Smart Charts

I doubt it, mostly because I hadn’t heard of them at all until someone asked very recently. (I could still be wrong, though.)

Posts #4 and #5 of this thread may interest you.

Hi all. Newbie in Forex Trading. Just wanted to chime in on this discussion.
I have spent 3 months studying the BabyPips School section and I am doing it very comprehensively. I have learnt a lot in a short amount of time. I also have a demo account on which I have practiced some trades so far.
A fellow trader told me that I would at some point need to pay for some education so I too attended the Free Seminar for Learn To Trade. I have to say that it was a dazzling presentation with a lot of focus on the sales pitch and not much focus on any real trading (which I assume is what you get when you go for the paid course). The overriding message from the presenter was that by using the Smart Charts software you will have a huge advantage on other traders because of the fact that the software does all of the technical/fundamental analysis for you. You can still make losing trades but your odds of winning are increased dramatically.
I also signed up to the course but didnt pay any deposit. I was supposed to pay the full balance this week. After spending the weekend researching the company and the course I can say that I have not found anybody who has done the course and was happy to give it a positive review on this or any other forum.
If there truly is anybody in the Trading world on this forum who has found success with their system/software (other than the testimonials on their own site which lets face it could be fake for all we know) then I would very much appreciate you stepping forward. I would much rather put that £2400 in a live account and trade with it than spend it on a course if the course is a potential scam - what would the BabyPips community say? If they have over 200,000 success stories then where are they all hiding?
Any help or opinions are most welcome
Thanks
Urban Pippy

Hi john, this is AJ, i also signed up for the workshop for this november. but now wondering if i could get back what i paid for. :frowning:

Thank you for your responses.

Hi AJ, I will be attending also this coming November. Why are you not attending it? Did you find them not legit?

Hi, I too have signed up for the course on 12-14th Nov.
From what i remeber on the sign up form you have until 5pm on our first day to inform them that you want a refund.
My feeling is that the first day will be a ‘selling the dream’ type day and be told to watch the locked video on the usb as home work. I have actually watched part 2 and it just goes over in more detail in on how to use the software.

I also belive that on the form you sign it is part of the terms and conditions that you don’t talk about the course which could be the reason why every one goes quiet and you can’t see anything online about it.
What i will say/ risk saying (I haven’t attended yet) is that i went to the free workshop knowing that they would try to sell you the course and i was prepared for that.
I have in the past been in a position where i have made £1000’s per day, only to go and lose everything because of greed.
I have faith that LTT will teach people an understanding of forex and if you understand the basics then you will pick up a few things even on the free workshop.
HOWEVER, it is no magic wond.

What i aim to acheive from the 3 days is to build on the belife that i can stick to the system, stick to 1-2% risk and not become a gambler like last time i traded.
For myself this is why i see value in the software, it wont allow you to trade if the conditions are not suitable, it works out your TP/SL to your risk ration and indicates good times to enter the trades. It will also stop you trading if a big news event my be soon that you may have missed.
These features can be worked out manually on, however, i hope that it will stop me trading too oftern and trading on the fear of missing out.

I know my biggest problem is that i spend so much time looking for a trade and end up placing trades just to enter the market rather than wait for the correct conditions.
If attending the course can correct this then it will be worth it for myself.

Areas of consern though are that the course is on the weekend so everything will be on recorded charts, which its easy to point out whats going to happen when it has already happened.
That leaves us with the Monday for live trading.
Now after watching the part 2 of the usb video, most of the information/systems are based on the daily chart and one of them on the 4 hour chart, so i wonder how much live trading we will actually get to place.

I feel that if we attend the course thinking that its a scam then we will come away thinking just that, however, if you work out what you aim to acheive and gain from the experince then it will be worth while.

At just under £2500 its by no means cheap and i considered putting that money straight into a trading account and trying to learn by myslef, but its true what they said in the free workshop, You have probably read many different forex stratagies/books/systems and still unable to make money. We then tend to think the system doesn’t work, when infact its us that causes it to fail. We over complicate things because it doesn’t feel right when you make money easily, you begin to feel that it is just luck.

