January-Feb 2010: The FPA has receive a number of fake positive reviews for this company.
DON'T GET SUCKED INTO THIS
Let me share with you the impression I was left with after a 1/2 day OTA class here in Canada. It's a sales pitch. And I believe they'll keep getting money out of you until you've contributed a hefty amount.
The instructor chatted briefly with each of us in the waiting area before the class started. During the brief chat the instructor tried to get an idea of our financial status with some indirect questions. After the class was over neither I nor another attendee were pursued to sign up for the next 3 day class - was that because one of us was unemployed and the other asked if they could start an account with $1,000 rather than $5,000 as they could not afford it. Both of us appeared that we did not have any extra money floating around to be spent on OTA's courses. Meanwhile there was another attendee pursued for further OTA education because he sounded like he had the cash to spend.
When the instructor told us that OTA is selective in who they allow to take their education because they want to ensure a "good fit", I think what they're really doing is choosing those that they think have the money and will spend it on their courses.
As well, the first 3 day course where we are supposed to be doing "live" trading is held on a Friday, Saturday and Sunday. I am not aware of any markets that are open on a Saturday and Sunday. So I knew right off the bat that this 3 day event was not going to be doing live trading, and we likely wouldn't be doing live trading on Friday as that would be the very first day of our learning what to do. So, what do you think happens on the Saturday and Sunday? Likely, more sales pitch for the next 5 day day course. Once you start this investing-in-the-courses process, it's hard to walk away as you've made such an investment already.
And one always has to wonder of the 1/2 day free class instructor, if this such A GREAT way to make money, then why are you teaching this course and pushing sales of it, and not sitting on the beaches of the Virgin Islands, trading on your smartphone, just making money, while watching your kids grow and enjoying life? Why are you HERE pushing this sale?
This place is a real joke. They don't know anything about trading, it's a big sales pitch, I was recently at one of the 3 hour sales pitches and asked trading questions to one of their sales reps and she didn't have a clue, when I asked what it would cost me she said it depended on what I wished to do, after asking several times I was told a high price range. I have heard far too many negative reviews since going to this sales pitch.
My Experience with Online Trading Academy (OTA)
I am going to provide you with a real honest review of Online Trading Academy (OTA). This is based on my experience of attending the introduction of OTA on Dec 3, 2016.
Before I get into my review, I want to tell you the reason why I decided to attend the introduction course offered by OTA.
I am involved with internet marketing. When I received OTA’s offer on my Facebook wall, it caught my attention. Being that I am always looking for other streams of income, I took a look into this and signed up for the course about 10 days before the day of the event.
I received 2 reminder calls from their office in Irvine. The calls were their way of making sure that I was going to attend the event. They also asked me if I knew anyone else that was interested in learning how to trade. I did not so I attended the seminar / sales pitch alone in Woodland Hills, CA.
Oh….during the phone calls from the representative at their Irvine office, I was told that I would receive a tablet for attending….more on that later……
So I show up on a Saturday morning for the event. The first thing I noticed is the location was in a very nice building. Once I got inside, I signed in at the front desk and was told to have a seat in the lobby until the class began.
Since it was early in the morning, it was pretty nice that they had hot food out. It was early and I had not eaten breakfast, so that was perfect timing. I remember that they had eggs, bacon, and potatoes. I have to say, the food was not bad at all. …… Or maybe I was hungry as hell because my stomach was empty.
After a quick bite to eat and waiting in the lobby for about 15 mins, a gentleman came out and introduced himself as the instructor to about 8 of us waiting in the lobby.
The first red flag for me was when the instructor started a conversation with one of the people that would be attending the class. I overheard the instructor asking a very young girl questions. Questions such as:
• Why do you want to learn about day trading?
• What do you do for a living?
• How much money do you have to invest?
Noticed that I wrote “the first red flag for me….” in the last paragraph. I wrote that because the girl that he asked these questions to was 16 years old, and she was there with her mother. It almost felt like he just needed warm bodies in the class
More importantly, being that I had a past career in pharmaceutical sales for many years, I knew these types of questions were qualifying questions. This automatically told me two things about what I signed up for.
1. There was going to be a sales pitch with the class (which was expected)
2. The total cost of entry was not going to be cheap. (later on how much they want out of you to learn this stuff…geez)
The instructor then came to me as I was sitting in the lobby and asked me similar questions as well.
