Online Trading Academy

Thanks Redneck!

I am willing to commit the time/$ involved to try and become a profitable trader in 6-12 months from now...starting small and working my way up the next 1-3 years.

1) Will I make better trades as a result of taking OTA's 7 day program?

2) Will OTA's program save me time, and give me a jump-start towards becoming a profitable day/swing trader?

I'd rather spend $5k now on this class than learn the hard way losing the $5k min capital contribution at most prop spots (and learn bad trading habits from traders doing the 'training') if the program will help me.

I graduated with a degree in finance a year and half ago, small business owner who's been investing for 3+ years on my own, but like the self-employed/mobility aspect of trading and have always had strong interests in it but never knew where to start.

Any other crucial or decision-making worthy info you have would be much appreciated!
 
im def trying to find out asap. I am going to call them back by 2pm (E.S.T) to confirm if I will attend their next 7 day program starting this sunday. Might work out a package deal if I decide to take the FX class later...

any advice would be greatly appreciated. I will check out the board before I give them a call
 
Sorry busy during the day - stopped in during lunch


OTA is not a trading Firm, Prop Shop, or anything else along those lines – What they do is teach trading from an educational standpoint

In the 7 days they will cover

Equities, and a little on everything else you can trade (Options, Futures, Forex, etc.) – explaining - what they are, and the benefits / drawback of trading each

Technical Analysis
Fundamental Analysis
Risk Management (VERY IMPORTANT)
The differences between Day Trading, Swing Trading, and Investing

What a direct Access Platform is, and how set it up and use it – (probably be using Trade Station Platform)
Level II
Time & Sales
Various Indicators
Charts
Multiple Time Frame Analysis

How to enter / exit trades (The various entry options limit vs. market orders)
Using Stops (VERY IMPORTANT)

The last couple of days you will actually trade live – using their money – and obviously small share size

Trading as a business, and how to set it up as a business (VERY IMPORTANT)
Writing a trading plan with rules (VERY IMPORTANT)

They cover a lot of material in 7 days


So as a basic foundation, AND getting an overall view of trading, the mechanics of entering / exiting trades, along with approaching trading strictly as a business – I recommend it




What OTA won’t teach you….

Bottom Line – They won’t teach YOU how to trade and make money consistently

I don’t want to give you any false expectations – This is a hard business, it will take its toll on YOU, Your Bank Account, and Your Personal Relationships until YOU get it figured out…

If you go, after you graduate – I promise you will spend the next year, or so – working your butt off – figuring out how to trade and make money consistently

There is a lot of sacrifice you need to be willing to make in order to become successful



The other thing they don’t do – Is get you in their class and try to up-sell you on the next best gimmick



Hope this helps, and I hope I don’t sound like an advertisement

I’m just a trader who’s tried of all the BS floating around about how easy trading, and making money consistently is. It is not – It is a business that takes a hell of a lot of hard work to make it

I’m also fed up with all the so called experts who purport to have all the answers and can teach anyone to be successful – Because the truth is no one does – you’ll ultimately find success within yourself


Good Luck
Redneck
 
Quote from Redneck trader:


What OTA won’t teach you….

Bottom Line – They won’t teach YOU how to trade and make money consistently

I don’t want to give you any false expectations – This is a hard business, it will take its toll on YOU, Your Bank Account, and Your Personal Relationships until YOU get it figured out…

If you go, after you graduate – I promise you will spend the next year, or so – working your butt off – figuring out how to trade and make money consistently

I’m just a trader who’s tried of all the BS floating around about how easy trading, and making money consistently is. It is not – It is a business that takes a hell of a lot of hard work to make it

I’m also fed up with all the so called experts who purport to have all the answers and can teach anyone to be successful – Because the truth is no one does – you’ll ultimately find success within yourself


Good Luck
Redneck
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Err, if you want to make money, you need to learn how to trade. If they don't teach that, could I make a recommendation? Jack Hershey will give you an amazing market education for FREE. At the end you still not know how to trade but you will be $5K better off.

