As soon as I heard these words leave the mouth of any trader I would run a mile!
Jayneuk,
I have completed the training myself also but when it says automated you still have the option to trade the signal, you still have to work out weather it is in the right position of the trend/range to trade it to make profittabe trade, the program only sends signals based on the parameters its given to find hence why there are 4-5 different stratagies for different market positions. I left my Job 2 months ago and have been trading for 3mths living from my profits but it is all in risk managment if you go round just clicking buttons with out working out market direction it will fail. I am up over 15% since i increased capital as i do think that if you start with a too smaller account the profits you see are not enough as was the case for me i started with 2500 and was down 10% in my first month as i was over trading my account to try and increase income and learning to. Now i am living off my account 3 months into it. Doing as per learn to trade stratagies though i use the smart charts manual terminal more now as i can see what i am looking for, but i do dissagree with the pressure they give to sell you there product, I have trained under australian branch not Uk so it may be marketed differently. But over all so long as you follow the advice given you can make money, I was a CAD technition for the past 5-6 yrs in structural steel and find learning this a whole load easier that for sure. You can take any teaching and get it wrong it is what you make of it if it not in your price range dont do it, but having the classroom atmosphare and people to talk direct to about it helps as not a single 1 of my friends or family does forex or market places. So it has help me gain contacts so we can share ideas and know who we are talking to also. I do how ever see alot of people there that are just cluless and really just wasting there time and money to be honest. To many speculators out there saying its a get rich quick it still takes time efort and patients like any profesion just this one you are your own boss, but it has the potential to make you rich faster than working for some one. It comes back to how you use the information provided. Hope this helps.
Hello Mineone. If I may ask which course did you take? Did you take only the 2 days Learn Forex or did you take the whole thing of Unlimited Wealth?
I think the automated suggestions do not work well, so I do my analysis manually and place my order on the manual trade template. What I dislike is that here in the UK they are literally sellers, they tell you something, but after you pay for it, it is not what they told you. Then they they offer you other programme, telling you A in the beginning, and then, again, saying something different after you pay. How does it work for you?
I recently attended to the 2 hour seminar last week and I’ve paid the 500€ deposit. Now I’m seeing all this comment and I’m regretting it. I was wondering if you finally went there and if you could tell me about your experience as I have the same questions you had. Please let me know. Thanks in advanced.
Hey Mineone, since your post back in Oct 2016 have you continued using SmartCharts from Learn to Trade? How have you been doing? Would you recommend it?
Thanks!
Hi - The latest post I can find here and on Babypips generally about LearntoTrade / Secker / KTA is November '16 so I thought I might add my recent experience.
I am new to Forex, and been thinking about it a for a while, since attending a LearntoTrade 2 hour seminar about a year ago. I didn’t bite then as I felt I needed to do some research first, and so have worked through some of the Babypips courses (which I thoroughly recommend). So I went to another LTT 2 hour seminar last week (July 2017). It was a bit like deja vu.
The presenter was very good, seemed genuine and likeable. He went through the personal motivation stuff, which was a bit cringe-worthy before getting to the nub. He was basically selling their 2/3 workshop course, which ‘normally’ costs £7000 but that LTT was subsidising this and selling for £2000 to 50 lucky customers (same story as last year, and I imagine every other seminar). For that, he said you get a memory stick with their ‘SmartCharts’ software, some training videos and a 2 day workshop at their trading office in Chelsea (NB the dates are weekends so I don’t expect there is any live trading included there). You get your account set up in advance and have to have it funded before you go.
After a week of playing with the software, while getting phone / skype support, the ‘lucky 50’ can come back for a day of 1-2-1 live trading with one of their traders in Chelsea.
Now the software sounds like the holy grail - the system is supported by LTT analysts who disseminate financial news and ‘green light’ various trading pairs with recommendations for Entry, Target and Stop loss. You don’t need to do anything really it seems, just pick you green lights and go! He doesn’t say every one is a winner - probably 60%and the wins are bigger that the losses. By implication you have to be smart enough to spot the more promising proposals. He demonstrated a ‘live trade’ (green light selected by one of the audience) but we didn’t see I to completion. I think the target was for GBP/USD to hit 1.2990 and I checked later that this did not even come close that day or since.
Various questions come to mind (Why are these trainers and analysts doing this when they could just be making money? Who is taking the other side of these trades which presumably every other player in the market is trying to do if they are so obvious? Etc?). Trouble is, there is no time for questions. Presenter mentions he already has 44 of his 50 from previous seminars, so only 6 places left and there are 17 punters in the room. First 6 to sign up get the £5000 discount!. I’m sure they realise that nobody is going to pay £7000 for something they could have got for £2000, so its a case of either leaping in blindly to get ‘the bargain deal’ with no questions and no time for research, or just walk. I did the latter. Same story as a year ago.
The sad thing is that what they describe is possible, therefore plausible. It sounds perfect for newbies to get some software, and some handholding to get started. OK if 50% of the trades don’t work at least you would get to understand the rationale, and see where you need to develop - maybe find better software and better brokers later.
Unfortunately there does not seem to be anybody commenting on a credible forum with a good word to say about LTT. We can’t trust LTTs own references and a lone forum post would have to be treated with suspicion. Mineone’s contribution above is about as good as it gets. I can understand that some of the negativity might be attributed to bitter naïve punters who didn’t stick to the rules, or seasoned pro’s who have paid their dues and might scoff at the wanabes. However the bottom line is that ‘if it sounds to good to be true, it almost certainly isn’t’. You have to avoid ‘hearing only what you want to hear’. See my post about psychology here
I wouldn’t read into it in much detail. It’s a great scam of all proportions. That’s not to say it’s useless information. However being spoonfed the basics is quite pointless…especially as it’s avaliable for free online. But by all human nature it can feel more comfortable being told this same information whilst paying for it.
Make of it what you will. But if your going to pay then I’ll match it for £1k. Or for free if you read the school here. I’m sure you see the point
Some people feel comfortable paying for free information, it’s a physiological incorrectness. It’s also the reason that this industry is highly desirable for scam promotional material.