Unbiased Forex Broker Experts

onlinetradingacademy.com (Mike Mc Mahon) Review Visit site

Updated: Oct 26, 2017
2.555 · 87 REVIEWS
Is this your company?

January-Feb 2010: The FPA has receive a number of fake positive reviews for this company.

 

onlinetradingacademy.com (Mike Mc Mahon)

Live discussion

Join live discussion of onlinetradingacademy.com (Mike Mc Mahon) on our forum

Go to forums

Video

Your company video here? Contact ad sales

Court cases

File a case

  • Open0
  • Resolved0
  • Not guilty0
  • Guilty0
2.555 · 87 REVIEWS
SHOW:
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

San Antonio, Texas, USA
Sep 27, 2017
Registered user

Why OTA is a great investment

I have been a student of Online Trading Academy (OTA) since May of this year (2017). I cannot tell you how wonderful, patient and supportive I have found both the staff and instructors to be. I will straight up tell you, I am a handful.... Being from the Midwest it is in my nature to tell you if I'm unhappy, if I disagree with you, etc. so for me to post a stellar review is more the exception than the rule for a company....

I graduated from college with a criminal justice major (Bachelors) and Paralegal Certification (Master's Certification). In my 30's I raised my children (stay at home mom) and in my 40's I became a teacher... I have absolutely NO BACKGROUND IN FINANANCE, Business, etc. When I saw the process on how they teach us to trade in the 3 day class I was blown away cuz there's a specific step-by-step process that ANYONE can do.... I have continued to be impressed by the support provided. There are literally HUNDREDS of videos to watch to reinforce what you've been taught and then you can take advanced videos to expand your knowledge base. As a former math and special education teacher I can tell you that success comes from consistent practice and this is what makes OTA so amazing!

For the few posts I have read where people were unhappy I am inclined to think they did not reach out to the staff and get the support that is available. I have called and been assisted with various tasks, such as uploading a trading platform, getting help on how to use worksheets, and what videos to watch before taking an upcoming class so I will be better able to understand the content. When I signed up I included my 15 year old who will be taking classes next summer and I have NO DOUBT he will do extremely well.... He is in school, he knows how to study, and the motivation to succeed is reinforced with the community provided by OTA, such as the mastermind group (this is an upgrade where regular/novice students, such as myself, have access to teachers and highly successful students wherein I can ask questions, read blogs on how other's succeeded, get tips for trades, etc.

What I am impressed also with this company is that if you DON'T upgrade to the mastermind level (and not everyone can afford it) when taking the classes, the teachers provide their email addresses to send them questions or get feedback on trades AND we are provided with information on which FREE WEBSITES outside of OTA we can use to assist us in evaluating assets/trades. Mastermind is not a goal that we students are told we need to purchase to be successful. Honestly, there’s a reason some people are successful and others aren’t and it’s not because of where they were educated….

I could continue to go on and on and on but I think my point has been made. This is a company that cares about the success of its students, is constantly updating its software and worksheets, and has responded to my phone calls/questions which quite honestly have been on border-panic mode a couple times.

Definitely would give 10 stars if I could.

Monica Maryland

Buckley, USA
Sep 13, 2017
Guest

Reading about many who are unhappy with their experience at OTA.Cannot comment on any of the offices except Bellevue Wa where i took my training.Since these are franchises i have no doubt that some may be better than others.My experience at the Bellevue office was very professional.No pushy sales pitches,and Eric who gave the introductory class is clearly a successful trader.Learning to be a successful trader has been the hardest endeavor i have ever taken on,but the financial and time rewards are hard to beat.I still attend the live webinar trading sessions with OTA instructors as they enter live trades for all attending.You cannot fake a live trade,when all of us are on our own live accounts,so i can assure you their patented trading system works.Professionals of all kinds go to college for years to make the big money.Trading is no different.To make an income like that of an attorney or a doctor you will have to invest in yourself as they do.

California, USA
Sep 12, 2017
Registered user

Worth Every Penny or Better Yet - Every Star!

I take great exception to the comments that have been posted. I have been an OTA student for a few years now. While the education I received was not cheap, it was worth every penny! The level of education that you will receive from OTA is on the level of a college education or post college degree. You will learn what you need to know to trade the markets successfully. I also bought the Mastermind Community package, and in the Mastermind Community, I and other students meet online, share trades, trade strategies and other trade ideas in student-led sessions, as well as sessions led by OTA instructors. In fact, I led a session last Thursday in the Mastermind Community, with other mastermind students, and found a trade setup on the AUDCAD that met entry, proceeded to target and made 95 pips. OTA teaches you a repeatable process to make money in the Forex markets. As they say, you can either donate your money to the market or pay for education that will enable you to make the market PAY YOU! I prefer to make the market pay me.

Utah, USA
Jul 22, 2017
Guest

Not worth it.

