I have the same experience in KCKS. I wonder how does a person have their concerns in this case addressed. Well its about time! I want my money back too!! OTA has been awful. I still trade the market but not using a single thing that I paid a substantial amount of money for. OTA is a total scam.
Everything is true here, i bought that mastermind status. The strategy they sale doesn't work Sales person pressure people to buy,they pressure me to spend 23 thousand dollars than 21 thousand and then 17 thousand Please help!!!! I decided to stop and try with paper money and can't seem to make it work. But I wasn't gonna wipe out my real money on a strategy that doesn't work. I tried options and futures and the strategy doesn't work. I lost my home, right after I lost my home; because OTA deception.
OTA have some great instructors but the system doesn't really work. Has not happened. Privacy please. Has the location been decided? I thought it was in Illinois. I hate to say but I knew it. I felt like I was scamming people, old people particularly and I knew those sales tactics were beyond aggressive.
The only thing the company focused on was sales. Sell sell sell was the constant theme. This is karma and she bites! That owner should have to return ALL of those millions that he pocketed. I was Ops and in the beginning of my time there, management was very careful not to give false hope and was as honest as a salesperson can be. Fast forward through 3 different senior managers and a completely new sales staff and they were all lying and deceiving.
I never lied to a potential student and was ultimately fired for not playing the game. Richard Reynolds. At that seminar they very smoothly showed us their plan and how easy it was to make money. Among the things they didn't mention was length of time it might take to grasp their education. Another important item they never mentioned is where the learning centers were. I can hardly travel to either on a weekly basis for instruction.
Their entire presentation was not reliable nor truthful. Very disappointed. Happy the FTC is getting involved so others will not lose their hard earned money. Joseph Solymossy. Isn't it strange that the only comments submitted are negative?. Is the Gov't going to try this in the public arena, or wait until all the facts come out? I had experienced the same in Florida.
Their marketing strategy was really powerfull. When we went to to the half, they pulled every aside to wash your brain to enroll making you believe that the training is extraordinary and you will make a lot of money. I quit my job, use the money on my saving account and take a loan for the balance. After first training, you have to retake over and over hoping you will finally get it. As a matter of fact, that loan for Online Trading Academy is still on my credit and keep my credit low because I am not able to repay it.
After being a victim of their influence I had to go back and get another job. I have been trading since regularly as a day trader and lost tens of thousands of dollars. The mastermind grid that they promote is a big hoax. It is supposed to provide price levels where to buy and sell. I have used them extensively and failed miserably. The claims made by the OTA at the time of enrollment are absolutely false and can not be achieved.
They should immediately return the money received from clients. Ota Atlanta Student. This place is a SCAM. Please investigate them. Please bring them to Justice. So glad the FTC is doing something about these people. Really wanting to get out of this contract, Hopefully the FTC will be successful in shutting these scammers down.
Do we victims have any hope for getting a refund? I didn't even know where it went because they don't even teach you how online brokers like Tradestation charge fees. Also, they claim that the financing company UGA is a third party that they have nothing to do with. Perhaps that could be another lawsuit if its not true. How can I help?
Joann P. I also feel like I was scammed - right from the beginning. Just recently paid off debts from my tuition. I became a "student" in after retiring from full time work. My observations are not on the sign-up process which is embarrassing , but on some of my experiences in their educational program: 1 The quality of the instruction provided in the online "XLT" programs is wildly inconsistent. While the instructors may be, or have been, exceptional traders, about a half of the instructors are incompetent as teachers; they are easily sidetracked by comments from online participants, and some even have "buddy-buddy" conversations with some of the participants, which detracts from the pretext of a professional atmosphere.
Secondly, these instructors are usually not prepared for their assigned sessions and fail to provide a strong rationale for an "educational" trading opportunity. One options instructor advised a trade that took a negative vega options position on a stock that was nearing its quarterly earnings announcement, and which historically showed increased implied volatility going into earnings.
The particular options were expiring after the earnings date. His goal was to "collect theta" and then close the position before earnings. His lack of knowledge on how theta is determined, and the interplay of the other Greeks was disconcerting. There was one instructor who ran an advance options trading series based on his experience as a professional market maker for a well-known firm.
