Day Trading & Forex Forum

markie01

Hi,

Does anyone please have any experience of Sid Wyemanns forex training works course, I have read some glowing reviews and some not so good, quite an expensive course for the money, any thoughts for a relative newbie would be great

Markie01

n4j

I have seen reviews of his course on business-opportunity-review.co.uk. I have not taken the course, so I cannot give my own perspective. However, as a result of what I read there, I gave his course a miss. Essentially, most who reviewed the course said that it was very good - some enough to rate it 10/10. However, in a sort of "Emporer's New Clothes" moment, someone else pointed out that most of the reviewers had not actually made any money from using what they learned in the course... So... There you are.

I think it's probably fair to say that you can learn as much on these boards from the assembled Gurus...

__________________
-=N4J=-

bakula

Hi Markie01
I have just taken the course by Sid and am still in demo trading. I will look to go live soon. On demo, I have used his teachings and am successful. I feel good with what I have been taught. I am new to Forex and this course is suited to newbies.
What I have learnt, I can say that it is working on demo.....I am not over confident but am comfortable to start with real money..allbeit a small account to start with.
Sid does teach about money management and discipline being the main factor in any trading...
so, yes, I do recommend...hope it helps.

sr100m

I took the course a while back. Some good stuff on money management and how to run your trading like a business (but by no means all you need to know)

The method itself (like all methods) requires a particular type of personality - I've heard Sid himself say that even if you decide not to trade the system you have got the makings of a great video game (or something like that) - and that about sums it up - so if you are good at shoot em up video games and want a more discretionary system it may work for you (but it was not for me - i like my rules and my time to think).

Of more concern, my impression after demo trading it for a short while, was that the gains tend to be small (single digit pips) while you are exposed to the occasional potential loss of 10 or 20 pips which would play havoc with the risk reward and win loss ratios.

Also, the method i was taught seemed to be different to one he had been teaching a year or so previously - now, the older method was one that required a lot of chart watching while the newer one only required about an hour at the various session opens which is probably why he changed - but it would be interesting to see if the method i was taught was robust enough that he is still teaching it.

And is my opinion worth a damn - I'm still on my learning journey - i've paid a few people for education - i've learned something from each - although for the expensive one's rarely worth the money i paid. Some, were well marketed but when properly tested over a prolonged period, just were not profitable (at least for me). Some did seem more robust and seemed to make money for the period i tested them but were intraday fast moving scalping stuff - not really for me - so my tests did not last that long. I'm currently exploring another mentor with a system that seems good and seems to fit me - but then again i've been wrong before.

Something I have recently found helpful is to work on the psychology aspect (which the writings of a number of very experienced successful traders recommend) - and not just the trading psychology - but the broader stuff on attitudes to money and self image (psychocybernetics, paul mckenna positivity cd's and i can make you rich are two i have found useful)

Overall, on Sid's stuff I am neutral/mildly negative - i learned something but not enough to justify the price for ME. If you are a scalper, discretionary type trader with a quick trigger finger then it might work for you.