Online Trading Academy, Marietta, Georgia
This report is to warn people to be sure to understand what they are getting into if they sign up for training with On-Line Trading Academy.
Their 6 or 7 day classes are $4,999 each in Atlanta, and you can retake them for life (not sure whose life that means). I don’t think they will be around in another 5 years or so. You can possibly get them cheaper at some centers as I found out at the Tampa Center. In Atlanta they now require a $250 deposit be paid 14 days in advance for any retake, and if you don’t show up for the class they may keep it per their new policy of April 1, 2010.
In addition On-Line Trading now has what is known as “XLT sessions (Extended Learning Track) which are “interactive webinars” over the Internet. A 12 week series of these is $6,000, and for an additional $4,000 you get them “Lifetime”. Again whose lifetime that is, who knows. I think OTA may not be around all that long for most to have use of it that long.
I have taken the Pro-Trader class twice and the Forex Class once. My “counselor” threw in the Forex Class as a “freebie” (one time only) as enticement to sign up for an XLT. I paid the full price for Pro-Trader in June of 2009 but had an unexpected expense happen that required me to ask for a refund more than three (3) days after the agreement. That request was denied and I was unable to attend the class until 11 months later in May of 2010.
Each time you are involved in any class, or in special classes, OTA “coaches” use high pressure sales tactics to entice you to sign up for more and more “programs” even though you tell them you can’t afford to if that is the case, as is mine. I signed up for an XLT program not understanding it was for only 12 weeks for the $6,000 fee. I couldn’t get involved in the program until I had paid for it in full, and now will not get use of it after paying them $2,026. In the process of getting me to sign up for the XLT I was given another class “free”. That being Forex, which I thought I had on the same lifetime basis as the Pro-Trader class but that turned out to not be the case, which I found out when I tried to schedule a re-take and was denied.
I have tried to take advantage of other training with OTA such as archived webinars only to find out there is no way to get questions answered by the instructors so they are kind of a waste of time in many respects. I was on one “live” Webinar where the instructor was so completely lost it was a joke. One of the webinars is called “Trading With The Pro’s” on Thrusday evenings at 6:00 PM Eastern Time. The particular one I want to mention here was on June 24th. 2010. At 6:23 PM I gave up and signed out as I was not going to waste my whole evening on this kind of nonsense. I was on another one I can’t remember the date of but it was also late getting started.
Just like any other school, or trading class, if you dare ask the instructor why they are teaching when they could be trading, and supposedly making a lot of money, you get the same BS story, and are then called names. Names like “Seminar Junkie” or as John Hyland of ISI did a, “crap magnet”.
In my opinion On-Line Trading Academy is no better or worse than others like “Teach Me To Trade/Star Trader”, “Invest Tools”, “Better Trades”, and others I have checked out. They have a concept very similar to most with some different ideas of their own of course.
Whether or not their teaching works I don’t know, and may never know because I was “suspended” when I responded in the “Chat” on a live Webinar, to somebody asking about the XlT program. I said I was not impressed with them and thought they were not worth the price. I also stated I wished I had never heard of OTA. The “moderator” cut me off from posting anything further and I was subsequently cut off from everything with OTA. So be aware you better not say anything negative about OTA, and also be aware of the “High Pressure Sales” not unlike “Used Car Salesmen” as a friend of mine told the individual he talked to at OTA. Just like any other business, follow the money and the money is in teaching not trading as this again proves. I have been around a long time and the old saying “Those Who Can Do” and “Those Who Can’t Teach” is nowhere as true as in the “Trading Industry”.
The first time I took the Pro-Trader class it was good from the standpoint of the instructor knowing the material but from the so called “live trading” standpoint a waste of my time. By the time it takes to learn the Trade Station Platform, only being allowed to trade with a small stop loss, and only one trade at a time you do not learn much at all about live trading. That part of the class is a waste of time since most of the students will not even use Trade Station after the class. This was the instructor that labeled me a “seminar junkie” when I told him all the different schools and classes I had checked out.
The second time I took the Pro-Trader class I was not that impressed. The instructor had different ideas than the first and one thing stood out. He said he didn’t fully understand the MACD indicator and didn’t really use it that much. In as much as the MACD and Stochastic are the two most widely used technical indicators by traders I find that inexcusable. His concept of plotting support & resistance being contrary to what the other instructors say to use. With this kind of inconsistency how anybody can become successful is beyond me. I suspect just like with any “method” or “system” 85 tp 92 percent of traders using On-Line Trading methods will fail.
The Forex class was very marginal at best. Without the prior knowledge I had about Forex concepts and terms I would have been lost at the end of that six day class to be sure. We didn’t even get the correct class manuals until the 4th. day of the class.
After I made the statement in the Webinar I was denied further attendance in any more classes so I stopped paying for the XLT. On-Line Trading Academy can sue to their hearts content but they will not get another dime from me.
One of the big factors that motivated me to sign up in May of 2009 was the tuition rebate from brokers. That proved to be a joke and a major con game by OTA.