Well the free intro course they say never hold over nite, then in the class "a charts a chart" they advise new traders to close postions before end of day???? and push tradestation hard.
What makes MIT a great school vs Online Trading Academy? According to MIT: http://mitadmissions.org/apply/process/stats Freshman Applications 17,909 Freshman Admits 1,742 Percentage Admitted 9.7% There is barrier to entry to attend MIT while online trading academy allows anybody to attend their so called school. According to USC professor on FX industry: "The business model for forex trading is to burn the customer and then find another one," said Larry Harris, a USC professor and the former chief economist at the Securities and Exchange Commission. http://articles.latimes.com/2011/ap...rading-20110403 In other word, I believe if there is no barrier to entry the business model professor Larry Harris pointed out applies. Churn and Burn to profit. For example, MIT creates barrier to entry for the purpose of education while Online Trading Academy eliminate barrier to entry for the purpose to profit and not education. Barrier to Entry! Beware small traders! ---------------------------------------------------------------------------------- There is no question that Online Trading Academy is purely profit motivated. Another issue that the training is pretty basic and the trainers are not that good. We have already established that. It is also a fact that 90% of daytraders lose money whether it be in stocks, options, futures or Forex. Also according to the Small Business Admistration, 85% of all new businesses go under in less than 2 years. There is risk in everything including driving in your car or walking across the street. Forex is the highest risk among the asset categories and may have the largest number of traders losing money only because Forex is marketed so heavy and has so many new people coming into that market. Many without training and many with supposed quality training from companies like OTA whose advice and training is questionable. Many people are attracted to Forex due to the low entry level to open an account (as low as $50 for a micro account) and high leverage, 50-1 on margin accounts as compared to 2-1 for stocks. These two advantages are also what draws so many novices into the Forex market. The problem with OTA is the exaggerated claims that are made and the unrealistic expectations set up by the used car salesmen who call themselves "Educational Counselors" I am open to look at other options for training if anybody has any. It seems that all that I get are other companies like OTA. I have yet to find any that are authentic. If anybody knows onf any, please let me know.
AM: you have gone thru the training that vendors supply; You eventually learned to trade successfully on your own. Do you think trading can be taught in a classroom setting.
That was a great article. Unfortunately, for some reason the link in your post wouldn't work for me. I googled it, & here's the link (maybe this will help other people read it). http://articles.latimes.com/2011/apr/03/business/la-fi-amateur-currency-trading-20110403 Thanks, btw . .
D Douglass wrote............ Quote from AM Bankus: According to USC professor on FX industry: "The business model for forex trading is to burn the customer and then find another one," said Larry Harris, a USC professor and the former chief economist at the Securities and Exchange Commission. http://articles.latimes.com/2011/ap...rading-20110403 -------------------------------------------------------------------------------- That was a great article. Unfortunately, for some reason the link in your post wouldn't work for me. I googled it, & here's the link (maybe this will help other people read it). http://articles.latimes.com/2011/ap...rading-20110403 Thanks, btw . . -------------------------------------------------------------------------------- Thanks for giving me credit for that link, but as you already know, even thoughyou failed to acknowledge it, I was replying to EMG who originally posted that link and piece and am completely supportive of higher education. Something which is completely devoid at OTA.
Another reply by Dead Dog .... Quote from AM Bankus: I am open to look at other options for training if anybody has any. It seems that all that I get are other companies like OTA. I have yet to find any that are authentic. If anybody knows onf any, please let me know. [/B] -------------------------------------------------------------------------------- AM: you have gone thru the training that vendors supply; You eventually learned to trade successfully on your own. Do you think trading can be taught in a classroom setting. -------------------------------------------------------------------------------- First of all, I noticed you falied to mention any authentic training schools out there. Hmmmm. I wonder why? In answer to your question, yes I do think that trading can be taught in a classroom. I have been to college and have a degree in business management. I learned that in a classroom. HINT: The teachers were professional and knew how to teach. They provided content and didn't stand up in front of a classroom and read from a book or a teleprompter, use slides and had to check everytime we asked a question. Also, this may be the first and only time that I am somewhat in agreement with OTA as they espouse the virtues of classroom training, on hands, experiential training. As do I, however, that is predicated on having teachers/training who are capable of teaching and practice what they preach. Teach from their own experience. It was painfully obvious that the OTA trainers had no clue and didn't even trade themselves. At first I thought I was an isolated case, not so!
Very simple, I donât know of any. Iâve never been to one or had one recommended by someone I trust. Very different from my experience. What I learned at university was how to pass exams. The professors for the most part were rejects from industry or academics who had never worked a day outside the university in their lives. Them that can ,do etc etc. For my 4 years of passing exams I got a piece of paper that told prospective employers that I was capable of passing exams. That got me in the door and from there I was taught whatever process that particular company used. I wonât say that those 4 yrs were a waste of time, I did have some knowledge that I put to use, but I could have gained the same knowledge from reading a few books while on the job. Experience is a great teacher. You didnât need the education to do the job, you needed the little piece of paper to get the job. As far as learning trading in a classroom in 7 days, I doubt it. There is just too much information to absorb in such a short time. Youâd have a better chance over a semester, where you could be taught a little each day and have time to grasp each piece of the puzzle. And even then without actually trading your own money, youâd lack the experience required to be successful. Which brings me back to my original question AM. You took the OTA training. You were dissatisfied with what they provided. Too much sales pitch, too much fluff, very boring and unprofessional. In your opinion a complete waste of money!! Yet you persevered and learned to trade on your own. Was there something else besides not listening to the media that they should have taught you that they didnât? Is there something missing from the course outline that OTA has that should be taught?
