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TradingAcademy.com (Mike McMahon) Review Visit site

Updated: May 20, 2019
2.426 · 97 REVIEWS
Is this your company?
Formerly OnlineTradingAcademy.com (OTA)

Online Trading Academy offers Forex, Stocks, Futures, Options trading training. Online Trading Academy offers free online classes as well as paid longer courses.

TradingAcademy.com (Mike McMahon)

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2.426 · 97 REVIEWS
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Guy Mondesir,
USA,
May 17, 2019,
Registered user

If there was a better name for bait and switch, I would have used it to describe this establishment. It is a shame at the dawn of the 21st century for businesses like this still using these pretentious tactics to rob people on the basis of ignorance. I am an entrepreneur at heart, I have been self-employed for many years. I am a father of four children and my wife does not work; so, I am hustling every day to make ends meet. When I found OTA and sat with the Education Counselor for the first time, base on what she told me, I thought I had been missing out on life. What planet was I living in for never heard about such a phenomenal opportunity? and so, this thought followed me for about three weeks to the day of my orientation when I met with the front runner teacher who drove it home for me.

So, I got hooked. I saw the big picture, one day I will get to live in a neighborhood of celebrities like the professor whose neighbor is Micheal Phelps and making millions a year. You see, I am not saying this is impossible. I do believe it can happen to most of us, but not on the premise of a mere strategy taught by OTA. Let's face it, the biggest selling point of OTA is the strategy that they use, which they claimed to be patented. Because I was new to trading, I started to investigate different pattern strategies to trade. First, all experts in the field know that there is not one magic strategy. There is no one glove fits all. Speaking of risk management, there are professionals out there who are trading without using stops and it works very well for them as well.

This is a fallacy I encountered during my initial conversation with the counselor, she assured me that I was going to start making money alongside a Pro (Pro/Picks) by duplicating what he or she will be doing. I was so motivated that I went out and bought an Optiplex computer with two monitors believing that I will be making money at the same time I am learning. I got frustrated on the second day when I realized that the concept was convuluted. My program was about $19,000.00 for two classes, Features, and Forex; five days each. I was on a payment installment plan; so, $3,000.00 was taken from my account plus the $200.00 for the orientation.

Thus, after the two weeks training was over, I spent another two weeks getting familiar with the demo accounts on the platforms, Oanda and TradeStation. First, I realized that their version of TradeStation was outdated and their strategy does not stand a chance on the Forex platform. I was like Moses looking at the promised land, but will not enter it. So, I called the counselor to let her that I am not doing any further education and that the contract must be ceased and deceased. A couple of days later, I heard from headquater, which told me that I have consumed education material for more than $16,000.00 and therefore, that is what I owed the school.

My argument was, you have lied to me. Your company literally led me to believe that I was going to make enough money to pay the school installments and have some left over to take care of my family. I pleaded with him to keep the $3,200.00 and call it off, but he refused, and now, my credit is ruined with a debt of $16,000.00. Not only they shattered my credit, but debt collectors are calling me left and right, all thanks to OTA. So, let me ask you a question, do you want to be in my shoe? The last shocking news I got is: THEY ARE NOT A BBB REGISTERED MEMBER!
Ron,
Buckley, USA,
Mar 2, 2019,
Guest

update to previous review

OTA IS NOT A SCAM!!! This a follow up to my first review of several months back,where i stated if you want to become a doctor or lawyer or engineer or professional pilot you need to go to school and work hard and graduate and then get additional on the job training. That takes desire, discipline,dedication and plain hard work.Do not spew this junk about which you know nothing.I have been with OTA for four years and i am now making more money than i as a retired construction worker could have ever dreamed of.I am averaging over 1k a day,So do please try to convinced me im being scammed!!!..Was it easy to get where i am ?NO.It has been the hardest thing i have ever taken on,Hundreds of hours studying the charts and watching caring instructors take LIVE trade while i followed along on my own trading platform which is totally mine and being controlled by me.And by the way, many of ota-s students i talk with are doctors,lawyers,engineers,pilots etc.And then some like myself are laborers,construction workers,store clerks,bartenders housewives,real estate brokers,assembly line workers etc etc etc.We all have one thing in common,we wanted to become professional traders and we refused to take no for an answer.So if meet an OTA rep or instructor etc whom i dont like i move on and find one or more i do like.And by the way 1k a day is chicken feed for some of the instructors and fellow students i know.Look,,, if you want a piece of this pie,apply yourself,do not take no for an answer.Get professional help. A doctor is not allowed to operate on you unless trained, nor an engineer to design a bridge unless trained,nor a pilot put at the controls of a 767 unless trained..Trading is a highly skilled profession and you will not learn it free from youtube nor will you learn it from a book,,ie doctor,lawyer,engineer,pilot---on the job training- after- the book work.The choice is entirely yours,do you have what it takes?

