Pacific Trading Academy Extremely Dissapointed Culver City California
I signed up for "Mentor Mike's" trading class at PTA. His daily blog made it look like he had an amazing trading record, and I wanted to learn how he did it! Unfortunately his expensive class taught me very little of value that I had not already learned or figured out from his blog and free promotional webinars. My trading did not improve one iota.
So I was excited when he announced the opening of his new trading room. He used the phrase "earn while you learn" - implying to me that I could make money by following his trades live with him, while also learning how to do this style of trading on my own.
During my 6 months in the trading room, I recorded every trade that he took. The exact time the trade was opened and closed, the entry price, the closing price, the total gain or loss for each trade, and his reason for taking the trade. The trades taken in the trading room LOST MONEY EVERY MONTH (an average of - $10,000 a month). Basically he proved to me for 6 months in a row, that his system does not work - period. How could I possibly make money with this system if they guy teaching it to me could not make it work?
In addition to the trades taken in the trading room, he would take additional trades in the morning before the room opened, and in the afternoon after the trading room closed. These trades taken outside of the room "magically" worked much better. These trades were generally included on the final charts that he posted for the day (making his system look much better overall).
When my 6 month subscription ended, PTA called me to renew. They told me that "the trading room makes $10,000 a month!" Having just witnessed in detail that the trading room LOOSES $10,000 a month, I could only conclude that THESE PEOPLE LIE.
2 Updates & Rebuttals
Fred
Richardson,United States
Mr. Carmichael's Rebuttal that People at Pacific Trading Academy Are Not Liars?
#3General Comment
Sun, August 12, 2018
As a former "student " of Pacific Trading Academy, I am quite amused at the comment of Mr. Carmichael when he says people at his firm are not liars. Reading that comment tells me that he is far removed from the actual workings of his business. When any business offers a money back 30 day guarantee, they will either keep their promise or they won't. As I have read from many other posts, it appears as if Pacific Trading Academy does not at all believe in honoring their promise to clients to give a refund if they are at all dissatisfied. I was in this category myself and it did not take me long to become disenchanted with being encouraged to buy a penny stock that one of their traders had a position in. This in and of itself would be a humorous situation, but when someone suggests that a client buy a certain number of shares of a penny stock, the red flag certainly has to go up if a person has any common sense.
I asked for a refund due to these strange occurrences, but my emails, text messages, and voice mail messages were all ignored. Funny how they are quick to be ready to talk to someone when a possible client is on the string, but don't dare ask for a refund. You will become persona non grata as your messages suddenly mean nothing to them and everything you attempt to do to secure a deserved refund will be ignored.
So for Mr. Carmichael to even insinuate that his "people" are not liars is expecting people to be pretty stupid or ignnorant of events. Maybe when the SEC becomes involved with a firm for engaging in a pump and dump scheme, he might begin paying more attention to actually what is happening at his firm. Becoming involved with this firm was one of the most ridiculous, ignorant mistakes I have ever made in my trading career, so shame on me. Hopefully it will never happen again.
Mr. Carmichael
Culver City,California,
USA
Pacific Trading Academy does not lie
#3REBUTTAL Owner of company
Wed, September 14, 2016
We have been in business for 14 years and I have been CEO since inception. We specialize in a mentoring program which teaches one on one instruction for those interested in becoming professional traders. 6000 people have been through our program. We have had thousands of people who renewed because they liked us and were doing well. We have a staff of educators who have diffrent trading styles.
Mike Bridges worked with us for over 10 years in the mentoring program. He started the Trading Room and PTA supported him because he's worked with hundreds of traders throughout the years and he's never had a 6 month losing streak. All traders have winning streaks and losing streaks but to state he lost 6 months in a row is a lie and to say we said "it makes 10,000 a month" is a lie. We cannot and would not ever say that.
My question here is...why is this the only student stating these losses. I feel bad if even one person walks away from this experience without full satisfaction, and we do our best to provide excellent customer service. But certain circumstances may come in to play..a student doesn't dilligently do his or her homework or possibly misunderstands an element the educator is trying to get across and goes out and makes an unprofitable trade.
We at Pacific Trading Academy are not liars. We are good and decent folks trying to provide a valuable service.
I wish everybody the very best of trading.