Im totally an newbie on trading but i was reading some books on it before jumping i.in the market and made some money but it wasnt fast enough for ms and i was hoping to find an class that could teach me on how to trade better then i find OTA. On July of 2017. Went to their 1/2 free seminar hoping to learn something but it was nothing but a sale pitch. Since i didnt know much amd the price for theirbmarket timing class wasnt that much I end up paying 300 for their market timing class hoping to learn something new. Well well well. During the first two day of the class. 99% of the time the instructor talked nothing but how great their school is. As of July 2017. They charge 23000 for their core plus a leverage class(i can probably get an college assocoate degree with that money or i can even use that money as a house down payment or even buy a car) I didnt even bother to go on the last day since i know i wont learn anything new. What a time waste. I could just buy an book and that wont cost me 300 dollar.... Thanks for nothing OTA

Toronto, Canada
Jun 14, 2017
Registered user

Silly Sales Tactic

This place is a joke. Don't even bother going to half day sales pitch. That would be waste of your time. I attended free half day workshop for Online trading academy in Toronto. That half day 'course' is like others mention, just sales pitch. The instructor talk about the stuff that I already knew, how wall st. wants us to be on the other side and that they would make money off of us. And the academy will teach me how to become a "cleaner fish" who eats off of shark's dead skin... And just like other mentioned, they use "door in the foot" technique- first say many times that 3 days course offered at $999 and drastically down to $299 + Tax.
The reason why I signed up for half day orientation was that it was "mandatory" before sign up for their course ($5000 + $2000 for part 2)- which I was going to take. They did not have to try so hard sell me the membership because I already made up my mind to take the course and learn.
The day after I got a phone call from the "education counsellor" asking me all these weird question, including if I had a magic wand and can change one thing, what would that be... is this a joke??
Well, unfortunately, our financial is pretty solid, and we are heavily invested on real estate. I just wanted to learn how to trade and understand those market better not to desperately make money! I told him I have in good place and I just wanted to learn.
They push you for coming into the school for one hour meeting to get to know me and understand my goals including your financial informations. I told him I just wanted to learn and financially I did not need help- just come in for classes . Seems like he was a newbie because he said his goal is to MAKE ME TAKE THE COURSES.LOL
And other guy (more experienced) called again that he was told how I did not want to come in for the "meeting" and did not want to fill out questionnaire ( why do i have to share my financial information with guys that I don't trust? ). And was being very upset saying how he did not know me, and he needed to know me to help me, and how he did not care about the money and he was there to help people and I was not suit for the school and that he needed to cancel my seat. I am so thankful that he mentioned first that he needed to cancel my seat after reading how some people had hard time getting the refund. HAHA
I would have taken the courses and dropped the my money if it wasn't for that pushy phone calls, foot in the door sales techniques, and intrusive questionnaires- that totally threw me off and made me had second thoughts. That was nothing but sales tactic that they used to make me spend money. The counsellor said it himself, that his goal was to make me take courses.. Hmmm.

USA
Mar 28, 2017
Registered user

Mastermind Rip-off

Okay...Here is a true review of OTA Toronto and overall in general. I hope it will be helpful for some. If you had some dealings with OTA, you will find that I am writing the truth. My intention is for people to make decisions based on correct information as I see many students who do not even know ABC of computers getting sucked in for 60-80K by OTA. It's a business, not an academy. So, by definition of it, they are in to make profits by sucking in as many students as possible.
Their objective is to suck you into Mastermind eventually. (45K...If you paid more than that, you suck real good...don't worry there are many like that)
1. All 5 star reviews that you see are from OTA students taking the class. They are offered prizes during the class. So, that explains the 5 stars. No institution gets 5 stars from everybody, c'mon be real.
2. Here is how the whole OTA business runs.
2.1) You get sucked into a FREE (don't everybody want it :) ) power trading workshop. When you come in the shop, it's a motivational speech, carefully crafted to get you pumped up to make millions in a year. How do you make millions? Well, they will tell you in next session title "Market Timing". You enrol right there, otherwise the discount they offer will not be available next day. Okay? well, that's their first lie. You can always get the same price. Think about it. It's a business to make money. Market Timing is about 250$. If you paid more than that, well you are a sucker.
2.2) Market Timing - Before you come in for the class, they ask you to fill-up a form to get to know your net worth. This determines how much they will sell the mastermind to you and if you get any discounts.
In the session, they give you snippets of their PATENTED Core strategy (Well, Fancy support/Resistance). It's a 3 day course. They teach (lol! it's a sales pitch instead) you briefly stock, forex, futures and options. Also, how buy and hold doesn't work. In the end, you have sales guy (called Education Counsellor) coming in and share the retail price of the course if you take it same day otherwise price goes to wholesale tomorrow. Retail price is about 50% off. Well, their retail price is the actual price they would sell the courses to biggest sucker. If you are good in negotiations or low net worth, you could get a 25% off.
I observed whites are preferred and get better discounts. So, if you are white, use it your advantage and reap deeper discounts.
2.3) All courses stocks (7days), forex, futures, options have 5 day on-location classes and about 12 XLT online classes.
2.4) Unlimited Retakes - Not really, you only get in if there is no spot left in the classroom training. Generally, that happens for their new instructors, good instructors have their classes filled in pretty quickly. So, you cannot attend those.
2.5) ProPicks - Their winning percentage do not budge even if they have straight 10 losing trades. You only get 1-2 trades per asset class per week.
2.6) Mastermind Supply/Demand Grid - They only tell you levels which do not match their core strategy principles taught in class. Also, they do not share how they came up with levels.
2.7) Market Screener - It only shows symbols, not even levels. So, useless.

