Report: #383912

Complaint Review: Ripoff Report | Online Trading Academy TRUSTED Business | Ripoff Report Verified Safe™ …businesses consumers can trust. Online Trading Academy's roots can be traced back to 1997, as one of the largest trading floors in the U.S., with 180 traders averaging half a billion dollars in daily transactions. To improve results, managers and the top traders offered daily coaching sessions in how to trade more consistently and profitably. - Austin, Houston, San Antonio Texas

  • Submitted:
  • Updated:
  • Reported By: Austin Texas
  • Online Trading Academy TRUSTED Business | Ripoff Report Verified Safe™ …businesses consumers can trust. Online Trading Academy's roots can be traced back to 1997, as one of the largest trading floors in the U.S., with 180 traders averaging half a billion dollars in daily transactions. To improve results, managers and the top traders offered daily coaching sessions in how to trade more consistently and profitably.
    5005 West Royal Lane Ste. 260
    Austin, Houston, San Antonio, Texas
    U.S.A.
  • Phone: 972-7464272
  • Web:
  • Category: Seminars

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Ripoff Report Verified™ REVIEW

EDitor's UPDATE: Positive rating and recognition has been given to Online Trading Academy for its full commitment to quality customer service.

Ripoff Report's discussions with Online Trading Academy have uncovered an ongoing dedication by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any concerns. Online Trading Academy listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.

Positive rating and recognition has been given to Online Trading Academy for its commitment to excellence in customer service. [continued below]....
.....

Online Trading Academy is Ripoff Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..



The information provided in this report below is based on comments made by Eyal Shahar & Jeremy Nosek during an onsite inspection held by a third-party verification company with no biases towards Online Trading Academy.

Online Trading Academy teaches financial education, long-term investments, trading, in addition to several other financially based courses. Mr. Eyal Shahar stated the following about his company, "we’ve developed a really unique educational model that provides lifelong education. So, from our perspective, we see really great results for our students. Of course, we cannot have a specific schedule that ends because we want to support them for however long it takes for them to be successful. And that’s kind of the environment that we created. So we’ve got the physical courses in the physical centers with virtual help literally every day in kind of virtual rooms, that’s there to help them with no time expiration. It’s a lifelong relationship - that’s kind of what we do."

Leads for Online Trading Academy primary come through online advertising. Online Trading Academy ensures that all interested students are able to fully explore the courses available to them, "so usually we schedule with them several meetings and 3 days of orientation that allows them to kind of map out where they are and where they want to go. And through the process, it is also explained the types of courses that are available. And if you choose to join the academy - they select the path together with an educational counselor of which specific courses to take to achieve their financial goals. The initial courses are always physical, and every single course has a virtual environment that is a continuation of the physical course, which allows them the ability to go retake the classes physically or virtually in any combination they want for the rest of their lives. So there’s no time limitation or support limitation in any way."



CUSTOMER CARE & COMPLAINT RESOLUTION – ONLINE TRADING ACADEMY

During the on-site interview, Mr. Shahar was asked to describe a situation where a client was not satisfied with the level of service they received. Mr. Shahar expressed that they rarely will receive complaints from actual students in their program. However, "if you look at Ripoff Report most of the people that have written any comments are people that went to a half day free class, and decided not to buy." He additionally stated, "we have 97% satisfaction from all of our students. You can actually look at our website. I believe in transparency and all of our classroom surveys are automatically uploaded to our website and accessible from the home page from any center in the World, real time."

When asked to comment on complaints posted on Ripoff Report's website Mr. Jeremy Nosek stated the following, "I think the surprising thing that we’ve seen is that there are no comments on there that are actually from students. What we’ve seen is that people will come in and they had an expectation of a workshop that was different than what was delivered to them. That’s primarily been the postings that we’ve seen on Ripoff Report. They are really coming from folks that have decided to come into the free half-day class and explore Online Trading Academy and then deciding that maybe we are not a good fit for them." While there are no accreditations for their field Online Trading Academy recently obtained BCorp Certification which shows to the public that they can adhere to strict and professional criteria in order to provide students with the highest quality of educational materials.