Sep 13, 2017 - 5 Stars 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.
Joe yanofsky,
USA,
Jan 14, 2019,
Guest

I attended a seminar was told the 3 day class was all I needed, then told that was only basic and I would have to take more training. If it was so easy to make money financialy why would they have a million dollar worldwide training company, like they
say in their disclaimor "nothing is guaranteed" yes there is the money you paid for their training, nothing more then a scam
Wael,
Netherlands,
Oct 7, 2018,
Guest

OTA student review

I’m going to share my own experience with trading and OTA (Online Trading Academy) mentioning that my goal is to be a full-time trader. Currently I’m working as sr. software engineer at brokerage firm in Europe.

I’m following OTA years ago but I didn’t join it at that time cause of the cost and also the reviews on the internet at that time. So, I decided to educate myself and took some other cheaper courses but I always felt that I miss other things because my trading results wasn’t that good. So, a year ago I decided to join OTA but really slowly to evaluate my education investment mentioning that I have some trading experience or that’s what I thought. I enrolled only in one course with OTA which is Core Strategy. After I finished it I gain a huge amount of information which I didn’t know before. After that I decided to continue with the other courses with OTA and join MasterMind program. Thanks for OTA-Dubai management team and education counselor. They helped me to arrange my education track to fit with my plan and provided me with all the tools and ideas to reach my goal as quickly as possible. When I joined MasterMind program, I figured out there are information, trading ideas and trading strategies more than I would even ever think about it. For sure I’m so happy with my education investment because my trading results started to become better. Now I’m at the end of my track but do you think the education stops here? No, the best thing in OTA is that they have community of students, experienced students and instructors which provide new trade ideas and discuss it every single day.

Finally, Trading is like any career, you need to invest time, effort and money to reach your goal. If you want to take trading as your career or part-time trader so, OTA is excellent choice. On the other hand, if you want to take trading as hobby and copy trade ideas from other people so, OTA is good place but you will need some time to receive reward for your education investment.
juan,
esteves, USA,
Jul 4, 2018,
Guest

Why do they need me?

If their system is so great, what do they need me for? Why are they not simply making tons of money with their "system" and keeping it to themselves?
William Taylor,
NJ, USA,
May 26, 2018,
Guest

They teach you nothing, but bogus technical analysis, They may even convince you to sell your blue chips to trade which has cost me over 110K if I would have held my AMZN.
Anon,
London, United Kingdom,
May 23, 2018,
Guest

Scam

I'm posting this as like so many, I feel aggrieved at the service I received from Online Trading Academy.
Firstly, I signed up for a 'free' seminar that was hosted by a gentleman who wouldn't be amiss on TOWIE....gave him the benefit of doubt as the Councillor 'salesman' was fairly knowledgeable.
I paid £200 for the all important next stage.
3 days at the same tired, old, depressing looking industrial unit.
I was constantly bombarded with calls and emails prior to the 3 day event. I was asked to complete a very intrusive questionnaire type thing that I found very odd. I was also grilled by my newly assigned 'counsellor/coach' (they couldn't even make up their mind as to what they were called. Let's call them sales prevention officers for the time being.
So, I attend the 3 day selling event where I am very entertained by the seemingly knowledgeable presenter. He doesn't want us to get screwed over and showed us how we could be earning millions in the next 2 years by following their patented (but not in the UK) methodology.
All this comes at a cost that would make even the Hinduja family wince.
My coach, Jordan, was clearly not making any money from trading as why would he dress and look as he does and waste a weekend working to 'not sell me' this amazing education. Oh, hello, are you stupid guys. If he could make £200k pa trading do you think he'd be wearing battered shoes, terrible hair cut and even consider wasting his weekend working.......
A special mention must go to Pearl or Opal or Gem...can't remember her name but she is the 'finance' person. What an absolutely rude, unhelpful and utterly ridiculous consumer facing employee. She alone was enough to put me off.
Big red flag from me. Not sure their selling techniques are even legal particularly their financing over promising.
Waste of money and time.
Had a cursory look at their accounts and they have filed losses amounting to over £2m during the last few years. Maybe the company itself should practice what it preaches and trade those very substantial losses away.
SeriousTrader,
Toronto, Canada,
Apr 13, 2018,
Registered user

Excellent Trading Education; It will change your life. Try it before judging.