Conclusion: If you register for only couple courses, you will notice that your Education Counsellor is always trying to sell you Mastermind every chance they get.
You will also notice that you are missing some parts of core strategy that is only taught to mastermind students, only to realize after you get Mastermind that nah, not worth it.
So, Does their core strategy work? Sure it does. But, not more than any other trading strategies out there. You can learn those from other institues for about 5K. As any trader would know, there are many strategies that works, retracements, breakouts etc. So, core strategy (again fancy support/resistance...you will notice some instructors say that) isn't worth 60K that many students pay for.
If you are still a fan, I would suggest take their pro trader courses (about 8K including XLT) that teaches core strategy and move on. You can learn basic mechanics of Futures, forex from any book and apply core strategy to it. That saves you 50K right there (50K profit, I should say as i am a trader)
Will you be a millionaire by the end of it? Lol..no..but you will start making decent money if you stick to this business for about 2 years.

Know this, it's a business and their profit is based on how much they can sell their courses for. They will make you think about big dreams and that their courses will help you achieve it. But, I would say only about 2% of their students actually do well in about 2 years from start. Generally, you know if you will do well or not. So, if there is any hesitation, walk off, save your retirement money. Deals will always be there if you really crave OTA courses.

One more observation, generally their target is oldies as they have retirement money. But, these students are the ones who do not do well. Why? First off, they don't know computers. Second, they have hard time learning the platform. Third, OTA doesn't help set you up with trading accounts even with their business partners.

I hope this review would be helpful and gives some insight to prospective students that they don't receive from OTA. Existing students, well you paid what you paid, can't do much about it now. It was a business transaction.

Vancouver, Canada
Feb 26, 2017
Registered user

Pay Someone a Monthly Fee To Send You Trades and Learn From Them Instead.

I made my money in other things,and traded-self taught-and did well. I have a knack for catching large moves based on fundamentals.news,figuring what will happen on the future etc

Attended the free seminar,then paid the $300/3 day course to maybe learn something,as $300 means little to me. If $300 means more to you,just be advised (like others have said) the 3 day course is largely a sales pitch to get you to spend $25-30k on their courses. Because I know about trading,I knew much of what they said was BS.

Like they focus on their patented "supply and demand lines"-they go on and on about how it's patented (which actually means very little) implying that it's something very valuable. They tell wondrous stories about how they use a supercomputer to find supply and demand to put these magical lines on charts that you can use to get rich BUT it relies on candlestick patterns.And if you go online can be bought for cheap and maybe downloaded for free.

Thing is they have the same lines for Forex,and there is no central Forex broker and you can't tell what the volume of sellers vs buyers world wide is,so their system wouldn't work on FX based on just supply and demand...see? I asked the instructor this and he dodged my question,said he'd answer later. He never did,despite me asking several times..

They flashed their trading records for FX,Futures,stocks etc and it was supposedly around 55 to 60 % wins and their risk/reward was about 2 or so which is good BUT in smaller print on the screen was the trades not even taken. Roughly speaking to give an example: typically an asset would be say 580 wins/420 losses or so,but way more than that -1200 or so=other orders that were placed but not even taken.
So you could make the case that their patented system only won 25% of the time.
So what they want you to do is pay huge coin,to be able to sign in to their website and they put up the trades of the day,long term and short term for various FX,futures,stocks,options, etc.

You don't need to attend their week long FX or Futures course to learn how to push the buttons on the broker page. You can start a demo account,read online and figure it out...it's easy. Perhaps they give more details,but you don't need to know how a car and all it's electronics and ABS systems work to drive it...do you?
You don't need to pay $30k for that,if you google you'll find pro traders that for $200+ a month will text and email you trades to take on whatever it is you want to trade. Check them out,check their record.

Because I know the markets,I did however pick up a few helpful points from the instructor,and read between the lines of what he was saying. So for me it was worth it,however another instructor may not give as much info.
But if you know nothing of the markets,you wouldn't notice the things I picked up on-so the $300 would be a waste of time for you.

In the last day of the 3 day thing,the "counsellors" would put sales pressure and pretty much lay guilt trips out. I don't fall for that crap,and told him as much. So in the last hour of the third day,the counsellors interrupted the class purposely to bring out the info packs and fancy case for the people who ponied up...thereby trying to publicly shame those who didn't.
After it was over, several of us who didn't buy were hanging around and I told all of this to them:go online and find an advisor,and learn from them.

So you see,this company is basically a trading advisory service for $30k, when you can fiddle around on a demo account to learn the buttons,and pay pro traders 1% of that a month...and put that $30k into an account instead of seeing it vanish.

Hope this helps.

Vancouver, Canada
Jan 21, 2017
Guest

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?

London, United Kingdom
Dec 11, 2016
Guest

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.

Canada
Nov 27, 2016
Guest

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.

SHOW: