Although I never visited the OTA center in Texas, I do have alot to say about the OTA center in Orlando, Fl and based on what I have been reading, it appears as though all of these OTA centers have the same or similiar issues.
The Power Trading Workshop (PTW) is just a sales gimmick. It is advertised as a "1/2 day seminar" The one I attended and I am told this is pretty standard only lasted 3 hours and that included a 1 hour break for lunch. It was very much like attending a Time Share event. Very little information and very pushy salesman who call themselves "Education Counselors" In retropsect, the time share shows are better and even the food is better. All OTA offers is cheap danish for continental breakfast and cheap subs for lunch.
About 9 people attended the PTW that I was at. During lunch about 1/2, the smart ones left. When lunch was over the focus was on reviewing the OTA benefits and then one by one we were led out of the small classroom and into one of the salesman offices.
The counselor I got was a black guy named Jason. He seemed very friendly. Was dressed nice. Good looking kid and seemed very bright and charismatic. He was a real go getter. He told me that he was a trader and was making over $2,000 a day! I thought wow! By the way he was dressed, he looked and he also talked the part. He also told me that he owned a Mercedes and was doing very well thanks to OTA. Said he used to work for some Fortune 500 companies in Miami and Houston and was offered a high salary job for a big company in Atlanta but loved OTA so was staying here. I can't believe it but I bought into the hype. He looked the part and talked the talk. As already mentioned he dressed very well. Expensive suit, nice shoes, beautiful and expensive tie. There is a saying about "clothes make the man" If that were true, this guy was made very well. But as I was about to find out, looks can be decieving.
I was told that there would be a $2,000 discount for that day only and that once the presenter left the offer was over. He called it a "schlorship" so I got sucked in.
When I came out I found the others left. So out of none people, I was the only sucker.
The next class I was told would be in three weeks. I was excited and actually felt sorry for those other 8 people. Wow! What they had walked away from.Actually in time, I was feeling sorry for myself.
Comes the day of the class, I was excited and eager to learn. Once class started it something different. The trainer was very boring and hard to follow. Some of us thought it was the material but at closer look we discovered that it was the trainer. he was terrible.
We started trading live and supposedly with real money. This was a bright spot. All of us did well and were profitable. However, in talking with one of the older clients whow as retaking the class, we were told that everyone makes money in class. Once you go home it is quite a different scenario. It was also presumned that this was not real money but only a demo account. Again, we were told that in the past several people went over the $5,000 maximum. How could this happen if it were indeed real money?
Think about it. How could OTA or any company charge $5,000 per client, pay the lease on the building, the electric, the phone, the staff especially the trainer who gets we were told a hefty $700/day plus all expences including the cost of flying him from whereever and still give us $5,000 in real money and still profit? Why would they risk it? This was the first red flag.
We all exchanged phone numbers and email addresses on graduation day and went home. At home, trading experiences were quite different. We all lost money even though we were using the same techniques. How could this be? Was the demo account at class jimmied? Hmmm??
Another thing, all during the class for 7 straight days we were hounded by the "counselors" aka salepeople to upgrade to other more expensive classes. In some cases we were pulled out of the classroom on our time during classtime to be pitched on OTA programs. One guy got so upset with this crap that he yelled "Leave me alone will ya?"
I called my "counselor aka salesman and he told me not to worry. To come in the office and he would work with me. He also invited me to some grad events. Turns out all the grad events were redundant information with more high pressure sales pitches. Everytime I met with Jason it was a high pressure scenario. I got the real image of this guy when he told me after I was upset with my lack of success,
"Hey what do you expect for a measly $5,000. You bought the basic course. You need the more advanced class."
Turns out the more advanced class is called an XLT and is "a mere $10,000 more. " His words, not mine.
I really didn't want to spend more until I made a profit off of my investment. He told me "you can't expect to make money unless you spend money" I told him that I already spent $5,000. He just laughed and acted like it was peanuts.
