I was looking to do a Forex training course and came across the Forex Training Works by Sid Wyemann. 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. 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. 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.

Forex Training Works Sid Wyemann

But the Babypips school looks very interesting and a few good trading books could be good to read. 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.

There is so much info on this site.

This should be the first step in your trading education. There is a lot on this site that I can learn with additional books I can buy and other info from other people. 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 YES, BabyPips' school is a phemoninal resource..

I mean here getting your toes wet using a DEMO account ALWAYS protect your capital! As a beginner's way into Forex, I'd be happy to recommend Forex Training Works Value is in the eye of the user..

This post here might help http: But first at least read some of the school to get a feel for some of the nuances of forex trading. There is no need to pay for anything in the early days, make use of all the free services which are available. 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.

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. 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.

Review of Forex Training Works Sid Wyemann

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. I do believe in the "trader tuition" philosophy, which says that before a trader reaches mastery, he must "pay his tuition" in learning experience.

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.

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. 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. Like day traders, scalpers typically do not hold overnight positions. 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.

Volatile markets with less liquidity are usually harder to scalp. 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.

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.

Furthermore, day trading in the forex market was once the domain of professional traders.

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In many cases they worked for large banks and financial institutions which could take on large positions on lines of credit. 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.

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. This means they are looking to provoke certain technical levels to trade in order to trigger stops and enhance their profits.

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.

On the other hand, resistance is indicated where selling pressure increases and overwhelms demand, thereby bringing the rate down. 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. 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.

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.

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 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.

Forex Training Works Review

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 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. Trailing stops will often be used to protect profits. Despite recent events causing some countries to decrease their U. Dollar holdings and a general loss of confidence in the currency, the U. As a result, observing trends in the currency market often consist of tracking the performance of the U.

Dollar against the rest of the world currencies. Due to this fact, major trends in individual currencies also usually get measured against the U. Nevertheless, substantial and potentially profitable trends can also be observed in the cross rates for currencies other than the U. Dollar quoted versus other major currencies like the Euro, the Japanese Yen and the British Pound Sterling. 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. Involves selling at the top of the range and buying at the low end of the range.

Forex Training Course Beginner Questions. 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. I haven't heard of either of them. Dr Alexander Elder is worth reading and many vouch for Mark Douglas, haven't read him myself. 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.

Hi Stefano, I just came across your post I couldn't have said it better myself. Types of Trading Strategies Each of the primary trading styles has been briefly introduced below. Scalper Trading Techniques Scalpers rely primarily on liquid markets above all to give them opportunities to trade on both sides of the dealing spread.

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. Some Advantages of Avoiding Overnight Risk Holding forex positions overnight can be a nerve racking endeavor. Range Trading Technique Range trading done optimally can be extremely lucrative for a trader with the right temperament and disciplined mindset. 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.

Swing Trading Tools Swing traders, much like range traders, tend to rely on their technical analysis of price charts. 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. 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.