Online Trading Academy is a Sales and Marketing company, that tries to "close" you during their "Power Trading Workshops". Each salesperson, or as they would like you to think of them, an "Education Counselor", will meet with their prospects, one on one. If you meet with the Education Counselor during lunch, then you are their "best prospect", or so they think. So don't sit down during lunch with an Education Counselor. Then after lunch, they will start "pulling" prospects to sit one on one with their Education Counselor. It is here where they are closing, and if you do not value your time or money, it may be worth taking the class. They tell you that once you enroll, you can re-take the class as many times as you want. This is completely false, as you are put on a waiting list, and each location chooses who will retake the class bases on the "students" potential up-sell. The first class is $5,990, but then they try to upsell you with their "mentoring" class that is a webinar, three to four times a week, for life. What they don't tell you is that the "XLT" repeats itself every 12 weeks. And if you do ask them if it repeats itself every 12 weeks, they spin it by saying "yes, that's true, but it is always different because the market is always different". After they try to sell you into an XLT, they will try to enroll you in another class, such as options, futures, forex, etc. Which is then followed by another XLT. All in all, their goal is to have you enroll the day you first attend the Power Trader Workshop, with the goal of having you spend $25,000 over the next two years. If you are one inclined to believe all this, at the very least, be smart and say "I never make a decision to purchase anything that cost over $500 the same day" Best bet is to say my wife (or husband) have agreed that for every $1,000 we spend, we wait one day before the purchase. So if the class cost $6,000, tell them you will call them back in six days. If in six days you want to purchase the class, then you should. But never buy on emotions, they even teach that in their classes, no? Don't buy stock on emotions!!! Then why would you but their class on emotions? So when your in with the salesperson, Education Counselor, ask them "does a successful trader trade on emotions?" They will say "NO". Ask why not? Let them explain. Then say why are you asking me to purchase today, when you know its an emotional purchase? Their traders are nice people, very entertaining in the class, basic information taught in the class (considering they are teaching at a sixth grade level), and during the seven day class, the instructors are speaking with each and every Education Counselor about each student, so the Education Counselor can then use that information to "up-sell" you, or as they would say, further your education. Fact is, a large majority of the "Traders" teaching the class are former Students of Online Trading Academy! Again, very nice people, who would like to make you feel good and important. But no where along the process will they ever say they will make you money, or even that majority of their students make money. They can't!!! The SEC would shut down this marketing company in a second. They have extremely sharp people in corporate running their marketing programs, and results are fantastic!!! They average ten people in a Power Trader Workshop, in 30 national locations, so that's 150 people a day! Do the math, its a marketing machine, and they should get an award for their education. The award should be for "The Best Marketing and Sales" for an Educational Company. Best bet is to join a Webinar based trading class that charges you less then $150 a month. Within two years, you will become a very good trader, total cost of $3,600. And the best Webinar's will have earned their money by having hundreds of people in the webinar, and keeping their subscribers by delivering good information each and every day.
