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AKM

Online Trading Academy - OTA - Review of the Strategy and Education

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Hey guys,

 

I attended the OTA free class the other day and thought it was awesome. I learned a lot from what they had to teach, but in the end theres always a sales pitch. The lower cost class was 6K which i think is a little too high. I have no doubt that what they teach can give you a head start especially me being a TOTAL newbie. Do you guys have an recommendations for me to start learning?

 

I know there posts in this thread about Sam Seiden videos about Supply/Demand. Does anyone have links to it?

 

Thanks All. This is my first post. I'll be here everyday learning and hopefully adding value as much as I possibly can :)

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Follow up here. Yeah the Sam guy is always saying in his vids "email me any time" WHAT A CROCK!!! I sent two different mails to 2 different email addresses given. Both got kicked back. So much for being on the level.

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I went to one of their free classes in Chicago. OTA is a franchise business. I found the class very helpful but it is fundamentally a sales pitch for their professional trading course. QUOTE] ~excerpt~

 

Hello AKM- I attended a half-day free class in NY, and agree with tmsmith's comment quoted above. However, I did sign up for a 3 day class in April (at only $300) which is called 'Market Timing for Short Term Income & Lnog Term Wealth'-- will let you know how it was once I've taken it.

 

I don't have any problems with their using a 'loss leader' free half-day to get butts in seats so they can make their sales pitch-- they had at least 6 employees working the event, and only about 20 attendees, so it costs them something to make the investment.

I'm taking the course essentially to learn more about the market, not their particular strategy.

Something to keep in mind though, is that they are in the business of delivering training, NOT in the trading business. I'm sure all the folks who work there trade their own personal accounts, but wonder why, if their strategy is so good, why they'd focus on teaching vs doing?

The instructor at my freebie class mentioned one of their most sucessful students, who made a million using their strategy-- but he spent about $35K on training with them first.

~ pb

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I went to one of their free classes in Chicago. OTA is a franchise business. I found the class very helpful but it is fundamentally a sales pitch for their professional trading course. QUOTE] ~excerpt~

 

Hello AKM- I attended a half-day free class in NY, and agree with tmsmith's comment quoted above. However, I did sign up for a 3 day class in April (at only $300) which is called 'Market Timing for Short Term Income & Lnog Term Wealth'-- will let you know how it was once I've taken it.

 

I don't have any problems with their using a 'loss leader' free half-day to get butts in seats so they can make their sales pitch-- they had at least 6 employees working the event, and only about 20 attendees, so it costs them something to make the investment.

I'm taking the course essentially to learn more about the market, not their particular strategy.

Something to keep in mind though, is that they are in the business of delivering training, NOT in the trading business. I'm sure all the folks who work there trade their own personal accounts, but wonder why, if their strategy is so good, why they'd focus on teaching vs doing?

The instructor at my freebie class mentioned one of their most sucessful students, who made a million using their strategy-- but he spent about $35K on training with them first.

~ pb

 

Imagine how well he would have done if he spent $40k or $80K like he hopes you will.

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There are about 26 videos of Sammy Seiden various threads here in TL for you to get acquainted with S&D trading. He gives most of the info you need away free in the vids if you know how to read between the lines. Just take screen shot of the slides he uses for review and/or watch the vids repeatedly. He is not the be all and end all however he does seem to know what's up. His company gets VERY VERY bad reviews though so I would be VERY cautious to weather you get involved with him or not. DO your due diligence FOR SURE. Just Google reviews of the company and you would be surprised at what is said. I certainly was.

 

For being such a respected educator and trader I was stunned that he is involved with that company in any way. It sure as hell made me look at him in a different light once I saw those reviews. I question his credibility now for sure. If I was a trader wanting to get involved with those guys I would ask to see real live trading account statement of whom ever was teaching the trading classes for sure. Like I said do your homework!!

 

He is not the only guy that trades that method and I have watched vids and even personally contacted one of the other traders that does. That guy answered the phone number I called personally and took the time to talk to me for about 20 minutes while the market was still going on. I couldn't believe it. Seiden always says "just send me an email". I sent 2 different emails to 2 different email addresses he gives in his vids both got kicked back to my hotmail. Interesting huh... try it and see what happens.

 

Do some math on what the costs of those courses are and you then ask yourself WTF would I even trade for if it was my company. You dig!! 65K for the "master elite" or what ever the freak it's called. GTF outta here!!!! The way I read it in some of those reviews people just get fed up and quit. THAT"S EXACTLY WHAT THEY WANT YOU TO DO!! WHY? because it makes room for the next stupid F###. Who needs Bernie Maddoff when you got that going right?? LMAO

 

Put in the time do the work and you will be able to trade on your own. I have 4 years invested and now make my own money everyday. To many people want to take the easy way in. GUESS what? It doesn't exist!! YOU want some to tell you when to push the button? Better make damn sure that person is qualified and consistently profitable everyday in there own personal account before you push any buttons... Just sayin...