When asked what type of changes they have made to honor their commitment to making things right with the consumer per the request of Ripoff Report, Mr. Nosek stated, "I think one of the things that we’ve really focused in on is the difference in training and investing education, between knowledge seeking and skill building. We really believe that investing and trading is a skill that you acquire more than it is a subject to be studied...so we at the academy really believe that for folks that decide that this is really something they want to do, not that this is a hobby for them to dabble in - but something they want to commit to that can give them a better lifestyle or better prepare for retirement; we like to go in and make sure that we set really clear expectations that this is not an overnight success - this is a process that they really need to commit themselves to. It takes a lot of time and energy to learn to master these skills. I think one of the things we’ve done over the past couple years is that we shifted our model of how students evaluate the education to it used to be that they would come in and take a free half-day class then make a decision on whether or not they wanted to move forward with the academy. And what we found was that for a lot of people, that was a lot of information really fast. They were in a situation where they were finding themselves making a pretty big decision on changing a part of their lifetime, money and commitment. And what we’ve done in the last couple of years is we’ve really slowed that process down for students."

Online Trading Academy is proud to be a part of Ripoff Reports Corporate Advocacy Business Remediation and Customer Satisfaction Program, "I’m really looking forward to this opportunity to partner together to make sure that people that go through Ripoff Report will have the right image for the academy. We work so hard for students to be successful in what they do and really benefiting from the education that we have. So, I’m really excited about the opportunity in partnering up with you and creating the image."



ONLINE TRADING ACADEMY – STATEMENT FROM THE COMPANY

" As a certified B Corporation, Online Trading Academy is committed to making a positive difference in the world. Certified B Corps aspire to use the power of business to solve social and environmental problems, meeting performance standards that measure a company’s impact on all of its stakeholders (e.g., workers, suppliers, community, customers and the environment). “The financial education we provide has the power to dynamically transform lives,” states Gene Longobardi, Online Trading Academy’s Chief Operating Officer. “Most people pursue our education in order to positively impact others, whether it’s a family member, another individual, a community or a worthy cause. Our entire organization is proud to be part of this global movement of using business as a force for good.”

Student satisfaction rises as students go deeper into the Online Trading Academy curriculum through education in trading and investing multiple asset classes. Unedited reviews on the Online Trading Academy website demonstrate this, with an average 4.76 rating out of 5 from over 165,000 reviewers.

One of the ways Online Trading Academy demonstrates its commitment to student success is allowing enrolled students lifetime class retakes at no additional charge. Ongoing support is also available from instructors and fellow students, because Online Trading Academy is a community of success-minded individuals dedicated to helping one another.

The U.S. stock markets were up nearly 20% in 2017, giving Online Trading Academy students the potential for exceptional gains. However, Online Trading Academy teaches investors how they can make money whether the market is up down or sideways. These skills are designed to help them secure a better future for their families. Online Trading Academy takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this, "From our beginnings in 1997, Online Trading Academy has sought to create success by teaching trading and investing skills. Originally, we provided training for individuals on our dedicated trading floor (then the second largest in the U.S.). Our instructors include former brokers, a Wall Street Market Maker, financial advisors and successful students. Every single person on our team is dedicated to helping students build the knowledge, skills and confidence to succeed in realizing their financial dreams. While we do our best to describe our program in the free preview class, it is not the same as taking education at Online Trading Academy. Talk to our students, or read the reviews on our website, to understand how deeply committed we are to their success. "

Ripoff Report was pleased to learn that Online Trading Academy's past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.



STATED IMPROVEMENTS FROM ONLINE TRADING ACADEMY

Online Trading Academy recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Online Trading Academy has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our review, which included discussions with Eyal Shahar, Ripoff Report is convinced that Online Trading Academy is committed to quality delivery of services resulting in total client satisfaction.



How does a business get Ripoff Report Verified™

The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of. They have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.

Ripoff Report has determined that Online Trading Academy meets Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24-hour monitoring and for support with customers to resolve any disagreements.

Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report, and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. This program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint, so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses, so we can insure that the member business did right by their customer.

NOW TO THE ORIGINAL REPORT THAT WAS FILED

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Online Trading Academy free workshop and professional trader Dallas, Austin, Houston, San Antonio Texas

The free workshop of online trading academy is totally free. It is a promotional 1/2 day to sell their courses. Nothing wrong with that. It has a bit of "bait and switch" because they tell you in the workshop that you need to take the course to learn about level II trading. Then the first day of the course, you learn you don't need level II at all -- it is not usefull anymore.

The course is nothing more than learning how to trade -- reading charts mainly. You can buy a book or take the course. It is high level on the charts and technical analysis so you will still need a good book or two after the course. You do need to know the little details of technical analysis that the course doesn't tell you.

Some of their instructors are not that good.

This company is not a ripoff but you should consider carefully if you want to spend $29 for a book (which you'll need anyway) or $$$$ for the course. Some people probably do need the "hands-on" course because they don't learn that well from a book.

I'm writing this as a reply to a question posted on this site.

