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onlinetradingacademy.com (Mike Mc Mahon) Review

Overall Rating: (2.725)
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Total Reviews: 88
Last Updated: 2014-03-25
Special Notes:

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

 

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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2006-06-01
Review: We do not have any experience with this company. If you do, please kindly submit your review.

mrforex, california, USA

Rating:
Date of Post:2013-11-19
Review: 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 .

Jay, Cheshire, United Kingdom

Rating: No Rating
Date of Post:2013-10-02
Review: 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.

Kevin, , USA

Rating: No Rating
Date of Post:2013-07-11
Review: 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

Ray, California Irvine, USA

Rating:
Date of Post:2013-07-08
Review: 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.

Jane, North Carolina, USA

Rating:
Date of Post:2013-07-01
Review: Went to free 3 hour $500 value workshop. The workshop was a sales pitch to spend $1000 to attend a 3 day workshop to learn more about the school before signing up for actual classes. I could not get the instructor to answer a simple question about how much classes would cost. Stay away!
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P, , USA

Rating:
Date of Post:2013-06-07
Review: Heard about Online Trading Academy on the radio. Called in and "won a free 2 day session valued at $500." Gave the appropriate contact info and a few days later was called by a rep asking when I would like to setup my 1 day 3 hour workshop, which after checking their website, was already offered for free. Strike 1.
I show up, already skeptical, and go through the motions of the workshop. Everyone there is super friendly, perhaps too much, and of course swears their training is the holy grail of trading. I smell a sales pitch coming on...At the conclusion of the presentation, they quickly look to sign you up for a 3 day orientation which would regularly cost $1000, but if you buy today it's only $299. I look over the contract and on the back there is all the legal disclaimers INCLUDING a return policy which clearly states that you have the right to cancel if given notice 3 days prior to your 1st class. I reluctantly agree based on the presumed security of the return policy. BAD move!
Went home later that day and decided to do some digging online. Saw more than one site calling OTA a scam and decided I would contact them to get my money back. And now the plot thickens: Looked at the contract they returned to me and there was NO return policy on the back! This is so sly and underhanded I cannot even tell you. So here's what happened: I filled out the contract with my personal info and turned it over on my desk because I did not want those next to me to have my whole life story. All the legal stuff, including the return policy was on the back page of the contract and I was reading it while bored with the small talk. Sales rep comes by, takes the contract and credit card to the front to process it, comes back and returns it to you...minus the legal stuff on the back! Strike 2.
Immediately called my credit card company to cancel the charge and they said they had to contact the merchant, but there is no phone # listed for them to contact! Strike 3.
Needless to say, my card company dropped the charge and you should drop the idea of even considering OTA because it is simply NOT legit!

the real supply/demand, Milwaukee, USA

Rating:
Date of Post:2013-05-20
Review: Signed up with this organization with the intent of learning better understanding of s/d. Took the course AND NOW even though the contract states you can retake the class over again, FREE FOR LIFE (what a joke). They recently WAY AFTER I signed with them institute a policy of having to put down a 250 dollar deposit "to reserve" your seat in a class if you want to retake. EVEN though they tout FREE RETAKES FOR LIFE ! I feel why should I tie up 250 dollars of my money (even though they claim as long as you attend, you will get the money refunded at end of class AND as long as you attend the full class). If I even missed one day due to illness Or ? ,I would not get money back.

Also every time a class does come up, you had to BEG THEM to put you on the list, (this was before they even instituted the "deposit" policy).

John, Sherman Oaks, USA

Rating:
Date of Post:2013-04-19
Review: I was an amiture invester who wanted to start day trading,I don't think I could have made the change without OTA.And yes it was a major hard sell at the half day for me at the Northridge campus,and yes it is expensive.But when the class I paied for started it was clear to me this is the real deal,I now trade in all time frames,learnd about risk management and share size vs. account size.I learned advenced order techniques like OTC bracket orders,stop loss and limit ordering.I learned how to set entry and exit price levels,valadate them with price ocelators and indicator study sub graphs like stocasticks and MACD momentuim.I can go on and on,these people when they see you are serious they make you serious.The pro trader 1& 2 courses I took had me from just looking at a line chart to setting up multi frame candel stick charts and ploting out my maximum risk vs. reward ratios before I open a single trade.And yes I did trade in class with their capitol and we did alot of sim trading as well and spent time practicing technical analysis with charts at our computers.One last thing, the tuition is defured if you open a direct access brokered account with Trade Station.,they pass it off to you with comission free direct acces trading in the amount of you education.I have not gone back for my lifetime free ree take of my courses as of yet but I dont see any problem in them honoring their word.it's hard work,I am not rich but I do trade now and I do it with a safe educated trade plan.........P.S. hey I didnt get my usb flash drive thingy at the half day,but thats ok I got more than my moneys worth,thanks OTA, J.C.,Todd and everyone at Northridge OTA campus.

Tom, CT, USA

Rating:
Date of Post:2013-04-15
Review: I wasted 3 yrs and 15k plus...stay away!...PERIOD! If i Could give them no stars I would!
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