Shortly after, we were moved into the classroom. The classroom felt like I was back in college in a computer lab.
I counted the people that attended this class, and with the people that showed up about 5 mins late, there was a total of 17 people in the session.
The instructor began the session with asking questions similar to the ones that he asked us when we were in the lobby. He also went into telling us that he was going to share information with us that we had never heard before.
Being that 90% of us were new to this online trading thing, everything we were about to hear was going to be new to us.
Basically, we were given a 101 on day trading. The information that was provided was information that someone could find online or from reading a book on the subject matter. What was interesting is he told us OTA has a patent on their online strategy for day trading.
The whole session was about 3 hours and 30 mins long. Again, the information we got there was nothing that anyone of us could not have found doing a Google search.
I would say that out of 3 plus hours of the “learning session”, about 1 hour was actually teaching, and the rest was just a big sales pitch.
Being that I am into online marketing, I quickly noticed that the class was put into a sales funnel.
The sales funnel began when the students in the class seen OTA’s ad to attend the class. For me, I received their Ad on Facebook. The sales funnel looks something like this.
• Facebook ad or another ad on a website (Low Barrier of entry or no cost)
• Class / information session to get your interest and emotions going to make in an impulse buy.
• Asking us for a low payment at the end of the session (gets someone comfortable with purchasing something usually at a low coast with more offers to come at a higher cost)
I noticed this sale funnel after the first offer, and decided that based on some of the flags I was noticing (More red flags that I noticed coming in a few) and what was being explained in the session, that OTA was not for me.
If you do not know what a sales funnel is, you can get more information from the youtube video below:
Moving right along………
After the class was completed, the sales pressure became more intense. Another gentleman came into the room and told us that if we wanted to attend their 3-day course, we had to sign up today. There were no options as far as days to attend except what they provided.
What is funny is that during the whole learning session, the instructor told us they had a three-day course, and the cost was $500. He must have said this about 2-3 times during the 3 hours and 30 mins he had us in his class.
Then comes the classic decrease in price. He goes on to tell us that we will not have to pay $500 for the 3-day course, but the price is now magically $179 or it might have been $150. I forget the exact price, but it was one hundred and something.
The reason for the decrease in price according to the instructor was due to a relationship they had with one of the companies that they use for their online charts to watch the stocks.
At this point, everything about this session was becoming a comedy show to me.
Some other RED FLAGS:
At the start of the meeting, a student that had some experience with day trading asked the instructor what type of credentials he had in order to be able to teach this course.
The instructor quickly avoided the question and gave a quick answer that he would get to that question later. When he did get to it later, which was at the end of the class. He told us that he was a student at OTA just like us, but he also worked for OTA and the information that he provided to us was information that he learned while being a student.
Earlier I mentioned that another gentleman came in the room to tell us about the 3-day class for $179. Well, I decided to play with this guy just a bit. I said to him “ you have us in a marketing funnel.” His response was “ let’s talk about this outside.”
Because the class was just about over, that is exactly what we did, we talked about this outside the class. When I had him alone, I brought up the marketing funnel and I told him I needed to know exactly how much everything was going to cost.
My question was answered with the question of “ How much do you want it to cost?” He then said let me get my manager, and I said I just need the totally cost. During this whole conversation, he was completely defensive and started getting pissed that I was asking these types of questions.
I then said to him; “ The days you have the 3-day course going on, I will be out of town on a business trip. Is there another 3-day blocks that you have available?” His answer was “ If this 3-day class is important to you, you will have to get here.”
At this point, I quickly knew that the instructor was a paid employee of the company and that he and the class instructor are both just sales people trying to get as many people in the class as possible.
Now, do I think someone can go to this class and do well with online trading? I would say yes. But the majority of people that pay big money for this class are not going to do well. I also think that this company does not teach anything that could not be found from another company or professional trader. And of course, I know for any teaching there is going to be a cost.
I found it through research that the totally cost of everything is about $25K. Come on Man! That is a lot of money for many people. That is why it is important to know what you are getting into and to ask questions. Because once you get caught in the marketing funnel and start paying money at different stages of the funnel, it is going to be hard to get out. I can promise you that this company is not going to refund you your money back for payments at a stage that has been completed.
Remember me talking about the offer of the tablet for attending the class. Well, I did get a tablet, but I had to ask for it and it was a very cheaply made tablet. I would not even give my three-year-old this tablet for fear of being a cheap skate.
