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I had a very strange experience with Online Trading Academy in Denver. I took the half day class and was intrigued so I signed up for the 3 day course. By the time that I started the 3 day course, I had pretty much decided that I was going to pony up the $40,000 to learn their system in depth. The 3 day course was disappointing in that approximately 80% of it was sales pitch to try to entice the participants into buying the main courses. It got very boring as I had already decided that I was going forward. Anyway, I asked for a copy of the "contract" so that I could review it. There was some confusing verbage in it regarding the refund policy. I had decided to ask my lawyer what it meant and left early on day 3 since the hardcore sales pressure was wearing on me and I had already decided to go for it. I wasn't gone 30 minutes and I received a call from my "counselor". I explained my feelings about the constant sales pitch and the ambiguous refiund language. I asked him what it meant. He was not familiar with it and acted confused. Then, he asked me if I had talked with the other participants during breaks about what they thought of the program. I told him that I had not because it did not matter to me what anyone else had thought about it. I asked him if the advanced classes were riddled with sales pitch like the 3 day. He said no. I told him I needed to understand the refund policy. It was then that he told me that if I had any doubts, I should not pony up the $40,000 and take the advanced classes. That's when it occurred to me that they were nervous about the contract and preferred that I declined continuation. I stopped at that point and did not go forward. I think I dodged a bullet. I think he did me a favor. Very strange.
3 Updates & Rebuttals
chewy.baca
DENVER,Alabama,
USA
Another Opinion of OTA
#4Consumer Comment
Mon, August 15, 2016
The counselors always make sure that you have an out and arent under any pressure to join the OTA. Ive been there as a student for the last 3 years and I understand the program vey well. I have just started trading live money and I am already profitable as are hundreds of others from the Denver center.
It was good that you decline to join. Trading is not for everyone and if you are going to second guess anything youve ever done, better it be joining at all then second guessing your trades when it is time to put real money at risk. Those of us at the OTA prefer to handle our own financial investments.
As for the sales pitch.... it is just that. No one is trying to hide that. That is how students are brought in.... in any classroom.... at any school. If that makes you nervous ........ then you got out at the right time.
Pat C
Denver,Colorado,
Huh?
#4Author of original report
Tue, November 25, 2014
I think you misread my report. I was impressed with the OTA program and had decided to buy it. The minute I asked for clarification on the ambiguity in the contract, the counselor acted as though he was unfamiliar with the contract and criticized me for not finding out what other participants thought of the three day sales pitch. In addition, because I asked questions about the contract, he advised me that apparently I was not 100% certain so I should not sign up. I found this behavior kind of "cult" like. I think you may be right about the OTA program but I will never know. Perhaps, I just had the bad luck of drawing an inexperienced or uninformed counselor. I was ready to plop down the $40K. I just wanted to understand the contract. I found his reluctance to answer my question both concerning and very strange.
John
Silver Spring,Maryland,
You most likely lost out on a lot of education
#4General Comment
Mon, November 24, 2014
I am not familiar specifically with the Denver office but I have extensive experience with other OTA offices as a student. It sounds like the counselor was fair with you and not trying to escape any problem.
$40,000 is a lot of money and any where ever you go there is a cost to learning these trading practicies. You can step in a class at a time and pay as you go, I did. I have also taken trading courses at other companies that have education programs.
By far my best value was at OTA and I am an extended learning track graduate.
I use their education everyday in trading and managing my investments. I do not primarly day trade but swing and posistion trade and their education was very valuable from the techincal side of the trading system.
What I liked is they use proffessional traders to teach the classes and you can retake them forever without any additional cost. I took several two or three times, there is a lot to learn and remember.