah well this is just like it...
So my husband comes home after spending a half day on a Saturday attending this "free" seminar to learn about trading. He is all excited and talks about how he will be learning how to make money blah blah blah. What's the catch? Well...it's going to cost you between $6-12K! WTF? Are you serious? So basically I have to either get in debt, borrow money, rob a bank, or sell my soul to finance this? My husband was so excited about the "program" until I made him get on the Internet to research the reviews about OTA. Guess what? BAD REVIEWS left and right. So I’m adding to that bc at the end I finally got my husband to admit that he felt like he was at a used car dealership. After the free presentation they take you aside and practically twist your arm to commit to their 7 day class. Even when he protested that he needed to discuss this with ME his wife they told him to put down a deposit to get the ball rolling. Bottom line don’t waste your time, money, or effort on this. If something is too good to be true it usually is. I feel badly for the people that let a good sales presentation con them out of their saving and hard earned money. While it may take money to make money you shouldn't have to be in debt or go broke to get there.
As if Americans are not suffering enough financially alomng comes a company that promises to bilk even more money from innocent, naive people seeking an easy way to wealth.
Online Trading Academy promises to "transform lives" and indeed they do, but not for the customers benefit.
The core of their programs are basic, well known t/a with some fundamental analysis. You have to attend a 7 day class with mediocre trainers who actually make their living teaching not trading. Although they will tell you otherwise.
The staff is made up of mr Wade Cook, Wize Trade, Optionetics, Larry Pino and other failed companies.
Your cost for the introductory program is a mere $5,000 and they will do everything possible to upsell you to a XLT program fro another $10,000. The programs are basically useless and students lose money.
They were advertsing heavy on tv with informercials ala Teach Me To Trade and now seem to be resorting to fake raving five star reviews and even have their own review website which they want you to believe is a nuetral third party..
Programs are not worth $100 let alone $5,000. Best advice is to stay away from OTA.
Have any of you previous reviewers actually been to a course?
I have attended basic and forex courses at the Kansas City OTA, and found them very helpful and learned a lot. I had done online trading webinars with various people, but found they tended to give you tips without explaining fully how they arrived at their decisions. The trainers at the OTA gave me the missing pieces of the jigsaw puzzle so that I now have confidence I can do it myself.
Trading is not for everybody, since you cannot win all of the time, and psychologically you have to be able to manage losses and drawdowns emotionally. Disciplined risk management is far more important in success than the percentage of times you make the right decision at the right time. It is certainly not for gamblers, nor for widows and orphans. You really do need around $2,000 to start with, though it is possible to start with as little as $500.00 with some online brokers. You should always start with paper trading and do not go on to trading with real money until you are making reliable profits.
I am only just about to start embarking on my trading, so I cannot b oast of any great success yet. However, I am NOT an OTA employee or placed stooge of any kind.
What I can say is that discipline and hard work are essential to success. If you want to trade forex successfully, you need to be up at 2.00 a.m. CST, as the busiest time for forex is the European session. This is difficult for most people.
What I can also say is that, a group of successful students from Kansas City OTA have rented an office in the same building and rent their own desks for a monthly fee. The lady who runs the office gets into work between 6.00 a.m. and 7.00 a.m. Mon - Fri. She told me she made a $10,000 investment into her trading account and trading from this she makes a satisfactory salary. One of my new friends who was with us on our basic course was there on her first follow up course. It had not really clicked for her on her original course, but it did on that second one. Her husband told me she is doing very well now. Caveat, she gets up at 5.00 a.m. to get everything she has to do done and trade successfully at the same time!
I will agree with previous reviewers, though, that it is not a good idea to go into debt for this, and you should only go into a financing agreement if you know you can pay it off from your current income or capital. Trading scared is shooting yourself in the foot even if you are experienced, let alone when you are just starting. OTA perhaps works best for those who have already dipped their toes into investing and have some idea of what is involved.
I also accept that the model of large initial payments with lifetime use and re-education looks risky, as there is a need to keep new pupils coming in to keep the whole thing going. However, pupils who keep doing the re-education do normally click and do not need to come back for more. With re-education it is important to realize you may have to wait owing to the importance financially to OTA of keeping a proper balance of new students.
The other thing that OTA Kansas city, at least, provides is regular Wednesday evening seminars. Students who live sufficiently locally do regularly come back for this, which is a good group support network.
I promise to review on this further down the line, when I see how I do...