Name: Irek Piekarski's Trading MasterClass
Description: A set of day trading and swing trading strategies, based on a multi-timeframe analysis, breakout trading and the Elliott Wave theory
Price range: $200 monthly
Ease of use
Irek Piekarski Trading MasterClass is a Canadian Forex education portal founded by Irek Piekarski, who started his trading career in 2012. He was a trading mentor at Infinite Prosperity, but left to develop his own trading course. Trading Masterclass is the newest edition of that course, and it was launched in 2019.
- Includes live strategy demonstration
- Multiple strategies taught
- Suitable for stock & crypto trading
- Not profitable in the test
- No clear ruleset in written form
The course and portal
Irek Piekarski Trading MasterClass teaches a mixture of multi-timeframe analysis, breakout trading and the Elliott Wave theory.
The reason that I enrolled was because of a free trial given to all members of Infinite Prosperity. I did the trial for one full week in early 2020.
The course is primarily a video-only course. There are some educational documents covering stocks and major Economic news events, etc, but the strategy itself is taught in videos only. These videos are professionally composed and recorded in high resolution, which give them an appearance of exclusivity and professionalism.
There is no written document with the strategy’s ruleset black on white, so you have to take notes and write down the ruleset from the videos yourself. This is not a big issue though, as Irek Piekarski takes the time to explain everything in detail, and he speaks with a calm and clear voice.
Besides the course lessons, there is a growing archive of short videos of trade reviews on the portal. There is also a forum (Slack)and there are live trading rooms. Trading Masterclass offers lessons in trading psychology as well, and recommends the practice of meditation/mindfullness to improve trading.
Below a screenshot of the course portal:
About the MasterClass strategies
The Irek Piekarski Trading MasterClass system is based on breakout trading, Elliott wave theory and multi timeframe analysis. Main thing is the Elliott wave principle, which says that the markets are moved in 5 waves-patterns. Trading Masterclass teaches separate strategies to catch each of these waves.
A set of 5 strategies are taught, and a 6th one is still under construction.
The day trading strategies are traded on the H4, H1, and M5 charts. They require some screen watching time, as the entries are taken on the M5 chart. But still it is not eyes-glued-to-the-screen trading, and for 2 of these strategies you can even use pending orders as entry instead, to save time.
The swing trading strategies use the Weekly and Daily charts for setups, and the hourly chart as entry trigger.
The good and bad of the strategy
The trading course offers live strategy demonstration in the form of live trading rooms and a growing archive of trade reviews. Live strategy demonstration is a big pro, as it boosts the learning process. It is also a proof that the educator is behind his own strategy, and that helps build confidence in it as well.
A second good thing is that the trade setups are planned in advance, sometimes days or even weeks ahead. You will have plenty of time to judge the charts and to double check them before taking action.
The biggest drawback with this course is the price. A $200 per month.
It’s the most expensive course that I am reviewing. And up to now, I haven’t found any good reason why this course has to be that expensive. Maybe their live trading rooms? I haven’t attended these, due to lack of time. But I did watch some of their room recordings, and there was nothing special about them that justifies the price.
Anyway, another con is the absence of track records to see the educator’s own performance. Only 2 of the 7 trading courses that I have reviewed provide those track records, so this is not uncommon.
The strategy’s ‘ease of use’
Paper testing this strategy in Metatrader won’t go that easy and smoothly. This is because it uses multiple time frames at the same time, and scrolling these back simultaneously in MT4 is a pain in the butt. Also, the system produces not so many setups, so forward testing the strategy won’t go quickly either.
What will speed up the process are their live trading rooms and the archive of trade review videos. Forex Tester 4 software will also be very useful.
TEST: Is the strategy profitable?
Because I had access to the course for a limited time only, I decided to focus on 2 of their strategies only, the IBO and CBO. These 2 strategies are their best ones, and they are also the easiest ones to learn and to trade. I had reserved about 5 months for the test.
The test results are shown below, and you can also find them on myfxbook.com.
To me a strategy should return at least a 2% monthly (on average) to be ‘profitable’ and both IBO and CBO strategies didn’t make that.
Trading Masterclass is a course for those who like breakout patterns and the Elliott Wave theory. It is also a course for those who like to plan their trades hours to days in advance. It is definitely not for scalpers.
I have tested their 2 best and easiest strategies, and ended up break even. To me it is not proven that they work. But even if they did work I would not recommend MasterClass. The course is expensive and there are cheaper (and better!) trading systems in the market.