Online Trading Academy Reviews
39 ‘Online Trading Academy’ Reviews
I have been a OTA student for many years. It was one my biggest mistakes in life. I paid $23K in tuition to learn about their "patented core strategy" where one buys on demand and sells on supply zones. What a joke. I signed up back in 2014. Since then, I have writing in many review boards about my experience. Today, I am happy to see that OTA is being sued by the FTC. Here is the site where you can learn more about it.
Stay away from OTA. Don't make the same mistake as I did.
OTA was once all about technical analysis and risk management. I took the entry level class in 2007, then called Pro Trader, with a great instructor named Fernando Gonzales, and after that a great class called Broad Market Analysis with a fabulous instructor named Brandon Wendell who really knew his stuff. Lots of technical analysis. Around 2008 they replaced their director of curriculum with an experienced trader named Sam Seiden. He is the originator of the "Core Strategy" patented method of identifying supply/demand zones. This is different than classic definition of support/resistance zones, but they often overlap. I consider Core Strategy to be more precise. Most classic support/resistance zones will also show up in Core Strategy supply/demand zones, but it identifies additional zones, besides being more precise. That is my opinion after having worked with Core Strategy. Anyway, it took several years for OTA to develop and fully implement the Core Strategy curriculum and transition out of the focus on the teaching of classical technical analysis. Then the instructors had to be convinced this was the right thing to do. That took time I suppose. I also took an investment course called Proactive Investing which involves long term management of IRAs, 401Ks etc. After I retired at the end of 2009, I had more time to devote to the markets. In 2019 I retook the entry level class. By then the Core Strategy curriculum was mature. There was very little similarity between the classical technical analysis of Pro Trader in 2007 and the "patented strategy" of Core Strategy in 2019. Because I had been away from classroom instruction for over ten years, I first took a live 5-day online Core Strategy class as a re-take, though in fact it was a pre-view, at no additional charge, and then a month or so later I took the 7-day in class Core Strategy, again at no additional charge. Then I did the same thing with Proactive Investing, online re-take as a review of the old and preview of the new, and shortly after that the 5-day in class version which is now called Strategic Investing. And I use the online XLT webinar sessions which are available live multiple times every week, and they are available recorded if I am unable to attend live. The point is, the money I paid in 2007/2008 was not just to take a class or two. It has been an ongoing and evolving education for me. So how am I doing with my trading/investing after the education? Clearly I am better investor/trader than ever, steadily improving. Most of my monetary success comes from the Proactive Investing and general market technical education, more so than Core Strategy. I have been easily meeting my minimum targets to die with more money than I have today, while making ample withdrawals as needed for my retirement. I am not swinging for the fences, but for consistent profits in all market conditions. I am a happy customer mainly because of two big advantages I enjoy over someone coming to OTA now. 1. The price I paid in 2007/2008 is in the range of one fourth of the prices today and 2. I feel fortunate to have been introduced to the Core Strategy concept basically for free, after having an awesome classical technical analysis education by a series of OTA instructors back in 2007/2008. So for me, it has all been good. Knowing what I now know, would I have done it in 2007 at today's prices (less inflation) if I only got the Core Strategy and Strategic Investing without the classical technical analysis education? Probably not. Too expensive. While I use their Core Strategy technique when it is appropriate (often) and I am clearly a better trader/investor for having that knowledge in my quiver, I am not a hard Core Strategy focused trader. The quality of the instruction is generally exceptional. I had some outstanding instructors who were very experienced and knowledgeable traders. It is worth something to spend a week with such a person and be able to ask them whatever you want. At the end of my Core Strategy class, clearly many students were struggling with execution of the strategy. The instructor made a big point that continuing resources were available to anyone who needed them. Both online assistance and personal coaching was available as needed. My point is, for those students who never got it, they were not just educated and abandoned. I experienced a genuine care for the trading success of the students. Clearly OTA wants every student to become a successful trader. It just isn’t possible. That said, I believe some people are just not cut out to be successful traders – perhaps most. It takes disciple and emotional management skills many can’t or won’t achieve. Understand that you could be one of these. If you get into any formal instruction program on trading, you have to have the right mindset going in or you are desttined for failure. That mindset is that - I understand that most people who want to be traders will never be successful traders. But I have a burning passion to be one of the minority who succeed. I take full responsibility for every trade I make. I have to forge my own trading strategy, my own plan, with the benefit of solid education. Trading is risky – real, real risky. I can’t blame any lack of success I may have on anyone but myself. It is absolutely untrue that I can approach trading lackadaisically and be even modestly successful because of some training I have taken. OTA (or any other trading educator) is not responsible for my success or lack of success. Only I am responsible. If you want someone to teach you to make trading easy, take the advise of many other reviews here, and run as fast and as far as you can, not from OTA, but from trading..
Hope this helps at least one person.
I attended the free seminar, and as already disclosed by others, they pull you out of the room to give you a sales presentation to sign up. That's fine. However, it was definitely high pressure and the cost is not minor. The thing I would recommend to everyone is to ask for proof that their method works. Think about it, they're selling, for a large amount of money, the hope (not a promise, not a guarantee, and not even the product) of making a lot of money. The obvious response is show me your Schedule C amounts for the past 3 years so you can see how much is at least possible. While you may not expect to make what they, the experts, made, it does tell you what the potential is. If they won't reveal their Schedule C amounts, then walk. That means they're only selling you words, a sales pitch, a hope. It's like being sold a car by description by some guy in an office but you can't see the car, you can't drive the car, you just have to take their word for it. Take your time to think about the decision. Believe me, they're not going to turn you and your money away later if you come to the decision to enroll after taking time to think about it.