So you can save your $5K and spend it somewhere learning to trade.

On a serious note, my ex is a pro trader and I showed him OTA because they do a $68K training package. It took him 5 mins to speak between laughing and choking.

That stuff is so low ball really. He said it's basic and not at the coal face. Most of that is freely available on the internet - google all their headings.
 
so I have redneck recommending it...

teasing saying not to waste my $...

I dont know what to do! I guess i can wait till next months session, see if they will work out the same deal for me and just think it over. In process of studying for CFA Level I so I guess no rush but I am very enthusiastic about learning more a.s.a.p. plus I am more of a visual learner who likes to interact/ask questions so classroom setting may be better off.

Thanks for all your guys' input/comments

feel free to keep it coming.
 
I took their week basic course, and it was standard stuff you get out of a book. They claim to teach you to trade on their nickel, but you are instructed to bail out if you loose more than 10 cents. I had to ask the guy next to me how to put in an order. Also , they teach Level 2 NASDAQ, but all the notes still have the numbers listed in 1/16 before decimation so the material is really dated. I think you are better off buying some books, and then trading on Tradestation or some other broker for 10 shares at a time. At $5000, its pretty expensive to learn things you can read in a book. I ended up throwing out the material when I moved.
 
He ask for, and I up offered up, my critique


I also stated

So as a basic foundation, AND getting an overall view of trading, the mechanics of entering / exiting trades, along with approaching trading strictly as a business – I recommend it



Teasinggtara – Have you been to it, or know what this guy knows, or how this guy learns…., or just offering up baseless comments from an ex.... "pro" trader or not


Yes the internet is an option – but how is he going to know what’s good from what’s crap




Jodistrict – I obviously got more from attending OTA than you – oh well sorry you waisted your money


Since neither one of you agree with me – how about offering him some “constructive” and “substantive” suggestions then maybe this guy might get an idea of what steps to take next,


It’s a heck of a lot easier to sit on the sidelines and gripe – than it is to stand up an offer someone a real helping hand



I applaud anyone who wants to learn before jumping into this business, no matter what the educational source – Just as long as it is true education and not some idiot with an agenda or a bias.
 
Quote from mtrizzzz:

so I have redneck recommending it...

teasing saying not to waste my $...

I...
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is it worth 5K? not; 1K maybe; 500 bucks I take it.
 
Quote from nkhoi:

is it worth 5K? not; 1K maybe; 500 bucks I take it.
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But (and I don't know if they still offer it) you get the 5K back (I did) in rebates from the online broker as you trade (commission rebates) - in my case terra nova


They had this deal working with terra nova and trade station at the time

hindsight I kinda wish I had went with trade station
 
Quote from Redneck trader:

But (and I don't know if they still offer it) you get the 5K back (I did) in rebates from the online broker as you trade (commission rebates) - in my case terra nova


They had this deal working with terra nova and trade station at the time

hindsight I kinda wish I had went with trade station
More...

yup they still have this deal. I can also possibly get a tax deduction through my LLC if i use the LLC for trading (since it could be considered business training.)

I also know I wanted to eventually get into forex, they would give me about 15% off if I signed up for both the protrader 7day program and their forex class (and would be able to choose when I want to take it and take it as many times as I want)

for now, I decided I am going to read as much as i can about the subject (or as much as possible while i study for CFA) and decide in the next few weeks if it's worth making that investment for the end of feb trading course.

Thanks for ALL YOUR HELP REDNECK!!! (and everyone else that chimed in) I really appreciate feedback from someone who went through the class themselves. Although its a lot, and it might be more than one should pay for this information, but the fact that it gives a person a good base to start from without having to find the info all over the place over months, piecing it together for themselves, it might be worth it. For now I am taking some books out of the library...downloaded some e-books, and still finishing my Schwager intro to tech analysis book.
 
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