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onlinetradingacademy.com (Mike Mc Mahon) Review

Overall Rating: (2.685)
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Total Reviews: 92
Last Updated: 2015-02-19
Special Notes:

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

 

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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!

Marc Russell, Las Vegas, USA

Rating:
Date of Post:2013-03-25
Review: Went to 1/2 day seminar and was turned off by their stealth high pressure tactics. A friend did sign up for their three day but was kicked out after the first day when he refused to disclose his finances to them.

hey, hey, USA

Rating:
Date of Post:2013-02-11
Review: people who can trade, don't need to do anything else
... people who can't trade, train

there is no risk in training people, as long as you don't have to show a track record
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Trade Up, Tampa, USA

Rating:
Date of Post:2012-12-26
Review: I went there expecting a free half day training class and information on there training. What I got was a feeling I was with a "time Shares Sales Guy" or Used car salesman! there was zero training! No Lunch as promised! No free USB! Just hype about how rich they all are and they are only there because its there passion.

harsh, india, India

Rating:
Date of Post:2012-12-08
Review: My name is Harsh,from Bombay - India.I have got a chance to take up a small course with OTA.It was worth taking it.Though the pricing is little premiumed but you wont repent spending it.

Pakvi Roti, Fort Worth, USA

Rating: No Rating
Date of Post:2012-09-17
Review: First, for all of the individuals who went to the FREE half day 'Seminar' expecting to learn to trade, you sure are naive. That 'Seminar' is a SALES event to get customers to sign up for classes.

Except for OTA's HQ in California, ALL OTA offices are franchisee's, some of them are less than ethical in their sales tactics. However, the educational content is strictly controlled by HQ and is an excellent value. Of course that depends on the intelligence of the person attending, Trading isn't for dummies.

Full Disclosure: I worked for an OTA franchisee in the mid 90's, briefly. I've sat in on classes, and I have paid for classes. The knowledge gained has been invaluable in furthering my trading.

Michael Bellissemo, Chicago IL, USA

Rating:
Date of Post:2012-07-24
Review: I also went to their 1/2 day seminar to check it out and was pulled in to a room for a sales pitch. I signed up for the 12K package. I went home somewhat excitied but then figured out that until I took the full 7 day class that I would not be able to receive what I thought were the full benefits of the program (Graduate). Because of my scheudle I could not do that at this time. When I attempted to get out of the contract and possible do this down the road I got the complete run around. I am currently fighting them over this and will not pay one penny! They continuously state that the contract I signed will be fully enforceed. I actually contacted the owner of the Chicago franchise directly after getting the run around from the GM of the branch and he informed me that he will schedule me for the full 7 day class in Sept. to which I said I would not have the time to do that. I would like to think these guys are legit and want their students who pay a tremendous amount of money to be successful but all I am getting so far is BS. I have not yet taken the classes so i don't know what i would expereince. However because of the run around invlioving my current situation and not willing to work with me I am not sure I would want anything to do with these guys.

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