Online Trading Academy-Anyone ever taken this course?

Discussion in 'Learn how to trade or invest by asking questions' started by Seattle_Slew, Feb 12, 2015.

  1. Seattle_Slew

    Seattle_Slew New Member

    Online Trading Academy-Anyone ever taken this course, they push a lot of options and forex trading. I am open to the experience and it is cheap enough $299 but I was wondering if anyone else ever had experience with this school.
     
  2. HungryWallet

    HungryWallet Member won weekly contest 2x penny contest winner

    If I was gonna pay to learn from anyone it would be Blaine Tarr from right here. Dont think he does options or forex, but nice dude and knows his stuff. There is another guy here, blazer, who learned from him who seems to do well. Never know what your getting when you pay for stuff, and Blaine kinda puts himself out there personally, not just some faceless advertisement.
     
  3. HungryWallet

    HungryWallet Member won weekly contest 2x penny contest winner

    Also, I'd be a bit wary of a place pushing Options and Forex, because those are a few of the things that people try to get rich quick off of. Not saying that place won't show you how to trade em, but they might be selling you a dream rather than an education.
     
  4. Kenpolean

    Kenpolean Member won penny contest 2x won weekly contest 6x

    I went to one of their free seminars here in the Austin area about a year ago. They are useless. The seminar just glosses over a few interesting tidbits to get you hooked so they can convince you to sign up for their "1st Level" course for $299. In that course they'll teach you some basic trading knowledge that you can get from a few good library books or some online videos, and the entire time they'll be pushing you to shell out hundreds of dollars more to take their "2nd Level" course... which leads to hundreds of dollars more for their "3rd Level" course, etc.

    For more info, Google "Online Trading Academy" + "review", "complaint", and "scam".
     
  5. Kenpolean

    Kenpolean Member won penny contest 2x won weekly contest 6x

    Okay, it was bugging me, so I dug out the few notes I took at their free seminar. It was held January 1o, 2014, and was supposed to last almost 3 hours. Here's some of the wisdom they imparted...

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    1. There are 3 leveraged asset classes: Forex, Futures, and Options. (Then the speaker gave a general overview of each one.)

    2. If you own shares of a stock when it gets delisted, you are stuck with those shares cause they are now worthless.

    3. When the big institutions are massively selling, it's the retail traders (a.k.a. mom-and-pop traders) who are buying. When the retail traders are selling, it's the big institutions who are buying. So if you want to make lots of money in the stock market, you have to think and act like a big institution.

    4. The biggest flaw of Technical Analysis is that it teaches you to predict the future by looking at the past, so don't bother learning Technical Analysis. You don't really need to know anything except price, and some volume as confirmation.

    5. In reality, it's the unfilled orders which move the markets. For example, if a stock trades an average of 10 million shares per day, and a big institution places and order for 3 million shares, the price will spike as soon as word gets out. After the price starts spiking, it now doesn't matter if the big institution actually executes their order or not (and they often won't) because price momentum has begun and the retail traders will pile in without knowing why but just afraid they're going to miss out on something. Thus the big institution makes a few million dollars by selling the shares they stealthily bought in small amounts over the previous few months.

    6. Which leads us to "stealth buying". Buy in small amounts, like the big institutions do, so as to not attract attention. For example, instead of placing one order for 100k shares, places five orders for 20k shares each.

    7. Buy stocks like you buy a TV or car, by looking for a great deal. Support and Resistance Lines are not supply and demand. For example, if a stock is going down and then bounces up, that's not support. That's buyer demand finally outpacing seller supply.

    8. Retail orders get executed before institutional orders every time. This is a protection for retail traders to keep them in the game.

    9. Make sure your broker has "Direct Access Trading", cause you get better prices and quicker execution.


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    The above 9 points were the notes I took in about the first 45 minutes of listening to these jokers. Then I just couldn't stand it anymore so I pretended I had to go to the bathroom and left the seminar.
     
  6. Blaine Tarr

    Blaine Tarr forum leader won penny contest 24x won weekly contest 20x

    Nice bail out, haha; however, some new readers may believe all this, so....

    2 is totally false. They are just trying to keep people away from the OTC market.

    3 is just a scare tactic statement to try to convince the audience their way of doing is best.

    4 & 7 WTF? Sounds like these guys don't even trade. Price matters but TA doesn't?

    5 & 6 can be true in some circumstances in thinly traded names. But of course hedge funds can't buy their entire positions at one time.

    8 False

    9 Used to be true, I would argue many offer cheaper commission now compared to typical retail brokers. However, Market Order execution is super fast almost every broker as long as you have high speed internet these days.
     
  7. Kenpolean

    Kenpolean Member won penny contest 2x won weekly contest 6x

    Wait, wait, wait. What do mean "false"? How do you trade a stock that no longer has an exchange to trade on? When I was new here I even asked what would I do with delisted shares, and the answer somebody gave me was something along the lines of "line your birdcage with them."
     

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