Online Trading Academy

Michael Mc Mahon, I am currently a Special Projects Manager and recently the Director of Education for Online Trading Academy

-What is your professional background?
Over the last 13 years, I have dedicated myself to educating others in the ways of the markets. I have been and currently am an active trader in both equities and  Forex. I continue to use Options but not as a trading vehicle. I have been in the trading industry since 1982 and worked as a pit trader and then later as a head electronic trader for 2 FCM’s. I relinquished my licenses in 1991 and made my living in the markets since that time. As already noted, I worked with the creation of Online Trading Academy and devoted most of my time to creating the curricula in the major asset classes and overseeing the creation by other SME’s in areas where my experience was limited. I was a principal in creating our Values and Mission Statement and our reputation is now global and something I can be incredibly proud of – both the curricula and the trader/instructors that deliver it.  We have earned “the most trusted name in trading education”.

-Could you please describe the solutions your company offers for the Forex market?
Online Trading Academy became involved with foreign currency exchange trading in 1999, just after the Baht meltdown. At that time there was a mad rush in the media to get people involved in Forex. We looked at the hype and false promises that were pandering to the people’s greed and set out to build a reputable course that that swept away the smoke and mirrors and showed FX as the wonderful trading asset it was meant to be. Initially, we designed  a 2 day “intro” for the people who had no idea what Forex was all about. In these two 8 hour days, we took them through the hype and taught the basic principles of trading on fractured global market place. This lead to the development of a 4 day secondary class that actually got into the understanding of the 7  areas that Online Trading academy uses as the backbone of all of its classes. We call them the “7 Pillars of Trading” and offers the student a unique setting to understand that it is not all about technical analysis or fundamentals.

Today, we refer to the 6 day program as the Professional Forex series. It is a physical class with no more than 20 student in a class. It is 8 hours a day and is held in Center classrooms around the world. It is an immersion into the world of FX with hands-on trading and individual attention. We have recently added the new CME Micro  Forex Contracts so we are trading both Spot and Futures.

The physical classroom is backed up by a “continuous education” virtual course. It is called the Forex Extended Learning Track (FX XLT) which enables the serious students to experience advanced thoughts, techniques and tactics in an atmosphere of accountability. Shortly, we will be offering an even higher level of training through the Forex Mastery XLT.  Most experience these sessions live but they are also archived for review by the student.

We also offer a variety of home study  materials, primarily in CD-Rom formats with embedded videos of live trades and interactive e exercises. We will have the complete 6 day  class shot in DVD format by the end of 2010 as a full home course or a refresher class.

-Who is your targeted audience?
We want to reach out to those people who are serious about understanding that a well rounded portfolio that encompasses the traditional equities and bonds but also short and intermediate term  trading of other asset classes. Many choose Forex as their best means of expression but we try to offer them an alternative to the “get rich schemes” of life and show them the professional, business manner that they should conduct themselves in. Unfortunately, too many come from the “hype” mongers and see Forex as a “poor man’s way to riches” so our strongest focus is in understanding risk and its proper management, along with the other 6 Pillars.

-Who are your main competitors in the Forex market?
I am sure GOOGLE will show hundreds or even thousands of seminars, we pretty much stand alone in a true sense of “school” and training. Trading anything is a skill, not an academic concept, so the hands-on aspect of all of our courseware is unique.

-What are the main advantages you have over your competitors?
As stated already, we are unique in that we teach the entire set of concepts and tools  rather than focus on 1 arena like technical analysis. We teach the Macro/Fundamental forces, Technical Analysis, Data Mining of real time Streaming  data flow, how to interface with state of the art trading platforms, how to write a proper Business/Trading Plan, Risk management and the psychology/discipline to tie it all together. Miss one and the path to success becomes a trail of woe.

-What kind of support do you offer to your clients?
Because we are truly an academy, the Center is local to the student. It becomes a “place” where they can go to ask questions and interface with Educational Counselors and other traders. We spearheaded and maintain the “retake your course for life” policy. Once you have completed any of our courses, you can return and retake that course again and again. I am proud to have championed that aspect myself and it has proven to be a tremendous asset to our graduates. The ability to retake, refresh – to “re-get” the concepts and hands-on time that each class offers is priceless. It is our commitment to their success.

Additionally, we have worked out contractual agreements with a variety of Broker /Dealers and FCM’s to offer our graduates a tuition rebate program. This program allows the student to be repaid for every dollar spent on his education. The Industry needs to be applauded for supporting this “win-win” scenario. The student gets a free education and the brokerage gets a trained, retainable asset in a good trader.

We also offer lifetime support in many of our media and virual programs. We broadcast a webinar once a week for free to our Grads called “Hour with the Pro’s”. This 1-2 hour presentation is made by any and all of our cadre, demonstrating new techniques, different points of view and refreshing  concepts that seem to slip away. We have a weekly newsletter that has special articles by our Instructors on the specific asset classes  - Forex, Futures, Stocks, ETF’s, Options, Real Estate, etc.

 -Where do you see the Forex Market heading over the next few years?
With an ever-more aware population, financial understanding will start ot run wild. People will gravitate to many different instruments but with the ability to learn about Forex, this industry will grow quickly. Why not trade money for money – simplifies a lot of things. Yet, not all will choose this path, but will seek its information and a valuable grounding to their other investments.

The Forex industry will slowly gravitate to a more “exchange-like” market place as much of the “chaff” will be eliminated through new rules and regulations. I do not foresee a spot market being globally controlled but certainly the US and other countries have learned a lesson in non-transparency. I also foresee that Forex futures will become much more popular as new issues  in the Micro’s come into popular knowledge. Most people do not even know of such instruments, much feel comfortable with them – but they will.

-What personally is your favorite trading tool?
My primary focus is equities while I am still here in California. The trading time zone allows for a complete day. I understand that stock is capital intensive, however, and my future plans include retiring to Hawaii. I started trading Forex in 2000 to sharpen my skills and be very familiar with the market forces so that when I do retire to the Islands, I will be able to supplement my life by trading the Asian session in the evenings.

Thank you very much Mike