I would like to provide the full story:
I attended their half day workshop. It was somewhat informative, but not detailed enough. Then I signed up for the 3 day Market Timing Orientation course. I was very pleasantly surprised at the amount of information provided by the Instructor during these 3 days.
Did I become a professional trader after this course? No. No one can become a professional on any profession in few days, speak of a Doctor, Engineer, Nurse or a TTC operator. It takes practice, persistence, education and coaching to be successful. This expectation was setup very clearly by the Education Counselor in the Academy before the 3 day course.
I really saw the value in their courses (little skeptical though) and signed up for the Wealth Solution. And once you attend their longer classes and XLT programs, you will be blown away by the amount of information, practice, quality of instructors, live practice labs and not to mention the most friendly and helpful staff. I have been very happy with the Academy and have contributed significantly to my Trading and Financial Life.
Don't listen to me or anyone else: Try for yourself and you will be amazed.
Rahul x,
nj, USA,
Apr 5, 2018,
Registered user

High Pressure sales tactics. Their so-called "Core strategy" is nothing but a support and resistance chart which every trader already knows or a newbie can find on a free you tube video . The 5 day class is worth only the croissants and coffee they provide-nothing else. Save your money or even lose money actually trading, so you will learn. Paying this fraud company will not teach you anything
HonestTiger,
Toronto, Canada,
Feb 6, 2018,
Registered user

Can you afford Online Trading Academy Solutions programs?

1 day Free "teaching" is just a sale of their $300+tax 3-days orientation course. Also they say it's a discount out of $999 value course which you take today or don't take at all. Does it sounds to you as cheap selling trick which is disgusting for respected school? They give actually good picture of the situation with banks and on the market for general understanding, so if to close your eyes on pushing sale program, it can be useful for novice people on the market - I'd say eye-opening how much you need to know before you get into anything financial. And some advices were quite useful, so I cannot say that I regret about paying $300, even though I'd say that this program is overpriced for the value.
You won't get real knowledge of "tricks" in trading on that 3-day orientation - it's set up so that you understand how much you don't know what they can teach you and what consequences if you are on market without their strategy. I think their education should have some value. The question - can everybody afford to pay that much and if you can get success more than loses following their strategy? Nobody knows what exactly will be next turn. So there are loses always. The question if their strategy, sold for so expensive price, can be assuring that wins are more than loses? No, there is no guarantee. But if you are on the market, you cannot avoid loses 100%. Then to know the strategy can increase your chances to be successful, but not guarantee. So how much you would pay for the increasing the chance to get more profit than loses?

And again - the same disgusting sell trick - if you sign up TODAY (!), you will get it by ~40% discount. It's huge money studying, but you must decide it "today"!

Now about the "discounted" prices
The pick is Mastermind program which includes 4 programs, including Core, Futures or (!) Forex and 2 wealth management programs (how to save and not to lose money). It's 59,000 + tax, they claim that full price is $107,000+tax.
3 programs cost 34,000+tax (with discount) out of 62,000+tax and 2 programs cost 27,000+tax out of 42,000+tax. Is it small money to invest?
But you have to decide TODAY or you don't get the discount.

They have financing: 25% down and 5.9% for 6-mon financing , 12.9% for 1 year financing and 17.9% for 2 years financing on remaining amount after paying 25% down.
So you choose 3 programs for example and it's $38,420 after tax. .So $9605 downpayment ("today only"!) and $4881/mon if 6 mon, $2573 of 12 months, $1437/mon if 24 months. You start paying before you can make any money, before you start studying (they can create groups within a month or even two - not "tomorrow" .
And there are different "add-on" and plus you need minimal $5000 on your account to start trading and make some small money.
Can you afford it? Can you make such decisions "today"?
Is it really valuable and is worth the money?
I don't think they need students even - they make money on financing of the study. I don't see reviews of their successful students - they should have a lot of them after years of school existence.
You cannot get to see the schedule of lessons before you are enrolled - you cannot even consider your availability before you sign.
They even didn't advise about trading software at $300 course - no question was answered. Only if you are enrolled and sign up "today"
I hate those who offer even good things with such pressure. It reminds me about scam organizations developing everywhere - in traveling, for example. Sign up today and get obligation to pay.