http://lessons.tradingacademy.com/article/oops-bought-high/ So I got one of their random emails and in this article, their ''god'', this Sam Seiden guy is comparing important price turn levels they supposedly provide to their subscribers and how they trade them. But in this particular post, the levels were from a USDCAD forex market and the chart from from the DOW futures, and he used them to make his case. I don't think even they have realized it yet. Makes me wonder what else they brew behind the scenes to convince the sheeple that his strategy actually works. I had blasted that strategy for quite sometime as it never worked for me. This proves they engineer that stuff to make it look good and sell to unsuspecting naive investors....smh
"Distribution of this grid in any form is cause for immediate daectivation of Mastermind Membership" LOL.....................how dare they!
Though I could not caution all I yet may warn a few: If anyone is thinking of Online Trading Academy, better think twice... (please see uploads for pricing) Attached: -Pricing. --Sales questions the commission salesperson asks you over the phone - which is secretly tape recorded, using "Tape-A-Call". -The "Pain" questions the OTA commission sales people will ask to soften you up when they get you alone in the "Pain Room". -Online Trading Academy Sales Process; they're trained to act the opposite of a 100% Commission Salesperson. 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 that steals $100,000,000 from wannabe traders every year - often the uneducated and the poor retired.
Wally, Regarding your comment: "...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! ... While I agree with your assessment of OTC, you couldn't be more inaccurate about institutions not leaving unfilled orders (inventory) on the Exchanges. Also, while program trading constitutes approximately 75% of the volume almost every day, HFT is nothing more than a sneaky market-making function. By executing a whole bunch of little orders over and over, market makers on Level III can add liquidity (or remove it) to certain stocks at certain times. But in index futures, it is a completely different deal. Institutions don't trade the news, they already know it well in advance. Only Retail-ville trades the news. If GSCO or JPMS takes a 1/2 million contract position in the SPY/S&Ps or CL, you think they're gonna unwind their accumulation on a scalping mission trading the news?
Hi there Wally and TraderJim618, I am interested to hear more from you about Online Trading Academy and their ‘doubtful’ strategy. Wally in particular, you have quite a fierce opinion of their modus operandum. May I ask when you worked for OTA and in what capacity? And perhaps what evidence you have that they are operating a huge ‘scam’. I also notice that you both disagree on whether the institutions have unfilled orders in the exchange as this appears to be the basis upon which the strategy was created. I am interested in learning more about trading in general and am attracted to the supported learning environment that OTA offers but am obviously put off by your comments. Thanks for any further thoughts. Winwin