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...
I think it's probably fair to say that you can learn as much on these boards from the assembled Gurus...
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.
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.
forextrainingworks
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.
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.
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I took his course some time ago and still have access to the results posted on his daily blog. I think Sid means well but you can't help thinking that you are part of a marketing plan as he is far too keen to try to get members to write testimonials, record flattering videos and join the affiliate program to promote his website. He used to be in multi-level marketing so this probably explains it.
Vague and incomplete is the best way to describe the course.
£495 buys you the following ;
Which broker to use.
How to open three charts.
Very roughly how to decipher what he likes to describe as 'correlation trading' with those three charts although that is ignored by most who just trade a hint of momentum in the GBP/USD.
Trading times (although you can trade whenever it suits you!)
Access to a compounding calculator.
That's it i'm afraid! Somehow he manages to spread this over 30 individual lessons but when you are presented with one lesson called 'Explaining pips' i think you'll understand how he is trying to wring every last drop out of the most tiny detail to make you think that you are getting value for money.
This is an extreme scalping method where you have to attempt to skip over the spread in the hope of achieving 1 or 2 pips without price pausing but if you are looking for the actual strategy with a clear explanation then you will be disappointed. At no time do you get anything approaching a satisfactory explanation, 'look for the USD/CHF to push down and the Euro and pound to push up with momentum' is the closest you will come to this or you could look at a set of five contradictory videos where this so- called 'correlation' is non-existent yet trades are still taken. In these video's Sid recorded his trade for that particular morning (he didn't tell anybody he was doing this until he had taken two positive trades, had he taken two negatives it would be safe to assume that he wouldn't have mentioned it) and you get inciteful comments like 'this looks nice (pause) oh well i'm in anyway' and 'look at the pound pushing up, don't worry too much about the Euro', hardly solid advice that you can apply to you own trading i think you'll agree. This is very much a subjective entry & exit strategy so gaining the necessary consistency without anything solid from your 'mentor' is very difficult.
This is a very brief overview of what i have experienced over many months and i have to say that if you can get to the nut's and bolts of this method by practising for 6 months or more then it is possible to become successful and these are the rough figures of the people signing up to the course ; 33% give up within 3-4 months, 33% never make it out of demo because they never achieve the required 9 out of 10 trades correct, 33% achieve the required criteria and move to trading live. So you have a 1 in 3 chance of making it live and then many struggle to make money, in a rare moment of clarity Sid reminds us that 'it's a completely different thing when you go live'. There are a few live traders that post their results regularly and they are indeed successful most of the others only post sporadically so it's not possible to draw a firm conclusion.
I hope that has helped someone, private message me if you want any more information.
Vague and incomplete is the best way to describe the course.
£495 buys you the following ;
Which broker to use.
How to open three charts.
Very roughly how to decipher what he likes to describe as 'correlation trading' with those three charts although that is ignored by most who just trade a hint of momentum in the GBP/USD.
Trading times (although you can trade whenever it suits you!)
Access to a compounding calculator.
That's it i'm afraid! Somehow he manages to spread this over 30 individual lessons but when you are presented with one lesson called 'Explaining pips' i think you'll understand how he is trying to wring every last drop out of the most tiny detail to make you think that you are getting value for money.
This is an extreme scalping method where you have to attempt to skip over the spread in the hope of achieving 1 or 2 pips without price pausing but if you are looking for the actual strategy with a clear explanation then you will be disappointed. At no time do you get anything approaching a satisfactory explanation, 'look for the USD/CHF to push down and the Euro and pound to push up with momentum' is the closest you will come to this or you could look at a set of five contradictory videos where this so- called 'correlation' is non-existent yet trades are still taken. In these video's Sid recorded his trade for that particular morning (he didn't tell anybody he was doing this until he had taken two positive trades, had he taken two negatives it would be safe to assume that he wouldn't have mentioned it) and you get inciteful comments like 'this looks nice (pause) oh well i'm in anyway' and 'look at the pound pushing up, don't worry too much about the Euro', hardly solid advice that you can apply to you own trading i think you'll agree. This is very much a subjective entry & exit strategy so gaining the necessary consistency without anything solid from your 'mentor' is very difficult.
This is a very brief overview of what i have experienced over many months and i have to say that if you can get to the nut's and bolts of this method by practising for 6 months or more then it is possible to become successful and these are the rough figures of the people signing up to the course ; 33% give up within 3-4 months, 33% never make it out of demo because they never achieve the required 9 out of 10 trades correct, 33% achieve the required criteria and move to trading live. So you have a 1 in 3 chance of making it live and then many struggle to make money, in a rare moment of clarity Sid reminds us that 'it's a completely different thing when you go live'. There are a few live traders that post their results regularly and they are indeed successful most of the others only post sporadically so it's not possible to draw a firm conclusion.
I hope that has helped someone, private message me if you want any more information.
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neil
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I have a system that is making money hand over fist. However, I think it is evil to make so much wonga when there are so many knobs - oops- novices on T2W who cannot make a profit. One feels it is totally immoral to stand by when all one has to do is to spoon feed- oops -share my winning wonga system for a meagre sum of money - say £400-with all those people who balk or tire easily whilst reading the many approaches to trading posted freely on this and other boards.
As an aside, I wish to point out that some of you may notice that my supporters, who may post here by way of extolling the sheer brialliance of my system have only a few posts; do not be alarmed. it is just that they are so busy making wonga with my system that they rarely have time to post except to defend-oops-recommend my winning wonga system.
So, no need to read pages of free systems on this and other sites; no need expend effort making demo trades from freely downloaded practice software from brokers. And ignore the naysayers here and elsewhere.
