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stevenann

Online Trading Academy

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Stay far away from Pacific Trading Academy. No backup & after you finish your on your own. A lot of MONEY. Try a Live trading course. Maybe E-Mini Day Trader. Looks like a reasonable price.

Edited by Soultrader

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Has anyone ever taken any trading classes or have any information on this trading school?

 

I have not taken any classes from them but I do know someone that has.

 

The thing that I like about their system compared to some others is you actually trade their money (in small dollar abounts) to learn what it is like to be in a trade. Most other companies use a tell show strategy, theirs is tell, show, do!

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OTA has a lot of different types of classes: options, forex, equities trading, etc.

I took the equities trading 7 day class - Professional Trader I and II. The first time it was horrible. Didn't learn anything. May have written 1/2 page of notes over the entire 7 days! I had more knowledge from books than the instructor who may have been trading for a few years but hadn't taught himself anything!

 

I signed up for a retake and that experience was much better. The instructor was incredibly knowledgeable. I took about 30 pages of notes over the 7 days. If I do another retake, it'll cost me money but luckily I shouldn't need to after this instructor.

 

Bottom line: it is completely dependent on who the instructor is. Some are terrible, some are wonderful, most are medium. I talked with a lot of other students at an alumni event about their instructors. They concur with me.

 

It's a lot of money so think carefully. Read a few books first. The course is an odd mix of very basic information (what is bear/bull market) and technical tools (using Fib. for retracement).

 

OTA does offer a free 1/2 day to sell you on their courses. I think the free 1/2 day is worth your time. You get to know who is running the training center and how sincere they are.

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I've never taken a trading course, but in my experience, trading is something that you have to do yourself. It seems to me that taking a simple 7 day course won't help you much because trading is just like any other profession--it takes a lot of time and dedication to learn how to succeed. You don't become a doctor without several years of education, right?

 

If you're completely new to trading, a profitable trader could tell you their strategy and everything they know, but you would most likely still lose money in the beginning. This is hard to explain, but knowing someone's strategy and knowing how to make money are two completely different things, and knowing how to make money only comes after you've spent many, many months watching your market every day for as long as you can afford to. Once you feel that you have some kind of grasp over what happens on the screen you're watching, start trading live. Some people will tell you to sim trade, and sim trading is very valuable, but you won't really know a HUGE part of trading until you're traded live, using real money. When your own money is on the line, all the rules you've made for yourself and all of the knowledge you accumulated take a back seat until you learn to trust yourself and the strategy you've created. If you don't have a strategy, you will probably lose money. I could go on and on, but instead I'll give you these links that will probably be much more helpful than any course you might pay for. I advise that you read all of these articles, browse this forum, and watch your selected market as much as you can. It's very important that you take this as seriously as possible--make it your LIFE--and you will have a great advantage over the majority of people who try to trade. Links:

 

http://www.trading-naked.com/Articles_and_Reprints.htm (make sure you read the articles on risk management)

http://www.trading-naked.com/library/Prologue.pdf (this "Trading as a Business" series is pretty good, I recommend that you read all of them)

http://www.traderscalm.com

 

I should add that I discovered those three links on this forum after I had already learned much of what is contained in those links the hard way--that is, through experience, trial and error, and a lot of reading. So I give credit to those who originally posted those websites here. One final piece of advice is that you throw your ego out the window and never look back. If you're new to trading, you have no idea what you're getting into. You might think you have some idea, at least the smallest idea, of what this is all about. You don't. You don't know what you're in for, but prepare yourself for the worst, NEVER even THINK about giving up, and you will probably have a decent chance of "making" it.

 

Keep in mind that I only have a little less than two years of trading experience, so I have a lot to learn myself, I'm sure.

Edited by diablo272

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Absolutely agree. It's silly to hope than 7 day course will make you succeding trader, but maybe it will give you some instruments that of course you could have found yourself, but it would take more time and efforts, and maybe money. But I'm agree with the idea that personnal market learning is better.

 

P.S. I don't know how to remove angey smiley from the top of the post :)

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Some people do learn better "hands-on" than by reading a bunch of books and articles. As for the web, how do you know which web sites have accurate information that will work for your style of trading (rhetorical). The course isn't for everyone which is why the free workshop is good to attend first to introduce you to what will be taught in the course. And the course is greatly improved by what the instructor brings to the course, if anything. You are right -- 7 days is only the beginning -- and you will have to keep learning on your own. If you want to day trade, statistics say only 5-7% are successful long-term.

