Hi all,
I was looking to do a Forex training course and came across the Forex Training Works by Sid Wyemann.
Has anyone done his course and not a scam?
Also another company called FX Professional for Forex training.
Any feed back would be great.
Stefano.
I can’t comment on if its a scam or not but there is a good course here called the babypips school. It probably has near enough the same content as most other courses.
It’s free too:)
I haven’t heard of either of them.
What I wanted to say was that everything you need to know can be learned herewith the Babypips school and later by having a look at some of the best threads around here.
There’s actually no need to pay for courses. If I were you, I’d spend that money on some good trading books instead.
For instance (I’m serious, I started with it myself): Technical analysis for Dummies. Another very good book, but not for a newbie, is Pring on Price Patterns.
Dr Alexander Elder is worth reading and many vouch for Mark Douglas, haven’t read him myself.
How much does the course cost if I may ask? I’m betting you can get several good books by well known people for the same money. That would be my suggestion.
Good luck.
Thanks I will take your advice as the course is $995 for 4 weeks. But the Babypips school looks very interesting and a few good trading books could be good to read.
Stefano.
I don’t care who’s teaching that course, $995 is outrageous, just forget it. The FX Power Course at FXCM is a week long introductory course and it costs $20. Better yet, the Babypips School, Tymen’s Candle Stick Thread, and Phil’s ebook are all free and of the highest quality. Save your hard earned money and use it for a mini account.
I agree. There is so much info on this site. This should be the first step in your trading education
Thanks guy’s,
There is a lot on this site that I can learn with additional books I can buy and other info from other people.
Cheers,
Stefano.
Hi Stefano,
I just came across your post … I have done the FTW course … I have to say, it is not a scam, but it is at a very basic level and most definitely targeted at completely Newbie Traders.
I am amazed by some of the earlier replies here … $995 for a course? … that is on the low end for most of the courses available … and before I get flamed here for saying that … YES, BabyPips’ school is a phemoninal resource … and is free (which is a hard price to quibble over 
) … but going through it can result in “information overload” and end up with “analysis paralysis” stopping Newbie’s from actually getting their toes wet in the market [I](and as an aside … I mean here getting your toes wet using a DEMO account … 1st rule … ALWAYS protect your capital!)[/I]
In my opinion … where the FTW course comes into its own, is not so much the course, the information given on the course can be found elsewhere for free (although perhaps not in quite so easy an understandable, easy to follow, format), but rather the post-course support from Sid and Kris, which I have found fantastic … and which helps get you up and running quickly …and which has helped ensure that I have kept going through the difficult (and discouraging) early days.
As a beginner’s way into Forex, I’d be happy to recommend Forex Training Works … once you’re making money using their trading methods, then there is still nothing stopping you looking at more complex, more technical, methods of increasing that income.
… okay … that’s me done … now I’ll await the “flaming”
Nick
KnowledgeToAction.co.uk have, it appears, now removed their prices from their website (they used to have a “book online” page which gave prices). … Their “Ultimate Forex Traders” course used to be advertised at £4995 + VAT for a 2 day course … several of their former students where willing to testify to the “value” of the course on another review site … and I did the K2A share dealing course which I found to be good value (based on the fact that using their techniques I earned several times the cost back in the first year alone after doing the course)
Value is in the eye of the user … you can spend a small fortune on books and courses … but if you never put what you learn into practice … even a $50 book is REALLY expensive … if you spend £6000 and earn £12000 as a result, it may be said that the original price was good value.
… just my opinion 
Nick
This post here might help 301 Moved Permanently
can result in “information overload” and end up with “analysis paralysis” stopping Newbie’s from actually getting their toes wet in the market
Not going to flame you just felt that the statememt above is not true.
I would say that any newbie would break their neck to demo trade & why not? But first at least read some of the school to get a feel for some of the nuances of forex trading. Then blow you demo up or even a small real account & then return to realise that a more grounded knowledge is needed to trade for profit.
There is no need to pay for anything in the early days, make use of all the free services which are available.
Then if you cannot turn a small profit, not everyone is suited to trading, carry out due diligence & search forums, google (company name forum, company name scam) ask questions etc. to find a course which suits your needs.
