The creation of an effective two-way shape memory alloy (TWSMA) requires appropriate heat treatment and optimal training considerations. In particular, the training method used plays a key role. This work investigates different training methods for producing NiTi TWSMA wires with the hot shape of an arc and the cold shape of a straight line. These methods are shape memory cycling, constrained cycling of deformed martensite, pseudoelastic cycling and combined shape memory and pseudoelastic cycling. In order to give a meaningful evaluation of their performance that is relevant to training TWSMA for practical applications, these training methods are assessed in terms of maximum two-way strain, changes in the original hot shape together with the transformation temperatures after the training process, and the effective production of the cold shape. It was found that only the combined shape memory and pseudoelastic cycling provides an effective training method for creating NiTi TWSMA with a non-uniaxial two-way shape change. The undesirable side effects of training are that the NiTi TWSMA wire loses partial memory of the original hot shape and its transformation temperatures shift to lower values. There also exists an optimal number of training cycles, and possibly an optimal training load for obtaining the best cold shape memory and the greatest two-way recoverable strain. These findings give future directions to advance the training technology for TWSMA.