So I gravitated to this program after going through the basic options trading program. Instead, they just stopped it. Seiden, based on information provided to "Mastermind" members. The articles can be subscribed to by anyone, even non-members, as they are merely enticers to join OTA. I suggested to OTA that they also provide examples of the many more proposed trades that do not work, with some explanations, and they replied that they would "consider" it.
I started back in watching the cdrom trade classes then eventually, purchased the live classes and online programs a few years later. I had a career path that I desperately wanted to get out of and become a full time trader. So I cashed in 30 years of hard work to date and decided to focus full time on becoming a trader. I gave it everything I had with complete discipline and focus for 7 years, I totally emerged myself into becoming a trader by the book.
The hardest part was feeling like I failed my family week after week. The challenge is not isolated to one company but the entire trading system is setup to strip the accounts of the masses and transfer it to accounts of AI platforms that are void of feeling emotional pain of the volatility. That being said the entire trading education system today creates far more emotional pain and financial losses to individuals and their families financial well being then any benefit that is perceived to be gained.
So should one trading education companies get hit with a lawsuit or should regulations be changed for all trading education companies? Thanks for sharing this. When the market was good I was doing well and attending the 3-day seminar at OTA made me even more hopeful I could make millions trading within years.
However, when turbulent markets hit I sold off at the low prices because of uncontrollable anxiety. Even though if I held I would have suffered much lower loss or recouped most of them. Marc Futterman. Hey FTC, I'll be happy to support your suit. They're full of it. Steffan Carroll. So far, it has not been approved. FTC Staff. Dallas User.
They were unrealistic trade parameters to meet their income claims. Still paying off the training loans too. All of us just trying to be more successful, disappointed to say the least. If their money is lost for good, then the Mandals may have plenty of company. Customers in 11 countries on five continents say they have seen their money evaporate with Secure. Twenty-five investors interviewed say Secure, which was incorporated in Panama in , had instructed them to wire money to banks in Australia, Cyprus, Latvia and Poland.
Secure Investment lured customers by creating its own good reputation and by publishing a seemingly successful trading record on its elaborate website. It was all a lie. At least some of its so-called customer testimonials were actually delivered by actors. The deception worked — for a while.
Secure crafted a tangled financial web to harvest and hide investor money by setting up companies with different names incorporated in Belize, the British Virgin Islands and the U. Secure asked clients in e-mails to wire money to bank accounts held by those firms. By using related companies, Secure obscured the paper trail of investor funds that would end up with the firm. The only public evidence that authorities have looked into Secure Investment comes from Panama.
The regulator also said Secure Investment listed a false Panama City address as its headquarters. All of those were at sites run by international office leasing company Regus Plc. One testimonial is from a bearded man wearing a jacket and tie. After introducing himself as Michael, he praises Secure in an second video.
They take all the stress out of it. Michael is actually Al Eddy from Chattanooga, Tennessee. Nothing he said in his endorsement is true, Eddy says, adding that he no longer does testimonials. He told viewers he easily withdrew money from Secure. The U. Federal Trade Commission prohibits false endorsements and requires disclosure if the advertiser pays for approbation.
In the U. A two-minute animation distributed by Secure depicts a chance meeting between two friends stuck in traffic on a highway. Pale-faced Ben, driving a beat-up brown subcompact with a dirty windshield, pulls up beside his tanned friend Nick. The men have the following exchange:. He sports a pompadour and an unbuttoned red Hawaiian shirt. My money is managed by professionals from Secure Investment. Mandal, the U. The details of daily trading results, the pitches in the videos and the testimonials won him over.
He, his wife, another physician and two residents tend to 5, patients. I think they should definitely be put into jail. Because Secure had no real headquarters and existed on the Internet only, an investigation would be challenging. David Kane, a Houston oil industry technical support manager, says he found his way to Secure because he had stopped trusting bankers and brokers after the financial crisis.
In an interview on March 10, seven weeks before secureinvestment. Secure wired him his cash through a money-transfer company, Mayzus Financial Services Ltd. By May 13, two weeks after the website shut down and two months after his first interview with Bloomberg Markets, Kane had a different view. What is most bothersome is the loss of the dream.
