Warning: Online Trading Academy (tradingacademy.com)

save wrote...

Ok, update on the discs I ordered. Before I got them I received a call from a rep trying to get me to go to classes, called me everyday so far...

Got the disc's and so far it is all a complete joke, a bunch of power points on cd with information that is insulting to people with half a brain. A new trader could go online and do 15 minutes of research on trading and get more information.

Oh...and the videos, I mean power points, crash every 5 minutes or so.

This is so sketch it should be investigated, a complete scam. I feel stupid for even thinking about buying these.

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CD and DVDs and CD-ROMS are usally promos for the company and have very little information. You are basically paying for a cheap advertisement. The FREE stuff that OTA offers are their workshops are the worst.

In another regard, I attended a meetup recently and understand that there is a website, supposedly a 3rd party neutral website that allows interested parties to post reviews on OTA. Turns out it is OTA. How do I know? People at the meetup group wrote not negative, but constructive criticism of OTA and their posts were removed and listed as "fraudulent posts by a former disgruntled employee." These people were not former OTA employees. AND the only posts on there were postive ones cheerfully bragging on how great OTA is. C'mon. Isn't it obvious that this is b.s.??

Another clue is that right on top of the website is a link to OTA with OTA's url. HELLO? And there is an image of a man. I went to OTA's main website and the image of the man is a OTA employee!

Anyway, just another way that OTA is trying to circumvent facts or even opinion and reinvent their image. And how convenient that they put a link to their website where you can find the closest location and attend a free 1/2 day workshop and classes at a location near you.

I don't know about you but there is very little credibility to me with companies that create phony third party neutral websites to promote their business. What are they really trying to hide?

As for the accessory stuff, CD-ROMS etc, I wouldn't even take the free stuff. I've heard that it can damage your pc.
 
Mark2m wrote:

For years I had struggled to make a living from trading. About seven years ago, I luckily found and joined the Denver Trading Group. For $60 at that time per year, we had seminars, meetings, etc.. with the best traders in the world stopping by. Since many of them were in Denver to 1) ski 2) promote their latest seminars and possibly a just published book, we were given the option of having mini seminars for $25 on Saturday AM.

I and most of my fellow members learned a great deal from the best of NY, and Chicago. Quite a few of these traders had unique styles but certain commonalities were prevalent. Price (candlesticks), Volume , MA's, and Fibs (support and resistance) were predominant in all these meetings.

You don't really need an expensive online academy, or a seminar which cost a small fortune and your retention is negligible. Find out what works for you, off course the above is important, and read and find some Wycoff, Gann, Pesavento, whatever makes you successful and trade with confidence and a plan.

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I agree with this in particular that top traders come in "to ski" etc. Real traders who are successful have a life and a happy lifestyle. They do not hang out in trading centers teaching/hawking overpriced classes.

As the saying goes, "those who can do. Those who can't teach."

Even the sleazy seminar promoters admit that they are in business to make money and their money comes primarily from running the stock trading seminars.


Others have asked and I woul dlike to ask this as well. If the teachers and trainers from OTA are really making so much money trading, then why not show us your confirmation slips, brokerage statements and tax returns. Why not offer a complete disclosure on where you really make your money.

And ditto for students. The word is that students are losing money following OTA's system. If that is not true, all you have to do is prove it.

One final note that the others seem to forget to discuss and that is responsibility. If you were taken by the OTA hype, who'se fault is it really? I'll tell you - it's yours! If you got sucked in then you need to fess up as my pappy used to say and admit it. Unless someone held a gun to your head, you had an option. But aha you were sold emotionally. The used car salesmen of OTA got to you and they made you think they were your friend at least untill the 3 day right to cancel periods expired.

However, I also think that people posting accurate and derogatory comments about OTA should be lauded for at least warning others about the scheme. Perhaps if it is repeated often enough, innocents will get the message.

Obviously these posts are getting to the staff of OTA. Have you noticed that OTA is going around to various websites and having accurate but negative comments about them listed as coming from a "disgruntled former OTA Employee" Funny they never rebutt the complaints or make any attempt to contact the upset customers. On the websites they post a phone number to contact corporate. If you call, you get a voice mail and if you leave a message, no one returns your calls. How do we know that is former OTA employees doing this? I don't know if I believe that. Sounds like OTA is coping out. Of course not all websites are doing this, just one so far which by the way, claims to be a nuetral thrid party but conveniently provides a link to OTA's website where you can register for one of their Power Trading Workshops.

Kudos to ET for allowing some of us who care to have a forum to tell the truth about OTA. Boos to OTA for the horrible way they treat and mislead customers and then muddy the waters by complaining that real complaints are coming from anywhere but the real source.
 
this is from dandxg

Quote from traderlux:

Near a major airport?
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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.