In the end you only get out what you put in, whether that is by paying money for it, or hours spent learning, all depends on which is your greatest resource.
I would say that any newbie would break their neck to demo trade & why not? But first at least read some of the school to get a feel for some of the nuances of forex trading. Then blow you demo up or even a small real account & then return to realise that a more grounded knowledge is needed to trade for profit.
There is no need to pay for anything in the early days, make use of all the free services which are available.
Then if you cannot turn a small profit, not everyone is suited to trading, carry out due diligence & search forums, google (company name forum, company name scam) ask questions etc. to find a course which suits your needs.
In the end you only get out what you put in, whether that is by paying money for it, or hours spent learning, all depends on which is your greatest resource.
I couldn’t have said it better myself
A simple system and good psychology, and believe me psychology is the biggest part of the equation, in my view not the fear and greed of how much to take on a trade but when is the time to leave well alone.
$5k would be absolute peanuts to pay for a course that would be guaranteed to generate you a good income, but does it? - No chance, for the ones who succeed it will have been mostly down to them, I have no doubt that there are traders out there that may have picked up trading quickly, but in 2 days - NEVER.
There are great tools out there at very reasonable prices, but there is no Holy Grail, it will be mostly down to your own due diligence and perseverance, so mostly you will be paying over the odds for ‘courses’ to unscrupulous so called traders that make their living purely off your training money that have no real answer to your trading success in the long run.
There are very few shortcuts to learning how to trade forex, sometimes you think that because a course is expensive, then it must be good, and probably is, in the right hands. It is a bit like putting a learner driver in a ferrari, he can drive but he won’t get the best out of that car. Learn as much as you can for free about the basics and get as much screen time in front of the charts checking out what you are learning. If you dive straight into a strategy, all you will be doing is constantly looking for winning setups, you will stifle your learning.
I’ve bought some training and mentor-type stuff before. Why do we do this? I think it is psychological. There might be a human nature that tells us “if you pay for it, then it must have value” or even worse “the more you pay, the more value it must have.”
In retrospect, I would say the vast majority of those paid training courses were things I could have figured out on my own for free. I would even go so far to say I SHOULD have figured them out on my own. I think I did myself a disservice by allowing the knowledge to be spoon-fed to me like that, because when the going got rough in the field, I really didn’t have the confidence or practical experience to deal with it. So in some ways I think paying for a course could actually be detrimental.
With that said, there have been purchases over the years that I do not regret. Most all of the trading books I’ve purchased have been great nuggets of wisdom and I read them more than once over time. Even the crappy ones are still valuable in some ways. I did also find a mentor at one point who was extremely useful in helping me find my own path and in teaching me how to develop my own style. That type of 1-on-1 training can be very useful.
The type of training I would stay away from (ie, not PAY for) is the type that teaches you book-smarts. This is the type of information you can get here free on BP or just doing a little research.
In retrospect, I wish I had saved some of those thousands spent over the years… I could have used it now as part of my trading stake.
Sidenote: I do believe in the “trader tuition” philosophy, which says that before a trader reaches mastery, he must “pay his tuition” in learning experience. BUT, I do not believe that shelling out hard-earned $$ for a course or software or whatever qualifies as trader tuition. In my mind the tuition is ONLY spent when you get burned in the market from your own actions (and hopefully learn from that).
Trading Strategy Types
Trading strategies vary considerably from trader to trader, depending on their personality and risk appetite.
What follows in this section and its subsections consists of descriptions of a number of the most commonly used forex trading styles, along with a brief review of the techniques involved in implementing them.
Types of Trading Strategies
Each of the primary trading styles has been briefly introduced below. They have been placed in order according to the time frame that the trader operates in when employing that strategy, from the shortest to the longest time period that the trader typically holds a position.
[B]* Scalping[/B] – a very short term strategy used mostly by market makers and speculators to attempt to capture the bid/offer spread.
Scalping in the forex market consists of an extremely short-term trading strategy which attempts to take advantage of the bid offer spread. In doing so, scalpers act a bit like a market maker, while only holding positions briefly like a day trader.
The basic objective of scalping consists in getting in and out of the market as quickly as possible for a profit. One scalper summed it up well by describing their idea of a long-term investment as holding a position until noon.
