Online Trading Academy (London)

My apologies,

Yes we have been trading live for almost a year now. We initially traded demo for the first few months until we were comfortable with the starategies and the platforms (charting and execution).

Initially we found it very difficult and as I mentioned earlier it was very challenging in terms of our own psychology. After reading some great books and getting some much needed support from some of the instructors we have managed to come to terms with our pschological barriers.

We didn't start making money staright away and I put a lot of this down to our inconsistencies in the execution of the trading plan and really a lack of experience in the live arena.

In this time our account balance fluctuated but more importantly we managed to preserve our initial capital. Over time as our confidence and experience in the market grew, we began to see more consistency with our trading, leading to more regular profits. For the past 4 months or so we have seen our account grow steadily to allow us to move from 1-2 contracts to 3-5 on the ES for our day trading.

Obviously we have not fully recouped our initial outlay but we are definately on the right path. As with any new business we were more than aware that there would be an initial cost which we had accounted for.
 
OK...how much did you spend on the courses? How much have you made? How long has it taken you and your partner to become consistently profitable?*

* asking these questions fully expecting fudged answers...
 
From the first course to today it has been 18 months. However, we had a 3 months break with other commitments . We paid a fair amount for the courses (for us), which is a very private matter.....no offecnce meant.

We have been consistently profitable for the past 4 months.
 
I ask because the following sentence from your post infers you are not profitable but that you feel your potential losses have been reduced by doing the course. This is hardly a reason to fork out 10 or 12 thousand as by simply not trading you would have had no losses.

"To be fair we feel we would have lost a lot more money if we had not done the courses"
 
I should just add that you should be given credit for being honest. I wonder how many people would sign up if they were told that a good result would be that in a years time they still would not have recouped the price of the course but on a positive note they could have 'lost more' by not doing it.
 
I should just add that you should be given credit for being honest. I wonder how many people would sign up if they were told that a good result would be that in a years time they still would not have recouped the price of the course but on a positive note they could have 'lost more' by not doing it.

Very good point Pboyles.... we are now profitable, but we have not yet recouoped all our money.
 
I've tried quite a few trial lessons offered by various trading courses providers.

One of them was OTA. It took me a whole day (it's near St Albans). What to say? Afterwards I came back and realised I missed few good trades and felt bad about it – if I'd stayed at home could have got at least 100 pips from my regular system. Anyway I'll try not to think about that when giving my opinion about them.

IMO They are reasonable, although that day course presenter was talking about a strategy that was completely opposite from my way of trading. Obviously he didn't like my remarks and ideas of how I would have traded shown examples. At the same time I met few regular students (as I understood they offer free retake of lessons if the students are a bit slow to catch with their lessons). One of them said it's been a year since he started studies and he is not there as yet, but one day he hoped may become profitable. Call me impatient, but a year and still learning and trying to be profitable!?
I don't know – spending all that money and straggling after a year.

IMO Good to do some self study (read good books, research nice web sites) and trade small sizes (with real money) to get some experience. With the money spent on the course one can open a reasonable size trading account and go for it (with some research on risk management beforehand)
 
Trading is not a place for those who are 'book smart'. It cannot be taught in that way. In some rare cases, maybe, but as a general rule you learn by trial and error.
 
From the first course to today it has been 18 months. However, we had a 3 months break with other commitments . We paid a fair amount for the courses (for us), which is a very private matter.....no offecnce meant.

We have been consistently profitable for the past 4 months.

why is it a private issue on an message board where no one knows you FFS!!! And you havn't answered the questions...:whistling
 
why is it a private issue on an message board where no one knows you FFS!!! And you havn't answered the questions...:whistling


Forex Trader Part 1 (2 Days): $1995
Forex Trader Part 2 (4 Days): $2995

E-mini Futures (5 Days): $4990

XLT - Futures Trading: $6,000 for the first 3 months; and $500/month each month thereafter; OR $10,000 for the first three months and the ability to retake this class for life.*

Mastering the Mental Game (2 Days): $1995


...but you get a discount if you sign up to more than one I think.
 
I recently went to a Free Workshop at the O.T.A St.Albans.

The only trading I have done is Spread Betting at micro limits. What I learned from them about SB has completely changed my view and will no longer be spread betting.

My Workshop only had me and two others which was great as we had time to ask tons of Questions. Well I say us the other two guys had zero trading experience and I think the info given at these workshops you'll need to know about trading before anyone goes.

Most of the day the info just went over there heads and it felt like a one on one session with the amount of questions I fired out.

Near the end of the day the sell does come but its not pushed in your face. I told the Instructor yes I'm interested but I ain't got nearly 4 grand to splash out before Christmas plus I would want to do my due diligence before I thought of whacking out that kind of cash.