No need to read Trader dante's thread and others at T2W or James16 over at forexfactory. No friends, buy my winning wonga system and take the pain out of decision making.
Why would I share my winning wonga system? To help a fellow trader along the path to self sufficiency. Riches are there to be had. Just send your £400 to me today to ensure your financial future.
:clap:
As an aside, I wish to point out that some of you may notice that my supporters, who may post here by way of extolling the sheer brialliance of my system have only a few posts; do not be alarmed. it is just that they are so busy making wonga with my system that they rarely have time to post except to defend-oops-recommend my winning wonga system.
So, no need to read pages of free systems on this and other sites; no need expend effort making demo trades from freely downloaded practice software from brokers. And ignore the naysayers here and elsewhere.
No need to read Trader dante's thread and others at T2W or James16 over at forexfactory. No friends, buy my winning wonga system and take the pain out of decision making.
Why would I share my winning wonga system? To help a fellow trader along the path to self sufficiency. Riches are there to be had. Just send your £400 to me today to ensure your financial future.
:clap:Attachments
I did Sid's course almost three years ago. I've gone on to trade profitably after some ups and downs early on. DJanga describes Sid's course very accurately and fairly. To be honest I think very few people could make a profit with the technique just because of the maths - 50% of your gains go on paying the spread (which you also have to add onto your losses), and with such short targets even a single 'black swan' event where price drops and the spread suddenly widens (yes it happens) wipes out your profit, even with a very high win rate. The maths don't really add up, and unfortunately this shows all the signs of being yet another Forex based Internet marketing business.
Me too, I took his course many years ago when I was a newbie. His entire system "at that time" was based on making 3 pips a day and compounded the winnings. In a few short years everybody theoretically should become a millionaire. That's all. He used Oanda as brokers.
When I demoed on Oanda, I had to increase my TP to 5 pips inorder to net 2.5 pips. Even though Oanda was showing 0.9 pip spread, slippages were consistently 2.5 pips. It made no difference even when I used LIMIT orders. Occasionally, the TP fills would be better by one pippette, but on average, a 5-pip TP would yield only 2.5. And that's really great. Why? Because if you trade with other MT4 brokers you won't even get any pips. A soon as you are profitable, strange thing will happen to your platform. "Not available", platform failures, outright trade denial, etc etc, if you want to know more, just ask any of your friends who have ever amd e money trading with any MT4 brokers. Then come back here and let me know. OK? Thanks.
The various Wyemann trading methods to get 3 pips profit a day were so-so; you can get similiar or better ones for free, by reading the forums. Maybe Wyemann has improved his systems in the meantime. I don't need them.
Compounding involves maximum position sizing, theoretically ideal, but in practice, quite frustrating. Things in life seldom work out as we plan. Maxing out means losing big and winning small. Also, psychologically, no average trader except your pet monkey dares to escalate trading size to more than 100 std lots without feeling extreme anxiety. To reach a million, you need more than that. Oanda accepts only a max of 100 std lots per ticket (US$10 million) More than 100 lots, you have to submit another ticket. But it will treated on a "not held" basis. Ask Wyemann to show his account statement.
I had to modify his methods substantially and now I am doing ok. My systems have very little in common with Wyemann's. Why systems? and not system. One is for generating signals on the chart, buy and sell. The other is the avionics - money management to cushion the losses. Every sucessful trader needs both.
As with all modern fighter jets, Raptor 22, Stealth, etc, they can't fly without the assistance of avionics which help to stabilise the planes. Of course, if the pilot puts his plane outside the recovery envelop as in a dogfight, he will still crash and burm. In the same manner, all trading systems will fail sometimes. Good avionics or money management can stabilise the situation during these unstable periods until the systems come back in synch with the market. But for goodness sake, don't complicate matters by adopting Ryan Jones idea "Trading By The Numbers". You will lose your pants. I will talk about this another time.
If you haven't done the course with Wyemann, you have missed nothing. Take your wife out for a nice dinner with the money.
Having done the course 2 years ago it was a lot of money down the drain! There is no justification for charging the amount of money that Sid Wyemman charges. There are many better systems at a fraction of the cost.
I realised after a year of going 'live' with the system that even if you put your heart and soul into it, there are very few people who actually succeed.
I also realised that there was a lot of pressure from Sid & Chris to write good reviews for the course and then become a 'faithful follower'.
I feel that the only person making good money from this system is Sid by selling it.
There is an interesting review on forex peace army where Sid clearly does not want to 'prove' his system.
http://www.forexpeacearmy.com/public/review/www.forextrainingworks.com
On a better note, Sid's system has taught me some basics as I was a newbie. It has also taught me what to look for in a system/ trading method.
I am pleased to say that I am now getting to be a reasonably good trader!
I realised after a year of going 'live' with the system that even if you put your heart and soul into it, there are very few people who actually succeed.
I also realised that there was a lot of pressure from Sid & Chris to write good reviews for the course and then become a 'faithful follower'.
I feel that the only person making good money from this system is Sid by selling it.
There is an interesting review on forex peace army where Sid clearly does not want to 'prove' his system.
http://www.forexpeacearmy.com/public/review/www.forextrainingworks.com
On a better note, Sid's system has taught me some basics as I was a newbie. It has also taught me what to look for in a system/ trading method.
I am pleased to say that I am now getting to be a reasonably good trader!
Can you tell me what time frame Sid uses and TP and SL. As far as I can see it is a correlation strategy using the 1 min time frame of USD/CHF, EUR/USD and trading on the GBP/USD after the third candle forms in the right direction on all three. Am I correct? It just seems a bit steep to pay £495 for that when all the other info you can get here. I may be wrong.