 

At the risk of going off-topic, here are some calculators that may be useful but I'm not intending any new comments on this thread since it is off-topic:

http://traders-anonymous.com/calculators.aspx

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I agree that trading maybe is more practice than theory. For ex. I have read a lot of literature, but there were no more than 2 books that developed my understanding of what is really goin' on concerning market.

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I attended an Online Trading Academy seminar years ago in Orange County, CA. The sales pitch was pretty corny, IMO. The owner of the operation started the seminar by priming the audience to the idea that we could be trading at home in our bunny slippers, independent from investment advisors, mutual funds, etc... After an hour or so, their head "trader" casually walked in with his half buttoned shirt, gold chains around his neck and a stubbly face. He proceeded to talk about how he was totally financially independent, how he's traveled the world and charters yachts, blah blah blah...

 

Then, one by one, they called attendees out of the conference room and into separate rooms, where they had associates giving each attendee the hard sell. When it was my turn out of the room and into a one-on-one with a sales associate, I repeatedly declined their 7-days for $3XXX offer as well as declining to buy several of their packaged DVDs for home study around $800. They wouldn't even show me the respect of allowing me time to marinate on the ideas from the day. The sales guy, who identified himself as an OTA franchise owner in Houston, almost seemed hostile and patronizing towards the end of the sales pitch. In truth, I was actually interested in their school up until the interrogation style sales push.

 

Fast forward six years later to now... I'm very glad I didn't buy into OTA. Could they have effectively taught me skills to be a successful trader, I can't know. All I know is that I walked in there with genuine interest and walked out feeling like something was mighty fishy at OTA. It may be enticing to think that a 7 day course will fast track your trading skills, but I don't believe I could have had the same learning experience as I have had if I did join them. The years I've put in of reading, researching what works for me, sharing with other traders and developing my own style is something I highly appreciate.

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Hey guys, I just came back from a OTA Stock Trading seminar today and it seems like they have a lot to offer. My oppinion on OTA is that yea, it teaches you basics and technical analysis.... where you can get online and learning from experience. But I think what this class really focuses on is discipline, risk managment (how to control your mental stops) Psychology, not getting to greedy, not getting too carried away about your losses (thinking or hoping they will turn),

how to live, breathe, and abide by your strategies religiously and than adjust accordingly. Which I think is key because people get too carried away emotionally. This is a great class if you need some help with your stop limits, knowing when to pull out, and how to control your greed.

The bottom line is, If you are NOT HARD HEADED, than think of it as therapy.

 

Good reference tool, probably the best for people who know nothing about the market (great foundation). But if you've been trading for a while and have a set strategy, do not even bother.

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There is a lot of truth in what you guys experienced with these academy trainings...All I know is that technical trading (method) is not enough to be successful no matter how much you pay for training and what you learn there...

 

There is mind (discipline and personality, greediness...all kind of emotions..etc.) and money management involved very much in trading...

Someone can make living on MA crosses and other trader will not be successful with latest and greatest indicators and platform...

 

There are a few instructors from OTA having webinars on FxStreet.com: Sam Seiden and Steve Misic. I respect both of them.

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Hey guys, I just came back from a OTA Stock Trading seminar today and it seems like they have a lot to offer. My oppinion on OTA is that yea, it teaches you basics and technical analysis.... where you can get online and learning from experience. But I think what this class really focuses on is discipline, risk managment (how to control your mental stops) Psychology, not getting to greedy, not getting too carried away about your losses (thinking or hoping they will turn),

how to live, breathe, and abide by your strategies religiously and than adjust accordingly. Which I think is key because people get too carried away emotionally. This is a great class if you need some help with your stop limits, knowing when to pull out, and how to control your greed.

The bottom line is, If you are NOT HARD HEADED, than think of it as therapy.

 

Good reference tool, probably the best for people who know nothing about the market (great foundation). But if you've been trading for a while and have a set strategy, do not even bother.

 

I was talking about same thing in my previous post : discipline, hopes, emotions and I am glad you pointed it as well...Well I need it ...