The Forex Course: http://tradingacademy.com/london/Forex-Trader.aspx
Price £3,795 for 6 days training
Free retakes for life and you can retake at any of there Centres around the world.
Plus discounts from brokers when you complete the course
Mentoring from Instructor

I do plan to take the course next year and you do not have to whack out nearly 4k as they let you pay £999 and the rest on Direct Debit Monthly.

I have done the web looking for education and to this point self taught where I'm just about getting profitable but need that nest step up.

These courses are taught by Praticing Profitable Traders who have to show there accounts for 5 years of trading.

Well on leaving and digesting the day, I'm sold and will be taking the course.

As in life you have to find your own path and mine is to change my life to trade full time from home.
 
I recently went to a Free Workshop at the O.T.A St.Albans.

The only trading I have done is Spread Betting at micro limits. What I learned from them about SB has completely changed my view and will no longer be spread betting.

My Workshop only had me and two others which was great as we had time to ask tons of Questions. Well I say us the other two guys had zero trading experience and I think the info given at these workshops you'll need to know about trading before anyone goes.

Most of the day the info just went over there heads and it felt like a one on one session with the amount of questions I fired out.

Near the end of the day the sell does come but its not pushed in your face. I told the Instructor yes I'm interested but I ain't got nearly 4 grand to splash out before Christmas plus I would want to do my due diligence before I thought of whacking out that kind of cash.

The Forex Course: http://tradingacademy.com/london/Forex-Trader.aspx
Price £3,795 for 6 days training
Free retakes for life and you can retake at any of there Centres around the world.
Plus discounts from brokers when you complete the course
Mentoring from Instructor

I do plan to take the course next year and you do not have to whack out nearly 4k as they let you pay £999 and the rest on Direct Debit Monthly.

I have done the web looking for education and to this point self taught where I'm just about getting profitable but need that nest step up.

These courses are taught by Praticing Profitable Traders who have to show there accounts for 5 years of trading.

Well on leaving and digesting the day, I'm sold and will be taking the course.

As in life you have to find your own path and mine is to change my life to trade full time from home.

Once you finished the course, it would be nice if you can post again to let us know if you became a consistently profitable trader.
I went for a free trial some time ago and was a bit discouraged by meeting some students of theirs who were still trying to be successful traders after a year (maybe they were the slower ones)

PS They have a strong opinion against spread betting, don't they? Anyway, if one makes money regularly from spread betting - why change it? I guess it's important to open a spread betting account with a big, reputable company rather than a crooked one (lots of crooks in spread betting business).
 
Once you finished the course, it would be nice if you can post again to let us know if you became a consistently profitable trader.

They have a strong opinion against spread betting, don't they?
lots of crooks in spread betting business

Yeah sure but anyone wishing to follow my progress can visit my blog:
http://jddaytrader.blogspot.com/

Strong opinion yes lol but I can see why. After hearing what they had to say I searched the web for confirmation (Always in life never just take one persons opinion). NO spread bet firm gives you DMA (direct market access)

Lots of crooks - YES and we all know who there are RIGHT lol. Don't want to be sued lol
 
I'd be really suspicious if they're touting their preferred platform and bad mouthing spread betting.

Everything I've ever read complaining about SBing has turned out to be complete BS.There's nothing wrong with it, just that a higher percentage of SB clients are idiots.
 
Online trading academy is the only company that gives individual tuition up to a point. Anybody can hire a hotel suite, fill it with chairs and spend 2 days talking about how much money can be made trading. The reality is the only way to learn is by getting on to a platform and developing a strategy you are comfortable with. That is what you are taught by OTA.
Oh sure somebody can write a trading plan for you, I am sure somebody can give you a set of rules to follow like the turtles. OTA demands that you do this yourself, they touch upon psycology only to advise what is necessary for trading and it is left to the individual student to examine themselves with a view to bringing out the qualities that all traders require. Self discipline to stick with a plan being the key. When I attended my course the programme million dollar traders was being aired. It was a good discussion point and an example of how not to do things.
 
Yeah sure but anyone wishing to follow my progress can visit my blog:
http://jddaytrader.blogspot.com/

Strong opinion yes lol but I can see why. After hearing what they had to say I searched the web for confirmation (Always in life never just take one persons opinion). NO spread bet firm gives you DMA (direct market access)

Lots of crooks - YES and we all know who there are RIGHT lol. Don't want to be sued lol

I see the blog has gone, what conclusion should we draw about profitability?
 
Yeah sure but anyone wishing to follow my progress can visit my blog:
http://jddaytrader.blogspot.com/

Strong opinion yes lol but I can see why. After hearing what they had to say I searched the web for confirmation (Always in life never just take one persons opinion). NO spread bet firm gives you DMA (direct market access)

Lots of crooks - YES and we all know who there are RIGHT lol. Don't want to be sued lol

jd

No sb firm gives you dma because if they did they would be brokers not bookmakers and the tax free status would be lost. That was explained by the boss of CMC in this thread http://www.trade2win.com/boards/spread-betting/111238-cmc-markets-owner-answers-your-questions.html

jon
 
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