Is Day Trading Academy a Forex Training Scam?
If you are looking to make money working from home, you might have encountered the day trading business model. Day Trading Academy is one such platform which claims to teach you the ins and outs of forex trading.
It's a good thing you're interested in doing your own analysis before you get started with the system. In this in-depth review of the training program, we will share if it's a scam or a legitimate source to get a jump start with trading.
Day Trading Academy Review
Day Trading Academy was launched by Marcello Arrambide. The open-source program claims to get you up and running with forex trading. It has some unique features and comprehensive training modules but there are a few things we didn't like.
Fake reviews and testimonials is one of the put offs (a big surprise awaits you, read on to find out!). Not only do they take the credibility away from the course, it's also a very deceiving way to sell a product. Even if it was simply a marketing ploy, that still is a very ethical practice.
The training program is also a little too expensive for most people who are new to online marketing. The training membership will cost you $2,000 one-time and then $150 monthly.
What is It
It's an open-source project and has training modules from forex experts from all over the world. The business model has gained quite some fame over the years and is constantly changing. With time, it's evolving and improving but the fundamentals remain the same.
The program founder has been in the industry for over two decades and has a coaching experience of nearly a decade. He goes on to talk how he lost money a few times and teaches tactics using which you can minimize your losses, too.
Unlike other programs, Day Trading Academy doesn't sell indicators or software trading bots. You would be working with real people who do trading full-time. Once they train you, a reciprocation is expected and you're supposed to coach other members. This way, you're not just giving back to the community, but also practicing the skills you've learnt.
>> Trading Indicators
The program has nothing against indicators which some people love to use. DTA focuses on trading charts which is definitely the recommended approach. They however teach how you can make use of indicators to estimate the direction of the trade.
>> High Quality Learning
The learning is carried out in multiple phases - Beginner, Intermediate, Advanced, and Pro. You can get started based on your current level and create a customized learning plan to beter suit your needs.
- Beginner - Recommended for total beginners who have no idea about trading. If you're already familiar with how things work, may still complete this phase to solidify your foundation.
- Intermediate - This phase is for the slightly-advanced traders and aims to get your feet wet. It teaches you to find the best times to trade and covers a handful risk mitigation strategies.
- Advanced - Focuses on advanced strategies and assumes you're already ready for the market. With this phase, you can know which trades are valid/invalid before you put a dime into some.
- Pro - Helps you get a deeper understanding of the market so you'd feel confident no matter what the market condition(s) are.
For the first year with the Day Trading Academy, expect to shell out a one-time $2000 payment. After the first year, it will be $150 per month. The classes are online, and the program doesn't accept everyone. You can only enroll if you're selected.
The program is pretty expensive for what it offers and there are relatively cheaper options to get started with trading. YouTube is one free resource from where one can literally find anything, just scattered in different places.
Pretty much all of the testimonials and reviews are fake. We found an instance where the founder wrote a review for his product on the futures.io forum (and later got banned). This is what we found:
After this incident, people are yet to hear from the founder on the forum. It didn't help that we couldn't find any 'real' student success stories either. Not to forget, the costs are astronomical and it can be a huge risk since there is no (limited) social proof.
Is Day Trading Academy a Scam?
No, Day Trading Academy is not a scam. It can't be considered one since the user(s) are not really scammed once they make a payment. They get access to a community of traders where the information they learn can be (potentially) worth a goldmine.
You get access to some of the best trainers in the space and you learn some of the most legitimate tactics. However, the testimonials are all made-up, even the founder has been exposed of giving testimonials for his own product! This way there's no way to know if the program is actually that good or just another bin-worthy program like countless others.
It's also ridiculously priced at $2000 one-time + $150/month. That's too much of a risk for a beginner to take, and if things don't go their way, it can make for a big dent in the wallet.
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