Dead Dog wrote... Very different from my experience. What I learned at university was how to pass exams. The professors for the most part were rejects from industry or academics who had never worked a day outside the university in their lives. Them that can ,do etc etc. For my 4 years of passing exams I got a piece of paper that told prospective employers that I was capable of passing exams. That got me in the door and from there I was taught whatever process that particular company used. I wonât say that those 4 yrs were a waste of time, I did have some knowledge that I put to use, but I could have gained the same knowledge from reading a few books while on the job. Experience is a great teacher. You didnât need the education to do the job, you needed the little piece of paper to get the job. As far as learning trading in a classroom in 7 days, I doubt it. There is just too much information to absorb in such a short time. Youâd have a better chance over a semester, where you could be taught a little each day and have time to grasp each piece of the puzzle. And even then without actually trading your own money, youâd lack the experience required to be successful. Which brings me back to my original question AM. You took the OTA training. You were dissatisfied with what they provided. Too much sales pitch, too much fluff, very boring and unprofessional. In your opinion a complete waste of money!! Yet you persevered and learned to trade on your own. Was there something else besides not listening to the media that they should have taught you that they didnât? Is there something missing from the course outline that OTA has that should be taught? --------------------------------------------------------------------------------- I can see why education didn't help you. You are obviously focused on what you think is right. For me, a college degree rocketed me to a high paying position. It was not just a "piece of paper" it is what I was able to learn and apply. It took time, more than 7 days and more than that it came from competent teachers who taught information what was appicable in the real world. As far as passing exams, education gives you the knowledge to pass exams if you have studied and learned. You must also have other skills to succeed too. In your acse, perhaps you lack the personality, social skills or ability to sell yourself. I don't know why the educaton you claim you have didn't help you. What I do know from our brief discussions here, is that you are obviously not very open minded. One thingyou said in a prior post has intriqued me though. That you are a contrarian. I believe you mean that in in sense of argument, not as a trader or investor. In fact, I'll bet that you don't even trade. Am I right? Just come on boards like this one to be contrary o whatever is said here. If all of a sudden a boom of positive posts came on bragging about how great OTA supposedly is, you have a contrarian attitude with them as well. Am I right? My points about OTA have been said again and again. How can I make it clearer to you. Did you ever actually ever finish high school? Grade school? Do you have trouble comphrehending or do you feelthat by continuing to ask questions it makes you appear educated? ------------------------------------------------------------------------------- DD wrote... Which brings me back to my original question AM. You took the OTA training. You were dissatisfied with what they provided. Too much sales pitch, too much fluff, very boring and unprofessional. In your opinion a complete waste of money!! Yet you persevered and learned to trade on your own. Was there something else besides not listening to the media that they should have taught you that they didnât? ---------------------------------------------------------------------------------- AM Bankus replies If you had read my posts and understood them, you would have picked up on that I was alreadya trader. I was looking for more advanced education. Sort of like going to grad school. Taking additinal courses and classes in a real school to get more education. What I got was basic. But once again, how many times do I have to repeat my self? --------------------------------------------------------------------------------- Dead Dog wrote: Was there something else besides not listening to the media that they should have taught you that they didnât -------------------------------------------------------------------------------- AM Bankus replies When you go to Jr and Sr. High School and then to college,. you don't expect a repitition of basic math,basic english and so on. You expect advanced education. At OTA, I was told that this was advanced training and that I would learn a lot. Even the most novice among students found this information, basic, basic and basic. The burden ofg proof falls on OTA. If in fact their classes are so great, where are the success stories. And I don't mean the paid actors that appear in their informercials and ads. If their training is so great, why such a huge dropout rate? If their trainingis so great, why is it nobody is making any money traidng and that includes those who have taken the class once, twice, three times or multiple times over a year or longer? How come so many quit? Hmmm???
Another reply by Dead Dog .... Quote from AM Bankus: I am open to look at other options for training if anybody has any. It seems that all that I get are other companies like OTA. I have yet to find any that are authentic. If anybody knows onf any, please let me know. [/B] -------------------------------------------------------------------------------- AM: you have gone thru the training that vendors supply; You eventually learned to trade successfully on your own. Do you think trading can be taught in a classroom setting. -------------------------------------------------------------------------------- First of all, I noticed you falied to mention any authentic training schools out there. Hmmmm. I wonder why? In answer to your question, yes I do think that trading can be taught in a classroom. I have been to college and have a degree in business management. I learned that in a classroom. HINT: The teachers were professional and knew how to teach. They provided content and didn't stand up in front of a classroom and read from a book or a teleprompter, use slides and had to check everytime we asked a question. Also, this may be the first and only time that I am somewhat in agreement with OTA as they espouse the virtues of classroom training, on hands, experiential training. As do I, however, that is predicated on having teachers/training who are capable of teaching and practice what they preach. Teach from their own experience. It was painfully obvious that the OTA trainers had no clue and didn't even trade themselves. At first I thought I was an isolated case, not so!
Hey AM youâre making a lot of assumptions about me. Most of them wrong but thatâs OK. Just for the record, I didnât fall for the high pressure get rich quick marketing scheme that you did. You would think that a well educated fellow with a business degree who already knows how to trade would recognise BS no matter how nicely it was wrapped. Didnât you pay attention in your marketing classes? Maybe you didnât pay attention, you did say you were bored didnât you, at the OTA classes. Iâll stop bugging you. Hope you find a good school.