BTW, I don’t have a three-year-old.
If you are reading this, you probably received an email or saw an ad from OTA. It is my guess that you also probably starting doing a Google search to see if this company (OTA) is legit or not. Lastly, you are probably looking to earn extra money or even replace your income. Well, there are many different ways of doing this without spending $25K.
One is through marketing online. Below is a solid reference where you can learn how to earn money to replace or supplement your current income. And it is free to low start up:
In conclusion, I am not saying that OTA is bad. Honestly, I could not tell you because I really don’t know. With me not having gone through the entire course, I could not tell you what you get after paying your $25K.
What I can tell you is that I got more than one bad vibe from attending the OTA free course. Also, when someone gets upset when I ask legit questions about a program and they give me the runaround…I am out.
Lastly, do an OTA Review Google search where people talk about the program. See what they have to say about their experience of OTA. Oh and don’t go to OTA website testimonials ….you know their reference are all going to be good and positive there.
I hope this helps someone before they decided to break the bank using Online Trading Academy.
Keep your wallet close.
Recently in Toronto
I went through the 1/2 day intro and paid $170 for the 3 day weekend training. I was contacted by a rep who wanted me to complete the questionnaire and send it in, which I did. We then had a meeting, prior to the 3 day training, where they interviewed me. Asked me about my finances and motivations etc....Then they told me about the tuition which could range from $30,000-$60,000. $30,000 would get me the 7 day training plus an additional 5 day course down the road. HOLD THE SHIP! I could go to an Ivy League College for a year on that.
I'm here reading about the $5000 others paid for the 7 day course and I can get it for $30,000. HUH? I guess I have sucker written on my forehead.
Lightbulb moment: The tuition varies with your ability to pay it, and is the reason for the financial interview prior to telling you how much it all costs.
That's why they will not answer the question, "How much does it cost?" in the 1/2 day seminar. Answering that question would limit their potential margins later on in the process. I'll take that hard earned $ and put it in my kids RESP. A good investment in the future. Why give it to people with ethical issues?
They can keep the $170, I'll write it off, and they told me that I would be 'no further ahead' after the three day course as well. Why go then? I guess it's more sales, sales, sales....working the big bucks out of your pocket. BEWARE!
I'm going to Chapters and look up Constance Brown.
Sales versus "education"
It is all the same game plan, at all OTA, based on reviews I read. These salesman will pump up the rep of the guest speaker, so you feel you are about to meet a rock star. The room is filled with naive, moderately endowed 401K holders, like cattle in a corral. The OTA rep is there to educate you.
Sales is part education, part influence, part pressure in the correct mix. People don't like to make decisions, we prefer just eating, breathing, and being loved and having comfort. A good salesman will feed you, love you, and make all the decisions for you. A high pressure salesman will do that in a more artful way.
OTA allows minimal questioning, they prefer filling up their pitch with old stale jokes, or stories about their projects in their big houses. The group will be fragmented, so that they can manage you, and close you individually, which of course makes sense
I have never been in a lecture in any college level course, where my educator pulled me out of the group ever three hours to check in with me and see how I was doing. Reason: you pay for college up front, you can schedule an office hours visit. OTA wants your money, of course. Makes sense.
OTA preaches (and in GA they do quote several bible verses during the lecture), that supply and demand govern the market. You get this on day one. Also, OTA pushes short selling, with no real precaution on the unlimited risk it may present. Both premises are false. Supply and demand do not run the market, supply, demand, and specialists with SEC granted rights run the market. It is the specialist trader on the other side who may buy and sell large positions simultaneously, to work inventory orders. This allows the market to function for the benefit of large institutions. By entering this market with the false premise that supply and demand regulate it, one will have a belief that all movement is based on those two variables. That is simply not the case, and if OTA were legitimate, and skilled, they would properly inform their "students" of the market forces, to begin with, rather than "supply and demand" , which is lemonade stand economics.
The public is generally incapable of making informed financial choices in the capitalist "free market" because the choices are all false. The SEC has tainted the market, ever since Joe Kennedy was appointed chairman.
OTA is an opportunist, in a corrupted system. It takes two to tango, and here you have it. There is no safe and compleyely accurate method of trading. Company specific risk is unpredictable. (Ie: Wells Fargo 2016, lost Buffets a billion, and many others examples exist).
Invest in something you do not have to think about all day. If you like gambling, go to Vegas West, they love you more than at Vegas East, and feed you well.
