$5000 to old person isn't all that much. they are too lazy to read, too dumb to use internet, and too afraid to try without guru saying more stupid stuff. they are sheep, and dumb. great for salespersons. MY system bought S&P at 700. then sell 1/20th of position at 730.....add here, stop here, add here, sell here.... SOOO EASY when you look at S&P chart. now give me your money. my system will make you rich if you know how to use it. but i do need your money!!!!!! When jokers do more talking than trading......or never shows that they actually made money.....lol.....you are idiot if you give them money. I won the Super Bowl 2 times.... easy to see if i lie. or have credibility. for "traders"....it's all lying. and hope stupid sheep believe non-proven credibility. salesperson loves the morons.
The people who really make the money on this are the sales people and the companies selling this junk. You have OTA, Better Trades and this Forex company called Next Step Financial Holdings aka MTI all have their hands in your pockets, all offer basically worthless programs at inflated prices. But at the end of the day, it is up to the consumer to be smart enough not to pay for these get rich quick schemes. The good news is that they all go under eventually. It took awhile for Wade Cook and Larry Pino to fall along with others which were around for nearly 30 years. But they all do fall. Funny how the people who work for these companies always blame the clients. I think it is high time for these companies to own up to their hype and for them to be taken down. OTA has been downsizing quite a bit. Other companies that were doing the hotel seminars are now doing in house training or webinars to cut costs. Next Step Financial Holdings aka MTI nearly closed down a year ago and is contracting again and really pushing their webinars (really just informercials on the net) and downsizing. Consumers, be smart. Just say no to these scams. Don't waste your money. If these guys were really making money trading, why are they sitting in offices all day selling their worthless junk??? Hmmmm???
These guys are on point the Rob Mcnabb....Fernando....and Mike....people left right before I was foolish enough to eventually cave in to the program. I was very new back in '07 when I went to a PTW and was hit with the sales pitch in the middle of the seminar. OTA knows that people expect the pitch to come at the end and people will leave so they attempt to trap you. The sales process was intense and I told the guy I'm an attorney and I'm not signing up yet. But I was so excited about day trading and forex that I thought it was the real deal and eventually signed up in '09. I used to watch youtube tapes of Rob Mcnabb and this guy was a real trader but he had left in '08.....I guess I know the reason now. Then Sam Seiden became the top guy and he switched the whole program to his style of trading which is supply and demand swing trading. He doesn't teach the fast paced day trading of Rob Mcnabb because he can't do it. But to make a long story short I signed up for the Forex onsite class with I think his name is Rick Wright.....he was horrible.....and the class was lack luster. He didn't seem like he wanted to be there and he didn't give off the vibe he was just teaching because he wanted to help. I eventually signed up for the Forex XLT which was a lot better but it basically focused on supply and demand. I thought I was learning something......Sam Evans is another guy who really trades lives and did pretty well. Then I signed up for Options and pro-active investing.....and out of the OTA staff.......these are the best of the worst. OTA does a good job of convincing people they need more or it's them......and in some cases a lot of people will never learn to trade. But I was doing the right things and the supply and demand wasn't working.......and then I noticed that one of the students they would have speak at their "all-star sales events" hadn't even started trading live. I knew then I was done and was ashamed I recommended one of my friends join.....I thought I hadn't just mastered the learning curve. So I wasn't giving OTA anymore of my money and started researching some of the people who work at OTA and a lot of these people have been caught up in scams and some are outright criminals. There didn't used to be a lot of info on OTA on the web when I joined but it's all over the place. I attended the OTA DC and Baltimore locations. One of the educational counselors which are sales people was named "T" he claimed to be a retired police officer. Well one of the receptionist who was beautiful and used to work there (I eventually slept with her this year.....best thing I got out of OTA was some ass...lol) told me all the little secrets of when she worked there. Well being a criminal defense attorney and part of a motorcycle club that was basically all U.S. marshals and me the lone attorney they always had events and the big national police party in D.C. And I would talk to him about it and he came off as a pro....boy he was smooth. Well the female tells me he was in Jail now for impersonating a police officer. She tells me to google his name and his picture pops right up. He had also been convicted I think somewhere in Delaware. But he had stopped a woman and felt her up...she asked for I.D. and he fled but was caught. And this guy was one of there more likable guys. Another guy who was a sales manager was fired from stealing from a customer. They have a new sales manager and crew like every 3-4 months. Before I tell this last story I would like to say that I am a full-time profitable trader....and I became one when I figured out that technical analysis....fundamental analysis......etc........produces no more better chance of being right than 50/50. The only way to make money and beat the zero sum game is to trade derivatives strategies on top of your assumptions in order to have a better than 50/50 shot. I used to live by stop orders.....they are the dumbest things in the world. There are many ways to extend your duration rather than using stops. But my last story is that I recently was trying to look up a former instructor at who presented himself as the creme da la creme....and he seemed to fit the build. I won't mention his name out of respect. He said that he used to manage money for the Marriott Family or some hotel...and was a former CBOE and CBOT options trader which he was along with another guy who is the top Options guy at OTA and I took classes from both. He used to be ahead of the Pro-Active Investor Program. Well he left OTA abruptly at the end of 2010......and he was a smart guy but was very arrogant and rude....didn't care about students.....didn't care about OTA himself.....and many would walk out on him.......but he came off as a Genius so people put up it. Well googled his name to find out about his hedge fund and it came up he was managing $8 million which seem low for a guy who talked like he did. Especially a guy with a Ferrari. But I googled his name and was shocked to see an obituary and a video with an rip message. It blew my mind........I thought maybe a heart attack or something. Turns out he killed himself with helium. He wrote a letter to his family saying he couldn't deal with his financial issues. I felt saddened that this guy who was presenting this one image was really struggling inside. It appears he wasn't at OTA just because he wanted to help society. But do not spend your money with this organization and don't believe that you are going to succeed because you read charts. The numbers don't lie.........wall street traders don't know what a stock is going to do any more than you do......it's all 50/50 when you don't use derivatives.
