Discuss forextrainingworks.com (Sid Wyemann)

[Corfiot]

It's not for everyone......

I took Sids course over a year ago, and found him to be honest and straight forward, probably one of the most honest Forex teachers I've come across, and his after training is without a doubt just fantastic. I'm not one of those newbie's to Forex who takes everything as gospel, I just wanted to go back to basics, and I'm glad I did. It helped sort my head out. Forex is not for everyone, it can be very stressful at times, his course helped me be less greedy.

Everyone knows Forex training is full of Sharks and scammers, so I don't blame anyone for being skeptical, it's the right way to approach a business that can eat you up and spit you out in days!

Anyway, the course is for complete beginers, not old hacks who think they know it all.

If Forex was that easy, everybody would be doing it, and greed would be a thing of the past!

Oh, and Kris, Sids right-hand lady, is charming and not at all the sneaky fox some of you seem to think she is.

Just my opinion.

Happy Trading and good luck!

 

[steve99]

Major flaw in this system

System is based on small scalp, you can practice and be sucessful every day with this system (as I was) with the Oanda Demo platform (which sid promoted at being 100% straight forward), however when you go live you are subject to all the vagaries that most fx dealers throw at you, eg slippage and spread widening(which wasnt apparent on the demo platform) and completely blow your system. If you cant consistantly get 10+ pips on the demo, I very much doubt that you would get 1 pip on the real platform. And as you are betting such high stakes on small pips, the chances of you loosing a fortune is very high, eg, cant close a trade or misses stop etc. The other issue is that they push you to give them a good rating on any of the review sites long before you are trading live for real money, at first its easy to belive you are doing well but as Ive stated, reality is vastly different.

 

[Fantomas]

Forex training

To pay or not to pay for forex education?

I accidentally stumped into this tread, red the postings, then I went to the reviews and perused more postings about "Sid" and "forextrainingworks" I found those postings quite entertaining!

Well you cannot blame the guy for making a living by selling his course. Lots of people do the same.
The website states:
"If at any stage, during the first two weeks of my Forex For Beginners course, you don’t feel that it’s right for you, just let me know and I’ll refund your fee - 100%."
So he offers an exit for those who fill the course is not for them and hopefully honors his statement without much fuss.

Now, in my opinion a beginner to forex should FIRST look around for free of charge information. There is an abundance of good informative and totally free info in the internet. For instance Fx brokers have lots of trading info freely available, then one can surf various forums specific for forex trading, furthermore there is a jewel of a site that offers free 1ST CLASS course for beginners and is highly rated by all those lucky to have discovered "babypips".

Armed with the aforementioned the decision to go for a free of paid forex education is up to each aspiring forex newbie and one has to live with it.

Cheers

 

[forex4profit]

I just wanted to jump i here and add my 2 pennies.
First I am a complete newbie to Forex.
As far as business and ownership of a business, new I am not.
So when I sought out some training, I looked at many things.
What I found in Sid’s program was a plan and customer svc.
Is the program for everyone, probably not.
But I could have spent my 1k on some scam robot and been out much more.
I could have spent my 1k and a course only to buy more items (ie signals).
My point is he treats this like a business with a plan.
There is security in things well thought out...
Although still trading a demo, I am profitable without denial.
This is the whole point.
Not to become an overnight millionaire (although that would be fine).
Am I making huge pip captures every day? No!
But I am making gains and while staying in safety zone preserving and increasing my capital via compounding...
Ciao!

 

[Thaahirah]

Check your facts!

Truble is, Jerry, there's news announcements every day, and the time specifically stated for trading are precisely news announcement times, because he said he wants momentum where the GBP/USD can move 5 or 6 pips in a second.

You said you traded forex for 2 years, but were you using Sid's method for those times? No way, because 1 year ago Sid was still taking a course with Rob Booker.

And even if you were trading Sid's method, were you making money? The only positive reviews only said things like "WILL make money", "WILL be able to trade for a living" etc simply because they never went live.

If the course works there should be a money-back guarantee, and this fact alone should entitle anyone dissatified to label it a scam!

If you are a forex trader, you know a candle--GBP/USD or any other, can certainly move 5+ pips in a second--I've witnessed it many times, even got in on quite a few and made good money.

I've been a part of Sid's class since 8/06, who cares if he's taking other classes!! He always has time for his program and students--he has never missed a beat. And whatever good he learns, he passes it on to us.

There is a 100% "no questions asked" guarantee from Sid. This is no scam, I and many people who have taken Sid's course, are making money on a regular, steady basis. And we've said so here in our reviews. It's no 'get rich quick' tease, but anyone who wants can make a living and more, trading forex Sid's way.

This is a quality program run by teachers with integrity, who are honest, helpful and compassionate. They have a passion for sharing with others what they've come to know and understand about becoming a successful, live, forex trader.

Sounds like you have 'trading baggage' you won't let go of. I can honestly say, "You are missing out on something special"!!

 

[johnhalpin]

From reading these honest opinions it appears that the 'spread' applying to the demo platform is not the same as the 'real' platform.
How come nobody has taken this up with Oanda and perhaps they might explain it?
The suggestion here is that the broker/trading platform is a bigger trap than the training course?

