Author Topic: **ANSWERED** Online Trading Academy - Legit or Scam? Please Help  (Read 830 times)

EricL

  • Pencil Stache
  • ****
  • Posts: 901
**ANSWERED** Online Trading Academy - Legit or Scam? Please Help
« on: February 12, 2019, 10:48:55 PM »
A friend of mine asked me to attend a seminar by the Online Trading Academy with him.  I donít know much about it but it appears from the literature that itís a marketing scam along the lines of a time share or annuity sales.

A brief search of the internet seems to confirm this in this dated article: https://www.kiplinger.com/article/investing/T052-C000-S002-our-man-goes-undercover-and-tells-all.html

 Iím tempted to turn him down but he and his wife live on marginal income and Iím afraid theyíve totally found their target market.  If he goes without and they fill his head with BS Iím not sure I can dissuade him from pouring what little money they have to invest into seminars.

If theyíre legit itís a big non issue.  He deserves to make billions.  But if itís not and I do go with him, I have to go to war armed with as many facts as I can marshal against some pretty well prepared bull shit artists.  So Iíll be grateful for any help.
« Last Edit: February 15, 2019, 01:41:13 PM by EricL »

MDM

  • Walrus Stache
  • *******
  • Posts: 9201
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #1 on: February 12, 2019, 11:01:22 PM »
Have him read A Random Walk Down Wall Street.  Probably available at the local library.  But there is nobody as deaf as he who will not hear - good luck!

MrThatsDifferent

  • Handlebar Stache
  • *****
  • Posts: 1323
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #2 on: February 13, 2019, 12:10:48 AM »
Sad. All that persons need is free: MMM and JL Collins. Thatís it.

Much Fishing to Do

  • Bristles
  • ***
  • Posts: 461
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #3 on: February 13, 2019, 04:58:47 AM »
If theyíre legit itís a big non issue.  He deserves to make billions. 

I would have encouraged you to go with and talk him out of it until you said these words. These words make me think its very important for you to stay away entirely.

MustacheAndaHalf

  • Handlebar Stache
  • *****
  • Posts: 1668
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #4 on: February 13, 2019, 05:39:17 AM »
Iím tempted to turn him down but he and his wife live on marginal income and Iím afraid theyíve totally found their target market.  If he goes without and they fill his head with BS Iím not sure I can dissuade him from pouring what little money they have to invest into seminars.
Or you can explain why you refuse to attend, which will probably have more of an impact than going along with him and trying to convince him not to do it.  It's also possible he's been scammed before and just won't learn from it.  Maybe you prevent it this time, but he might find another similar get rich quick scheme.  (If it's so great, why do they need people who have almost no money to join?)

Did you read "A Random Walk Down Wall Street", and did it change your views on investment?  If so, I'd turn him down and explain that you don't need to chase other opportunities because of a book that uses decades of stock market history to show how investment works.

Dances With Fire

  • Stubble
  • **
  • Posts: 216
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #5 on: February 13, 2019, 06:25:01 AM »
This is gambling NOT investing pure and simple. Have him read MMM, Bogleheads, Bogle, financial samurai, Collins, Ben Carlson, Malkiel and Ellis. Just to name a few. These are some of the brightest minds in the field on investing and your friend is going to  bet against them is a sense.

Also Google some of the on-line trading reviews. One I recall charged THOUSANDS of dollars for their "advanced courses" after the $300 seminar.

RJC

  • 5 O'Clock Shadow
  • *
  • Posts: 39
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #6 on: February 13, 2019, 06:53:51 AM »
Do you at least get a steak dinner?

SeattleCPA

  • Handlebar Stache
  • *****
  • Posts: 1320
  • Age: 59
  • Location: Redmond, WA
    • Evergreen Small Business
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #7 on: February 13, 2019, 08:17:49 AM »
FWIW, I'm a 59-year-old CPA and over the decades I've seen many people try trading or day-trading or whatever you want to call it.

Many of these folks have been extremely intelligent. But I've never seen someone actually make it work. Which is exactly what one would expect...


EricL

  • Pencil Stache
  • ****
  • Posts: 901
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #8 on: February 13, 2019, 09:06:18 AM »
If theyíre legit itís a big non issue.  He deserves to make billions. 

I would have encouraged you to go with and talk him out of it until you said these words. These words make me think its very important for you to stay away entirely.