Otherwise, read books on trading, commodities, real estate rental property, or suffer having the dollar deprecated over time. But be careful about a class where you have to pay $5K to play. There are other online pros in commodities and stocks charging much less, who actually have decades of experience trading, not just years.
Our government has left us with some challenges in our "free" market. Don't give your money away, just because you lost some of it to that market.
When you ask for your $250 back for the intro session, you will be told that you have "disqualified yourself". It's OK, take the money, put it on a Starbucks card, give yourself some love. It will go further.
I attended their so called introductory class for 3 hours. TOTAL SALES PITCH. Nothing of substance was given. Was forced to go to a salesman office BEFORE the start of the class. Where this guy told a story of how good the training here was. I asked him if he himself with 20 years of experience had traded that morning? And he gave me some excuse that he was not comfortable to trade THAT DAY!
Next there was a sales pitch of how great the training was. Told us about the photos of traders from Chicago trading pit. Before the break 2-3 employees came in and yanked the 8 stupid visitors to ask how they felt about the presentation. WHAT PRESENTATION? It was a sales pitch. I went to the rest room and one of the guys followed me.... what a joke. There he wanted to make sure that I would return for the 2nd half of the session.
Well 2nd half of the session was the same sales pitch, till I was pulled out of the room to some managers office where this guy spoke rudely and wanted me to sign up for some $5,000 training! When I said that I need to think about it he got really upset.
These people are crooks. They are not selling but forcing people to buy there mini training courses for HUGE AMOUNTS.
DON'T EVEN THINK ABOUT DOING ANY BUSINESS WITH THESE JOES
So check this out!
I was just told by the Online Trading Academy in Toronto that I was not allowed to attend their class because I asked too many questions!!!! Want to hear the story? Here it goes. My husband signed up for the course years ago with the option to have unlimited lifetime access to the courses taken. Years later, I showed interest in the course and took the free introductory seminar in July, which then led to the three day paid market timing class last month. My husband also took the course with me as the curriculum had changed after the franchise was acquired by the corporate office and restructured. If you saw my post a month ago, you probably recall that I had a rough run with the instructor in that class as he was not able to accommodate different learning styles. That was fine. Life went on. My husband and I then signed up for the next course which would run from yesterday to next weekend. The people working at the academy tried very hard to sign me up as a new account as opposed to a guest of my husband's for this course, but based on my prior experience, I wanted to be sure that I would like the course and instructor first before giving them thousands of dollars as a new student. The instructor for this course was excellent, very knowledgeable, informative, dynamic and encouraging. He made it very clear from the beginning that he welcomed all questions and said that asking questions is an important part of learning. That's great! Because that's exactly how I learn after I pre-study the materials for any class I attend. We really enjoyed the class and learned a lot and I was looking forward to going back today and for the week ahead. One little episode prior to the class yesterday which came totally unexpected was the fact that we were pulled out of the class when it first started in the morning to the office. The director of the academy along with our so-called "education counsellors" greeted us by saying that my guest pass needed approval from the director as he was the sole authority to grant such pass. What? Why on earth then did you not inform us of this when we signed up for the course weeks ago? Why couldn't you wait until the break to tell us this so that we would not waste precious class time? Why then did you have my name tag made in the classroom and have a seat reserved for me if this pass had not been granted otherwise? Apparently there was an internal discordance with their administrative process, but why did we have to be involved and suffer the consequence of their problems? They had weeks to resolve this and nothing was done! So I walked out the office by telling them that I did not own the problem and didn't want to waste class time so I went back! My husband spent more time in the office and the director signed an agreement for my guest pass, which was already agreed upon between our "education counsellor" and us when we signed up for this course weeks ago. Anyhow, with the agreement, I was "officially" a guest in the course. The day went by very well and we thought we all got along just fine until a phone call from the director came in to my husband while dining out last night. According to him, he received numerous complaints from students of the class that "I" asked too many questions and he could not allow me to go back today and risk losing other "paying" students! That to me is totally ABSURD!!!! First of all, I wasn't the only one asking questions. Secondly, I was not the one who asked the most questions. Thirdly, why was I the only one not allowed to go back to the class? Is it because I was the only "non-paying" student? If there was an issue, which I honestly didn't sense and perceive, how come it wasn't communicated to me directly? How come there was no attempt to resolve it before the decision for the dismissal was made? How come the instructor, from the very beginning throughout the course of the day, encouraged questions all along? How come they would only hear from one side of the story before a sound and fair decision could be made, rather than being biased against me? After I called and left a message with these questions on the director's voicemail, he then wrote an email to my husband (again, not me!) that his wife (meaning me) didn't have the proper pre-requisites (i.e.. the market timing class) to attend this class. So the premises for dismissal changed?! What happened to consistency and coherence? They were the ones telling me not to bother with the market timing class when I asked to retake it after the fallout with that instructor. They were the ones telling me that it wasn't necessary for me to take that course based on my existing knowledge level after their conversation with me. They were the ones that told me not to worry about the content I missed in the market timing class as everything would be taught and elaborated on in this course I'm supposed to be in right now! Geez! So much about honouring your own words, eh? So this morning when we went to the class, we were barred by the security guard on the ground floor! When we asked for an explanation, the director came down with two big guys and spent 15 minutes on the phone before talking to us. He basically said that they are a private institution and can do whatever as they see fit! So we left. My husband then called the director again and was told that he could go back alone without me! I'm totally ok with him taking the course alone without me; my problem is with the institution and how they make their decisions! I would definitely like a justified explanation in a professional manner to convince me that the dismissal was based on solid grounds!