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Thanks for the links, they look really interesting.

 

I did go through Online Trading Academy. I was new to trading, so I was glad to have the 7 days and others to talk with. I have done most of their courses and am in their XLT (advanced training) now. It is a lot of money, but traders can loose so much more with losing trades. I think it was worth the $ for me, but I still have a lot to learn.

 

They teach the trading aspect well, especially if you go back and have different teachers. I think they do not cover the psychology of trading well enough at all. They just started a new course on this, which I am sure is a start.

 

I just started offering coaching to traders to work on the discipline (I am a business coach in a past life) since it is the discipline and psychology I find that I am struggling with now.

 

I agree with a post above, that it seems no matter where you are trained it just takes time to learn. You have to preserve your capitol so you don't run out while you are learning!

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I took the pro trader course, and I do like that you can retake, and ditto to other reviewers as far as worthiness of instructors. While their is only so much you can get out of a book, the only thing I did not like about OTA in retrospect is that they are kind of a power/pressure sales operation. Even while I was taking the pro trader course, at one part of the week, they did a one hour infomercial for their other stuff which kind of annoyed me. Especially if I am already allotting time off a busy schedule. If your brand new to all this, then it is decent.

 

So my review is kinda mixed. Their is nothing that they teach that you cannot get out of a book, and if someone had a perfect trading system, it would be virtually priceless. Would I do it again, knowing what I know now? Not really sure. If anyone has a specific question about it, ask me.

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I took almost all the OTA classes and I am a 3 XLT member.

In my opinion its worth taking the OTA Pro-Trader class if you are very new to trading. The class gives you good inside about how to read charts, different type of indicators and lots of technical analysis. But don't forget NO one is going to teach you how to make money in trading. OTA classes will introduce you to general education, it up to you how you will interpret and use this info.

Each OTA school is individually operated and owned, its a franchising. I had a good experience at the Northridge, CA location. But its a different story when you talk about the XLT class. Please do your homework before buying the XLT class. Its completely different experience from what they present to you. Don't get me wrong they do have good instructors also but and there are many buts.

Most important is that instead of paying thousands of $ for the XLT class, you can get the same recordings and information for free on the web (NO I am not black market selling the recordings, this is unethical in my book)

Pls e-mail me at market_account@yahoo.com if you like to know about the pros and cons.

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SCAM! Although not new, Online Trading Academy based out of Irvine, Ca pretends to offer investment/trading education across multiple asset categories like stocks, options, futures, commodities, forex and real estate.

 

The cost is salty beginning at $5,000 for their basic course and up to $10,000 per mentoring class and $65,000 for their passport programs.

 

They have been running informercials on late night tv much like the now defunct Teach Me To Trade. More recently they are using apparently bogus testimonials on the internet posted by apparently paid shills and OTA employees.

 

They even have their own website which implies that it is a 3rd party review site. An obvious clue is the raving five star reviews which all look like they were written by the same person and that other accurate, but not so positive reviews are blocked and deleted.

 

OTA will lure you to their facility to attend a Power Trading Workshop, ostensibly a 1/2 day workshop which really only lasts about 3 hours, time for lunch and registration included.

 

Calling it a workshop is quite a stretch. It is a blatant sales pitch much worse than any time share presentation.

 

The course includes primarily basic t/a which can be found in any inexpensive book or even free on the internet.

 

They claim to offer a one time $2,000 schlorship discount for that day only. This is a lie.

 

They also promise lifetime retakes. But their class room only seats about 20 people and they are constantly pushing for more clients. Where will they put everyone? FACT: Most clients quit in frustration and even though classes and workshops are listed as "sold out", there are more often less than half full and cancelled.

 

And they also promise tuition reimbursement. (Don't you love the way they throw around those educational terms to make them sound like a real school?) Here again, read the fine print and really check them out. You know what they say about when things sound too good to be true.

 

On some websites where complaints have not been deleted, supposed company officials post rebuttals and challenge anyone to contact them at their corporate offices in California. The number is a toll number, not toll free and those who have called find it links to a voice mail and after leaving multiple messages, no one returns the calls. So much for help from corporate.