James
Austin, Texas
U.S.A.
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REBUTTALS & REPLIES:
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4Employee/Owner

#1 Consumer Comment

Lengthy OTA Article from Florida Guy

AUTHOR: Junkyard Investor - ()

Just wanted you to know that I appreciate your taking the time to write such a long and detailed report about your expereinces a few years ago at OTA.  I was looking into the classes and had a conversation with an OTA guy in California.  Something did not seem right about the conversation.  So, I looked at my OTA search results on Google and found this Ripoff Report site. 

Reading down through the different reports, I found your report.  I have to admit that I had a number of laughs as I read about your experience (sorry about that) b/c everything you said "rang true."  Even though I just had the one conversation, I've been around the block a few times and have been taken by some of the best "smooth talkers." 

Although your experience was several years ago, I've learned that "the spots on a Leopard do not change."  So, I just wanted to reach out and say "Thank you!"

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#2 General Comment

A Student's Report

AUTHOR: Theodore - ()

 I am a student of OnLine Trading Academy and know dozens of other students. We all are very happy with what we get. It is not cheap but it does give you the edge to trade and make back far more than it costs. The people are anxious to help and the instructors are top notch. You get life time help with your trades. I know of no student who does not agree that it was money well spent.

I have read many books on trading that concentrate on technical analysis. OTA barely touches on that. Their core teaching is about how to find where large institutions like banks, insurance companies and brokerage firms are trading. Once you see how the big boys are trading on a given day on a given instrument, you can use that information to make your own trades. There is no other source for this line of thinking.

Although tuition is high, FXCM and TradeStation both reimburse you the tuition when you use their platforms to trade.

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#3 Consumer Comment

Beware of this SCAM!!!!!!

AUTHOR: Traderone - ()

 My opinion:  Beware of bait and switch tactics when they lure you in with a low cost program and later try to sell you on something more expensive claiming that you need it to succeed and make money. I feel that this company is nothing more than a scam and should be shut down by the FTC just like the many other similar companies that used to air informercials all the time. Do not believe their sales pitches, their testimonials, trading results, ads, etc. None of their trading is done with real money and is all done in a demo account. Read the disclosure statements that you will need to agree to when you sign up for the program. They tell you that everything is Hypothetical and they are not trading in a real account using real money. I have lost thousands of dollars in trading with their bogus program and thousands more on their classes. Don't be a fool with your money and fall for this scam. This is nothing more than a sales company making their money on victims who don't know any better. Read all of the ripoff reports. Nobody would be motivated to say anything good about the company on ripoff report posting pages except people who work for the company and owners. Use common sense. Only people who are really upset and feel that they have been scammed would be motivated to go into these pages and post a report. That would include me and all of the other victims of this scam. Unless you like to lose a ton of moeny very quickly, stay far away from this scam or you will be sorry like my wife and I are. 

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#4 Consumer Comment

Beware of BAIT and SWITCH SCAM

AUTHOR: Traderone - ()

My opinion:  Beware of bait and switch tactics when they lure you in with a low cost program and later try to sell you on something more expensive claiming that you need it to succeed and make money. I feel that this company is nothing more than a scam and should be shut down by the FTC just like the many other similar companies that used to air informercials all the time. Do not believe their sales pitches, their testimonials, trading results, ads, etc. None of their trading is done with real money and is all done in a demo account. Read the disclosure statements that you will need to agree to when you sign up for the program. They tell you that everything is Hypothetical and they are not trading in a real account using real money. I have lost thousands of dollars in trading with their bogus program and thousands more on their classes. Don't be a fool with your money and fall for this scam. This is nothing more than a sales company making their money on victims who don't know any better. Read all of the ripoff reports. Nobody would be motivated to say anything good about the company on ripoff report posting pages except people who work for the company and owners. Use common sense. Only people who are really upset and feel that they have been scammed would be motivated to go into these pages and post a report. That would include me and all of the other victims of this scam. Unless you like to lose a ton of moeny very quickly, stay far away from this scam or you will be sorry like my wife and I are. 

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#5 Consumer Comment

Seminar? What seminar?

AUTHOR: Angry Consumer_10 - (United States of America)

I find it fascinating that even some of the clients who admit they were ripped off by Online Trading Academy refer to the sugar coated sales pitch they provide as a "seminar"  The program is advertised as a 1/2 day seminar but only lasts about 2 hours of any actual presentation which is a sales presentation, not a seminar. The rest of the time we are held hostage during the free lunch and afterwards by OTA personel who are labeled as Educational Counselors but are really closers.