Thoughts and advice? I have a fairly good hypothesis about all these preemptive gestures imposed on me, but I would refrain from making it public until it's proven.
While better than nothing when first starting out learning how to trade, it is a more expensive route. I am a graduate of their course, and while it has some merit, I wouldn't depend on OTA alone for success. Trading is difficult and no class alone is going to make you a great trader. Like anything else it takes long hours of experience and independent thought.
I no longer use their trading method (there is no right or wrong method, more a personal choice of what works for each individual), but I credit the school on giving me a foundation to start on which I independently developed.
As for the comments regarding the info seminar being a big sales pitch...... yes it is, but come on, who doesn't truly expect that going in. Standard Marketing/Sales 101
If I were to start all over again, would I do it again? Probably not, but that doesn't mean for some people it would be ok (especially if cost is not that much of the concern).
One a side note, if you are a newbie don't just blindly start trading in the market either. That is a easy way to lose. There are tons of free stuff online you can study first, then tip toe in.
My husband attended OTA in Orlando, FL 6 years ago. $5,000 later and then another $5,000 and then another $4,000. The only people making money is these guys taking your money. Brain wash you into thinking if you take JUST ONE MORE class you will learn the secret of trading. Yeah right~they are a bunch of scammers. My husband then took the Beat the Market Maker course in Orlando and paid out that magic number~ $5,000. No matter what he did or how hard he tried and followed all the rules he got taken to the cleaners on this investment too. DO NOT GIVE YOUR HARD EARNED MONEY TO THIS CONS. START YOUR OWN CLASS AND SUCKER IN TRUSTING PEOPLE TO HAND OVER THAT MAGIC NUMBER OF $5,000!!!!
Guys, OTA is the closest thing I know from the Red Cross and Mother Theresa...
Alright: here's how it's done in Canada. They promise you a free training for 3 hours where they will cover a massive number of items AND they will give you a memory stick with 4 training videos in there...
Well, like the Big Foot, that mem stick loaded with 4 videos ain't real.
Then I got sucked in a $300 training for 3 days ... worth $750. This was a 3 days sales pitch. The guy was supposed to trade live... well not only he did not trade live... but he did not even do a simulated trade.
We were about 15 fish in their net. About 4-5 got hooked and registered for their "wholesale" deal of $14,000 for their combo XLT, 7 days Pro Trader training and 2 years or Pro picks. That shit is supposed to retail $20,000.
The presenter made sense most of the time but he really bullshited bit time when he said that stocks sooner or later will always go back up to their previous highs as there is pent up supply there... That's what the Nortel shareholders were hoping for. Never happened. Let's see how BLackberry does.
I am SOOO glad I did not bring my spouse there as she would have been so pissed.
I am not saying that 100% is crap but the few titbits that are good can be found in other places. Theri game is simple... they won't give you the secret chicken recipe until they have your dollars... and I got in touch with a former student who told me that of all their odds enhancers, only two ended up being important, like vital to his trading style today. He also told me that him and his former colleagues had some serious doubts about the results of the Propicks. They suspected some serious cherry picking and early culling of the bad trades. Buyer beware.