$6,000 for a course or pretty much anything else online these days is guaranteed to be a rip-off. Never pay more than $1,000-2,000.
I actually sat in one of these Online Trading Academy so called seminars and they did not actually teach you anything! It is more a high pressure sales pitch for you to sign up and spend your monies! The question one should ask is if you are really trying to sell someone a service, you should be able to at least, show the audience a strategy that works right? After the seminar, a couple of presenters tried to convince me that they had the answer to my trading problems. Unless, you show me---how can you convince me? I taught myself about options studying on my own as well as trading reading a lot of books and watching DVDs. One thing I figured out is nobody is going to give you the secret to their trading success! You get snippets and it is up to you to figure out how to put together the pieces that form the puzzle. Things I figured out which I believe is the key to successful trading: 1) You must have strict risk controls to avoid big losses, 2) Trade only a small percentage of your monies in any trade, 2% per trade, 3) Timing is matters and could be the difference between a winning and losing trade. The past year I placed 75 option trades and had 40% winning trades for a net loss of only $246.00. It could be better but, I still have trading mistakes to correct. Reviewing my trading journal to hopefully, turn it around this year.
I've sat through the first 9 DVDs of their first course (borrowed from a friend, course is from 2003). To give notice of which set I watched, this guy loves to pronounce Acme as Acame. I dunno if I can finish watching. People, this guy is annoying. He crafts up a metaphor, rips out it's eyeballs, rides it around the track a few times, asks for the daughter's phone number, sells it into slavery then steals it back, beat's it as a dead horse to no end, and goes on. And on. And on. And on. Holy cow, never seen anybody torture a metaphor like this clown. And people. I mean, people. He likes calling people people. People, he is talking to you. People. And don't get me started on Uhm. Amway, on to the course. Heh. Yeah, it feels a lot like Amway. "Oh, you can do it. Just study the materials, and you are good to go!" OMFG. At one point he was dissecting a level II display, asking the audience if they'd care to go long or short. Last was x.99. Inside ask was x.98. 100 more shares on the bid than the ask. He went into great detail about why this was a long, but never mentioned (and nobody asked) about the outside last. And this was a slide in his deck, not some random test. He spends a lot of time explaining shit that is obvious. I mean, "Dude, if you could not tell this from a glance, you need to go back to herding sheep" obvious. Like adding up shares on the bid and ask on a L2. Wow, what a concept! I guess my advice comes down to this. If you take this class and feel it was worthwhile, you have miles to travel. If you take this class and sat through the whole thing, then you've had your refresh, time to go lose some money. If you shot your instructor, mooned your fellow students and demanded your money back. . . welcome to the club!
The ad showed up on my facebook profile, so i replied to it. I got a call in a few days to show up to the three hour free seminar. The call center called about 3 times to confirm. I showed up to the academy in Toronto only to realize it is a high pressure high sales push to register During the 3 hr the presenter talks about teaching us how to trade like banks and brokerage firms Someone asks the question is the OTA training any bankers and traders. The reply never comes The presenter is in his late 70s. He tells us how he is trading and on a 5000 account you can make 200 a day So this got me thinking. If the presenter can make 200 on a 5000 account and why is he driving 2 hrs in traffic to work on a weekend. something is not right here. They talk about retail versus institutional and how retail traders do not make money. At the end of the three hour presentation the education counselors are circling pressurising you to sign up for another 3 day course at 299. I sign up for the three day course The EC calls me and talks and talks and talks. How online trading changes peoples life so here he is calling me at noon on a saturday. I go to see him and all he wants to know is my problems in life and pain and how trading can solve it. So there are three ex students who are mastermind and they are all working at the OTA on the weekend. You think a mastermind student would be enjoying life. He tells me trading can get boring so they come to work. YOu mean to tell me you are offering me something that is boring. something does not add up. During the three day seminar there is pressure on to sign up under the guise of coaching The presenter is an ex student. What is he doing working 3 weekends a month from 8 to 8 The customer service guy is an ex student the same question to them on sunday the pressure is rampant to sign up for courses that start at 27000 to 65000 and on the website it says 7000 the EC tells me every planis unique. i compare mine to someone who is 20 yrs older it is the same cookie cutter word by word and the other person too I left after three days realizing this nothing but a sham and to grab your money
A close friend of mine mentioned that a friend of hers was going to sign up for this course and shell out $17,000. She had never traded a stock in her life and fell for the sales pitch. I have been day trading for 18 years, I offered to speak with this women. She turned my offer down which pretty much sums up that she is not very bright. Bottom line don’t waste your time and money on anything like this. The reality , Day Trading is not easy, what these seminars do is sell a pipe dream and the gullible pay for that dream. Everything they teach can be found for free on line. However what can never be taught is the mental aspect of trading, ask any trader and they will tell you this is probably the most important part of trading and is why so many people fail.