So there is some truth to the 1/2 day advertisement. They will keep you there for a 1/2 day to close you and then upsell you to their XLT course if they see that your credit card has enough balance.

The whole thing is a joke.

Oh the FREE LUNCH? Soggy subs and watered down soda. The "Home Study Course" supposedly valued at $199 is actually worth about .99 cents. Nothing earth shaking here and you'll have to ask for it or they will conveninetly forget to give it to you, like it is really worth anything anyway.
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#6 Consumer Comment

Online Trading Academy is a joke!

AUTHOR: Angry Consumer_10 - (United States of America)



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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#7 Consumer Comment

contact me

AUTHOR: cn1 - (United States of America)

if you have used online trading academy, please contact me with a first hand account. -thanks, leave a message and il return the call  312-473-5786 (rippoff report says not to inclide email, but i will anyway    CN1 "at" comcast "dot" net )
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#8 Consumer Comment

contact me

AUTHOR: cn1 - (United States of America)

if you have used online trading academy, please contact me with a first hand account. -thanks, leave a message and il return the call  312-473-5786 (rippoff report wont let me include my email,why?)
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#9 Consumer Comment

Better Suggestion

AUTHOR: Zoe_27 - (USA)

The food in Irvine was pretty good :)   Look people, here is the best tip you're gonna get. Go to Day Trading Radio   This is the best education you can get in trading. You can listen for free or sign up for only $30 a month. I wish I had found these guys before forking over my money to OTA. 

And $300 a day is nothing if you're a successful trader. But it doesn't come easy. It takes a lot of work to learn how to trade profitably. Take some time to learn the market, and paper trade until you get proficient before going live. 
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#10 Consumer Comment

also just attended and agree with Jman

AUTHOR: Renrew - (United States of America)

Recently attended the free Power Trading Workshop in Burnaby BC and left 3/4 through after too many red flags (and a disgusting sandwich for lunch):

 - the presenter claimed to have a personal target of making $300/day i.e.70k/year - not bad for a young guy - as Jman says why teach if you are that good at trading?

 - when I found out during lunch the actual course costs 5k I started smelling a rat, later the slide showing a list of things each costing $$$$ but crossed out to arrive at the 5k did the rest

 - they then pull you out of the 'workshop' to do the sales pitch, claiming that you get a full refund of your course costs via a discount on trading commission - in my case it would only take 208 years!

-the video of the trader with the 'thick russian accent' making $600 while we watched must be true because after all we saw it on video!

To sum up: don't even go to the free workshop you don't even get decent lunch.

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#11 Consumer Comment

How can you call this a scam?

AUTHOR: Jsperry - (U.S.A.)

To Dontbefooled:

Thanks for the report. I read your report then instead of relying on your opinion, actually went to the source and attended Vince's session. I DID ask him about the issues you raised.

If you think this guy is a scam, then I really question your judgement. I found him to be honest, straight forward, and not full of the usual crap you see out there. I've been to the Wizetrade events and have seen how they pack those hotel ballrooms and build the energy up to have you buy. I got a very different feeling from Vince. Hell, I didn't even buy and still felt like I could go to him for suggestions and help. How many other places can you do that?

I was lucky to attend the day long class when there was a 7 day class going and got to talk to some of the students. After that, I really think this is NOT a "no learning" class as you put it. And the most important thing, no $40 book in sight...where did you eve get that at!!!

Sure, this isn't for everyone but I really think that if you take the time to really compare what is out there instead of jumping to some half thought out conclusion, you will see that there is a difference between what Online Trading Academy is doing and what everyone else is doing.

Maybe instead of assuming what you think you know, you should go back and ask him the very questions you raise in your post and get the answers for yourself and then see what tune you are singing.
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#12 Consumer Comment

How can you call this a scam?

AUTHOR: Jsperry - (U.S.A.)

To Dontbefooled:

Thanks for the report. I read your report then instead of relying on your opinion, actually went to the source and attended Vince's session. I DID ask him about the issues you raised.

If you think this guy is a scam, then I really question your judgement. I found him to be honest, straight forward, and not full of the usual crap you see out there. I've been to the Wizetrade events and have seen how they pack those hotel ballrooms and build the energy up to have you buy. I got a very different feeling from Vince. Hell, I didn't even buy and still felt like I could go to him for suggestions and help. How many other places can you do that?

I was lucky to attend the day long class when there was a 7 day class going and got to talk to some of the students. After that, I really think this is NOT a "no learning" class as you put it. And the most important thing, no $40 book in sight...where did you eve get that at!!!