Why?  Heís a great guy and I donít know everything.  I just know the path via Vanguard Funds is slow but sure.  (Iím FIREíd)

EricL

  • Pencil Stache
  • ****
  • Posts: 901
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #9 on: February 13, 2019, 09:07:35 AM »
Do you at least get a steak dinner?

IDK.  But Iíve been to that venue and the food wasnít very good.

martind

  • 5 O'Clock Shadow
  • *
  • Posts: 7
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #10 on: February 13, 2019, 09:34:43 AM »
I got sucked into trading seminars about 12 years ago....

They REALLY sell you what you want to hear - You TOO can quit your job, work 1 hours a day and make MILLIONS!

Being young and naive I fell for it... I spent circa $25,000 on seminars and on top of that lost about $30,000 trading US stock options. Plus I quit my job, so I lost income.

Trading was one of the dumbest, most emotionally painful and financially wasteful periods of my life.

Dances With Fire

  • Stubble
  • **
  • Posts: 216
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #11 on: February 13, 2019, 11:43:21 AM »
I got sucked into trading seminars about 12 years ago....

They REALLY sell you what you want to hear - You TOO can quit your job, work 1 hours a day and make MILLIONS!

Being young and naive I fell for it... I spent circa $25,000 on seminars and on top of that lost about $30,000 trading US stock options. Plus I quit my job, so I lost income.

Trading was one of the dumbest, most emotionally painful and financially wasteful periods of my life.

Wow. I for one, appreciate your post and hope others who think that they can day trade read it as well.

Also, the above post by CPA who has never seen it work. That should really show how difficult it is to pull this off.

Dances With Fire

  • Stubble
  • **
  • Posts: 216
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #12 on: February 13, 2019, 11:46:29 AM »
A friend of mine asked me to attend a seminar by the Online Trading Academy with him.  I donít know much about it but it appears from the literature that itís a marketing scam along the lines of a time share or annuity sales.

A brief search of the internet seems to confirm this in this dated article: https://www.kiplinger.com/article/investing/T052-C000-S002-our-man-goes-undercover-and-tells-all.html

 Iím tempted to turn him down but he and his wife live on marginal income and Iím afraid theyíve totally found their target market.  If he goes without and they fill his head with BS Iím not sure I can dissuade him from pouring what little money they have to invest into seminars.

If theyíre legit itís a big non issue.  He deserves to make billions.  But if itís not and I do go with him, I have to go to war armed with as many facts as I can marshal against some pretty well prepared bull shit artists.  So Iíll be grateful for any help.

Also wanted to point this out... Anyone living on a "marginal income" should not even consider trading. One big loss could very well take decades to recover.

EricL

  • Pencil Stache
  • ****
  • Posts: 901
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #13 on: February 13, 2019, 03:36:52 PM »
A friend of mine asked me to attend a seminar by the Online Trading Academy with him.  I donít know much about it but it appears from the literature that itís a marketing scam along the lines of a time share or annuity sales.

A brief search of the internet seems to confirm this in this dated article: https://www.kiplinger.com/article/investing/T052-C000-S002-our-man-goes-undercover-and-tells-all.html

 Iím tempted to turn him down but he and his wife live on marginal income and Iím afraid theyíve totally found their target market.  If he goes without and they fill his head with BS Iím not sure I can dissuade him from pouring what little money they have to invest into seminars.

If theyíre legit itís a big non issue.  He deserves to make billions.  But if itís not and I do go with him, I have to go to war armed with as many facts as I can marshal against some pretty well prepared bull shit artists.  So Iíll be grateful for any help.

Also wanted to point this out... Anyone living on a "marginal income" should not even consider trading. One big loss could very well take decades to recover.

If what I suspect is true, he's absolutely protected from losing his life savings day trading.  The Online Trading Academy will get it first.

EricL

  • Pencil Stache
  • ****
  • Posts: 901
Re: Online Trading Academy - Legit or Scam? Please Help
« Reply #14 on: February 15, 2019, 01:37:53 PM »
Thanks to all who replied.  Between the responses and my own internet research, I was able to persuade my friend to not attend this boondoggle.  I don't even feel bad about keeping him from a free steak, as I've eaten at the venue before and it's not that good. 

Edit: I should mention I did buy him A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (12th Edition) as recommended by @MDM.  Also, Andrew Tobias' The Only Investment Guide You'll Ever Need (a really good investment primer). 
« Last Edit: February 15, 2019, 01:40:27 PM by EricL »