Dandxg wrote... 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. --------------------------------------------------------------------------------- Perhaps this was right after he filed for bankruptcy. Probably in a bad mood. There are a lot of hit and runs in the area where the Orlando OTA offic is located. High crime area
Fact is, a large majority of the "Traders" teaching the class are former Students of Online Trading Academy! Again, very nice people, who would like to make you feel good and important. But no where along the process will they ever say they will make you money, or even that majority of their students make money. They can't!!! The SEC would shut down this marketing company in a second. Fact is that all OTA employees are required to take the classes and get to take them for free. Oh yes, they make it sound like they are former paying students who were mesmerized by OTA and then came over to work. This is total crap. The real truth is that most of the employees have been employees of other failed investment/trading companies that have fallen like Better Trades, Optionetics, Wade Cook, Wize Trade and more and now are with OTA. They are get rich quick junkie who jump from company to company, sort of like prostitutes pimping the unwary public and people naive enough to fall for their story and looking for an easy way to riches. Very few really know how to trade or do so successfully. They make their money selling traidng information and classes. If you doubt that ask them to show you their w-4 and investment forms when they file taxes each year and see where their reall money is made. Case closed. Best advice is to invest in some good books, attend some of the other programs available (IBD has great classes and I am not promoting them, only a satisfied client) Charles Schwab offers free classes that offer better information than what I saw at OTA. Robert Kiyosaki offers more advice in his FREE intro classes than what you will get from OTA's Power Trading Workshops and the speakers are much better. The entire even is more professional. As for the guy picking his nose, as I walked out and tgurned around I saw him licking his lips. Hope he enjoyed it. Anyway, just my two cents
Regarding Scamsfighter post.... Online Trading Academy is a Sales and Marketing company, that tries to "close" you during their "Power Trading Workshops". Each salesperson, or as they would like you to think of them, an "Education Counselor", will meet with their prospects, one on one. If you meet with the Education Counselor during lunch, then you are their "best prospect", or so they think. So don't sit down during lunch with an Education Counselor. --------------------------------------------------------------------------------- You are being way too polite. It would be more accurate to refer to these guys as amateur used car salesmen. They set you up from the second you walk in the door and scout you during the so called workshop, to see who their best prospects really are. --------------------------------------------------------------------------------- Then after lunch, they will start "pulling" prospects to sit one on one with their Education Counselor. It is here where they are closing, and if you do not value your time or money, it may be worth taking the class. They tell you that once you enroll, you can re-take the class as many times as you want. This is completely false, as you are put on a waiting list, and each location chooses who will retake the class bases on the "students" potential up-sell. -------------------------------------------------------------------------------- This part is true. They start pulling you during lunch. Why do you suppose they offer to "buy you lunch". It is to keep you there. They know if you go out to eat and get some real food, you probably won't come back. They claim you can retake and very rarely are they filled, most students drop out once they realize it doesn't work. And whatis lifetime if and when the company closes like so many other similiar companies have?? --------------------------------------------------------------------------------- --------------------------------------------------------------------------------- The first class is $5,990, but then they try to upsell you with their "mentoring" class that is a webinar, three to four times a week, for life. What they don't tell you is that the "XLT" repeats itself every 12 weeks. And if you do ask them if it repeats itself every 12 weeks, they spin it by saying "yes, that's true, but it is always different because the market is always different". After they try to sell you into an XLT, they will try to enroll you in another class, such as options, futures, forex, etc. Which is then followed by another XLT. --------------------------------------------------------------------------------- At the facility I was at, the speaker had the audicity to insinuate that the basic course has no real value and you can only make money with the mentoring program. Jeeessh. Then why have the basic course at all? They bundle various programs together, inflate their value and make it look like you are getting a real deal. Yeah right! ---------------------------------------------------------------------------------- All in all, their goal is to have you enroll the day you first attend the Power Trader Workshop, with the goal of having you spend $25,000 over the next two years. If you are one inclined to believe all this, at the very least, be smart and say "I never make a decision to purchase anything that cost over $500 the same day" Best bet is to say my wife (or husband) have agreed that for every $1,000 we spend, we wait one day before the purchase. So if the class cost $6,000, tell them you will call them back in six days. --------------------------------------------------------------------------------- Actually their goal is to have you spend at least $65,000 on their various programs. They claim it has a value of over $100,000. Sure and pigs will fly too. ============================================= If in six days you want to purchase the class, then you should. But never buy on emotions, they even teach that in their classes, no? Don't buy stock on emotions!!! Then why would you but their class on emotions? -------------------------------------------------------------------------------- I agree, never buy on emotions but that is exactly what they will attempt