Sure, this isn't for everyone but I really think that if you take the time to really compare what is out there instead of jumping to some half thought out conclusion, you will see that there is a difference between what Online Trading Academy is doing and what everyone else is doing.

Maybe instead of assuming what you think you know, you should go back and ask him the very questions you raise in your post and get the answers for yourself and then see what tune you are singing.
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#13 Consumer Comment

How can you call this a scam?

AUTHOR: Jsperry - (U.S.A.)

To Dontbefooled:

Thanks for the report. I read your report then instead of relying on your opinion, actually went to the source and attended Vince's session. I DID ask him about the issues you raised.

If you think this guy is a scam, then I really question your judgement. I found him to be honest, straight forward, and not full of the usual crap you see out there. I've been to the Wizetrade events and have seen how they pack those hotel ballrooms and build the energy up to have you buy. I got a very different feeling from Vince. Hell, I didn't even buy and still felt like I could go to him for suggestions and help. How many other places can you do that?

I was lucky to attend the day long class when there was a 7 day class going and got to talk to some of the students. After that, I really think this is NOT a "no learning" class as you put it. And the most important thing, no $40 book in sight...where did you eve get that at!!!

Sure, this isn't for everyone but I really think that if you take the time to really compare what is out there instead of jumping to some half thought out conclusion, you will see that there is a difference between what Online Trading Academy is doing and what everyone else is doing.

Maybe instead of assuming what you think you know, you should go back and ask him the very questions you raise in your post and get the answers for yourself and then see what tune you are singing.
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#14 Consumer Comment

How can you call this a scam?

AUTHOR: Jsperry - (U.S.A.)

To Dontbefooled:

Thanks for the report. I read your report then instead of relying on your opinion, actually went to the source and attended Vince's session. I DID ask him about the issues you raised.

If you think this guy is a scam, then I really question your judgement. I found him to be honest, straight forward, and not full of the usual crap you see out there. I've been to the Wizetrade events and have seen how they pack those hotel ballrooms and build the energy up to have you buy. I got a very different feeling from Vince. Hell, I didn't even buy and still felt like I could go to him for suggestions and help. How many other places can you do that?

I was lucky to attend the day long class when there was a 7 day class going and got to talk to some of the students. After that, I really think this is NOT a "no learning" class as you put it. And the most important thing, no $40 book in sight...where did you eve get that at!!!

Sure, this isn't for everyone but I really think that if you take the time to really compare what is out there instead of jumping to some half thought out conclusion, you will see that there is a difference between what Online Trading Academy is doing and what everyone else is doing.

Maybe instead of assuming what you think you know, you should go back and ask him the very questions you raise in your post and get the answers for yourself and then see what tune you are singing.
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#15 Consumer Comment

Not a scam but not worth the money either

AUTHOR: Zoe_27 - (USA)

I attended the two week "Pro Trader" course at the beginning of this year, after going to the introductory workshop, and more than a few calls from the salesman. The people at OTA are very professional. However, the value of what they teach in their classrooms is questionable, especially given the plethora of free and available information out there. 

The purpose of the introductory class is to get you to sign up for the two week class, which carries a price tag of $4-5k. This is an awful lot of money for very basic information that you can get from books and online sources. Even if you take the class, it will still take you at least six months of being in the market day in and day out to actually learn how to trade, and they will tell you this. 

I believe the purpose of the two week course is to get you to sign up for their "Extended Learning Program," which carries a price tag of $6k. They will tell you that you need "hand holding" as a new trader, and that's why you should fork over additional money for their pearls of wisdom. 

In hindsight, I'm sorry I took the class. I have gotten a much better education since then just by being in the market, reading the news, watching CNBC and Bloomberg, developing my charts, watching videos on YouTube, and using Trade The News. Online Trading Academy is one of many resources available for stock market education. If you have a lot of money to spend, this may be for you. Personally, I have found much better and more economical means for learning the market.  

The assertion that they allow students to execute actual trades using their money is kind of bogus. First off, you're only using 10 shares. Secondly, they only let you trade certain stocks on the Nasdaq. Thirdly, you have a very limited amount of time in which to execute your trades. This, in no way, resembles the actual trading environment and strategies of a real trader. You cannot trade on cue. Most successful trades take some amount of time and preparation to carry out. And while they may cover the trading environment in a cursory fashion, you don't get an accurate feel for what it's really like to be in the market until you've experienced it for a while. Furthermore, the strategies they offer are simplistic and dated, and probably do not resemble the strategies of most successful traders.