Jaron Mark, a medical resident at a hospital in Tampa, Florida, says he spent nine months seeking a safe investment before he chose Secure. Two weeks later, the Secure website was gone. I feel like a fool. The man identified by Secure as its chief executive officer used the name Michael Sterling.
It shows gray-bearded Sterling describing his excitement about Secure. Sterling then addresses Secure employees at their modern office building, as meetings in glass-walled conference rooms are shown. Interspersed through the infomercial are 30 more scenes of Manhattan, including Wall Street, Times Square and the Waldorf Astoria hotel. He was asked what happened. We are sorry for the inconvenience.
After some time, it should work fine. No one at Secure Investment has responded to calls or e- mails since that day. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Market volatility can have a major impact on trading performance. Traders should know that market volatility can spread across hours, days, months, and even years. Many trading strategies can be considered volatility dependent, with many producing less effective results in periods of unpredictability. So a trader must always make sure that the strategy they use is consistent with the volatility that exists in the present market conditions. Financial news releases are also important to keep track of, even if a selected strategy is not based on fundamentals.
Monetary policy decisions, such as a change in interest rates, or even surprising economic data concerning unemployment or consumer confidence can shift market sentiment within the trading community. As the market reacts to these events, there's an inevitable impact on supply and demand for respective currencies. Lastly, the inability to distinguish trending markets from ranging markets, often results in traders applying the wrong trading tools at the wrong time.
Improper risk management is a major reason why Forex traders tend to lose money quickly. It's not by chance that trading platforms are equipped with automatic take-profit and stop-loss mechanisms. Mastering them will significantly improve a trader's chances for success. Traders not only need to know that these mechanisms exist, but also how to implement them properly in accordance with the market volatility levels predicted for the period, and for the duration of a trade.
Keep in mind that a 'stop-loss to low' could liquidate what could have otherwise been a profitable position. At the same time, a 'take-profit to high' might not be reached due to a lack of volatility. Consider this example. This also means that you will break-even at least every one out of three trades, providing that they are profitable.
Traders should always check these two variables in tandem to ensure they fit with profit goals. The best way to avoid risks completely in Forex trading is to use a risk-free demo trading account. With a demo account you can trade without putting your capital at risk, while still using the latest real-time trading information and analysis. It's the best place for traders to learn how to trade, and for advanced traders to practice their new strategies.
To open your FREE demo trading account, click the banner below! How else do Forex traders lose money? Well, a poor attitude and a failure to prepare for current market conditions certainly plays a part. It's highly recommended to treat financial trading as a form of business, simply because it is.
Any serious business project needs a business plan. Similarly, a serious trader needs to invest time and effort into developing a thorough trading strategy. There are two kinds of traders that come to the Forex market. The first are renegades from the stock market and other financial markets.
They move to Forex in search of better trading conditions, or just to diversify their investments. The second are first-time retail traders that have never traded in any financial markets before. Quite understandably, the first group tends to experience far more success in Forex trading because of their past experiences. They know the answers to the questions posed by novices, such as 'why do Forex traders fail?
Experienced traders usually have realistic expectations when it comes to profits. This mindset means that they refrain from chasing the price and bending the trading rules of their particular strategy — both of which are rarely advantageous. Having realistic expectations also relieves some of the psychological pressure that comes with trading.
Some inexperienced traders can get lost in their emotions during a losing trade, which leads to a spiral of poor decisions. It's important for first-time traders to remember that Forex is not a means to get rich quickly. As with any business or professional career, there will be good periods, and there will be bad periods, along with risk and loss.
By minimising the market exposure per trade, a trader can have peace of mind that one losing trade should not compromise their overall performance over the long-term. Make sure to understand that patience and consistency are your best allies. Traders don't need to make a small fortune with one or two big trades.
This simply reinforces bad trading habits, and can lead to substantial losses over time. Achieving positive compound results with smaller trades over many months and years is the best option. There we have it, the main reasons why Forex traders fail and lose money, along with the steps traders need to take in order to prevent them from occurring.