 

OTA also seems very upset about the increasing number of complaints appearing about them on the internet and are now charging complaintants as being people who work for the competition, frustrated, lazy students who wouldn't take the time to follow their courses, deadbeat clients who defaulted on their loans (18% interest, t hey may be right on this one!) people whose credit cards were denied and disgruntled former employees.

 

Before it was called Online Trading Academy, it was called bloc securties, then momentum securities, then Newport Beach securities. In Orlando, the local office ownership has changed hands five times in a few years and has had massive employee turnover.

 

Many of OTA's offices are located in right to work states which means that employees were probably treated unfairly so there probably are a lot of unhappy ex employees out there for sure.

 

However, one thing that Online Trading Academy doesn't want to admit is that they have a lot of unhappy clients and whatever is showing on the internet pales compared to what goes on in the local offices where clients are many times screaming at Online Trading Academy staff for their wrong doings and high pressure sales tactics.

 

Stay away from these guys!

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The truth is although i like online trading academy, it's probably the best "trading school", their prices are quite prohibiting for me. In order to reach their XLT level, you might need more than $15.000. I still believe that they offer great information, and I, as a forex trader i have learned a freaking lot from just the free articles of some of their traders/instructors. But still, cmon, $15.000? And that is only for forex, if you want stocks etc, you got to pay these amounts again. Especially for forex, i don't think it is worth it, as you can get all the "supply and demand" stuff that online trading academy teaches and preaches from other sites like advantage signals. Don't know if their signals are any good yet (i don't have enough data, i am still on free trial), but the educational info provided with every signal is quite unique. Anyway, about online trading academy, if i was rich and wanted to learn about forex trading, i think i would give them a shot. But I cant pay for that now anyway :P If you want to buy me a "passport" to their classes for my birthday, then ok!