Which brings me to another point, part of their curriculum requires you to develop a "trading plan." This is a good idea but it's a little difficult when you have only textbook learning and no actual experience. It takes time to know your strengths and weaknesses, and to develop the styles and strategies that work best for you. No amount of classroom time can teach you this. 

One last thing - they have four stock picks they offer up everyday. They aren't worth bothering with. Most of the trades are never triggered. Those that are have minuscule gains. 

For good sources of information, try Investopedia and StockCharts.com ChartSchool. There are many videos on YouTube as well. And they're totally free. 
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#16 Consumer Comment

Not a scam but not worth the money either

AUTHOR: Zoe_27 - (USA)

I attended the 2 week "Pro Trader" course at the beginning of this year, after going to the introductory workshop, and more than a few calls from the salesman. The people at OTA are very professional. However, the value of what they teach in their classrooms is questionable, especially given the plethora of free and available information out there. 

The purpose of the introductory class is to get you to sign up for the two week class, which carries a price tag of $4-5k, although they will work with you on this. This is an awful lot of money for very basic information that you can get from books and online sources. Even if you take the class, it will still take you at least six months of being in the market day in and day out to actually learn how to trade, and they will tell you this. 

I believe the purpose of the two week course is to get you to sign up for their "Extended Learning Program," which carries a price tag of $6k. They will tell you that you need "hand holding" as a new trader. 

In hindsight, I am sorry I took the class. I have gotten a much better education since then just by being in the market, reading the news, watching CNBC and Bloomberg, developing my charts, and using Trade The News. Online Trading Academy is one of many resources available for stock market education. If you have a lot of money to spend, this may be for you. Personally, I have found much better and more economical means for learning the market.  
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#17

Please do not listen to these people!!!

AUTHOR: Unfairprices - (U.S.A.)

Please, if you are sane and rational, do not listen to these people writting negative comments about this academy.  I actualy made money the next day after going on their website and watching the free videos they have there, on the website, for free. 

  
This is a respectful school and I have heard nothing but praises about it, I live in NY worked on Wall St.  and I can tell you that no-one teaches you the ins and outs like these guys do. 



Don't take my or anyone else's word for it, go to their site and view the free videos, if you like the teaching style, then go for it. But it's realy upsetting to read people spew their negative comments about something that they obviously have not tried, and have absolutely no knowledge of. 

   

Yes they probably try to sell you a book for 40 bucks, but so what? A good trading book costs that much maybe more and it doesn't come with a free class!!!! Here's a suggestion, if you don't like the book don't buy it!



Are there people that make millions in the stock market? YES

Are there people that lose millions in the stock market?  YES



One big difference? EDUCATION



And I speak from experience here, and this is probably the best advice anyone has ever given me that saved me thousands in losses. Before investing in the market, take that money that you are ready to hand over to the pros and market makers, because you WILL lose it, and invest it on EDUCATION. 



Maybe you think that you are going to outsmart Wall Street because you made a few good trades? It's not going to happen. Eventualy when you're down to your last 100 bucks you will realize that you were just lucky my friend. You need to spend on Education. 



So there are a few ways to go about education, read hundreds of books, hire a pro to teach you, or go to a respected school. I already read the hundreds of books and guess what? I still couldn't outsmart Wall Street. 



Of course results are not guaranteed, no-one is ever going to hand you a winning portfolio with their money already in it. Nothing in life is guaranteed. One thing I can vouch for is this school, I learned a lot and am currently successfuly using what I learned to trade, and it is working. That is all I can say. 

  
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#18 Consumer Comment

just attended

AUTHOR: Jman - (U.S.A.)

I just went to the free 4 hour seminar yesterday. I was previously ready to sign up but after attending decided just too many red flags, contradictions and high pressure sales tactics. I was promised I would learn something useful to trading for my time but really found this nothing more than the same economics commentary I have heard on Bloomberg for the last couple months. The last hour we saw a 5 minute video of a trader placing one buy and one sell and of course he made 5 or 6 hundred $ (if he had not I'm sure they would not have shown it) but I really felt it was staged nor was I impressed as I have been trading for several years and make similar trades all the time but unfortunately they are rarely this easy or quick. I also found myself wondering if this was a real trade or if any of the promised trade to be done with their $ was in fact real or simply executed in a mock trade environment although I suppose it really does not matter as this is only training anyway. The trader then came into the class and talked to us for around 30 minutes but again was very sales oriented and he really did not say anything useful. I don't want to say I saw anything fraudulent but at the same time I saw nothing that made me believe they were going to teach me to trade better. The trader at the seminar claims to trade from between 5 minutes and 2 hours per day and also claimed to make $50,000 per month on this schedule.
He also said he has a home in New York and another in California and fly's back and forth all the time. He said his day started at 5:30 AM, 5 days a week and he traded at home in his PJ's but then showed us his trading desk at the Irvine office where he also claimed to do all his trading?
I too would like to see some proof of all this.
Don't get me wrong it is likely that this could be a good entry level class for anyone just starting out.
The expression Those who can do , those who can't teach, If they were this good why are they teaching and not trading?
These people were obviously trying to prove all this at the seminar but for some reason not giving us any black and white evidence. I'm not much for blind faith, maybe someone needs to challenge this group to prove their claims. I wish they would prove it because if they could teach what they claim I would have given them a check when I was there. for now I'm backing out as it just does not smell quite right.
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#19 Consumer Comment

