21 ‘Online Trading Academy’ Reviews
Worth the Investment
People who have been critical of OTA are those who have not made the investment in the advanced classes. Once you begin to engage with and learn from the programs offered, you can properly critique their value to you. I was intrigued by what was offered at one of the seminars, and after pursuing more classes, I am very satisfied with what I have learned. I wouldn't want to still be managing my 401(k) the way I had been before OTA.
A Foundation to Build On
I recently attended a session in North Carolina. Paul Itterly and Steve Stokes were my instructors. Both were great and very knowledgeable. I came in with very little background in investing, but Paul and Steve were very good at clearly explaining to me what to look for and how to identify potentially profitable opportunities. Just an overall great, enjoyable experience. I feel like they helped me lay a fantastic foundation to build upon.
Great Course, Great Teacher
Overall great course and a great instructor. I did not feel pressured into committing to anything, as others have, but enjoyed my first course and look forward to taking others. Material was very easy to understand and our instructor was patient and quite knowledgeable.
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.
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.