 

GG

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I went to one of their free classes in Chicago. OTA is a franchise business. I found the class very helpful but it is fundamentally a sales pitch for their professional trading course. QUOTE] ~excerpt~

 

Hello AKM- I attended a half-day free class in NY, and agree with tmsmith's comment quoted above. However, I did sign up for a 3 day class in April (at only $300) which is called 'Market Timing for Short Term Income & Lnog Term Wealth'-- will let you know how it was once I've taken it.

 

I don't have any problems with their using a 'loss leader' free half-day to get butts in seats so they can make their sales pitch-- they had at least 6 employees working the event, and only about 20 attendees, so it costs them something to make the investment.

I'm taking the course essentially to learn more about the market, not their particular strategy.

Something to keep in mind though, is that they are in the business of delivering training, NOT in the trading business. I'm sure all the folks who work there trade their own personal accounts, but wonder why, if their strategy is so good, why they'd focus on teaching vs doing?

The instructor at my freebie class mentioned one of their most sucessful students, who made a million using their strategy-- but he spent about $35K on training with them first.

~ pb

 

Trading instructors who have shown you proof that they are profitable traders....imagine that.

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This is one of the few things I am passionate about

 

I think vendors should be willing to demonstrate their skills for a limited time so that prospective customers can observe and decide for themselves whether they are getting value for their money..

 

Every year I demonstrate how I trade for a small group of folks....for 2 weeks I trade my money (using "go to meeting") and they watch....no obligation....its pretty simple....and its impossible to disguise what you are doing....you enter, you exit....the charts are up there showing everyone where you decided to act...and a person's skill level becomes pretty clear.

 

I think every vendor should offer to do the same thing..... for at least one (and preferrably two) weeks so that prospective customers can decide for themselves...and make no mistake its not all about making money....sure thats important, but its also about compatibility....people should be able to decide whether the system that vendor teaches, is a reasonably good match for their circumstances.....and they should be able to do that without having to spend thousands of dollars up front...

 

Thanks

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What you have said above is commendable Steve. Just one question though. Are trading your own REAL money in the REAL LIVE market or live demo money in the real market. Could you please clarify that. TIA

 

GG

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Really.....?

 

Sir or madam....if the phrase "my money" is too complex for you to understand, we may not have a basis for communication....

 

Okay lets go at it this way....open YOUR wallet and look inside....if you see money.....its probably YOUR money....now I will look inside my wallet.....ah....I see currency inside it....that is MY MONEY.....is this clear enough for you I certainly hope so...

 

Good day

 

Steve

Edited by steve46

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I took the stock trading class in April 2011. Since then I had been through some painful losses, or learning curves however you wish to view them.

I think the training is solid maybe not worth the money they charged but that is done now.

All of the losses I incurred are 100% my responsibility and I do not blame the training. Most, no correction all of the large losses we as a result of me not following my rules.

Can I be profitable at trading well that remains to be seen? Am I always going to follow my rules...if so then this is very likely.

 

What I liked about the training

Very straight forward easy to understand, it is actually a simple process

I can email or call my coach any time I feel I need help

I can go back and take a refresher any time I want

 

What I didn't like

They were not very clear about the fact that the successful/profitable traders had spent a lot more money than the one class to achieve their results

Not enough emphasis on the amount of work you need to do emotionally/ physiologically in order to master trading

 

W ether or not someone is successful is not dependent on the education they received but on how they applied it...and followed it.

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You are absolutely correct in your assumption.

 

You answered around the questions. I had no doubt that would be the case. Just another junkware selling locust preying on newbie's. Sam does that also.

 

Here's some advice for you holmes.. One day you are going to pick the wrong newbie to rip off and that newbie is going to send some very very ugly individuals to your house to deal with you. And trust me when I say it won't just be YOU it'll be your whole family.

 

Better take some of your ripoff money and build yourself a rocket ship to the moon because you won't be safe in Santa Barbara or anywhere on earth for that matter. You dig??

 

Good luck to you you'll need it

 

Generally speaking I don't have good luck, so I have to rely on skill instead...so far so good

 

As to the rest of your silly commentary.....I have promised the site owner that I would refrain from my "normal" style of response, which might include phrases like "screw you"...for example....

 

Mark I hope you will appreciate that I have exhibited some restraint in this matter....

 

And as for you ....I hope that makes my position clear....

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Generally speaking I don't have good luck, so I have to rely on skill instead...so far so good

 

As to the rest of your silly commentary.....I have promised the site owner that I would refrain from my "normal" style of response, which might include phrases like "screw you"...for example....