Studying hard, researching and adapting to the markets, preparing thorough trading plans, and, ultimately, managing capital correctly can lead to profitability. Follow these steps and your chances for consistent success in trading will improve dramatically! Furthemore, to increase those chances even further, you should consider upgrading your MetaTrader trading platform with the ultimate enhancement - MetaTrader Supreme Edition! This free plugin offered by Admiral Markets enables you to boost your trading experience by adding excellent features such as the regular technical analysis updates provided by Trading Central, global opinion widgets, FREE real-time news, and so much more!
About Admiral Markets Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8, financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Contact us. Start Trading. Personal Finance New Admirals Wallet. About Us. Rebranding Why Us? Login Register. Top search terms: Create an account, Mobile application, Invest account, Web trader platform. Overtrading Overtrading - either trading too big or too often — is the most common reason why Forex traders fail. Insufficient capitalisation Most traders know that it takes money to make a return on their investment.
Trading Addiction Trading addiction is another reason why Forex traders tend to lose money. An all-in-one solution for spending, investing, and managing your money. More than a broker, Admirals is a financial hub, offering a wide range of financial products and services.
We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money. Meet Admirals on. February 28, 25 Min read. Thank you, my friend. I named a realistic target - an achievable goal without risks, stresses and anything in between.
Forex will eat your arms and shorts one unfortunate day, if you allow it to get deep into your pockets. Everyone chooses how much he needs from Forex. Good luck! Be on the profitable side, but have a life too. Hi I just registered to this devoted place forexdarkside.
I need to ask for your opinion. Can you tell me please do you make money with forex and if yes what forex agent do you use? Do you know of some recommended ones? Hello all. Id like to share a very quick story of experience with you.
Believe it or not, I did make quite a living for that short time. Then one fine day shortly after, I lost almost my entire account which was more than twice that to long positions when the USD took that great big dive. There went about 30, Worked like a charm. Used lots of discipline. What really killed me was one huge word. I guess all I can offer is this so far: computer monitors are cheap these days.
My hardware investment was paid for in a few hours, literally. We Dark Lord, I posted something here August of last year, I thought I would give your readers an update. Determined, now that I have a significant investment in this new career continue to hope and felt like I have definately learned some things that have made me a better trader, I found an individual in Equador who was gladly giving free trades daily….
I followed his trades each day and was amazed…. EVERY trade has been a winning trade. TIS guys was no sales pitch, I could follow his success as it happened! Well next week I am flying to Ecuador to spend ten days learning his amazing talent. Surprisingly, he does not use alot of technology. I am like one of the other posters here, I have a room set up that looks like I could launch missles somewhere… lol But his methods are simple, and he always recommends low leverage and stop losses no more than 30 pips from open.
I am so impressed with this guy, and I have seen first hand how many con-artist, marketing rip offs, and just slimy people therte are giving this industry a black eye, I am going to try and open an online school with this guy in Ecuador in hopes we can hellp anyone make a living in FOREX.
This posting is not mean to be a sales picth in any way, just letting you all know if you still need help in a month or so, I may be able to help people now insted of looking for help! You must be logged in to post a comment. Anyhow, really good job Dark Lord, keep on spreading the truth.
Nik Nov 14, at pm. Learn learn learn. Dec 11, at pm. Beelyjay Jun 5, at pm. Forex Dark Lord Jun 6, at am. Tim in Clovis Aug 5, at am. Forex Dark Lord Aug 5, at pm. Joe D Aug 6, at pm. Forex Dark Lord Aug 7, at pm. John D Sep 23, at am. Doing a great job for us, but what about the scalping and swing trading? Forex Dark Lord Sep 24, at am. Forex Dark Lord Dec 2, at pm. Here we go:. Thanks in advance for your answers.
Sorry if I have posted to wrong category this but as you can see I am new here. Dan Feb 7, at am. TOM Aug 18, at pm. Discussion Area - Leave a Comment You must be logged in to post a comment.
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The deceptions of trading are unfortunately very real and can have a huge negative impact on your trading if you aren't aware. However, the lure of “easy money” from forex trading can be deceptive. The fact is that the majority of forex traders lose money, and only a small. Forex Trading Scams; Separating Forex Fact From Fiction scams and how different types of fraud and deception use MT4 as a prop in their scheme.