10 ‘Online Trading Academy’ Reviews
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 $10k to open a Futures account. I have been trading for 18 months and have not yet made a penny! Don't do it.
Power Trading Workshop - aggressive & baseless marketing
I attended this seminar. I was promised that I will learn more about forex, futures if I come there. Since I already have experience of trading for 7 years I do not want to spend traveling and time in just attending inspirational talk on why to learn trading.
Entire class was just a 2-3 hour talk on why I should take a 3 day class of 299$ which is just more of basic teaching with no practical on online trading.
I asked for brochure at the NY center near Wall Street (42 broadway) and they said, they dont have one. The guy went on being rude saying, I dont need to market you. He kept saying, I am wasting my time with you. I had to explain him the reason I came and I am not there to shell out 299$ just because I can afford it. I would rather give it to some homeless guy.
He then apologized to me, and then gave me the rates of the other classes. So, I learned that the 3 day class of 299$ is just another TRAP for 14000 to 65000 worth of more courses. This is stupid. I would not give that money to some mediocre traders who can teach me basics of trading.
In short, please dont waste your time on ONLINE TRADING ACADEMY. They are just interested in $. IF they knew trading, they would make the money of the trades themselves and not ask for 65000$ from you. Simple Logic!!
I am glad I didnt spend a penny on them. There are many other sources for me to learn trading. One can easily open PAPER MONEY / fake-money accounts and learn various strategies. There are videos, books, and other courses offered by various institutions and trading platform (thinkorswim etc.)
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.
I'm a swing trader
I'm a swing trader and an MBA. I really enjoy OTA's radio program. It's entertaining + sometimes there are some good strategies and stories discussed. I've never attended OTA seminars.
So, through hard work and help from the heavens I have developed my own strategies. I can back this up, but I make around 30% to 40% ROI in any kind of market per year.
Will I share my strategies with just anyone? No, I've worked too hard developing them over many years. I've shared some of it with close family, but like OTA, (if they have strategies that work) I would have to charge someone a small fortune to teach them how to do it.
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...