At this point I decided to move away from OTA and trade on my own. I watched CNBC, Bloomberg, bought IBD, WSJ and watched Jimmy Cramer and I started to make money. And I said the heck with OTA.
A short time later I recieved a phone call and a mailing from OTA inviting me to a 2 day special event that would be held at the Crowne Plaza hotel near the airport in Orlando. This was supposed to be a grand event with many special speakers. It would provide advanced training and it was FREE! PLUS FREE FOOD and CASH PRIZES! WOW!
So I figured what the heck, at least it was free and not far from where I live. Turns out it was a farce. This "2 day offsite event" was really just a glorified version of the Power Trading Workshop. Except instead of one speaker they had 5 or 6 and they really were not sophisticated trainers, they were speakers and sales people. It was poorly organized w ith OTA staff running all around. It was like a bunchof kids at a playground and the focus was on selling or upgrading us to other programs not teaching us anything special or anything new. The primary focus was on selling the value of the XLT program and not one, not 2 but four of them at $10,000 a crack!
Many people walked out almost immediately. Although it was advertised as an "all day, 2 day event" throw in lunch and the silly games they played, the actual talk time was only a few hours. Much like the PTWs it was sales based with very little actual information. The cash prizes were certificates to buy products from OTA.
And another thing. I saw a man there named Lance Straus. I knew him from the other seminars I have attended here in Orlando. I understand that he is high on the corporate ladder with OTA but he has a horrible reputation. He has been associated with many failed seminar companies like Wade Cook, Larry Pino and more. Just google his name and see some of the complaints made about him from clients and how he treated them. He is seminar promoter junkie jumping from one company to another.
I find it fascinating that on one hand OTA claims not to be a "hotel seminar company" but on the other hand is promoting hotel seminars calling them "2 day offsite events" and hiring someone like Lance Straus to run them. Doesn't that sound a little wierd?
Here are some other things about OTA. The tuition reimbursement is a joke. If you trade like a normal trader, are 25 years old, you will be old and grey and in the nursing home before you get your tuition back. And if OTA changes brokers again, you may get nothing. Don't laugh. Just ask the OTA clients who lost all of their credits when OTA switched brokers a few years ago leaving Terra Nova.
The new broker OTA uses charges commissions and margin interest rates that are above the industry average. Check it out.
Retake provision? Most clients don't retake and I think OTA knows this and does it on purpose. Most quit in frustration after losing money. besides the classroom only seats 20 people, where would you put them all?
I also found out more about that handsome black kid that sold me the OTA program (actually conned me!) He doesn't make $2,000 a day trading and in fact doesn't even trade except inside of a demo account. And he doesn't have the money to trade. He is broke! As for the Mercedes? Funny thing everyday when I went to class I saw him being dropped off or picked up by somebody or riding on the bus! But what else would you expect/ Andof the clothes he wears, they are gifts from his parents! He doesn't buy them. The fortune 500 jobs he said he had. Turns out he worked for some low paying telemarketing companies in Orlando that had accounts with fortune 500 companies and did a lot of time share and vacation sales.
And at these "2 day special offsite events", they will tell you that they are offering classes worth anywhere from $26,744 to as much as $113,669 but will give you a real deal and charge you on that day only and never to be repeated (yeah right) for only from $12,500 to $34,000. And they will finance you with only a $2,000 down payment and only 18% interest!
These programs are overpriced by at least 50%. Most of the money goes to pay for the super sales an seminar team that fly in from California. The Pro Trader course that I paid $5,000 for in my opinion was even worth $100.
If you follow their crap you will end up going broke. Most of the people who take OTA classes lose money on their trades and they lose in some case as much as $65,000 by investing in OTA classes!!!
If you decide not to listen to me at least follow this advice: Watch out for well dressed good looking people wearing nice suits and bragging how great OTA is and how much money they are making. Watch out for Lance Straus. Watch out for those trainers who are really speakers and watch your wallet!
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