Online Trading Academy NY

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1 of 2 people have found this review helpful.

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Kobra,

Can you please be more specific in your review. Your review is negative and and broad sweeping. What did you like and dislike about the class? What class did you take? What instructor did you have? What other trading education have you taken to accurately compare this to?

Sorry for all of the questions. I am getting ready to take their Forex class in a few weeks at a different OTA location and would like to fully understand your "bad" experience so that I can try not to have the same thing happen to me.

Thanks!

1 of 2 people have found this review helpful.

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As I learn to use Investimonials, I'm glad I was able to access and read the comments of other OTA reviewers. Because all the reviews are lumped together in sequential order, it is sometimes hard to realize we are not comparing apples to apples.

OTA is NOT a stock-picking service or a promoter of a particular trading strategy. Its a SCHOOL, albeit a commercial, non-academic one. It does not endorse particular stocks or investment ideas, but teaches tools, techniques, and market analysis. Their retake provision is very useful, because sitting through a single 5-day course does not equip you to set up your own personal trading business any more than reading a book about tennis will equip you to take up the sport professionally.

Many people misunderstand the time and commitment needed to master the skills of trading. OTA does NOT provide a "black box", but allows the serious trader to BEGIN the arduous path of mastering a complex, detailed and ultimately rewarding skill set.

When we evaluate OTA and other similar organizations, it may be helpful to isolate the way they run their business (e.g. the incessant sales pressure - the brittle outer shell) from the content of the classes and the quality of instruction (the nutritious meat of the nut.)

I'm one of the suckers who "brought the tee shirt " and "drank the Koolaid". For me, it paid off, since I expect to spend the rest of my working life as a full-time trader and investor for my own account. For others, it is waaay out of scope.

So, I suppose, the way to appreciate these reviews is to mentally adjust them for the author's CONTEXT and the TYPE of program being reviewed. Remember the riff about the blind men and the elephant - one felt a tail while another felt a tusk, and they walked away with completely different takes on the animal!

5k? That is a lot, that is more than what some prop firms ask for.

Also, I agree with the comments below on the "salesman" type of company b/c they keep sending me invitations to their free training program and they keep calling me to try to get me to go but I always decline.

It's nice that someone actually noticed. (Thanks, Chanxmanx!) I can't comment on whether 5K is a little or a lot. That said...

1) If you don't have a certain amount of capital to trade with, you probably shouldn't be trading.
2) Below a certain level, the transaction costs (and other costs, such as the additional time your tax accountant may bill you, or the cost of a live data feed, etc.) may eat into the tiny profits a very small account generates.
3) Sometimes one's displeasure with a resource says more about the trader than the resource. I ask myself whether the school/publication/web site has let me down, or whether I have failed to follow my trading rules in how I use them. The value of resource may vary with the student's ability to use it.

Just my musings, for whatever they are worth,

4 of 4 people have found this review helpful.

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3 of 3 people have found this review helpful.

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1 of 1 people have found this review helpful.

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i took the course and the value is and isn't there. basically it's a technical chart reading course. the pro trader who teaches it has a lot of market experience and will answer all your questions fairly well.....the problem is that most of the stuff they show you can be found for free on the net if you know where to look.....and they dump a whole ton of info on you in 1 week...and the questions you have after you have time to study it when the course is over are never apparent while you are being shown it in class.

the retake of the course is just part of the sales pitch....most people would not want to sit thru another 5-7 days of that boot camp to get their piddly questions answered. my instructors gave me their email addresses in class and it seemed like they're dedication to the students was genuine, but when i emailed them any questions, they would never, ever send a response....even when i just said: hello, how are your kids? friendly stuff like that.....they will only help u if u spend more money on more of their courses.

IMHO, there are many, many, more helpful services on the net for way less money.

the rebate they offer on commissions is also just part of the sales pitch as it is really hard to register for it after and it's only 10% monthly off all of your trades. and the broker is really expensive..you wouldn't want them as a broker if you were doing that many trades..you would have to do 10,000 trades to get your money back and by then, u would surely be bankrupt!

their system is doomed to fail in the new internet age where there are thousands of people who can show you how to trade for way less money...and they only sell a 1 size fits all course....

1 of 2 people have found this review helpful.

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