Scalping the market can be quite lucrative, although the profits do not come without a pretty steep price in terms of personal time invested. Scalpers must be on alert and completely absorbed in the market throughout trading hours.
In addition, scalping requires the trader’s books to be extremely well organized, leaving no loose ends and keeping perfect track of every lot traded. Like day traders, scalpers typically do not hold overnight positions.
Scalper Trading Techniques
Scalpers rely primarily on liquid markets above all to give them opportunities to trade on both sides of the dealing spread. The possibility of entering and exiting a trade profitably with a minimum of effort and time elapsed is the ideal situation for a scalper.
Once the profit on a trade has been realized or the position stopped out, the scalper moves on to the next trade. They might then elect to reposition at a lower price or short at a higher level. Successful scalping involves the trader realizing profits on trades as continuously as possible.
Scalpers use technical analysis primarily to set levels to trade against. Nevertheless, the point of scalping consists of realizing profits quickly and holding positions for the least time possible.
Scalpers tend to make the most money in deep, liquid markets that offer the tightest spreads such as the EUR/USD or the USD/JPY currency pairs. Volatile markets with less liquidity are usually harder to scalp.
[B]* Day Trading[/B] – a short-term trading strategy in which a trader liquidates all positions before the end of the trading day.
Trading in the forex market goes on pretty much continuous throughout the business week. It starts after the Monday morning opening in the Far East and Australia that occurs on Sunday afternoon in New York until the Friday New York close.
Day Trading as a Strategy
As a result, day trading in the forex market usually refers to trading strategies that involve closing out all positions before the end of the day. It will also usually involve trading during a normal trading session in whatever time zone the trader is located.
Day trading allows a trader to avoid taking overnight market risk, which can be considerable, depending on what “overnight” means in your time zone. To U.S. residents, for example, overnight means during trading sessions in the Far East and the early European session before New York starts trading.
Furthermore, day trading in the forex market was once the domain of professional traders. In many cases they worked for large banks and financial institutions which could take on large positions on lines of credit.
Nevertheless, in today’s forex market, with the proliferation of online retail forex brokers, the possibility of day trading in the forex market is now available to millions of individual forex traders.
Some Advantages of Avoiding Overnight Risk
Holding forex positions overnight can be a nerve racking endeavor. One of the most obvious reasons that people prefer to day trade is that it allows them to be alert during trading times.
Day trading also lets traders get a good night’s rest without having to worry about a position going against them in an illiquid overnight market or getting stopped out unnecessarily because they could not watch their levels.
Many open forex positions will include a stop loss order for risk control. The levels at which stop loss orders are placed will often be fine tuned according to support and resistance levels that can be observed by a wide audience watching the same data.
The potential therefore exists for large players to take advantage of less liquid overnight markets to go “stop hunting”. This means they are looking to provoke certain technical levels to trade in order to trigger stops and enhance their profits.
[B]* Range Trading[/B] – a short to mid-term strategy based on first identifying and then trading within a range. Involves selling at the top of the range and buying at the low end of the range.
One of the more popular trading techniques used by forex traders consists of range trading. A range in currency lingo refers to the exchange rate for a currency pair trading between two clearly identified price levels, one higher and one lower.
These levels at which prices tend to reverse make up what are commonly known as levels of support and resistance.
Support levels provide traders with an indication of where buying activity appears to prop up a currency pair’s exchange rate at a certain level. On the other hand, resistance is indicated where selling pressure increases and overwhelms demand, thereby bringing the rate down.
Range Trading Technique
Range trading done optimally can be extremely lucrative for a trader with the right temperament and disciplined mindset. One of the requirements for a trader to range trade successfully involves knowing when to enter and exit trades.
Once levels of support and resistance have been successfully determined by the trader — generally by using price charts and other technical indicators — they are then prepared to initiate positions.
The trader will typically place a buy or sell order midway between their identified range’s support and resistance levels. Once executed, they will then either place a stop-loss sell order below the support level or a stop-loss buy order above resistance respectively to optimally limit their risk.
In addition, the trader will aim to take profits by selling at the upper part of the range if they went long, or by buying near support at the lower part of the range if they went short.
