Warning: Online Trading Academy (tradingacademy.com)

Discussion in 'Educational Resources' started by TraderZones, Nov 10, 2009.

  1. Warning: Online Trading Academy (tradingacademy.com)

    As I know that newbies sometimes scan on ET looking for info about companies offering expensive courses, this post is targeted to them.

    I received a card in the mail for this organization. 5 hour trading free course + bonuses for free. I usually attend these, + hotel seminars, out of curiosity to see how they preach to the sheep (Investools, WizeTrade, BetterTrades, etc.). They are all pretty much the same, and pour out scorn on their competitors, at the same time.

    I answered almost all the questions he kept posing to the 20 people in attendance, so they seem to target neophytes. They kept saying "experienced traders are the hardest to convince" DUH - that is because they know how to ask hard questions and demand proof.

    What do the courses basically cover? For something like $6,000, this 7 day course is basically a regurgitation of gap analysis, TA patterns (wedge, pennants), and other things. You can get these in many different TA books Plus you "get to work with their master traders on live market data" to see these things in action. Funny, the only evidence that these master traders were good, were high praise from the presenters. Never any verifiable evidence to backup their "master" status.

    And they have courses in forex, futures, stocks and options. Likely, you learn the same patterns/methods in 4 different ways. You can spend $24,000 to $64,000 on all their stuff. Retakes are free (except I think a $99 registration fee)

    He constantly talked about how "their past customers love us" but NEVER talked about their customers documented success or offered proof of sucess of any kind. Just a few hour spiel designed to get you to sign up before you leave - similar to the other hotel seminar companies - they want you to sign up while you are stil pumped, and before your normal skepticism kicks in. I tried to talk 2 people out of their purchase, and 1 took me seriously.

    The wet-behind-the-ears course presenter (a recent grad of some of their courses, as were their "counsellors") tried to pump me for my own performance and preferences (which I believe is legal only for CTAs/RIAs - discussing someone's personal trading)

    And then he bragged he was doing 10-15% returns a month. Said "for a few months." Of course, he never proffered his own trading results, or audited results from company traders, or broker statements, etc.

    You can google on the company + use scam or ripoff. You will find some reports to this effect. Only 2 BBB reports, but at least a handful of things on some scam reporting websites.

    Expanding rapidly, they rented out cheap space (think off-the-beaten track former manufacturing facility in a partly deserted office park) that was REALLY hard to find.

    If it was a couple hundred, might be worth it for a TA lover who wants to see things in action. But many thousands??? For an unproven company that offers no proof? To learn something almost straight out of books????

    OF course, we never received the bonuses... :D
    davistrader likes this.
  2. Near a major airport?
  3. johnt1256


    Thanks for the tip.

    I am currently looking for a course/ backer after trading profitably, not always consistint but i have only been going 3 months.

    Rather enrol on something with good coaching from the off rather than waste the money myself trying and trying.
  4. spinn


    I have a friend who works at one of these, he has been around trading forever 10-15 years but has never made any money at it, as far as I can tell.

    Hes is a good guy but stuck in the trap of not having any relevant skills, as he spent so much time effort and money trying every half baked method in existence.

    I guess he is now training others to spend their lives chasing semi successfil methods.
  5. spinn


    actually, the one near me is...lol
  6. Designed for hit and run?

    I talked to Mike Mc Mahon several years ago. He was at their Irvine office next to where some family of mine lives. He was so condescending and full of himself I was instantly turned off.
  7. LOL. What were you thinking going to these clowns? I hope it was for comedy.

    Talk, talk, more talk, talk, and more bad motivational crap..

    i've been to similar seminars i'm sure

    of course they are excited

    They are about to make 6,000 off your dumb ass!!!


    like a used car salesman that constantly raises his voice.

    "best of the best of the best"

    and the losers that paid the 6,000 and have no money are too embarrassed to tell anyone.
  8. nothing like wasting several hours of your life.

    while you were away at the meeting, a bunch of spammers snuck into et and ran roughshod all over the place.
  9. About 20 years ago while I was attending grad school in the Bay area I sat in one of these by Martin Pring. Grad school had off campus classes in office buildings/office parks and he was doing a T/A course with the same sort of schpiel. Students were invited to attend. I sat in for about half an hour. I had already been trading very successfully at that time for around a decade. Needless to say I found it all humorous.

    What these Trading courses really are are T/A courses. These marketing people have done the same thing in real estate for decades trying to lure in suckers. They put together some TA that you can get out of Edwards/Magee wrap it all together with some slick marketing and promises of $$$ and suckers line up.

    There are always suckers looking for the hot stock tip and get rich quick schemes whether in real estate or now (the last decade or so) in the stock market. The financial markets attract newbie in droves. The ease of entry attracts fodder for the cannons. The lack the skills and abilities causes the masses to end up road kill one way or another. Whether they lose part of their $$ to scam artists or to the markets.......it's inevitable. Nothing new.
  10. yes, yes. better to spend $250,000.00 with my personal friend rcanfiel for his cant-miss system of trading. sharpe, dull, pointy, blunted => all the stats are there.

    topic search that in et for best investment ever
    #10     Nov 10, 2009