So in summury,
Is the course worth the pricetag? for some yes, and for LTT as a business they can charge that price because people will pay it.
Will they show you how to make money in forex? yes
Is it going to make you rich? thats down the the individual
Have people done it and made money? yes
Should you do it and take the risk? This will be different for each individual, however, the fact that you are looking and considering the course probably means that life hasn’t been great to you, you maybe a little hard up or just fed up working your guts off at your job. If you go on the course and you ‘lose’ your money then your life will not change much, you will get by. If you compare that to the potential up side, even if there were a small percentace chance of changing your life then surley its worth the risk.

I would be interested to know what others thought are on this? :53:

Hello there walsh259! Thank you for this post. I am enlightened and will be attending the November workshop here in the Philippines.

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Hi AJ, Did you make a refund or are you going on the November workshop?

I went to their 2 hours seminar where the up sold everything they could and I was not believing the whole thing. I did some search of Greg Seckher and found a lot of bad reviews on the dude. Very glad I am not going to join Learn to Trade and waste $5k!!

Have you attended the course already? If you did, mind posting your opinion about it?

Never in my life have i felt so helpless!! Smart charts will not make you gain any profit whatsoever!! After attending learn to trade, everything else was a surprise after that…fund live trading acc, minimum $2000 if you want to attend the 3rd day. After that pay for smart charts…if you want to cancel its a mission. You’ll be told this and that. Its been two months i havent used the software but am paying for it still! My problem is not smart chart alone but also learn to trade! Theyve fooled a lot of people i must say R25k down the drain for nothing. Dont make the same mistake

So here’s my experience with Learn to Trade: STAY THE F*CK OUT OF IT.
Been to three seminars now. Too much bull crap, too little trading.
Smartcharts? If you really think you’re going to be profitable by using a system that costs USD89/month that throws at you flashing green lights telling you to buy/sell - you’re wrong. I’ve been using Smartcharts for two months now as a test and, congrats to the developers that made the software, everything works quite well. But it won’t make you profitable.

My last seminar with these guys were my last. They bring one of their “executives” and this tool is telling us how we are all going to be making 9% profits per month. Show us a how bunch of videos they recorded with students allegedly financial free and making some good bucks.

In front of us, three contracts laid on a table. Three moet chandon bottles. Three fcking red roses. How fcking cliche is that??

The price of their one year trading course: 80 f*cking thousand dollars!!! But wait!! Because we are SOOOOOO special, they are going to sell the course to us for just 25 thousand dollars.
I wanted to vomit.

So that last seminar was a full day live trading. Terrible. I learned nothing (and I’ve been trading since Oct 2016, so I don’t know much - but I am studying).

I am now trying to cancel Smartcharts here, but thought I’d leave my 2 cents for you guys.

My suggestion: buy books, read everything that is free and available online, learn from other peers, find yourself a mentor you can actually trust. But, all in all, learn all by yourself! Demo trade for months, if not years, until you’re comfortable with the instruments, with your strategy, with your discipline. Then, move to live trading.

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I paid £1917 for LearnToTrade’s trading course. The guy who sold it to me over the phone was very pushy and I currently regret my decision.
The goal is to make trades using 10% of your whole capital. Your goal is to reach a profit of 4% in your first month. The guy through the phone said that people use different starting levels of capital. He assured me that £400 - £500 is realistic.
After signing up and getting through the educational material, I realized that I would have to pay around £75 on a monthly base. Based on the initial profit % of 4%, this should mean I would at least need £1875 in order to reach break-even. This was completely nuts so I wanted a refund.
I never received a refund and they are completely ignoring my emails know.
I

Hi I recently paid the initial deposit (non refundable they say) for their “discounted “ course I feel so bad because after doing research I believe I’ve been fooled. The course I’m supposed to attend is in a month from now and I have an outstanding balance left in order to be fully paid and able to go to that 3 day course… I was wondering if I could just not pay the rest and not go? (But I’m afraid I read something now in their terms and conditions that they have the right to get the remaining balance from my debit card)…How do I get away with not paying the rest? Also does this mean I already have a subscription to that smartcharts software even if I now have zero plans in going to their scam course… I’d appreciate a reply very much I feel manipulated and need help io