Online Trading Academy is a total scam

AUTHOR: Dontbefooled - (U.S.A.)

Ask Mr. Vince Rowe to show you proof you are 'trading with HIS money'

He's using a paper trading account...and this is THE BIGGEST CON in DFW

Also, ask him for account statements of the millions he made trading to buy his business. He should be investigated by the Attorney General for Fraud.

He sells a $40 book....on a Powerpoint demo. This is the most expensive no learning 'course' likely ever sold...by a total con artist.

Seriously, ask VINCE ROWE for PROOF of profits
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#20 REBUTTAL Owner of company

Response to John or James' speculation about Online Trading Academy - Texas

AUTHOR: Rangerrowe - (U.S.A.)

I'm not sure who I am addressing here, as it appears that perhaps the same person submitted their speculation with two different first names.

I am confident that neither attended one of our free one-day classes, let alone, one of our regular courses. If they had, they would know we do not deliver a snakeoil - death by PowerPoint - sales presentations here in Texas.

I take on the premise that if I can give you a solid day of education with quantifiable evidence as to why you believe what you do about the markets and your current financial adviser is false, rather than a sales pitch, that you may put Online Trading Academy on your list of vendors to receive financial education from if you should so decide to become a self-directed asset manager. We DO NOT have a financial product to sell you, just education on the mechanics of the market.

As I state emphatically on my radio show go and try all the suggestions that John, Joe or James (or whomever) proffer as the latest and most current expert on the financial market and investing, then come back and let me know how that goes.

I challenge anyone to find a better trading and investing solution on earth than what we have here in Texas. Here I let you trade with My Money, real-time, not with simulators or any other "Bait and Switch" solutions to learn how to be profitable in the stock, FOREX, options or Futures market.

Vince Rowe
Owner - Online Trading Academy Texas.
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#21 REBUTTAL Owner of company

Response to John or James' speculation about Online Trading Academy - Texas

AUTHOR: Rangerrowe - (U.S.A.)

I'm not sure who I am addressing here, as it appears that perhaps the same person submitted their speculation with two different first names.

I am confident that neither attended one of our free one-day classes, let alone, one of our regular courses. If they had, they would know we do not deliver a snakeoil - death by PowerPoint - sales presentations here in Texas.

I take on the premise that if I can give you a solid day of education with quantifiable evidence as to why you believe what you do about the markets and your current financial adviser is false, rather than a sales pitch, that you may put Online Trading Academy on your list of vendors to receive financial education from if you should so decide to become a self-directed asset manager. We DO NOT have a financial product to sell you, just education on the mechanics of the market.

As I state emphatically on my radio show go and try all the suggestions that John, Joe or James (or whomever) proffer as the latest and most current expert on the financial market and investing, then come back and let me know how that goes.

I challenge anyone to find a better trading and investing solution on earth than what we have here in Texas. Here I let you trade with My Money, real-time, not with simulators or any other "Bait and Switch" solutions to learn how to be profitable in the stock, FOREX, options or Futures market.

Vince Rowe
Owner - Online Trading Academy Texas.
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#22 REBUTTAL Owner of company

Response to John or James' speculation about Online Trading Academy - Texas

AUTHOR: Rangerrowe - (U.S.A.)

I'm not sure who I am addressing here, as it appears that perhaps the same person submitted their speculation with two different first names.

I am confident that neither attended one of our free one-day classes, let alone, one of our regular courses. If they had, they would know we do not deliver a snakeoil - death by PowerPoint - sales presentations here in Texas.

I take on the premise that if I can give you a solid day of education with quantifiable evidence as to why you believe what you do about the markets and your current financial adviser is false, rather than a sales pitch, that you may put Online Trading Academy on your list of vendors to receive financial education from if you should so decide to become a self-directed asset manager. We DO NOT have a financial product to sell you, just education on the mechanics of the market.