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Medical Alert Scam - This is a telemarketing scam that promises a 'free' medical alert system, that scam targeted seniors and caretakers. The robocalls claimed to be offering the medical alert devices and system free of charge because a family member or friend had already paid for it. In many cases, seniors were asked to provide their bank account or credit information to 'verify' their identity and, as a result, were charged the monthly $35 service fee. The system, of course, never arrived and the seniors were left with a charge they had trouble getting refunded. Easy rule of thumb - be wary of 'free' offers that require your personal information upfront and always verify with the supposed friend or family member that the caller says paid for the service. Ebay / Auction Reseller Scam - Scammers posing as buyers convice sellers into shipping goods prior to receiving payment. Usually the fake buyer claims it's an 'emergency' like a child's birthday and asks the seller to ship the same day. The seller receives an email that appears as though it came from PayPal for the payment, but emails like that are easy for scammers to fake. Arrest Warrant Scam - Scammers create a fake Caller ID, which allows them to call you and appear to be calling from a local police, sheriff or other law enforcement agency. They say there is a warrant out for your arrest, but that you can pay a fine in order to avoid criminal charges. Of course, these scammers don't take credit cards; only a Western Union Moneygram, other wire transfer or pre-paid debit card will do. Invisible Home Improvements - In addition to email, mail and phone, scammers now just show up at your door. Scammers posing as home improvement contractors come door-to-door sale and target seniors, those who live alone, and victims of weather-related disasters are common targets Casting Call Scam - Scammers pose as agents or talent scouts looking for actors, singers, models, reality show contestants, etc., and use phony audition notices to fool aspiring performers into paying to try out for parts that don't exist. Foreign Currency Scam - Investments in foreign currency can sound like a great idea, and scammers frequently use real current events and news stories to make their pitches even more appealing. They advertise an easy investment with high return and low risk when you purchase Iraqi Dinar, Vietnamese Dong or, most recently, the Egyptian Pound. The plan is that, when those governments revalue their currencies, increasing their worth against the dollar, you just sell and cash in. Unlike previous hoaxes, you may even take possession of real currency. The problem is that they will be very difficult to sell, and it's extremely unlikely they will ever significantly increase in value. Scam Text Messages - It looks like a text alert from your bank, asking you to confirm information or 'reactivate your debit card' by following a link on your smart phone. But it is just a way to steal personal information Affordable Care Act Scams (ObamaCare) - Scammers love the Affordable Care Act ('Obamacare'), using it as a way to fool Americans into sharing their personal information.   For guideance about health insurance see our sister website, ConsumersHealthcareGuide.org. Other common scams:   Internet Auction Frauds Auction frauds (commonly called Ebay or PayPal scams, after the two largest venues) is a misrepresentation of a product advertised for sale through an Internet auction site or the failure to deliver products purchased through an Internet auction site.   Nigerian Advance Fee Frauds (AFF) These frauds take the form of an offer, via letter, e-mail or fax, to share a huge sum of money in return for using the recipient's bank account to transfer of the money out of the country.  The perpetrators will often then use the bank account details to empty their victim's bank account. Often, they convince the victim that money is needed up front, to pay fees or is needed to bribe officials.   "PASSIVE RESIDUAL INCOME" SCAMS Get rich scheme and scam websites - Make $$$ in your spare time! It so EASY once you get their free book or cd and learn their secrets! Sure... These websites are themselves scams; claiming to offer you a good deal, when at best, their products are worthless, they have no real secrets, and worse, some are identity thieves!   FreeCreditReport.com    What a scam this one is!  The name of the website is freecreditreport.com, but you'll only get a credit report when you sign up for their paid service.  And worst of all there IS a government mandated website where you CAN get a free credit report!  Find out more here!   Work At Home Scams Work-at-home and business opportunity scams are often advertised as paid work from home. After the would-be worker applies, they are asked for money up-front to pay for materials and, after paying, they hear nothing back. A variation of this is, people are asked to invest in a business that has little chance of success.   Matric and Multilevel Marketing and  Pyramid Schemes "MAKE MONEY NOW!" scream their websites!  And do it in your spare time!  Earn big bucks for almost no work.  If that isn't enough to tell you it is a scam, let us explain why it is. These schemes are promoted through websites offering expensive electronic gadgets as free gifts in return for spending about $25 on an inexpensive product, such as a mobile phone signal booster.  Consumers who buy the product then join a waiting list to receive their free gift. The person at the top of the list receives his/her gift only after a prescribed number of new members join up. The majority of those on the list will never receive the item. Pyramid schemes offer a return on a financial investment based on the number of new recruits to the scheme. Investors are misled about the likely returns. There are simply not enough people to support the scheme indefinitely.   Property Investment Scams Investors attend a free presentation, which aims to persuade them to hand over large amounts of money to enroll on a course promising to make them a successful property dealer, usually involving "no money down". Schemes can involve the offer of buying yet-to-be built properties at a discount.  Other variations include a buy-to-lease scheme where companies offer to source, renovate and manage properties, claiming good returns from rental income. The properties are generally near-derelict and the tenants non-existent.   900 Phone NumberScams Postal notification of a win in a sweepstake or a holiday offer in this scam include instructions to ring a premium rate number. This is generally an 900 toll number. Calls to the number incur significant charges, the recorded message is lengthy, and the prize often does not exist. It is a scam that has been around a long time, but it is still in use.   Advance Fee Brokers. Often these appear to be very professional operations with attractive websites and advertisements. However, it is illegal for a business to charge a fee prior to providing a loan. Typically, after wiring money to the scammer, the victim never receives the loan. These 'lenders' will use fake physical addresses or the addresses of real companies.   Credit Repair Services with Advance Fees. Consumers with bad credit ratings are particularly vulnerable to this scam. Everything a credit-repair operation offers an individual can do personally at little or no cost. Credit repair operations cannot ask for money in advance and they cannot automatically remove legitimate negative reports from your credit history.   Foreign Lottery Scams. Any lottery from a foreign country is illegal in the United States. Stating a person can win or is a winner already provides a strong incentive; however, people should never send money to obtain lottery money. Scammers using fictitious addresses will request you send 'fees and taxes' to them through a wire service, take the cash and never provide any winnings because there are no winners.   Office Supplies - Sale by Deceptive Telemarketing. This scam features fake invoices for office supplies being sent to a business, often for only a couple hundred dollars. This relatively low amount makes it easier for company personnel to quickly sign off and feel it is not worth their time to check the invoice's validity, which would be done if it was for a larger amount.   And please let us know about any suspicious calls or emails you receive.  We look for patterns so that we can alert the authorities and victims to new scams, before it is too late! For a comprehensive list of national and international agencies to report scams, see this page Dont forget to like and subscribe
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