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I bought some OTA videos off of Ebay for basically nothing and felt like I spent too much. The presenter on the video was MM. He came across like a cheap comedian and very condescending for sure. Even on video he turned me off too.
 
Quote from bloomberg:

The point is, everyone needs education, whether it be for fixing cars or trading your hard earned money. Your overinflated egos cannot seem to grasp this concept and so you end up here, badmouthing a school just because they try to sell you their services as opposed to offering them for free.

I truly believe that even if they offered free advice, or gave their classes away for free you still wouldn't listen, because you don't need education, you know it all already. You can do it yourself right? Google the terms and read it yourself, just like a modern day Sherlock. Sadly you are far from innovative, you are just joining the herd. Everyone want's something for nothing. You can't put a price on education, it's up to you, donate the 5k to the market makers, or spend it on a good education.

I do not work for this company and have no affiliation with them. I have taken their one week course, and I can tell you being a swing trader for several years and most recently having made the move to day-trading, it was worth it.

There is never a shortage of people like you, who go to the free presentations, step into their paid hotel space, eat their pizza and take their free materials expecting to get something for nothing, thinking that they are going to give you the meat of their education just because you sit and act obnoxious during the presentation raising your hand and asking stupid questions, as if you're being inovative, as if the presenters don't get boneheads like you showing up to every presentation, you are a sad breed my friend.

But even worse, you get on this message board, which is supposed to be a source of credible information, or at least that is it's purpose, and offer advice about something you have no idea about.

Agree or disagree, I am not here to get into a cyberfight with a herd of sheep I've read enough posts to know that there are people who have nothing to do but write comments all day about things they have no knowledge of.

All I am saying is this, you NEED education, I have paid for and taken the "online trading academy" basic course, and even though I have experience trading, I am happy with the what I learned there and it was a great investment on my part. Had I had a different experience, and thought that it was a waste of money, I would speak my mind and tell you that I hated it.

As for their other courses, the forex, options, extended learning course etc. I cannot speak on this subject as I have not taken them yet, once I take those courses I will be glad to share my experiences, good or bad, one thing I will not do is speak of something I have absolutely no knowledge of.

Don't take my word for it, talk to successful traders, do your own due diligence, just don't count out a school just because some Mr. Know-it-All gets on here and badmouths a source of education because they actually wanted to be paid for their services.
More...

I have taken ALL their courses. Initially they are overwhelmingly informative, but after a while you realize the truth. They are a franchise and they are after your money. The instructors are teaching to make money. Most of them cannot trade, but they know how to convince you that they are traders.

Each courser has a lot of overlap in content - so you are paying for the same content many times over.

Their XLT is just a joke. They used to have 4 top instructors:
(1) Rob McNab - intraday stock trader. real time 6 hours a day
(2) Mike Baghdady - forex breakout trader
(3) Fernando Gonzales - broad market analysis
(4) Sam Seiden - supply & demand trading

Rob McNab got arrested for trading with clients pension funds - for before he joiner OTA.

OTA fired Fernando without paying him for his copyrighted material and then they renamed it and continued to teach it.

Mike Baghdady left to start his own spyglass trading because he was selling his own software and OTA was not gwtting a cut - so they fired him.

Now OTA has become just supply and demand. All XLT instructors just teach supply and demand.

Online trading academy is a bunch of crooks - they stole content from Fernando and then fired him. They had promised to pay him for his content.

Very few of their students become successful.

My advice? save your money.
 
Mike Bagdaddy is making out he's some super trader. Turns out he's a training vendor breaking out on his own.

Love they way these guys re-invent themselves.
 
I attended on of the Power Trading Workshops at the Orlando Online Trading Academy Center. It was just a sugar coated sales pitch, very unprofessional and an insult to the average persons intelligence.

An example of the attitude here is as follows. When the manager, a guy named Tim got tired of my questions he proceeded to pick his nose in front of me. Yuck! And what a wise guy. Easy to see why this ouotfit can't get more t han 5 people to attend their so called workshops.
 
How come the only positive reviews for OTA come from OTA employees?? They say they "have taken the class and it worked" Sure. And I'm the Queen of England too.

On another website, OTA was busted when it was uncovered that the glaring 5 star reviews on how great OTA is and how much this supposed "neutral party" was making were all thanks to OTA were actually all from OTA employees also the IP address showed that it came from inside an OTA office! The exact same one that has so many complaints. Well surprise, surprise!

I'm only surprised that these guys are still around, still finding suckers and haven't been shut down by now.
 
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

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I hear that McMahon is the Guru behind this OTA thing and has filed for bankruptcy at least once. Is this true? And if so, how can we consider him credible?
 
cmon, most of the vendors mentioned hav already made their millions and are just looking to give back some to the commmmmmmunittty.
 
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