As I state emphatically on my radio show go and try all the suggestions that John, Joe or James (or whomever) proffer as the latest and most current expert on the financial market and investing, then come back and let me know how that goes.

I challenge anyone to find a better trading and investing solution on earth than what we have here in Texas. Here I let you trade with My Money, real-time, not with simulators or any other "Bait and Switch" solutions to learn how to be profitable in the stock, FOREX, options or Futures market.

Vince Rowe
Owner - Online Trading Academy Texas.
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#23 REBUTTAL Owner of company

Response to John or James' speculation about Online Trading Academy - Texas

AUTHOR: Rangerrowe - (U.S.A.)

I'm not sure who I am addressing here, as it appears that perhaps the same person submitted their speculation with two different first names.

I am confident that neither attended one of our free one-day classes, let alone, one of our regular courses. If they had, they would know we do not deliver a snakeoil - death by PowerPoint - sales presentations here in Texas.

I take on the premise that if I can give you a solid day of education with quantifiable evidence as to why you believe what you do about the markets and your current financial adviser is false, rather than a sales pitch, that you may put Online Trading Academy on your list of vendors to receive financial education from if you should so decide to become a self-directed asset manager. We DO NOT have a financial product to sell you, just education on the mechanics of the market.

As I state emphatically on my radio show go and try all the suggestions that John, Joe or James (or whomever) proffer as the latest and most current expert on the financial market and investing, then come back and let me know how that goes.

I challenge anyone to find a better trading and investing solution on earth than what we have here in Texas. Here I let you trade with My Money, real-time, not with simulators or any other "Bait and Switch" solutions to learn how to be profitable in the stock, FOREX, options or Futures market.

Vince Rowe
Owner - Online Trading Academy Texas.
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#24 Consumer Comment

THANK YOU FOR THE WARNING!

AUTHOR: Joe - (U.S.A.)

They offer this course where I live and they offer you a half a day instruction for FREE...

OF course I know that there is NO SUCH THING AS A FREE LUNCH...
and FREE AIN'T NECESSARILY FREE OTHER...

And considering the fact that the financial markets now are MAINLY based on bullstuff, lies, illusions, bluffing, arrogance and smoke and mirrors, TAKING THIS CLASS MAKES AS MUCH SENSE AS TAKING BLACKJACK LESSONS,ROULETTE WHEEL LESSONS, SLOT MACHINE LESSONS, TEXAS HOLD EM LESSONS, POOL TABLE HUSTLER LESSONS...

Or any OTHER GAMBLING TECHNIQUES!

This is like playing Russian roulette but they have your life savings at stake instead of bullets and one misstep could wipe you out financially.
CAN YOU COVER THAT LOSS?

I thought about going to see what the lesson was like out of curiosity but would probably be badgered by high-pressure sales goons with rabies and the noise would not permit me to think about what the seminar was supposed to be about anyway.

NO THANKS.
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#25 Consumer Comment

Online Trading Academy is not a "Bait & Switch". Attending their class was a good move for me.

AUTHOR: Ray Henry - (U.S.A.)

I am writing this in response to the post I saw regarding Online Trading Academy. As a former student, I can say that OTA is anything but a "bait and switch". The first day I learned that what I thought I knew about the stock market and specifically direct access trading was the very reason I was not very successful as a Trader. My perceptions were inaccurate, and my trading patterns were based more or less on emotional and social-economic beliefs and not on patterns, trends and historical data.

Since having took the course, my portfolio has gained 30%, and that is in spite of the volatility of the market lately. In fact, it was this class that taught me I can actually make more money in a down market.

As far as books are concerned, I haven't had any reason to buy any books. If I have a question, or want to refresh on a particular days instructions, I am free to go back and retake that day or the whole course at no cost. The instructors are top notch. Especially Kevin Green. His passion for the market is only exceeded by his passion in teaching it to others. I will forever be in Mr. Greens debt and if I have any questions, I can email him and know I will receive a rapid response.

Not only that, Vince Rowe (Owner of the Texas Franchise) is just as accessible. I have emailed him, called and visited the office where he personally reviews my trading plan and if I happen to be a few degrees off center, Mr. Rowe pushes the rudder to port a bit and I am right back on track. Mr. Rowe also provides additional seminars bringing in people from all over the country to speak at his expense. These Alumni events he has twice a year and they are invaluable. And the best part is they don't cost me a dime. Vince Rowe puts these events on out of his own pocket letting me and everyone who has attended his classes know that our future trading success is just as important to him as it is to us. Thank you Vince and OTA for all you have done.
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