Warning: Online Trading Academy (tradingacademy.com)

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

  1. ZLEMA?

    Who cares, an MA being too choppy or not smooth enough is not the reason people are losing money trading.
    #141     May 16, 2011
  2. My experience lies with the facility in Orlando, FL. I signed up for Pro Trader 1 several years ago. Since then the company has changed hands several times and it seems as though new people come and go every couple of months or so. These are some of the things that I experienced.

    When I called and asked for my old counselor, I was told that he was out but other people could help. I was then invited to a Power Trading Workshop that Friday. I really didn't understand why I needed to attend as I had already been to one and had enrolled as a student. The guy on the phone said he was a educational counselor and told me that the Power Trading Workshop would be a good memory jogger for me. He also told me that my old counselor would be there as well and I could go over my plans with him.

    Then I got a call from the same guy. He tells me that the Friday PowerTrading Workshop is "sold out" and reschedules me for another one. I asked for my original counselor and he tells me that he is there but with a client. This guy tells me that he can meet with me one one one at the center so I set up an appointment to met with him that Friday.

    Funny thing. There were only employees there. The Power Trading Workshop that was supposedly "sold out" was actually cancelled. From what I've been hearing, this is a regular practice at Online Trading Academy, at least In ORLANDO. However, I would be wary about other centers saying "sold out" on their events. I assume it really means "cancelled"

    Then I asked for my original cuonselor. This guy hmmmed and hawed and finally told me that he was no longer with the company. I asked "How long?" He just shrugged his shoulders and said it had been awhile.

    So then I asked him why did he tell me that he was still here? He didn't even reply to that instead said, "Let's get down to business. You only have Part 1 of the Pro Trader. You need to get Part 2 and today,and only today I am in a position to give you a special offer!"

    WOW! Deal of the century! My lucky day! NOT!

    So then I told him that one of the reasons that I called was to retake Part 1 which I was told was my privledge. He just went into his sales pitch and told me why I needed to take Part 2 and it didn't make any sense to take just Pt 1.

    So I asked again, can I retake Pt 1? He said that retakes are on a first come first served basis and that people who have enrolled in both Pt 1 and Pt 2 are first in line.

    I was beginning to get upset. So then I changed gears and asked him about my credits from the broker that Online Trading Academy used to use before they switched to Trade Station. It was Terra Nova. I wanted to get my reimbursement that was promised to me.

    This guy tells me that was with the previous ownership and Online Trading Academy no longer honors that broker, only the new one.

    I was astounded! So you are telling me that all of the trades I made with Terra Nova, all of those credits, is essentially lost money?

    He said "Yep!" And even had a sly smile like he could care less.

    And he was slick, "But if you enroll in Pt 2, you will earn credits with Tradestation and perhaps I can do something special for you.

    Needless to say I was more than just a little upset so indicated that I just wanted to retake PT 1 which was my privledge. He told me that he would see what he could do but never got back to me.
    This guy only cared about making a sale, not servicing clients.

    A few weeks later I recieved a mailing about a special 2 Day Event that would be held at the Crowne Plaza in Orlando. They were supposedly bringing in all of these great speakers from all over the world. And was FREE with FREE FOOD!

    So I took off work and attended this "Special Two Day Event", or at least part of it. Turned out to be a glorified sales pitch. Only instead of one guy pressuring me into buying, there were numerous speakers and bunch of other guys running around pulling people out of the room and trying to hustle them to buy or upgrade their membership. It was poorly organized and in bad taste. And by the way, the free meal was just cheap SUBs.

    I'm in sales and I'm all for making money and bringing in cash to keep the company afloat. However, that said, there is a profesional way to do it and an unprofessional way. What I witnessed from Online Trading Academy was very unprofessional and unethical.

    And while I have cited the Orlando facility, this same thing seems to be happening across all Online Trading Academy centers everywhere.

    By the way, I also find it fascinating that the Online Trading Academy students that I spoke with all told me that they were either losing money or just keeping their heads above water in their trading and that was after spending $5,000 to $48,000 attending classes and retakes for 6 to 12 months. In todays economy I can not justify spending that kind of money to just break even or lose money. In fact, without their Pt 2 and XLT and other programs which would have cost me at least $20,000 PLUS additional expences of taking time off from work, travel and lodging, meals etc., I have been positive in the markets following my own system and reading good books like John Murphy and Tonie Turner.

