Online Trading Academy

I attended the ProTrader series in July'07; the 2 manuals that came with the course are excellent and HAVE up-to-date Level II (decimalization).

OTA used TerraNova (TNFG) as its platform back in '07, but has now switched to TradeStation (TRAD); which is why I will be repeating the course again next week. Rumor has it that the manuals are in the process of being updated again,

rd

Quote from jodistrict:

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.
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Quote from rd92781us:
OTA used TerraNova (TNFG) as its platform back in '07, but has now switched to TradeStation (TRAD); which is why I will be repeating the course again next week. Rumor has it that the manuals are in the process of being updated again,
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Unfortunately their policy is that no manual will be given to the repeats. I almost got my head chewed off by Mike McMahon when I took the course the second time asking to have the updated manuals.

It's good that they use TradeStation (I use it too). I am very disappointed at TerraNova (I used to like them a few years back). The RushTrade Pro platform (now named Tradient) is not up to par. They push it because the can profit more (their own platform) instead of paying Townsend for the usage of RealTick.
 
Quote from Bolimomo:

It's good that they use TradeStation (I use it too). I am very disappointed at TerraNova (I used to like them a few years back). The RushTrade Pro platform (now named Tradient) is not up to par. They push it because the can profit more (their own platform) instead of paying Townsend for the usage of RealTick.
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Sir

Rush trade has gotten better (they’ve upgraded the software several times) – but that said they still have their quirks...

I’ve been thinking about changing to TradeStation for a few months - but am a little hesitant (you know the why go from the known to the unknown)


Specifically I’m thinking about switching because…

The intraday charts have a glitch and need a periodic refresh (they also get jacked up when I switch time frames short to longer)

The intraday chart data only goes back 10 days (I believe TradeStation goes back more)

I don’t have the ability to trade multiple asset classes from one setup

No intraday S&P Volume




All that said Sir if you don’t mind me asking

1.) How was your experience after the switch, and to date Sir?

2.) How stable is the platform during very heavy periods – Tradient has finally fixed their lock up issues (at least for me)

3.) How much processor overhead does TradeStation use?

4.) Anything else I should take into consideration


Thank You
Redneck
 
I used to work for the Online Trading Academy. I'm now a full time trader and offer the following unbiased opinion...

Their education is well rounded and pretty "informative". The pro trader class will teach you enough to be dangerous. You'll learn how to operate a trading platform, general theory about the different technical analysis and indicators, basic tax information, and some general fundamental analysis. You'll even get to practice trading equities with 10 shares and play with TradeStation to test some different analysis.

HOWEVER, The pro trader class does NOT teach you a specific trading methodology that you can apply when you leave the class. The information is ONLY general information and theory.

If you're a beginner looking to get a broad education that gives you a STARTING POINT towards trading profitably, then OTA might be good for you. With that said, you still need to develop or acquire a solid methodology with a SPECIFIC "trading structure". Again, general information on technical analysis is NOT enough to trade the markets profitably every day.

Here are your choices:

1. Take the general knowledge you learn and back-test/develop your own strategies and come up with a methodology/trading plan that fits your trading objectives and personality.

2. Get a trading coach or invest in a program that teaches a proven methodology. There are many good methodologies available. The most important thing is to find one that you're comfortable trading. If you aren't comfortable with the risk structure, time frame, or market, then you won't execute properly and the methodology will fail for you. Also, don't waste your money on magic indicators or automated trading software. Personally, I've purchased over 25k worth of CRAP in my search of the holy grail. Guess what... It doesn't exist.

3. OTA's Extended learning track- it's basically a daily trading room with some pretty good traders. You can follow their trading styles. The downside is there really isn't specific training on their styles/methodologies other than what they talk about in the class.

Most traders I know have benefited from something with specific guidelines including trade setups, and specific ways to interpret price action, momentum, areas, and multiple time-frames.

Feel free to visit my blog. I have some posts that might help in your search.

Best of luck,

Chris Dunn

http://chrisdunn.typepad.com/
 
Redneck:

I am happy to share what I know and my opinions:

Rushtrade's DirectPro (now Tradient) never impressed me with their charting capability. It's too simplistic. The available indicators are very limited and they only allow you to add 2 indicators per price chart. Duh! Every the free charting software can do better than that. The Fibonacci drawings suck.

I currently use 3 different trading platforms (for diversity and survivability reasons):
- RealTick (offered through MasterTrader.com - they are small but great (service))
- TradeStation - the charting and programming features are great
- Schwab's StreetSmart Pro (formerly CyberTrader) - their platform sucks (stability problem), but I still like their charting features.

I use RealTick as my primary trading platform (Level-2, nothing else). RealTick is quick, let me change my order very very quickly and let me customize buttons and keyboard shortcuts - I love them. To trade a fast market, this is a big plus.


RE: The intraday chart data only goes back 10 days (I believe TradeStation goes back more)

TradeStation goes back to at least 10 years for intraday. It is great. I use it for my research every night.


RE: I don’t have the ability to trade multiple asset classes from one setup

With TradeStation you can trade index futures, forex, equities, and option all in one interface. Just use the pulldown to switch your account. Very simple.