 

Mark I hope you will appreciate that I have exhibited some restraint in this matter....

 

And as for you ....I hope that makes my position clear....

 

And just think, only a few months ago he was eagerly participating in your thread.

 

Kids. Waddaya gonna do?

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DB

 

From my admittedly limited perspective, it seems that no matter what I say or do, over time, few (if any) will remember me one way or another....so I try to find my own personal reasons to say and do things that help people who might be struggling along. Try as I may I continue to be a bit clumsy in the way that I express myself, but thats always been my handicap....

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DB

 

From my admittedly limited perspective, it seems that no matter what I say or do, over time, few (if any) will remember me one way or another....so I try to find my own personal reasons to say and do things that help people who might be struggling along. Try as I may I continue to be a bit clumsy in the way that I express myself, but thats always been my handicap....

 

Oh, I don't know. I thought your response to greedy was rather elegant.

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LaReindeer, I googled OTA REVIEWS like greedygekko suggested. Save your money.

Work on improving your ability to spot vender / poser / snake oil.

 

Ripoff Report | Online Trading Academy | Complaint Review: 695810

 

 

They were not very clear about the fact that the successful/profitable traders had spent a lot more money than the one class to achieve their results

Edited by onesmith

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I am not looking for any more education from OTA or any other source now.

I have accepted the fact that all that is required now is patience, bucket loads of it and practice practice practice.

It's all up to me now.

 

I am in this for the long haul 20 + years

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I am not looking for any more education from OTA or any other source now.

I have accepted the fact that all that is required now is patience, bucket loads of it and practice practice practice.

It's all up to me now.

 

I am in this for the long haul 20 + years

 

I nominate this as a contender for post of the month.Let me be the first to wish you the best of luck.:cool:

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I thought I would weigh in on the OTA discussion because I am a student/customer of theirs, including some XLTs.

 

IMHO, any OTA student who "fails" does so for one or more of three reasons:

 

1. He or she does not have a solid trading plan with specifics (or they don't follow their plan--see #2). As an example, I ran spoke with a fellow student whom I have known for over a year and asked him about his plan. He still did not have a trading plan in place!

 

2. He or she has not developed the discipline to control impulsiveness.

 

3. They are not "cut out" for it--you have to be willing to pull the trigger. (The person should have known that beforehand, but even if trading is not a comfortable thing to do, mastering the first two will help overcome this obstacle, I think)

 

Over the last three years, I can say that I suffered from #1, and #2.-- I had a trading plan that I did not regularly review or particularly follow, it was too complex, etc, etc. I also had a problem waiting for the trade to come to me. :crap: To make a long story short, I was brutally honest with myself, stopped trading for several months, and simplified a whole bunch of things, including reducing the number of OTA instructors I follow. Although OTA has a core strategy, instructors have their nuances and the sheer wealth of information was counter-productive to my development. My fav instructors are: Evans, Krebs, Vollmering, Seiden. From Wang I took a specific chart parameter that resonated with me, and finally from Valasquez I took his approach to the larger time frame. etc. Don't get me wrong--they are all good but you must go with the ones whose approach feels right to you.

 

By focusing on only those instructors AND spending the time in front of the charts, and simplifying my plan--I now have a strategy the works for me. (approx 4 setups/week) I plan to leave my day job by September 2014 and be doing this full time.

 

To paraphrase one of the OTA instructors I follow: When your set-up is there you have to take the trade!

 

Thanks for letting me share. i hope this info helps someone.

 

PS: I trade only these markets now: 6a, 6b, 6j, 6e, nq (I will add more later)

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For a lot less money, one could simply hire a dominatrix to force one to develop the plan, then stand behind one during the trading session, with a copy of the trading plan and a cattle prod, and force one to follow the plan.

 

It would also be a lot more fun.

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Hi Mary,

Normally,with a 10 post history and defending a vendor i'd be thinking shill.But i've read your posting history and i read what you said here,and you strike me as someone who has a better chance than most of succeeding.

So tell me,if you don't mind.your thoughts on these questions.

 

1) How much do you estimate that you spent on training in total and was OTA the only vendor you used?

 

2) Do you believe that what you paid for was information that you could not have got from free resources/very inexpensive sources,such as books?

 

3) Do you believe that your instructors were successful traders,and if so did you see any proof of that?

 

4) Do you believe that a person may be able to teach without being able to trade themselves?

 

5) Knowing what you know now,do you think that,though it may have taken longer,you would be able to make it with no tuition at all? (in other words,maybe the market is ultimately the best teacher)

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For a lot less money, one could simply hire a dominatrix to force one to develop the plan, then stand behind one during the trading session, with a copy of the trading plan and a cattle prod, and force one to follow the plan.

 

It would also be a lot more fun.

 

 

Ah..DB...the voice of experience....:);)

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