SCAM - Online Trading Academy

Beginner Questions
1

[U]Here is my review on the Online Trading Academy[/U]

Online Trading Academy are in the simplest terms a sales company who pressure you into making a payment by using their best negotiation skills (which are rather poor), and wont let you go until they give up.

I was invited to what they called a ‘power trading workshop’, this was meant to be a free trail day to show you their teaching style, and to illustrate how good they are. We were invited to a rented out office in Canary Wharf (London), and it was a sales pitch. They kept dropping the price saying that it was a one day special offer, and when we said no, they said if we were smart traders we should buy the course as its a smart investment. They wanted near to £3,500. When we still said no, for various reasons, they kept lowering the price and then opened the option of finance. At this stage they got desperate and separated us from the group into individual rooms, this is when the hard sell started. It was beyond a joke, at one point I expected us to be on TV as a type of rouge traders program.

Online trading academy go on to say they have offices all over the world, in all countries, so why not have the meeting in one of their offices, it makes sense, instead they rent out a top floor swanky London building. As if that wasn’t obvious.

When I asked questions about certain trading criteria, they could not answer, and failed to show a basic understanding of trading terminology. The person I was talking to failed to see the difference between a Pip and a Point, unbelievable.

A term that was used more than once was that we had to be educated, and if we were already trading, then why cant we take our money out of our trading account to purchase the course. I’ve been trading for three years and had high hopes for the Online Trading Academy. They are a complete waste of time.

The presentation was half decent, followed up with the typical stories of how people are now living their life after completing the course. Such as waking up in the morning and placing one trade, and then spending the rest of the day with their family and kids, as if thats not a cliche.

To add insult to myself, they then went on to discuss that the trading platform I was using was not suitable for my own needs. They really have no idea when it comes to trading, and their job is to try and sell the course so that they get their own commission.

Stay away unless you want to have a fun day out with plenty of amusements.

2

Thanks for the info, that is good to keep in mind.

3

I think we should all go, and waste their time in style!

4

Thank you for the heads up.

It does sound quite fun, though, we currency traders are often solitary beasts who don’t get much opportunity for much trading-related tourism. Could be quite fun, sitting at the back asking detailed questions and watching them sweat. Can’t believe that they separated you into different rooms for the hard sell - that’s what we used to do in my law enforcement days to make a suspect talk lol!!

ST

5

Absolutely ST, solitary beasts we are mostly I think, but not in a hermit/loner kind of way, it’s because we want to stick 2 fingers up at the establishment and that rat race crap, so yes it might be fun to go, but could we really be bothered?

No way, not unless I lived next door and had a few pints before going over.

Be easier to report them to the police and give them a taste of their own medicine then?

6

We have a flat in Canary Wharf, so I’d probably stay there, pop into the trading seminar in the morning to have my fun, then hop on a boat and go to a nice floating pub on a barge I know on the river outside my old office and hook up with some old HMC&E buddies. The Police are good, but Customs have the real fun stuff on their side…!

Unfortunately the unscrupulous in society too often know just which side of the law to tread, in my experience ([I]not[/I] saying that online trading academy warrant official attention!! - I don’t know them!).

7

In that case, sounds great, when are we going?

8

Lol I’m obviously a natural salesman, I should work for them, I just made attending one of their free seminars sound like a fun day out!!

9

Right! I don’t play a lone hand. I let my bot do that, lol. :smiley:

@ Jezzode

Thanks for the story! Well, I must admit that I wouldn’t expect anything else. Free doesn’t always mean free. Particular if people or organziations use the word for advertising, lol. Plus then what do you expect if you have already knowledge and a salesman who doesn’t know much about trading at the other side of the desk?

10

I was invited to what they called a ‘power trading workshop’, this was meant to be a[B] free trail day[/B] to show you their teaching style, and to illustrate how good they are.

There is no such thing as a free lunch, or at least this is what I have heard :59:

11

What a perfect business Model…rather than take any risk at all as a trader…Teach others and collect mountains of tuition money with no risk at all. I cant believe that they are able to operate such a bogus business. I have NEVER heard of anyone go through their program and say they are consistently making any money. Plus doubt any staff member can share any proof of trading themselves.

SCAM SCAM SCAM

12

While there are reputable advanced trading courses, and yeah, for a big chump of change, the scam ones outnumber the real ones. The trick is to work out which are the real ones and which are not and of course, there’s no such thing as a freebie.
I’m sure that since you were given the “special” sales one on one, it did come packed to the gills with a freebie gift, right?
Scam courses are the ones that do the hard sell…sheesh

13

So you think Online Trading Academy is a Scam? Well, right you are. But they’re so good that most people don’t see it. Those wannabe traders lose $100,000,000 to Online Trading Academy every year.

I know all about it because I used to work there.

I wrote a post in the “My Impression of Online Trading Academy” thread, post #11. I don’t have enough posts to link to it, so try a search to read all about a world-class scam.

That post will give you more uploads from OTA and tell you how they work their scam. The first thing you need to know is that Sam Seiden’s “supply and demand” trading method does not work. And that everything they tell you is a lie - all the statements, live trades, testimonials - everything. It’s like walking into the betting room from “The Sting”. If you assume their trading method works you will fall for their psychological pressure method.

Some of the people sitting beside you (who are buying and clapping) are OTA employees - plants. I tell all in that other post.

OTA pricing 3 - Copy.jpg700×331 42.8 KB

14

Here’s the LINK.

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15

Dont believe the lies

The sales people for OTA, are slick. What they tell you and what they deliver are two different things. Its presented as a Campus based as well as an ONLINE Trading Academy. The real truth is that its neither. The classes are limited and you may have to wait months to take a LIVE CLASS ON CAMPUS. The information is limited and may be of absolutely NO USE, depending on who they have for an instructor. As for the online classes, in the year since I was swindled into this, the classes have gotten worse and worse and fewer and fewer with ABSOLUTELY NO REAL BASIC TEACHING. IF YOU ARE NOT AN EXPERIENCED TRADER, THIS ENTIRE INVESTMENT IS WORTHLESS!! . In their so called classes, all they talk about are taking trades, and showing where they believe the buy and sell is. Dont believe this either because every instructor has their own opinion and I as well as others I have met at the school in the class room have been misled on more than one occasion and lost a lot of money. The sales person, or I should say CON ARTIST, that scammed me out of $43K, and who now wont even speak to me, assured me that I would get back all my money in just 8 months. REALLY?? To this day over a year later, not only have I not been able to take the class that I wanted to take, but I have NOT made more than $100, but I have lost thousands of $$$$ taking their advice… This is a scam and not only do they make money from the tuition and constantly bringing new students on board, but if you cant pay the outrageous tuition they will FINANCE IT FOR YOU AT ONLY 19% INTEREST.

16

Good to see that after all this time nothing has changed - hope the initial post was useful for some.

I believe they are still running, however I decided to learn the real way, and to be honest the only way.

Funny how this was back in 2011, how so much has changed since those early days :slight_smile: