I had already decided that I was going to attend some formal forex course to help me with my personal Forex Trading Journey when I went along to one of Knowledge to Actions (K2A) 2 hour free seminar in Cambridge at the end of January 2010.
First impressions was that this was a sales pitch and nothing else; the guys were dressed in poorly tailored suits which didn’t go to meet peoples expectations that we would meet successful traders earning a mint. Of course since realised you can be trading very well and not be earning fortunes, but the first impression in any case was what I or the other 20 or so people expected.
The guy (Paul I think his name was), did a relatively good job explaining the forex market and it was possible to make money from the market. He handled the usual questions on “this can’t be true”, “this is gambling”, if you are a successful trader why are you doing this” quite well. He did boast a little too much on how his 12 year old daughter trades and how he likes to take his family out for a £500 meal and likes to have his suits made whilst being served coffee.
At the end of the seminar in which he gave no real idea as to what strategies one would follow to make money they came out with sell. For £2000 + vat (disc from £3000) you’d get a 2 day Forex Training course, 3 coaching sessions of 30mins each and a Greg Secker DVD set. I had money that I had to use for retraining (any nothing else) so I went for it.
2 Day Forex Seminar
The 2 day seminar at their place in Fulham was interesting. The course was packed with 30 other people and we were all given a manual which contained 3 of Greg Seckers strategies that he teaches on the course. 1 for end of day and 2 intra day.
The Good bits :
- The instructor was laid back, fun, interesting and had a few of trading ideas over and above the ones in the manual
- The course went from “this is a candle” level to brief mentions of Fibonacci
- Relaxed and motivating atmosphere
- Easy to follow step by step guide as to how to implement each strategy
- Good overviews of the forex market and how it works
The Could do better bits :
- No food given !!! For £1000 /day per person you think they could stretch to a sandwich!
- Because it starts from basic principles it can be slow for some people, but then moves quite quickly during the day leaving the slower ones behind.
- There is nothing in the course that you cannot read in a few £20 books and read for free on the internet
- It is overpriced. It is priced at this level, in my view as people must think “if its this much; it must be good”. I have since seen similar courses for a less than half what K2A charge.
Finally; if you have the spare money for training from redundancy like I did look good and hard at the other options. If not, you can DIY by reading and finding some top up courses elsewhere that can really get you moving intpo trading. For me, K2A, even though was not value for money, it got me going.
2 Day Forex bootcamp
This was promised as a chance to trade “live” with 15 other people and a lead trader for 2 days and 9 more coaching sessions. Here you would put into practice what you had learnt on the 2 day Forex course. I went on this in April 2010 and it cost another £3000 (used up the last of my training allowance from my old employer – had to by July 2010). For me this was the biggest disappointment bordering on farce.
The Good bits
- Met some other people who seemed serious about trading full time forex
- Found a good Brazilian cafe that served superb Caipirinha’s!
The Could Do Better :
- Be prepared – the coaches didn’t really have much of an agenda or seemed organised to handle the event
- The internet didn’t work for the 1st half of day 1
- Still no food!
- We didn’t start until 0700 so a lot of market had moved by the time we all got online by 0730 ish
- Out of 2 days there was 1 trade (that was a discretionary trade) that made money – not 1 of the strategies taught on the course were taken by “professional” traders which left all of us a little confused
This was a no brainer piece of advice for me – don’t waste your money. If you look hard enough around London area you can find the same thing for a lot less.
They also try to sell you eSignal for $100/month and tell you without this you won’t have an edge. In my opinion this is a disgrace – I was the only person not using eSignal so I imagine how much the kick back was to K2A for those referrals.
In summary I am more convinced that Greg Secker makes more money from training that he does from trading as do his coaches. Have not seen or heard anything since to make me think otherwise. I am sure these guys trade and maybe some of them trade successfully, they talk a good game, just something in me isn’t 100% convinced of them as I am of what they sell.
You will not be consistently profitable when you finish the course and probably not after spending £’00?s on coaching. It’s a time thing which I am still going thru.
I am still doing the coaching sessions with my coach – I’ll give a final review on these sessions when I have finished them.
PostScript Jan 2011
Having some time over Xmas and New Year I created some EA’s on the K2A 5m strategies using their 20/20 approach and recent high/recent low approach to Stop Losses and Targets. Quick answer : they do not work in the long term and I tested them over 5yrs on EURUSD. Profitable trades was less than 50% so when targeting 1:1 the odds are against you. There are months where the strategies work, but long term you will lose money. Anyone wanting a copy of the results send me a line.