 

[Hector2]

concerning Sid Wyemann's training program

This is an attempt to set the record straight as I see it about Sid's course.

Two months ago I began my search for forex training and during the course of that search I picked up a mini education on currency trading without even trying. So this is my take on Sid Wyemann and his 4-week course; at forextradingworks.

However, during my search I came across informedtrades.com which is a free "university" on forex as well as other types of trading and is the best way to educate yourself at the beginner's level without costing you a penny. During this free course I signed up for a demo account with FXCM. They have an excellent trading platform and all at no cost.

While you take these free classes at informedtrades.com you can ask all the questions you want and usually you will get a decent response.

The point of going this route is to discover if forex is really for you. In Sid Wyemann course your refund guarantee expires after only two weeks. This is not enough time to figure out if currency trading, especially Sid's method, is for you - before you hand him the $1000 money better spent in your future live account.

Why would you hand over so much money to a person who will not reveal his trading methodology to you until you hand over the money - a 2 week refund time frame is too early to figure out if his system will work for you. You should check out what forex is about beforeyou choose a trainer.

I listened in last year on Sid's webinar (mostly a sales pitch) and my suspicions were confirmed. All questions were fielded by someone else who sometimes completely rephrased my questions or didn't even answer them, so you couldn't communicate directly with Sid. When the questions from myself and others attempted to pinpoint his methodologies they were vaguely answered and the webinar was cut soon short.

All this in no way implies that Sid's training program is a scam. But I doubt it is the smart way to go. To avail yourself, when completely ignorant of forex, into someone's hands no matter how great a guy he is, shows a lack of due diligence on your part. It may work out for you, but it may not. You are already learning bad habits before you even start trading - you're certainly not going to risk $1000 on a trade without the right entry strategy and signals that will make it a hi-probability low risk trade.

However, buyer beware! In the webinar Sid said his success rate with students was 75%. This number means nothing unless you attach it to something. Useless information which he didn't elaborate on.

My advice, based on my experience, is to go somewhere like informedtrades.com (I am in no way related to them) or other free information sites. But this is the best I've seen.

From there, after I learned everything I could, I bought a course through Barry Burns who runs topdogtrading (37 years in the business) for a fraction of the cost of Sid's course, and much more complete. You can even watch him trade live, literally over his shoulder, as he makes his trades and explains what he is doing, what to look for, how to time your entries, etc... it's priceless for a mere $195 (I got a discount because I took his free 5 day mini-course.

Barry Burns' money-back guarantee is 3 months.

I took the whole course in 2 months and have gone on the live trading platform with a mini-account with $1000 working capitol. I've had negative and positive trades and have begun to learn how to use trends, momentum, fractals, support and resistance and cycles for more positive than negative trades.

For me, Barry Burns was a high probability low risk venture. I could easier afford to loose $195 than $1000 on Sid's program. And for me it paid off.

My main point here is not to beleive anyone, especially if you know nothing about the subject. Sid says he prefers to take people who know nothing about forex - this is not wise for those paying him the money. So I urge anyone consider currency trading to learn everything they can before they commit to a more structured training program.

 

[johnhalpin]

Great stuff Hector.
I'm amazed that nothing has happened on this thread for over a year.
Has Sid gone out of business?
His website is still active and marketing videos are very inviting.
Looks to me like Barry Burns is a safer option but I know little about forex.

 

[John Hammond]

Like John halpin above stated, I would also feel happier if I wanted good forex traing to go with Barry Burns who has very many good recommendations from all and you will receive a good thorough explanation and training in Forex unlike some basics that Sid uses on his forextrainingworks website. What bothers me is Sid's followers all so eager to give good praise to his efforts and in which he asks for testimonials to place on his website, which is FACT. Even a 6th grade student could teach the exact same methods and earn over £60k plus a year. We have to remember that Sid comes from a Multi Level Pyramid selling background and sales pitches are his tool. If you wish for correct training please carefully select a recognised trainer who has many years experience not 3-4 years like Sid Wyemann.


As another honest review placed here by a fellow member and I quote their post below if I may;

"Sid will never 'hang up teaching', simply because he pockets $60,000 a month; that's $720,000 a year. Lucrative indeed, wouldn't you say? Would you kill such a golden goose?

That's why he doesn't trade himself. He doesn't need to."


Also other commenst like;

"If you're looking for a get rich quick scheme or you're the sort of person who blames everyone else when things go wrong, don't take this course!"" You are forgetting ALL the people WHO DID TAKE THE COURSE, WHO SID DROPPED WHEN THE CORRELATION METHOD HE TAUGHT DID NOT WORK!! Come on Sid- lets see you comment and make amends here. There are a lot of people who left the BBC who FAILED."

We would like to see more reviews here from the people who have lost serious money on his methods, not all the worshippers as I class them as with 5 star praise for an old man who earns seriously off the backs of people thinking they will make it and in fact will never have a hope in hell of making big money through his methods.

 

[fx4sam2013]

William Moffitt, Hamilton MT
I received a full refund from Sid Wyemann. Apparently some "glitch" kept me from receiving the expected material.