Piqued by their incessant advertising offering a free introductory course, Rosi and I signed up for the OTA half-day program in Toronto recently.
Occupying several thousand square feet of high-end office space, the OTA exudes success. Classy furnishings, classy trimmings, free food and lots of it, smiling staff would make most people feel that they are in the right place.
The Online Trading Academy has been in business for more than two decades, selling stock trading education.
They get an A+ for their marketing skills which have resulted in over 40 locations worldwide, similar to the one that Rosi and I attended. Regardless of where you live in North America, you could get to one of these easily.
Our instructor asked us to save our questions for the end of his presentation. It contained many flaws but he quickly disappeared when he finished. We could not find him anywhere.
The free, introductory programs open access to students’ wallets. Students must qualify to enrol in increasingly advanced courses which can cost up to tens of thousands of dollars.
Because we attended the OTA half-day introductory program, Rosi and I recently got an invitation to attend a free day-trading program.
My middle name is “Skeptic”.
I checked with the U.S Government’s Securities and Exchange Commission’s
It publishes a warning concerning day-trading with the following headings:
- Be prepared to suffer severe financial losses
- Day traders do not “invest”
- Day trading is an extremely stressful and expensive full-time job
- Day traders depend heavily on borrowing money or buying stocks on margin
- Don’t believe claims of easy profits
- Watch out for “hot tips” and “expert advice” from newsletters and websites catering to day traders
- Remember that “educational” seminars, classes, and books about day trading may not be objective
- Check out day trading firms with your state securities regulator
Additionally, in a paper titled Day Trading for a Living, Chague, F.* et al describe following nearly 20,000 Brazilian day-traders from 2013 to 2015.
97% who day-traded for about one year, lost money. Only 1.1% earned more than the minimum wage and 0.5% earned more than a bank teller’s salary.
Once you are comfortable with the Monday Morning Program, you would find it interesting to visit the OTA near you (if they haven’t been shut down by regulators).
*Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: https://ssrn.com/abstract=3423101 or http://dx.doi.org/10.2139/ssrn.3423101
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