Mike Douglas and MTA Online SCAM

This is a discussion on Mike Douglas and MTA Online SCAM within the Educational Resources forums, part of the Commercial category; As Mike Douglas and the guys at Mastery Trading Academy are now trading as MTA Online ( http://www.mtalive.com ) I ...

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Old Aug 25, 2014, 11:00pm   #1
Joined Jan 2013
Mike Douglas and MTA Online SCAM

As Mike Douglas and the guys at Mastery Trading Academy are now trading as MTA Online (http://www.mtalive.com) I thought it prudent to create a new thread to highlight their Scam.

Despite the new name it is the same Scam they did as Mastery Trading Academy (see the thread Mastery trading Academy Swindle for details).

They are very good at talking and making believable claims, but don't be fooled. They don't even have faith in what they teach as they use demo accounts.


It appears they use the old plan 5 breakout trades then focus on only the winner and ignore the losses to look good (find the lady, 3 card trick).

Also, they persuade people who take the course to sign up with a broker (ETX) who they get a cut of the brokers fees from (every trade you make they get a cut). But they don't tell you that.

Mastery Trading Academy was actually registered as a company in the UK, but the directors have all resigned and now they trade as MTA Online (possible other names) which are not registered companies.

See Mastery Trading Academy .. Swindle thread for a lot more information and proof on their lies, fakes and tricks.

Last edited by LaserTrader; Aug 25, 2014 at 11:06pm.
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Old Aug 25, 2014, 11:43pm   #2
 
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'you will learn how to make 3-5% every single day from the markets'
c'mon who falls for this kind of **** ? no disclaimers on the website, it's unbelievable
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Old Aug 30, 2014, 5:53pm   #3
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Originally Posted by GubyIQ View Post
'you will learn how to make 3-5% every single day from the markets'
c'mon who falls for this kind of **** ? no disclaimers on the website, it's unbelievable
You can learn to make 3-5% increase on your account - but it will not be via a single course - book or any 1 - 3 month mentoring.

First of all you will need anything from 3-5 yrs of trading experience behind you - and during part of that time you will be probably lose 3-5 % per week or month.

Then one day - or over a few days - you will start to see clarity and understand all the junk that is spoken about retail trading is far from the truth and is actually misleading you

Yes - somewhere between 75% and 95% retail FX traders - fail - ie they give up - lose all the money and think it cannot be done.

Maybe less than 5% end up as a full time retail trader - and then they think - all what I have been through why should I bother to explain to all new traders the actual truth and the real reality of day trading.

First of all commercial / institutional trading is completely different to retail day trading

The monies involved - the risk - the restrictions - the methods are all different and so it like comparing chalk with cheese

For example a good professional commercial trader making 5% per month on a multi million dollar account and over say 50% per annum is looked upon as being good.

For me a good experienced retail trader needs to make over 200% per annum - ie over 20% per month to be even counted as good.

Its simply down to the facts that making a trade on $5 per pip or on 4 lots - is nothing like making a trade on 400 lots or 1000 lots .

The 400 lot trade - still might be just on 0 2% risk - whereas the 4 lots might be on 2 to 3% of capital

Immediately - that means ever gain by a retailer is in % terms 10 or 15 times larger than the pro institutional guys.

So bearing that in mind - if the Top commercial traders make say consistently 4 - 7% per month - the top retail experienced traders should be making 40 - 100% per month - certainly on accounts under $50k - and what 90+% of all retail accounts are smaller than that amount.

I have not mentioning compounding - because that is another big myth - its virtually impossible for any retail trader to keep compounding any account from $1k to $10 million - using their money - simply because they will hit their psychological financial wall at some level - normally between about 10 lots and 50 lots - but can even be as low as just 5 lots - before they crack

OK - so explained the maths % anomaly - now how do you become profitable every day or at least every week

Years and years of study, devotion, luck, knowledge, persistence, hard work, determination etc etc.

Result - that's why so many fail and that's why only a few dedicated top retail trader will end up consistently making returns of 3-5% per day - with no compounding going on as I have already explained that part.

Conclusion - as far as I am concerned all courses might help you achieve between 2 and 20% of what you really need to know.

But if anyone knows of a mentoring course over say 2 or 3 years from a top professional retail trader - that will not cost them over say $50 k - then that might be worth taking.

$50k is nothing - if it then makes you over half a million or more over the next 5+ years surely - my daughters just spending nearly $40k just to get a business degree in 3 years and then she hopes to earn over $40k per annum ongoing to pay it all back

Just my own view

Regards


F

Last edited by Forexmospherian; Aug 30, 2014 at 6:07pm.
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Old Aug 30, 2014, 11:06pm   #4
 
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Originally Posted by LaserTrader View Post
Also, they persuade people who take the course to sign up with a broker (ETX) who they get a cut of the brokers fees from (every trade you make they get a cut). But they don't tell you that.
.
I cant imagine them getting a cut of the broker fees from ETX, MTA Online are small fish splashing around in a small pond. What they most likely get is a £100 refer a friend fee.
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Old Aug 31, 2014, 10:30pm   #5
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Originally Posted by mike. View Post
I cant imagine them getting a cut of the broker fees from ETX, MTA Online are small fish splashing around in a small pond. What they most likely get is a £100 refer a friend fee.
Mike, I have to ask, are you Mike Douglas ?

If MTA are signing up 30 clients a month (30 clients per course) then I am sure ETX will allow MTA to be an Introductory Broker (IB) and give them commission. Even if they do only get a £100 introduction fee that should be disclosed instead of deceiving their clients.

As Forexmospherian mentioned around 75% of new traders fail. These scam artists don't care, they still get paid for the course and still get money from the broker (even if you wipe out your account). If anyone gets a refund if they don't make the promised 3-5% per day, please let us know
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Old Aug 31, 2014, 11:07pm   #6
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A sense check may be required LaserTrader. While 3-5% per day isn't impossible, anyone believing someone is going to give them the wherewithal to make those sorts of returns for a few grand up front probably is exactly the sort of people that people who can't make anything like that sort of return trading will want to entice those that think it can into parting with their cash so that they can.

It's a harsh reality that those least able will become increasingly less so. Check the parable of the talents. I'm no bible nut, but it's one of the few lessons from the bible that has any specific bearing on trading.
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Old Aug 31, 2014, 11:19pm   #7
Joined Jan 2013
LaserTrader started this thread Update:

Mike Douglas and Matt Travis (MTALive) are showing off a new office and business address:

http://www.mtalive.com/contact/

The address is actually the address of a company called Regus who provide a 'Virtual Office' service.

screen-shot-2014-08-31-23.02.33.png

screen-shot-2014-08-31-23.14.18.png

Last edited by LaserTrader; Aug 31, 2014 at 11:22pm.
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Old Aug 31, 2014, 11:30pm   #8
 
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Originally Posted by LaserTrader View Post
Mike, I have to ask, are you Mike Douglas ?
Nahh, Im a much better trader than he will ever be.



Quote:
Even if they do only get a £100 introduction fee that should be disclosed instead of deceiving their clients.
is it deceiving their clients ? would you disclose it ?

Quote:
As Forexmospherian mentioned around 75% of new traders fail. These scam artists don't care, they still get paid for the course and still get money from the broker (even if you wipe out your account). If anyone gets a refund if they don't make the promised 3-5% per day, please let us know
On the other hand, If numpties don't do their due diligence before parting with their hard earned then who's fault is it when they loose it all ? you can stand outside the course doors handing out leaflets about them scamming people, 90% wouldn't believe a word you said.

When they do loose all their money, Call it " lesson number one " dont pay for useless courses.
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