    My advice with Online Trading Academy is to stay away. Not worth the headache or the money.
    #142     Aug 1, 2011
    tommcginnis likes this.
  3. $48,000??? For trading classes? Did he receive a degree at the end?

    Let us know when people start taking out federal student loans to attend OTA.

    What a racket.
    #143     Aug 1, 2011
  4. Thanks for the information!
    #144     Aug 1, 2011
  5. I forgot to mention that they keep referring to their business as a "school" and even use academic language like "tuition reimbursement" if you use their broker. (Yeah right like Terra Nova and you lose all of your credits and reimbursement when they switch brokers!) and $2,000 scholorships. If you enroll that day you get a $2,000 discount. Price is supposed to be $6,990 for a 7 day class, but if you sign up that day, they will drop the price to $4,990.00. Yada, yada, yada. So much b.s. From what I was told, nobody ever paid the $6,990.00

    Bottom line is that the training is basic. Nobody that I talked to was making any money other than the employees and the trainers. The so called "educational counselors" are really sales people and not real traders. Most are so broke that they can't afford to trade.

    And I am still waiting to retake PT 1, but I guess there are too many people ahead of me or the used car sales people at Online trading Academy just don't see me as a good prospect for PT 2 or other upgrades so decided to screw me out of the retakes that I was promised too.

    Like I said, stay away.

    By the way, a rumor is circulating, and so far it is only a rumor, that
    they may be closing the Orlando office and opening a new office in Jacksonville.

    As far as I know, Online Trading Academy has been Orlando for about five years. Ownership has changed hands at least 4 times, employee turnover is very high and most members are not at all happy.
    #145     Aug 1, 2011
  6. Once again, let's think about this. Would you take a course to become a brain surgeon if you had carpel tunnel syndrome ?

    You might, but the educators, if they were ethical, would tell you up-front: YOU AREN'T QUALIFIED.

    I'd say 90% of the people are not qualified to trade their own account.
    #146     Aug 2, 2011
  7. So, what percentage is qualified to trade other people's accounts?
    #147     Aug 2, 2011
  8. kut2k2


    No and no.
    People lose money in trading for many reasons, and using crappy indicators based on poor data smoothing may be one of them.
    #148     Aug 2, 2011
  9. I'll tell you about the deception going on at OTA (Online Trading Academy) and you want to compare that to carpal tunnell? You must be an OTA employee. One of those sleezbags that misleads people. Maybe even the clown that I spoke with. Funny thing though, at the presentations, the so called Workshops and even during the Pt 1 class that I took, we were all told that "anybody could do this" with practice.

    Besides, I don't see anyone saying that they couldn't do it, rather, like me the complaints are the ridiculous claims made and the unethical sales tactics used. Not to mention the outrageus charges for their programs and the audicity to compare this with the academic system and refer to it as a "school" or use terms like "tuition reimbursement" and "schlorship"

    On the other hand, perhaps you are trying to explain why the OTA employees are not successful with their trades or don't even trade at all. Perhaps the "carpal tunnel" syndrome. Maybe they are unteachable and only good at high pressure sales. Perhaps fmr mortgage brokers, time share or used car salesmen.

    Or perhaps you are trying to say that OTA only appeals to the naive. The get rich quick crowd. The suckers. And maybe you are right. Except that I am NOT one of them!

    In any event, the point I was making was that I was promised that all of my trades would lead to a reimbursement and now that OTA has changed brokers from Terra Nova to Tradestation, I have lost the so called reimbursement. Also, I was never called to retake Pt 1 or Pro Trader as I was promised I could.

    As for your comment "Who cares" You do sound like that sleezebag at OTA. It was obvious that he didn't care.
    #149     Aug 3, 2011
  10. cantgetsh1t

    cantgetsh1t Guest

    I myself went to the "free" trading seminar. It was a bit of a brown nosing affair. One of my friends has taken 2 separate classes(Stock and Futures). Said he learned a lot, told me to check it out and I did. I am taking the Futures trading classes next week at an OTA location(only about a 5 minute drive from an airport, hahaha). I have my doubts about the "school", the cost is outrageous but I am doing it anyways. We shall see. I will give y'all a non bias report on the class day by day. Fingers crossed lol.

    And the person who made the "carpel tunnel" surgery comment is without a doubt an OTA employee. You can tell by the used car salesmen comment.

    P.S. If the classes are crap, I will do everything in my power to discredit the OTA "school" I am attending(My wife and I both work for a news broadcasting company).
    #150     Aug 12, 2011