January-Feb 2010: The FPA has receive a number of fake positive reviews for this company.
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.
OTA IS A RIPOFF HIGH SALES PRESSURE COMPANY!
I DON'T RECOMMEND IT FOR FOREX TRADERS.
1. What they teach is available for free on the web.
2. To get to FOREX class you need to take stock trading courses which is a waste of time and money.
3. Way OVER PRICED! You can put a down payment on a car or house for what they charge.
4. If you attend the "free" half day course your brain will spin for months. They treat you like Sh*t.
In one sentence. STAY AWAY!
as everyone is saying they have very good tactics for sale been in class bad they say they teach u but all they want is get in to ur pocket & get u spend like $20k to be trained .
I posted a review here a few years ago regarding the OTA, and it still amuses me today to see that they have done nothing about fixing the issues from all the negative reviews which all concentrate on the same fundamental issue - hence, a sales pitch. I taught myself how to trade, and now three years later trade full time for myself from home.
2011-11-09 1Star No doubt this comment will get removed like other peoples comments have in the past.
Online Trading Academy are in the simplest terms a sales company who pressure you into making a payment by using their best negotiation skills (which are rather poor), and wont let you go until they give up.
I was invited to what they called a 'power trading workshop', this was meant to be a free trail day to show you their teaching style, and to illustrate how good they are. We were invited to a rented out office in Canary Wharf (London), and it was a sales pitch. They kept fropping the price saying that it was a one day special offer, and when we said no, they said if we were smart traders they would but the course as its a smart investment. They wanted near to £3,500. When we still said no, for various reasons, they kept lowering the price and then opened the option of finance. At this stage they got desperate and separated us from the group into individual rooms, this is when the hard sell started. It was beyond a joke, at one point I expected us to be on TV as a type of rouge traders program.
Online trading academy go on to say they have offices all over the world, in all countries, so why not have the meeting in one of their offices, it makes sense, instead they rent out a top floor swanky London building. As if that wasn't obvious.
When I asked questions about certain trading criteria, they could not answer, and failed to show a basic understanding of trading terminology. The person I was talking to failed to see the difference between a Pip and a Point, unbelievable.
A term that was used more than once was that we had to be educated, and if we were already trading, then why cant we take our money out of our trading account to purchase the course. I've been trading for three years and had high hopes for the Online Trading Academy. They are a complete waste of time.
The presentation was half decent, followed up with the typical stories of how people are now living their life after completing the course. Such as waking up in the morning and placing one trade, and then spending the rest of the day with their family and kids, as if thats not a cliche.
To add insult to myself, they then went on to discuss that the trading platform I was using was not suitable for my own needs. They really have no idea when it comes to trading, and their job is to try and sell the course so that they get their own commission.
Stay away unless you want to have a fun day out with plenty of amusements.
The XLT is nothing new from the class, or even worse than the class, but you pay big bucks for it. Don't pay it!
Most people from my class still losing money after years, I was there 2 times and had to give it up, but find better ways from website
I went to the free class and signed to the whole program, I'm still fairly new but I have to say these with all the lesson and support they teach plus risk management it is worth it and you learn to be a professional trader most of my classmate are success and it does work, but still you need to work hard on it doesn't mean because you sign up you'll be profitable automatically, you need time, experience and commitment.