They also offer Order Cancel Order (bracket order) and Order Place Order (I might not have gotten the term right). You can place a stop order immediately and automatically if your limit buy/sell order is executed. And you can place a limit order to exit (target) and a trailing stop order at the same time (bracket order). What I don't like though is the way you change your existing order in TS which is cascade-menu driven. Very time consuming and frustrating to use if you play a fast market (e.g. SKF) where the prices jump a lot. Changing the limit order prices is very slow.


RE: No intraday S&P Volume

Got that in TradeStation.


RE: 1.) How was your experience after the switch, and to date Sir?

I switched to RealTick from DirectPro. I love RealTick. Robust (only 1 server crash which lasted about 30 minutes in the past 10 months. It's acceptable to me.) I don't have any problem with TradeStation either.


RE: 2.) How stable is the platform during very heavy periods – Tradient has finally fixed their lock up issues (at least for me)

Both RealTick and TradeStation work fine during fast markets - the opening 3-4 minutes, a few minutes after the FOMC announcements, etc..


RE: 3.) How much processor overhead does TradeStation use?

I don't notice any processor burden with my current computer (my old one was too slow. When it was too slow, the chart updates were delayed). My main "charting" computer is just a cheap Compaq desktop, not the top of the line, bought about 6 months ago. It drives 6 monitors. I have about 30 to 40 charts opened at the same time - some with lots of indicators (multiple moving averages, BB, volume, CCI, RSI, Stochastics, etc.). Some of them are tick charts. They all work okay during the opening.


RE: 4.) Anything else I should take into consideration

I don't know if you are into programmed trading. Auto-trading is TradeStation's main selling point. Write a program and have your system make money for you automatically. I don't use this because I am not good at setting up mechanical trading systems. If you are into it, TS is a good platform.

Also they have RadarScreen, which is a custom alert system based on your own defined criteria and time-frames without displaying the charts. For example, you want it to alert you when the MA20 crosses the MA100 on a 5-min chart on 30 stocks that you follow regularly, you can do that.
 
Bolimomo,

A Big Thank You Sir

The information you’ve provided is very helpful in giving me some needed insight


I have 3 seperate accounts with tradient (Day / Swing / Investment) ... and it's becomming obvious that I need to get my butt into the 21st century to better manage them

(analogy = I’m trying to play a round of golf with one club)


Thanks Again Sir
Redneck
 
Quote from Redneck trader:
The information you’ve provided is very helpful in giving me some needed insight
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No problem Redneck.

Here are the pictures of my trade desk setup. 3 desktops, 2 laptops running TradeStation and StreetSmart Pro for charts and RealTick for Level-2.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=43661&perpage=6&pagenumber=428

Here is a picture of one of my TS chart setup:

http://www.trade2win.com/boards/561042-post13.html

I really like TS for its ability to let me program custom indicators and alerts.
 
I said before in a previous post: OTA's ProTrader course is a basic training on how to drive (how to trade). But it doesn't tell you how to win the Grand Prix (exactly what methodology to use to make money out of the market).

Most of the curriculum was okay. But I don't like a few sections:

- Spending time on "following the Axe" on a level-2 screen. This kind of trading is DEAD with decimalization and proliferation of ECN (like... you don't teach people how to SOES any more do you?). So get on with time and take this out. Time totally wasted.
- Spending time in walking through many of the URLs to find financial information. While nice to know, this can be provided in the appendix and no time needs to be spent on it.
- Last chapter on how to deal with stress induced by trading. Like you should get up and walk around once in a while. Give me a break! Time totally wasted.

If you take up the OTA's mentoring program (another $6k or so), what I don't like is they mentor you their methodology, which is to scan, scan, scan the Nasdaq 100 stocks every moment of a trading day catching profitable patterns. IMO this is not an effective way to make money. But everybody has his/her own method. For me I only follow a few stocks that I like and I trade the same ones every single day. I don't scan. If you take mentorship from them, that's what they are going to teach you.
 
Quote from Consistency:

there is no holy grail . secrets of trading this is all bs . if anyone had secrets why would they give it to you . courses. all a a waste of time. read a book for $30 instead of paying thousands for a course. people wake up
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You can say that about reading a book and become a brain surgeon or an auto mechanic, or even a pilot.

Nothing can substitute "doing it". But many do-it-yourself-ers pay their tuition in the first few trades just after reading a few books and doing it, thinking that this is easy. Many new traders welcome the comfort of getting a helping hand getting started. OTA stresses on "managing your risk", which is very important and often overlooked by novice.

I think one should take advantage of the tuition rebates and the tax write-off to get some education. To me that's the way to go about this.
 
I spoke to several traders who attended the Irvine, CA OTA ProTrader course. One of them felt it was alot of money in order to learn things one could learn in a book. But my understanding is that you have to take it to be allowed to take the Mentor sessions.

Both traders were much more positive about the mentoring sessions where you actually learn from someone who is trading and making money in real time.

I'm currently subscribing to a trading room at todaytrader.com that i really like and it is alot less expensive than OTA. It uses a combination of stock scanning to generate alerts and some other things like monitoring sector strength and jumping on stocks with momentum in strong sectors. It's not easy and i'm not sure i'll ever be able to do it with the success the host trader achieves. He has a really good feel and is great at monitoring alot of stocks and acting in a timely manner.

Also, here is a great article on the general benefits of great mentors/teachers http://sfomag.com/CommentaryTwo/Default.aspx?CommentaryID=112

Good luck!

Gantra
 
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