to do to you, get you to buy on emotion first by telling you that the deal of the century ends today (yeah right) and then with inflated claims of prosperit using their systems. Who in their right mind would evaluate this company for six days and "want to buy"??? ---------------------------------------------------------------------------------- So when your in with the salesperson, Education Counselor, ask them "does a successful trader trade on emotions?" They will say "NO". Ask why not? Let them explain. Then say why are you asking me to purchase today, when you know its an emotional purchase? Their traders are nice people, very entertaining in the class, basic information taught in the class (considering they are teaching at a sixth grade level), and during the seven day class, the instructors are speaking with each and every Education Counselor about each student, so the Education Counselor can then use that information to "up-sell" you, or as they would say, further your education. --------------------------------------------------------------------------------- They do have trainers who act like nice people. Used car salesmen act like nice people too all the while they have their hands in your pockets. In most centers, the Education Counselors will sit right in the class with you in addition to chatting with the trainers to find out who is "hot" ----------------------------------------------------------------------------------- Fact is, a large majority of the "Traders" teaching the class are former Students of Online Trading Academy! Again, very nice people, who would like to make you feel good and important. But no where along the process will they ever say they will make you money, or even that majority of their students make money. They can't!!! The SEC would shut down this marketing company in a second. ---------------------------------------------------------------------------------- As mentioned in a previous post, all OTA employees are required to take all OTA classes and attend for FREE. And as already mentioned one of the reasons they attend is to befriend students in class so as to upsell them later. --------------------------------------------------------------------------------- They have extremely sharp people in corporate running their marketing programs, and results are fantastic!!! They average ten people in a Power Trader Workshop, in 30 national locations, so that's 150 people a day! Do the math, its a marketing machine, and they should get an award for their education. The award should be for "The Best Marketing and Sales" for an Educational Company. --------------------------------------------------------------------------------- Some Power Trading Workshops have as little as 4 people attending. I have ever heard from a person that only one person attended at the workshop she was at - her! The real questions is how many buy and how many don't cancel. (Don't forget the 3 day right to cancel rule which many use once they come to their senses) As for marketing machine, in Orlando, the ownership has changed hands about 5 times since the company opened a few years ago. One owner, I am told resold the business back to corporate in as little as a month. This also happening around the country. As for OTA itself, they started off as Block Securities, then Momentum Securities, then Newport Beach Securities. Why so many name changes if they are so successful and a marketing machine? The guru behind this is Mike McMahon, a man who has filed bankruptcy at least once. Does that sound like the kind of man you want to take financial advice from or call a marketing machine? OMG! My next door neighbor just had his car repossossed and is giving me a hot stock tip. I should take his tip right? ---------------------------------------------------------------------------------- Best bet is to join a Webinar based trading class that charges you less then $150 a month. Within two years, you will become a very good trader, total cost of $3,600. And the best Webinar's will have earned their money by having hundreds of people in the webinar, and keeping their subscribers by delivering good information each and every day. --------------------------------------------------------------------------------- Best bet is search for cheaper options and to stay away from OTA. There is nothing you can learn from them that you cannot do on your own for a lot less money. It has been asked over and over again and many of us are still waiting for an answer, if OTA is so great, then where are the success stories? And I mean documented success stories. If the trainers make so much money trading then why spend so much time teaching? A fair question I believe. Will OTA ever answer? Don't hold your breathe.
I have been taking classes at OTA for the last 3 years. I have learned different trading styles and strategies from different instructors and classes. Thanks for all the instructors and friendly stuff. I will recommend this school if someone is serious about trading.
How funny is this? WandLT: - Just joined the forum - Out of the tens of main subjects he goes directly to tools of the trade - etc, etc, - Out of the hundreds of threads regarding educational resources he comes directly to this one about the OTA - And to my surprise, the first post he writes is a commercial for OTA. - Maybe, just maybe WandLT you need to go back to the OTA class and pay more attention during the lecture:"how not to blow my cover with my first post" OTA charlatan! Took a look at the website. I see pictures of people giving lectures, explaining stuff while on the PC, wearing headphones as a sign of customer support. etc. WHAT ARE ALL THESE PEOPLE DOING THERE? WHY AREN'T THEY AT HOME WITH THEIR WIFE AND KIDS, ENJOYING THE FREEDOM OF A SUCCESSFUL DAY TRADER?! YOU WOULD THINK THAT AFTER WORKING AT OTA (FOR SEVERAL YEARS) THEY KNOW THE DRILL AND WANT TO TRADE A NUMBER OF CONTRACTS FROM THE COMFORT OF THEIR HOME. NOPE, INSTEAD THEY WANT THAT 9 TILL 5 JOB FOR A MONTHLY INSULT. Been there, done that. My god people! Anyone who ignores the warning signs concerning vendors/educators in this business deserves to be scammed. Shaka , Frits I rest my case.
I have been taking classes at OTA for the last 3 years. huh......? .......................................... the hand holding and spoon feeding continues. but when they puke them out, make sure you are short..... playing thru. cheers, s