Hi jpmdriven! May i ask how the program of learn to trade helping so far? Are what they teach legit, helpful and effective? Can you trade successfully 75% of the time, reliably, if you follow thier strategies and techniques? Would appreciate your feedback.:slight_smile:

good morning sir i paid already 10 thousand pesos for this seminar but im having doubts about this seminar…do i still have to pay for the remaining if i plan to forfeit from this seminar? is this a better option

Same thing happened to me. I hope that someone from here help us how to make refund effectively without resorting to legal action against LTT thank you so much

Hi @PRIDEX, would like to ask if you got a refund or pushed through with the course. Hope you could help as I did pay initial fee also. Would appreciate your guidance on this.

Can only use certain brokers with this though?

Yes, I used it a few years ago in 2017. It was promoted as part of the training we received. I dutifully paid my monthly fee and was ‘granted’ access to ‘Smart Charts’. I stopped using it as it did not suit my purpose.

Smart Charts adds another user interface (screen/window) to MT4, called a ‘Strategy scanner’, where you see the different strategies (you paid for) and rows of currencies pairs. If a currency pair is ‘ripe for a trade’ the pair would be highlighted in green (now white in the new version). You’d click on it, jump to the chart for the strategy and currency pair, and you’d find some indicator, like an arrow, an entry point, SL and TP points. Ready for you to click the trade button. No need calculate your SL, you like what you see and are scared to miss the trade? Press the button and take the trade you top trader!! Of course you’d run through your trading plan checks and all that complexity from top to bottom. Wait too long (especially in short time-frames) and you could not take the trade with the proprietary button. The software also has additional functionality such as a trading journal (possibly the single most handy piece in the software - missing the ability to add notes) and news links. In 2017, the training videos ran badly but more than likely Smart Charts has fixed that issue. The learning section seems to have received more of an overhaul than the actual strategies.

So what drives these delightful highlights on the Scanner page?
Well, just like Bollinger Bands are visible in MT4 because of a set of code, so is each ‘Strategy’ is custom MT4 Expert Advisor code running through a set of pairs, activating a warning where certain parameters are met. Some strategies/indicators are said to be for trending markets, some for sideways markets, some for shorter or longer time-frames. On the website I can see that the Smart Charts 2 interface got a glamour work-over, but the transformational lipstick doesn’t hide that the same ‘strategies’ are promoted.

Are these strategies/indicators effective? In short, what are the specs? Before you buy the Smart Charts product it is hard to tell what they do, nor can you back-test the things without properly knowing the code behind them. There are no specifications that states: Between dates X and Y, for pair AUDUSD, the strategy gives you this curve, and here is the trading plan that was used to produce this outcome. Its a black box. These are NOT Expert Advisor (EA) robots, these are indicators.
One student trader spoke up in class telling the instructor that he back tested a strategy and its ‘proposed’ triggers, and it failed to produce a positive outcome. Promptly the instructor showed us a study by an actuary showing that… no just kidding. It was followed by a long awkward silence before the teaching banter continued as if nothing had happened. (Note: I don’t know what currency pair he used to test, time frame or duration he used)

The questions YOU have to ask are:
“Am I happy to run with training wheels at a cost?”
“Do I want limited information, or would I like more information before I hand over my money?”
“Does my risk management strategy include a section that accounts for indicators I don’t understand or know how the code was built?”.

Remember, randomness of price movements and outcomes limits the ability for historically reliable charting indicators to always work or allow traders to continuously make accurate assessments on price movement. And when you have no clue what you indicator does, you may as well drive in dense fog…
(And honestly, I can see no reason why they can’t tell students what the things do, and what combo of indicators it uses, it would increase confidence in the product)

If your trading education outfit wants you to use Smart Charts, then more than likely they will be an affiliate of Smart Charts. Click on the link called ‘Partner Agreement’ at the very bottom of the Smart Chart webpage for more information.