Managing Range Trading Risk
Two important qualities of range traders are patience and the ability to pull the trigger in a disciplined way when levels are reached.
Range traders generally enter their stop-loss orders to manage risk just outside of the identified trading range in the event of a breakout. They might even reverse their positions on a confirmed break.
While not as spectacularly profitable as trend trading, part of the reason that this trading strategy is so popular is because of the fact that some currencies can trade in definable ranges for weeks and sometimes even months at a time.
Also, while currency exchange rates do fluctuate periodically, they tend to trade within an overall range often defined by a central bank’s comfort zone for its country’s currency.
[B]* Swing Trading[/B] – basically, buying low and selling high, often using technical analysis to determine swing points where the market is oversold or overbought.
Swing trading resembles range trading in that both strategies rely on the correct identification of the levels of support and resistance. Nevertheless, a number of subtle differences do exist.
Swing trading basically consists of a longer term strategy, whereas range trading can be short to medium-term in focus.
The main difference between the two strategies is that the range trader will rely on identifying a range to trade in and out of profitably, as often as possible. On the other hand, a swing trader will generally take on a position and wait for a certain percentage move or swing to occur in order to take their profits.
Swing Trading Tools
Swing traders, much like range traders, tend to rely on their technical analysis of price charts. They often use one or more technical indicators such as moving averages and oscillators to indicate overbought and oversold conditions in the market.
While the range trader trades ahead of key support levels where they would buy and resistance levels where they would sell, the swing trader will more likely trade a break of such levels and then hold the position for a longer period of time. In many cases they make a larger profit from the bigger move, but they usually trade less frequently.
When swing trading, stop loss orders are also usually placed safely beyond the appropriate support and resistance levels, if this risk is affordable to the trader. Swing traders also generally have their stops trail the market as their positions gain profits.
Swing versus Trend Trading
Swing trading — while not as potentially lucrative as trend trading — is a strategy that can produce good results for well disciplined traders.
Nevertheless, the importance of trading with a comprehensive trading plan is as essential when swing trading as when using any other type of trading strategy.
[B] * Trend Trading[/B] – the most long-term of the trading strategies, trend trading involves identifying and trading the overall direction of the market, often until a reversal occurs. Trailing stops will often be used to protect profits.
Despite recent events causing some countries to decrease their U.S. Dollar holdings and a general loss of confidence in the currency, the U.S. Dollar continues being the world’s leading reserve currency.
As a result, observing trends in the currency market often consist of tracking the performance of the U.S. Dollar against the rest of the world currencies. Due to this fact, major trends in individual currencies also usually get measured against the U.S. Dollar.
Nevertheless, substantial and potentially profitable trends can also be observed in the cross rates for currencies other than the U.S. Dollar quoted versus other major currencies like the Euro, the Japanese Yen and the British Pound Sterling.
How Trend Trading Works
The basic idea behind trend trading consists of first identifying a long-term, medium-term or short-term directional movement occurring in a currency pair. This can be done by reviewing a graph or chart of the exchange rate for a currency pair plotted versus time.
Identifying a short term trend could be done on an hourly chart covering a period of less than one week, while a medium term trend would require looking at price action over a few weeks to a few months. Long term trading would involve reviewing a period of several months to several years.
A trend trader would then take action by looking for a pullback to initiate a forex position in the direction of the prevailing trend, with clear exit points for limiting risk and taking profits.
may i ask who is this phil guy and where can i find his ebook? thanks!
Hello all,
It was a tough decision for me to turn into trading because all I heard about trading was it was just some currency exchange. But one person totally changed my whole perspective about trading . It was my friend who referred me to him and his institution. Treles Technologies , the place which made me who I am today. Special regards to my mentor and guru Mr Midhun Girishan,
If anyone out here is looking to [learn forex trading] , i would recommend Treles Technologies because the classes and training they provide are second to none . They would groom us in a way to be as successful as Midhun sir
I am not sure about the course you are talking about but I personally don’t think that there is any course better than the school of pipsology. It contains all the information that any new trader would need to learn forex basics. For better learning, you can also do demo trading to understand forex trading a little better.
so many courses are available in online in 2021 , from all according to me psychology of school is mostly knowledgeable and experienced.