Although I thoroughly enjoyed the 3 day orientation classes(solely because I liked the instructor), I still left with a very,very,VERY BAD taste in my mouth with this academy due to how the "counselor" acted throughout the 3 days. Once you sign up for their 3-day orientation, you are assigned an education counselor. Turns out what they really strive to do is to get you to sign up for their 20K - 55K courses. During breaks on those 3 days, they have what they call a "coaching session" in which, ironically, there is no "coaching" involved at all. It is simply a sales pitch by your counselor and they will go to the ends of the earth to try to get you to enroll. They present financing options, 25% down and 17% interest or dissecting the program into smaller chunks so you can get the foot in the door with the locked-in discounted price and what not. the prices are still through the roof. as the days progress these coaching sessions get more and more aggressive, and sometimes it will even eat into your class that you actually PAID FOR to learn and get some information. I find it so selfish and disrespectful of them to waste my time and money by disrupting my learning I righteously paid for like that. I get it, getting that 20K out of me is whole lot more profitable for them than $200 they already got, but it is still my money that I spent on them. It certainly does not give them any right to yank me away from my classes from time after time. It got REALLY annoying at the end. They finish the last day with their final sales pitch which what they call is a Jump Start program, still 4K asking price with down payment and monthly payment blah blah....here is the thing that bothered the most though. THEY RUSH AND RPESSURE YOU TO ENROLL. their offer is cutthroat now or never. you have to make this decision that is tens of thousands of dollars in 3 days. If you're that decisive or have that kind of money lying around to invest, great. personally, money is severely tight at the moment and I tend to take a lot more time thinking about my options and choices before making a decision. You discuss this with your "counselor" before coming into this orientation by the way. They spend about half an hour talking about your goals and current situation and what your decision making process looks like. Despite of that, my counselor acted so condescendingly and acted as though this academy is THE ONLY WAY to learn about trading, and I am just making excuses not to commit to this new opportunity, and she just made a FIRMLY BIASED judgement how I will never get into trading since I am passing up on the enrollment that I just HAVE TO MAKE RIGHT NOW. EXCUSE ME CHELSIE, but when I have 2 different student loans and rent
Once you sign, you'll be the cow to milk, there is no light in the end of the tunnel. They will begin by making sure you're naive enough to fish you into the net and than you'll be the only fish in a tank of sharks. Good luck!
I saw red flags all over. They never talk about cost. I left this 3 hour waste of my time and turned on the radio only to hear this same guy "Scott" someone who owns this Milwaukee franchise on the radio attempt to sell listeners the same exact "script" I just sat through. Ridiculous. Read the reviews on how this is a money grab.
I’m going to share my own experience with trading and OTA (Online Trading Academy) mentioning that my goal is to be a full-time trader. Currently I’m working as sr. software engineer at brokerage firm in Europe.
I’m following OTA years ago but I didn’t join it at that time cause of the cost. So, I decided to educate myself and took some other courses but I always felt that I miss somethings because my trading results wasn’t that good. So, a year ago I decided to join OTA but really slowly to evaluate my education investment mentioning that I have some trading experience or at least that’s what I thought. I enrolled only in one course with OTA which is Core Strategy. After I finished it, I gained huge amount of information which I didn’t know before. After that I decided to continue with the other courses like Futures, Options and MasterMind program. Thanks for OTA team. They helped me to arrange my education track to fit with my plan and provided me with all the tools and ideas to reach my goal as quickly as possible. When I joined MasterMind program, I figured out there are information, trading ideas and trading strategies more than I would ever think about. For sure I’m so happy with my education investment because my trading results started to become better. I’m also busy with developing my own automatic trading application. Thanks again OTA. Now I’m at the end of my track but do you think the education stops here? No, the best thing in OTA is that they have community of students, experienced students and instructors which provide new trade ideas and strategies and discuss it every single day.
Finally, Trading is like any career, you need to invest time, effort and money to reach your goal. If you want to take trading as your career, become part-time trader or to increase your income so, OTA is excellent choice.
I do not recommend this service “Education ???!!!” to any one either naive or educated in the market.
1. Very structured and organized scam. The what they name consultant is really a very trained salesman to take your information and push the deal in very aggressive way. He refused to give me a copy of the contract I have to sign with the OTA school when I asked him that I want to show this contract to my accountant or lawyer. I think if anyone has to sign a $55000 contract it needs some thinking, search and legal advice.
2. When I ask for more time to think and gather more information the consultat text the supervisor (they call him in OTA Senior Educator) how came and he was really impressive by his very rude way. Then he did not let me continue the third day and escort me out of the school.
3. I send a letter to the school president and he call back and stated that he was not in school every day to know what going on but it is hard to believe that because if you see and hear the confident way and behavior that the “Senior Educator” and the “consultant” talk you know this is not the first time they have done this and they really have the green light from the top.
I do not recommend this school to any one beginner or educated. I have many friends (all of us have university education and have large trading account to work with) in different states in US who also attend the three day course and have the same opinion.
Just be carful and do your homework in searching for trading education.