Power Trader

I don't know if I would call them a blatant scam, but they do overpromise and under deliver. The workshops are a blatant sales pitch sort of like going to an Amway meeting, only worse. A lot of hype. No real meat. Just a lot of bologna. Mostly style with very little substance. Traders I spoke with at the center said they were all losing money. One indicated that he was barely breaking even after retaking classes numerous times for about a year and spending over $20,000 in courses on upsells. The classes themselves are very generalized information, hardly worth the prioce they charge. The retake is a joke, much like the old Glenn W. Turner "Dare To Be Great" motivational courses which also offered lifetime retakes but the company kept getting shut down and you had to enroll all over again. So my question to OTA is, what is lifetime? Online Trading Acadmy has been around for about 20 years. It has had many name changes since it started as Momentum Securities, then Block Trading, then Newport Beach Securities and finally Online Trading Academy. Why all the name changes? The classes are very expensive starting at $5,000 but they will attempt to upsell you to a $65,000 program and tell you that you are getting a bargain. Trainers overall are so, so. Not that great and not worth the price they charge. OTA is now aggressively pushing informercials much like Teach Me To Trade and so many other get rich quick schemes that have dissappeared. It has been assumed that the people appearing in said informercials are not real OTA students, but people who have ben compensated for their endorsements and may or may not be real traders. Decide for yourself. The Forex training is pariticularly bad. In the class and on the CD-ROMS, the trainer indicates that one of the advantage of FOREX is that there are no downgrades like what happens to stocks? Come again? What about the downgrade the US got last spring and the one Greece is getting now? Who trains these guys? A lot of noise is being made about an award that Sam Seiden got and those of us who know about Sam, know that he is an excellent trainer. However, the award came from one of Online Trading Academy's partners. Do I see a conflict of interest here? Is he really the best? Not if the trainer I saw in class was trained by him. One more point, in the OTA informercial now airing all over, Sam Seiden is very comspicously conducting a training class that implies he is training students. However, according to OTA, Mr. Seiden does not conduct these kinds of classes to students, only trains OTA employees. Looks like deception to me. Wasn't there a guy name McCorkle who got busted for doing this same sort of thing? Traders who have taken the class indicated that they were not making any money trading and only made money in class. Many have spent from $20,000 to over $65,000 on upgrades to other programs seeking more education but no results to speak of. Suggest that you pass on this one. Besides, these companies come and go every couple of years or so.